News

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IASB and FASB plan roundtables on the financial crisis

03 Nov 2008

The IASB and the US Financial Accounting Standards Board have announced that the first of three public roundtable discussions to identify financial reporting issues highlighted by the global financial crisis will be held in London on 14 November 2008. The roundtables will provide an opportunity for the two boards to hear input from a wide range of stakeholders including users and preparers of financial statements, governments, regulators, and others.

The roundtables are intended to help the boards identify any accounting issues that may require the urgent and immediate attention. Dates for the second and third roundtables, to be held in Norwalk, CT USA and Tokyo, will be announced shortly. Click for IASB Press Release (PDF 158k).

 

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Agenda for Insurance Working Group meeting

02 Nov 2008

The IASB's Insurance Working Group will meet on 10 and 11 November 2008 at the Hesperia London Victoria Hotel (Tate Gallery, mezzanine floor) in London.

The meeting is open to public observation (registration required). The agenda is below.

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Insurance – 10-11 November 2008, London

10 November 2008

  • Introduction
    • Overview of papers for this meeting
    • Project planning
    • Update on other relevant projects
    • IASB Work Plan
    • IASB's response to the credit crisis
  • Measurement approaches – overview
    • Candidate measurement approaches
    • Candidate measurement approaches – tabular comparison
    • Overview of responses from the comment letters
    • Candidate measurement approaches – example
  • User needs
11 November 2008
  • Financial Statement Presentation
  • Changes in insurance liabilities
  • Discount rate
  • Field testing
  • Next steps and wrap up

 

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Analyst Representative Group meeting

02 Nov 2008

The IASB will meet with the Analyst Representative Group on 12 November 2008 09:00-17:00h at the IASB Offices, 30 Cannon Street, London.

The meeting is open to public observation. Topics on the agenda are:

AGENDA FOR THE ANALYST REPRESENTATIVE GROUP MEETING
12 November 2008, London

 

  • IASB Work Plan and Activities
  • The credit crisis
    • ED IFRS 7 – disclosures re liquidity risk and fair value measurement guidance hierarchy
    • Impairment of Available for Sale financial instruments
    • Illiquid market expert panel
    • Public consultation processes
    • Future IASB activity
  • Fair value measurement
  • Consolidation – impending exposure draft
    • Recognition principles
    • Disclosures
  • Derecognition
    • Proposed model
  • IASB interactions and consultations
  • Summary

 

 

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Perspective on accounting standards in Germany

01 Nov 2008

In a presentation at the London School of Economics on 28 October 2008, Liesel Knorr, president of the German Accounting Standards Board, described the structure and activity of her organisation.

She also outlined Germany's accounting professional, legal, and regulatory environment and the accounting issues that are currently important in Germany. With permission, we have posted Ms Knorr's Presentation (PDF 69k).

 

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IASB publishes fair value guidance

01 Nov 2008

The IASB has published educational guidance on the application of fair value measurement when markets become inactive.

The guidance consists of a summary document prepared by IASB staff and the final report of the expert advisory panel established to consider the issue:
  • The summary document sets out the context of the expert advisory panel report and highlights important issues associated with measuring the fair value of financial instruments when markets become inactive. It takes into consideration and is consistent with recent documents issued by the US FASB and the US SEC.
  • The report of the expert advisory panel identifies practices that experts use for measuring the fair value of financial instruments when markets become inactive and practices for fair value disclosures in such situations. The report provides useful information and educational guidance about the processes used and judgements made when measuring and disclosing fair value.
Here are links to:

 

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Newsletter on proposed improvements to IFRS 7

01 Nov 2008

Deloitte's IFRS Global Office has published a special edition of our IAS Plus Newsletter explaining the Proposals to Improve Disclosures about Financial Instruments (IFRS 7).

The proposals are set out in an Exposure Draft of proposed amendments to IFRS 7 Financial Instruments: Disclosures. The proposals form part of the IASB's response to the credit crisis and follow recommendations of the Financial Stability Forum, which had the support of the Group of Seven (G-7) Finance Ministers. The proposals also reflect discussions by the IASB's Expert Advisory Panel on measuring and disclosing fair values of financial instruments when markets are no longer active. The ED, titled Improving Disclosures about Financial Instruments, may be downloaded without charge from the IASB's Website. The comment letter deadline is 15 December 2008 with a proposed effective date of 1 July 2009.
Click to view Proposals to Improve Disclosures about Financial Instruments (IFRS 7) (PDF 202k). You will find all Past IAS Plus Newsletters Here.
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Deloitte Canada Countdown IFRS transition newsletter

31 Oct 2008

Deloitte Canada has released the October 2008 issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte.

This edition of Countdown focuses on:
  • Credit crunch – economic slowdown driving IFRS accelerated changes
  • Acquisition accounting under IFRS – merger and acquisition strategy considerations
  • Release of iGAAP 2008 – IFRS for Canada
  • An update on current IFRS events
Click below for:

 

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IFRS in the oil and gas industry (English and Spanish)

31 Oct 2008

Deloitte LLP (United States) has published IFRS Considerations for the Oil and Gas Industry as part of their IFRS Industry Series.

As acceptance of IFRS in the United States becomes imminent, more oil and gas companies are now asking questions about what IFRS mean for them. How do IFRS affect my company? What events would influence my company's pace of IFRS adoption? What obstacles might we need to consider?

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

  • Understanding the implications of IFRS for the oil and gas industry for accounting and finance, systems and tax
  • Key differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the oil and gas industry
  • Evaluating approaches to IFRS conversion
  • Developing an IFRS road map
  • IFRS lessons from the European experience
Deloitte (Colombia) has published a Spanish translation. Click to download:

 

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IAS 39 reclassifications newsletter in Chinese

30 Oct 2008

Deloitte China has translated into Chinese the October 2008 IAS Plus Special Edition Newsletter explaining the IASB's recent amendments to IAS 39 that permit an entity to reclassify non-derivative financial assets out of the 'fair value through profit or loss' and 'available-for-sale' categories in limited circumstances.

You can download this newsletter from the Deloitte China CAS Plus Website.

 

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Updated newsletter on IAS 39 reclassifications

30 Oct 2008

On 22 October 2008, we posted an IAS Plus Newsletter explaining the IASB's amendments to IAS 39 that permit an entity to reclassify non-derivative financial assets out of the 'fair value through profit or loss' (FVTPL) and 'available-for-sale' (AFS) categories in limited circumstances.

As noted in our news story immediately below, the IASB used its October 2008 Update newsletter to provide clarifying guidance on the effective date of the reclassifications. We have updated the Deloitte IAS Plus Newsletter Amendments to IAS 39 & IFRS 7 – Reclassification of Financial Assets (PDF 193k) to reflect the new IASB clarifying guidance. You will find all Past IAS Plus Newsletters Here. 

 

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