News

IASB (International Accounting Standards Board) (blue) Image

Two weeks of IASB-related meetings begin

06 Nov 2008

There are many IASB-organised meetings coming up in the next two weeks. We thought IAS Plus visitors might find a recap useful.

Meeting Date Meeting Link to IAS Plus News Item
6 November 2008 IFRIC meeting 26 October and 5 November
10-11 November 2008 Insurance Working Group meeting 2 November
11 November 2008 IASB Global Preparers Forum 28 October
11 November 2008 IASCF XBRL Advisory Council 5 November
12 November 2008 Analyst Representative Group 2 November
13-14 November 2008 Standards Advisory Council 6 November
14 November 2008 IASB-FASB roundtable on financial crisis 3 November
18-21 November 2008 IASB Board meeting 7 November 2008
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Agenda for 13-14 November 2008 SAC meeting

06 Nov 2008

The International Accounting Standards Board will meet with the Standards Advisory Council (SAC) on Thursday and Friday 13-14 November 2008, at the Renaissance Chancery Court Hotel in London.

The meeting will be open to public observation. The agenda is presented below.

Standards Advisory Council Meeting Agenda13-14 November 2008, London

Thursday 13 November 2008

  • SAC Chairman Update
  • IASB Work program and MoU
  • Agenda proposals
    • Financial Instruments
    • Rate regulated activities
  • The credit crisis
    • Reclassification
    • Illiquid market expert panel
    • Fair value measurement disclosures
    • IFRS 7 review
    • Consolidation
    • Derecognition
    • Public roundtables and consultative group
  • Conceptual framework

Friday 14 November 2008 (Morning Only)

  • Implementation activities
    • IFRIC
    • Annual improvements
  • Australian post-implementation experience
  • Session with Trustees
    • Constitution Review
  • IFRS for Private Entities
European Union (old) Image

EC adopts consolidated text of EU-IFRSs

06 Nov 2008

On 3 November 2008, the European Commission adopted the consolidated text of all International Financial Reporting Standards in force in the European Union (EU).

The consolidated version puts together all IFRS endorsed to date – that is, those endorsed from 29 September 2003 to 15 October 2008. This action does not encompass the entire current body of IFRSs, because 14 IASB pronouncements still remain to be endorsed for use in the EU, and the EU has made some modifications of IAS 39. Also, EC adoption does not include the implementation guidance and bases for conclusions that the IASB issues with its Standards. The EC's new consolidated text will be available in all official EU languages. All cross-references have been updated, and the translations have been reviewed and 'overhauled'. Formally, the adoption of the consolidated text was done by Regulation (EC) No 1004/2008. Click for:

European Union (old) Image

EC statement on IASB FV measurement guidance

06 Nov 2008

On 5 November 2008, the European Commission issued a statement welcoming the guidance on fair value measurements recently issued by the IASB.

The Commission statement (PDF 86k) said:

The European Commission welcomes the guidance on the application of fair value measurement when markets become inactive published by the International Accounting Standards Board (IASB) on 31 October 2008. The Commission considers that the IASB's position is fully consistent with the joint statement issued by the 3 European committees of supervisors and with similar guidance recently issued by the relevant US bodies.

IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

Revised agenda for upcoming IFRIC meeting

05 Nov 2008

The Agenda for the IFRIC Meeting on 6 November 2008 has been revised to add an additional staff recommendation for a tentative agenda decision: Fair Value Measurement of Financial Instruments in Inactive Markets – Determining the Discount Rate.

Click to view the Agenda.

XBRL (eXtensible Business Reporting Language) (mid blue) Image

IASCF XBRL Advisory Council meeting

05 Nov 2008

The XBRL Advisory Council of the IASC Foundation will meet on 11 November 2008 at the IASB's offices in London.

The agenda includes discussion of the XBRL taxonomies for IFRSs and the IFRS for Private Entities.

 

Accounting Roundup Image

Accounting Roundup – October 2008

05 Nov 2008

We have posted the October 2008 edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue (PDF 363k, 31 pages) include:

FASB Developments

  • FASB Issues Guidance on Measuring Fair Value of Financial Assets in an Inactive Market
  • FASB Issues Exposure Draft on Subsequent Events
  • FASB Issues Exposure Draft on Going Concern
  • FASB and IASB Issue Discussion Paper on Financial Statement Presentation
  • FASB Decides to Propose FSP to Delay Effective Date for Interpretation 48 (Uncertain Tax Positions) for Private Entities
  • FASB and IASB Announce Joint Response to Credit Crisis
  • FASB's Valuation Resource Group Discusses Nine Fair Value Topics

