News

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Japanese regulator proposes wider IFRS reporting, approves IASB amendments

09 Aug 2010

The Financial Services Agency (FSA) of Japan has proposed to extend IFRS reporting in Japan to optionally include consolidated financial statements of non-public subsidiaries of domestic IFRS issuers. The proposals were issued on 4 August 2010 and comments on the proposals close on 3 September 2010.

The FSA has also approved the following IFRSs and related Interpretation, issued by the IASB in the first half of 2010, for use in Japan:
  • Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters — amendment to IFRS 1 (Jan 2010)
  • Improvements to IFRSs (May 2010), including amendments to IFRIC 13

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Webcast to discuss ED Revenue from Contracts with Customers

09 Aug 2010

The staff of the IASB and FASB will hold a joint webcast on Thursday 12 August from 17:00 to 17:45 London time to discuss proposals in the Exposure Draft, Revenue from Contracts with Customers and their potential affect on the technology industry. The live webcast is free.

To register, go to the FASB website.

 

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Irish edition of IFRS for SMEs in your pocket

06 Aug 2010

We've posted an Irish edition of IFRS for SMEs in your pocket, published by Deloitte (Ireland). This publication provides a section-by-section guide on the IFRS for SMEs, providing key comparisons with the full IFRS standards and highlighting particular conversion issues for entities moving from Irish GAAP.

Irish GAAP is developed by the Accounting Standards Board (ASB), which is currently considering proposals to replace Irish GAAP with the IFRS for SMEs for many non-publicly accountable entities. More information about financial reporting in Ireland can be found on our Ireland country page.

Click for Irish edition of IFRS for SMEs (PDF 276k).

 

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Conclusions of the July 2010 meeting of the IFRS Foundation Trustees

06 Aug 2010

The Trustees of the IFRS Foundation, the body responsible for the promotion of International Financial Reporting Standards (IFRSs) and oversight of the International Accounting Standards Board (IASB), today announced the conclusions of their meeting in Washington, DC on 6 and 7 July 2010.

The Trustees received reports from the chairmen of the IASB, the IFRS Advisory Council and the Due Process Oversight Committee. They also discussed their strategic review:

Strategic Review:

After ten years of existence and with the number of countries adopting IFRSs growing, the Trustees agreed that it is an opportune moment to consider the organisation's strategy looking out over a ten-year time horizon. The Trustees' Executive Committee, led by the incoming Trustee Chair Tommaso Padoa-Schioppa, will lead the review on behalf of the Trustees. The review will consider the scope and mission of the IFRS Foundation, governance arrangements, the effectiveness of the standard-setting process and financing arrangements

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  • IFRS Foundation press release (PDF 18k) offering a summary of the conclusions reached at the meeting and providing links to the reports received

 

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FASB podcast on loss contingencies proposals

06 Aug 2010

The FASB has released a podcast on its proposed accounting standards update (ASU) on the disclosure of certain loss contingencies. The disclosures that would be required under the proposed ASU are similar to those required under IAS 37 (currently the subject of an IASB project).

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'Blue Ribbon' Panel calls for submissions on US private company reporting

06 Aug 2010

The United States AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies (the Panel) is seeking input on the preparation of private company financial statements in the United States. The Panel is discussing how accounting standards can best meet the needs of US users of private company financial statements with the objective of making recommendations thereon to the FAF Board of Trustees.

The Panel is seeking comment on many matters, including:

  • How US-GAAP financial statements for private companies are currently used and the relevance of information contained in those financial statements
  • Issues with the application of US-GAAP in private company financial statements
  • The impact of any future SEC requirement for public companies to adopt IFRS on private company financial reporting.

Submissions close on 15 September 2010.

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Deloitte webcast on global financial reporting

06 Aug 2010

The pace of standard-setting developments at the IASB is unprecedented, and it is creating challenging times for financial and tax professionals. What developments should you know about now?

In this webcast from Deloitte's IFRS Global Office, we will discuss:
  • Updates on the IASB's evolving agenda and standard-setting activities
  • The IASB's exposure draft on revenue recognition
  • The IASB's exposure draft on leases
Stay informed about the latest developments from the IASB and their potential effects on your financial reporting and tax accounting.
  • Topic: IFRS: Important Third Quarter Developments
  • Date and time: 8 September, 9:00-10:00am London time (GMT +1), which is 4:00-5:00pm HKT (GMT +8)
  • Host: Joel Osnoss
  • Presenters: Phil Barden, Veronica Poole and Randall Sogoloff
  • More Info and Registration: Click Here

 

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Nigeria to adopt IFRS from 2012

06 Aug 2010

The Nigerian Federal Executive Council has approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS). The Central Bank of Nigeria (CBN) and the Nigerian Securities and Exchange Commission (SEC) support the migration to IFRS. The Council has directed the Nigerian Accounting Standards Board (NASB), under the supervision of the Nigerian Federal Ministry of Commerce and Industry, to take further necessary actions to give effect to Councils' approval.

Prof. Dora Akunyili, Honourable Minister of Information and Communications for Nigeria, said:

The intensification of globalization and the consequential loss of national identity in financial reporting standards leaves Nigeria with no choice, but to key into the International Financial Reporting Standards. Investors now request financial statements prepared using these global financial reporting benchmarks.

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IFRS Taxonomy 2010 updated for latest annual Improvements to IFRSs

05 Aug 2010

The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).

This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process.

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IFRS insurance accounting newsletter

05 Aug 2010

Deloitte (United Kingdom) has published the August 2010 issue of Insurance Accounting Newsletter. This issue is titled 'The start of a new accounting era' and provides a detailed analysis of the main provisions in the Exposure Draft issued on 30 July by the IASB to revise substantially IFRS 4 Insurance Contracts.

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