That section deals with measurement of liabilities that are within the scope of IAS 37. The original deadline of 12 April 2010 has been extended to 19 May 2010. IAS 37 applies to liabilities not covered by other accounting standards, including liabilities to decommission assets, environmental liabilities, obligations under onerous contracts, and liabilities arising from legal disputes. In June 2005, the IASB had published Proposals to amend IAS 37, including revised measurement requirements. In the light of the comments received, on 5 January 2010 the IASB issued revised proposals that include more guidance on measurement. It is the comment deadline on those revised proposals that has been extended. The IASB intends to replace IAS 37 in the third quarter of 2010. Click for:

• Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IASB Refines Proposals for the Measurement of Liabilities in IAS 37 (PDF 89k) explaining the proposals.
• Project Page on IAS Plus

 

EITF Snapshot, published by Deloitte & Touche LLP (USA), enables readers to identify relevant topics and to understand quickly the meeting's outcome. The March 2012 EITF Snapshot (PDF 113k) covers the following issue discussed by the EITF at the meeting:

• Issue 08-9 Milestone Method of Revenue Recognition – Final consensus
• Issue 09-B Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account – Final consensus
• Issue 09-F Casino Base Jackpot Liabilities – Final consensus
• Issue 09-G Clarification of the Definition of Deferred Acquisition Costs of Insurance Entities – Partial consensus reached
• Issue 09-H Accounting by Healthcare Organizations (Revenue Recognition; Presentation of Insurance Claims and Related Insurance Recoveries; and Measuring Charity Care for Disclosure) – No consensus reached, discussion will continue at a future meeting (revenue recognition). Consensus-for-exposure (presentation of liabilities related to medical malpractice and other similar claims, and disclosure of charity care).
• Issue 09-I Effect of a Loan Modification When the Loan Is Part of a Pool That Is Accounted for as a Single Asset – Final consensus
• Issue 09-J Impact of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Primarily Trades – Final consensus

Initial EITF consensuses (known as 'consensuses-for-exposure') are exposed for a comment period after ratification by the FASB. At its first scheduled meeting after the comment period, the EITF considers comments received and, as warranted, affirms its consensuses-for-exposure as final consensuses. Those consensuses are then provided to the Board for final ratification.

The EITF has recently made the following changes to the structuring of EITF issues: Codification – With the launch of the FASB Accounting Standards Codification (ASC) on July 1, 2009, all EITF Issues are finalised as ASUs. The numbering system for EITF Issues (that is, before their finalisation as ASUs) has also changed. Rather than being assigned a number that corresponds to the year and that Issue's spot in the progression (for example, Issue 08-1 was the first Issue in 2008), a new Issue will be assigned a number that corresponds to the year in which it was added and a letter for where it falls in the progression. For example, the first EITF Issue added in 2010 will be referred to as Issue 10-A. The numbering used for previous EITF Issues under the old system will not change. Proposed Effective Dates – New exposure drafts issued on the basis of consensuses-for-exposure will no longer include proposed effective dates. Instead, future exposure drafts will ask respondents to comment on the effort involved in implementing the proposed updates, which the Task Force will consider during final deliberations in determining the effective date. Basis for Conclusions – New exposure drafts and final ASUs issued after the March 2010 meeting will include a basis for conclusions and dissenting views, if applicable.

Past issues can be downloaded here.

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

On 11 March 2010, the IASB published for comment an exposure draft (ED) on the reporting entity concept. The proposals form part of a Joint Project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. Comment deadline is 16 July 2010. Our newsletter explains the proposals in the ED and their implications for consolidated financial statements and other types of financial statements. Click to view IAS Plus Update Newsletter – IASB publishes Exposure Draft on Conceptual Framework Description of the Reporting Entity (PDF 69k). All of our past IAS Plus newsletters are Here.

 

This issue is titled Insurance Accounting Taking Shape and focuses on the discussions the joint IASB-FASB meetings of 10 February and 18 February. The expected publication date of the Exposure Draft is May 2010. Click to download Issue 12 of the Insurance Accounting Newsletter (PDF 130k).

 

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Currently, all companies follow IFRSs with the exception of some regulated entities (banks and finance entities, stockbrokers, and pension funds) which follow accounting policies adopted by the regulators. The Institute has adopted the IFRS for SMEs, to be effective for financial years beginning 1 January 2010. However, the Institute is still deliberating which entities will qualify as SMEs, and therefore are eligible to use the IFRS for SMEs. We have created a new Country Page for Costa Rica on IAS Plus.

 

The Terms of Reference and Operating Procedures of the SMEIG have also been released (available on the IASB's website http://www.ifrs.org/IFRS+for+SMEs/Implementation+Group.htm. The mission of the SMEIG is to support the international adoption of the IFRS for SMEs and to monitor its implementation. The SMEIG will have two principal responsibilities:

1. to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers (Q&As) that will be made publicly available to interested parties on a timely basis, and
2. to make recommendations to the International Accounting Standards Board (IASB) if and when needed regarding the need to amend the IFRS for SMEs.

The SMEIG will be chaired by Paul Pacter, the IASB's Director of Standards for SMEs. All members of the SMEIG will serve on a voluntary basis. The SMEIG may also include appointed observers who have the right to participate in SMEIG deliberations, but not to vote. Nominations and applications are invited by 30 April 2010. Click for Press Release (PDF 100k).

 

The IASB and FASB are holding a joint meeting at the IASB's offices in London on Monday-Friday 15-19 March 2010. Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Contents of the first issue of IFRS for SMEs Update: Trustees approve SMEIG terms of reference and operating procedures First two IFRS for SMEs 'train the trainers' workshops held IASC Foundation IFRS for SMEs training material Translations of the IFRS for SMEs Recent adoptions of the IFRS for SMEs Where to obtain IFRS for SMEs materials

• Click here to View the IFRS for SMEs Update on IASB's Website in HTML or PDF format
• Click here to register to Subscribe to IFRS for SMEs Email Alerts which will keep you informed of future editions of the IFRS for SMEs Update and other news relating to the IFRS for SMEs.