AICPA Developments

  • AICPA Issues SAS on Communicating Internal-Control-Related Matters
  • AICPA Issues SSAE on Integrated Audits of Nonpublic Companies
  • AICPA Issues Exposure Draft on Conducting an Audit in Accordance With GAAS

SEC Developments

  • SEC Extends Comment Period for Proposed Rule Redefining Annuity Contracts
  • SEC Issues Letter Clarifying Impairment Guidance on Perpetual Preferred Securities
  • SEC Comments on Executive Compensation Disclosures
  • SEC Holds Roundtable on Transparent Disclosures
  • SEC Begins Study of Mark-to-Market Accounting

PCAOB Developments

  • PCAOB Proposes Seven Auditing Standards on Risk Assessment
  • PCAOB Discusses Accomplishments in 2008 and Priorities for 2009

FASAB Developments

  • FASAB Issues Standard on Reporting Gains and Losses Attributable to Changes in Pension Obligation Assumptions

International Developments

  • IASB Issues Amendments Permitting Reclassification of Financial Instruments
  • IASB Proposes Amendments to Financial Instrument Disclosure Requirements
  • IASB Reveals Steps in Response to Credit Crisis
  • IAASB Issues Seven Revised International Standards on Auditing
  • IAASB Issues Practice Alert on Auditing Fair Value
  • IFAC Provides View Regarding International Standards on Auditing SMEs

Other Developments

  • Considerations Regarding the Emergency Economic Stabilization Act of 2008
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IFRS in tourism, hospitality and leisure industries

05 Nov 2008

Deloitte (United States) has published 'IFRS in Tourism, Hospitality and Leisure: More Than Just Accounting'.

This report provides practical industry insights on IFRS and includes useful sections on:

  • Challenges and opportunities facing hospitality companies
  • The potential implications of IFRS relating to human resources, regulatory, tax, treasury, contract management, accounting and technology issues
  • Evaluating approaches to IFRS conversion
  • Planning for IFRS adoption

Click to download IFRS in Tourism, Hospitality and Leisure (PDF 535k).

Globe (green) Image

IASB governance proposed for G20 meeting agenda

04 Nov 2008

Leaders of the G-20 countries, which include the world's richest nations and biggest emerging economies, will meet in Washington on 15 November 2008 to discuss the global financial crisis, with a goal of agreeing on specific steps that should be taken in response.

Reuters and others have reported that the EU finance ministers have requested that the agenda for the meeting address, among other matters, the governance of the IASB. Here is an excerpt from the Reuters Report that lists the action steps recommended by the EU finance ministers:

Reconsider accounting and prudential standards to improve their mutual consistency, and how financial stability could be better incorporated into the mandate of standard setters like the International Accounting Standards Board. The IASB has already agreed to ease the impact of fair-value accounting rules on banks after pressure from EU leaders.

The G-20 members, which together account for 90 percent of the world economy, are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum have also been invited to participate in the 15 November 2008 meeting.

 

Deloitte Comment Letter Image

We ask FASB to wait for converged answers

03 Nov 2008

Deloitte & Touche LLP (United States) has submitted to the FASB two comment letters urging FASB not to proceed with the following proposed amendments to two FASB pronouncements – FAS 140 on derecognition and FIN 46(R) on consolidation – but, rather, to wait for completion of the joint FASB-IASB projects on the two topics:

  • The Proposed FASB Statement Accounting for Transfers of Financial Assets – an amendment of FASB Statement No. 140 would change FASB's current derecognition model.
  • The Proposed FASB Statement Amendments to FASB Interpretation No. 46(R) would change FASB's current consolidation model.
Here is an extract from the FAS 140 (derecognition) letter. The same point is made in the other letter:

Rather than issuing this proposed Statement as a final standard, the FASB should work with the IASB to develop a common derecognition model that can be applied by all entities reporting under either US GAAP or IFRSs. Currently, the two boards are expected to issue joint final standards by 2010. Therefore, if the FASB were to issue this proposed Statement as a final standard, US registrants would have to apply three different derecognition models within a short time frame, resulting in operational challenges for preparers.

Because derecognition and consolidation are inextricably linked, we also strongly encourage the FASB and IASB to concurrently develop a common consolidation principle. The derecognition and consolidation principles should be conceptually consistent, based on the concept of control, and consistent with the definitions of an asset and a liability being developed in the joint conceptual framework. We believe that such consistent principles are fundamental to more faithfully representing the assets and liabilities of a reporting entity.
Click to download:

 

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