The survey focuses on compliance with the requirements of IAS 34 Interim Financial Reporting and with the half-yearly reporting requirements in the Disclosure and Transparency Rules (DTR) contained in the Financial Services Authority Handbook.

Click for:

• Measuring by Halves (PDF 1,121k)

 

This report argues that business reporting has to change to reflect changes in business, in information technology, and in users' needs. This is a perpetual process. Therefore, the debate on the future of business reporting therefore needs to be reframed – not as a stark choice between an old model and a new one – but in terms of the need for continuing evolutionary improvements. Click to download:

• Developments in New Reporting Models – Full Report (PDF 580k)
• Developments in New Reporting Models – Abstract (PDF 54k)

The report is copyright by ICAEW and is posted on IAS Plus with the kind permission of the ICAEW Financial Reporting Faculty.

 

The IASB is in the final stages of a project to revise IAS 37. The original exposure draft (ED) was published for comment in July 2005. In January 2010, the IASB published another ED limited to the proposed revisions on measurement of liabilities, but on 22 February 2010 also put up on its website a 'working draft' of the revised IAS 37 standard in its entirety to enable interested parties to see the revised measurement guidance in the context of the proposed new IFRS. The comment period is until the 12th April. As part of its outreach activities, in this webcast with The Hundred Group, the IASB discusses all aspects of the proposed new IFRS.

The Hundred Group has written to the IASB to request full re-exposure and, failing that, an extension of the comment period on the current proposals since it is nearly five years since the original ED was published. Like many commentators the Hundred Group was critical of both the recognition and the measurement aspects of the proposals. Asking questions on behalf of The Hundred Group was representatives of three companies: Severn Trent, Tate & Lyle, and Tomkins plc. From the IASB, IASB member Bob Garnett responded to the questions and was joined by Joan Brown, the Project Manager for this project. The webcast was hosted by Veronica Poole, Deloitte Global IFRS Leader–Technical and Mark Smith, Vice-Chair of the Financial Reporting Committee of The Hundred Group.

A recording of the webcast is available Here. If you are prompted, the Passcode is 831344.

 

Lebanese Ministerial Order No. 1/6258, dated 21 August 1996 and issued by the Minister of Finance, requires the following types of entities in Lebanon to use International Accounting Standards (now IFRSs):

• All holding, offshore, limited liability, and joint stock companies, regardless of type, size, and number and turnover of employees;
• All branches of foreign companies operating in Lebanon; and
• All sole proprietorships and partnerships whose total number of employees exceeds 25 or that have annual turnover above LBP750 million (US$500,000).

Because the IFRS for SMEs is an IFRS, unlisted companies now have the option of using full IFRSs or the IFRS for SMEs, and many are choosing to follow the IFRS for SMEs. Companies listed on the Beirut Stock Exchange must use full IFRSs.

 

The preliminary and unofficial notes taken by Deloitte observers at the March 2010 IFRIC meeting are now available.

 

Use of the IFRS for SMEs is voluntary for financial statements for the year ending 31 December 2010, and will become mandatory for the year ending 31 December 2011. Here is the FCCPV Website (in Spanish).

 

This 88-page guide to the IFRS for SMEs is similar to Deloitte's very popular IFRSs in your Pocket guide to full IFRSs. This pocket guide is based on an international version* produced by Deloitte's IFRS Global Office. IFRS for SMEs in your Pocket takes each section of the IFRS for SMEs, summarises its requirements, and highlights differences with full IFRS requirements. Additional guidance describing application of the IFRS for SMEs in the UK is added in shaded text. The IFRS for SMEs is particularly relevant in the United Kingdom because the Accounting Standards Board (ASB) has proposed that the IFRS for SMEs should replace UK Financial Reporting Standards. Specifically, the ASB has proposed a three-tier approach to developing UK GAAP converged with IFRSs as follows:

• Tier 1 – publicly accountable entities would apply IFRSs as adopted by the EU.
• Tier 2 – all other UK entities, except those that elect to apply the Financial Reporting Standard for Smaller Entities (FRSSE), would apply the IFRS for SMEs.
• Tier 3 – small entities could choose to continue to apply the FRSSE if they do not exceed two or more of the following criteria: turnover £6,500,000; balance sheet total £3,260,000; and average number of employees 50.

Entities in Tier 2 and Tier 3 would have the option of using EU-adopted IFRSs if they wished, and those in Tier 3 would have the option of using the IFRS for SMEs.

*Not yet available on IAS Plus. We expect to post it shortly.

Click to view IFRS for SMEs in your Pocket (PDF 273k).

Click to view the Editorial Corrections to IFRSs.

Those changes took effect on 1 March 2010. Click here for Details of the Various Constitution Changes. One of the changes was to rename three groups in the organisation to be more closely aligned with the standards (IFRSs), as follows:

• The IASC Foundation has become the IFRS Foundation
• The International Financial Reporting Interpretations Committee is now the IFRS Interpretations Committee
• The Standards Advisory Council is now the IFRS Advisory Council

These name changes will have a pervasive affect on IAS Plus and will be introduced in due course.