News

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Revenue Recognition ED to be re-exposed

15 Jun 2011

The IASB and FASB have decided to re-expose the Revenue Recognition ED.

Although both Boards agreed that according to the criteria for the consultation process a re-exposure is not necessary, they supported a re-exposure since (a) a large number of changes were made and (b) revenues are the top line in the comprehensive income statement and everything else evolves from there. Also, the Boards feared that the publication of a staff paper would not receive the same attention. The document will only contain a few questions on the technical changes (mainly the questions from agenda paper 4C, paragraph 17 (all agenda papers are available here)). Other than that, the document will pose questions on clarity and consistency with Board decisions. The document will have a 120-day comment period. So far, no dissenting opinions have been indicated.

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5th IFRS policy forum for the Asia-Oceania region

15 Jun 2011

On 23 and 24 May 2011 the 5th IFRS International Forum took place in Kuta, Bali.

Chairman of IASB Sir David Tweedie as well as other IASB Members, Warren McGregor and Tatsumi Yamada attended this event.

Many jurisdictions in the Asia-Oceania region will be converging with the International Financial Reporting Standards (IFRS) over coming years. Some jurisdictions have already adopted the IFRS since 2005, while others such as Malaysia, Indonesia and Singapore have set the year 2012 as the target year for the full adoption/convergence of IFRS. The 2011 year is the crucial year for these jurisdictions moving to IFRS. The IFRS Regional Policy Forum was intended to bring together policy makers, regulators and national standards setters from jurisdictions in different stages of their IFRS adoption roadmap to share and learn from one another's experiences in adopting the global standards, both the challenges faced and in taking advantage of opportunities offered.

The IASB has posted to its website a communiqué released after the Forum. It lists the following conclusions:

  • Participants reaffirmed their commitment to the goal of ultimate adoption of IFRS and to achieve one global set of high quality accounting standard.
  • Participants agreed that this goal may need to be facilitated through a process of convergence.
  • Participants agreed that the accounting standard setters in Asia-Oceania region need to work together more closely to increase the regional voice and concerns.
  • Participants agreed that local standard setter bodies will play a more important role as partner of IASB by proactively providing advice to the IASB of local issues and concerns.
  • Participants agreed that the voice of Asia Oceania region should be increasingly important in shaping the future of IFRS.
  • Participants share the similar concern that IFRS adoption is not just an accounting issue. To implement IFRS successfully, the support of the Government and other regulatory and policy bodies is critical.
  • Participants shared the similar concern of the increasing awareness among investors demanding IFRS based financial statement.
  • All participants agreed that it is very important that Taxation Law takes account of IFRS.

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Translations of IASB Publications and Technical Summaries

14 Jun 2011

The IFRS Foundation has announced new and forthcoming translations of IASB publications.

In the latest IFRS Translations Update (link to IASB website), the IFRS Foundation announced the following new and upcoming translations:

  • Now available:
    • German and Brazilian Portuguese translations of the 2010 Red Book of IFRSs
    • Russian translation of both the 2011 IFRS Requirements and the IFRS for SMEs Requirements
    • Spanish and Turkish translations of all 23 issued IFRS for SMEs training modules
  • Coming soon:
    • Romanian translation of the 2011 Red Book of IFRSs
    • Georgian translation of the 2010 Red Book of IFRSs
    • Serbian, Polish, Khmer and Mongolian translations of the IFRS for SMEs

These translations can be accessed from the IASB's Available Translations page on the IASB website. In addition, the IFRS Technical Summaries in Japanese (link to IASB website) are also available.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG summary of the feedback received in the outreach on the Revenue Recognition and Leases projects

14 Jun 2011

In May 2011, EFRAG and the European National Standard Setters jointly organised meetings in eight European cities in order to inform European constituents of, and obtain their feedback on, the direction taken by the IASB in its re-deliberations on the Revenue Recognition and Leases projects.

The events focused only on those issues that had caused major concerns at the exposure draft stage and had been subsequently re-deliberated.

EFRAG has now published an executive summary of the feedback received during the meetings with European constituents (PDF 63k, link to EFRAG website). Additionally, EFRAG staff prepared detailed feedback statements on each event for the convenience of the European constituents. These detailed feedback statements are available on EFRAG's website.

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FASB Launches New Taxonomy Online Review and Comment System

14 Jun 2011

The US FASB launched a new system to provide transparency for users of eXtensible Business Reporting Language (XBRL) and to allow stakeholders to easily submit comments on the US GAAP Financial Reporting Taxonomy.

The new Taxonomy Online Review and Comment System allows users to provide feedback in 'real time' by submitting comments directly on the entire Development Taxonomy. The system also includes "new search and navigation functions designed to efficiently find the tags that best meet the SEC's filer requirements".

The FASB will host an IN FOCUS webcast on the Taxonomy Online Review and Comment System on Wednesday, 22 June, from 1:00 to 2:00 p.m. EDT (US).

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IASB Jun 2011 Image

Change to meeting agenda for current IASB meeting

13 Jun 2011

The agenda for the IASB meeting in London on 13-15 June 2011 has been changed.

A new session on Agenda Consultation: Proposed Timetable has been added to the agenda on Wednesday, 15 June. This session is scheduled for 2:20-2:35pm (London time).

A revised summary of the agenda for the meeting can be found here. Also, the agenda for the meeting with the European Financial Reporting Advisory Group (EFRAG) has been announced:

Tuesday, 14 June 2011

IASB-EFRAG Joint Meeting (08:00-10:30)

  • Welcome and Introduction
  • Revenue Recognition
  • Leases
  • Insurance Contracts
  • Financial Instruments
  • Consolidation, Joint Arrangements and Disclosures
  • Timeline for Completion of Major Projects
  • Field-testing
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Deloitte publications update

13 Jun 2011

The following Deloitte publications are now available:

Global Publications

Deloitte (Australia)

Deloitte (Canada)

Deloitte (China)

Deloitte (Germany)

  • IFRS fokussiert: (Nicht) Alles neu macht der Mai (PDF 297k) — German language newsletter explaining the IASB's "package of five" new and revised standards addressing the accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities.
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IASB and ASBJ report on convergence

11 Jun 2011

The IASB and the Accounting Standards Board of Japan (ASBJ) have announced their achievements under their August 2007 Memorandum of Understanding (MoU), known as the Tokyo Agreement, to improve International Financial Reporting Standards (IFRSs) and Japanese generally accepted accounting principles (GAAP) and to bring about their convergence.

The announcement results from a meeting between the IASB and ASBJ held in Tokyo on 6-7 June 2011.

Under the Tokyo Agreement, both boards agreed to seek to eliminate by 2008 major differences between Japanese GAAP and IFRSs, with the remaining differences to be removed on or before 30 June 2011. Whilst the target date of 2011 does not apply to any major new IFRSs now being developed that will become effective after 2011, both boards have agreed to work closely to ensure the acceptance of the international approach in Japan when the new standards become effective.

The report discusses the progress made by the IASB and ASBJ in both short-term and other convergence projects. The convergence of IFRS with Japanese GAAP is seen by both boards as an important step on the path towards Japan's possible adoption of IFRSs, with a decision on adoption likely in 2012. A full summary of the convergence report is available on our Japan country page.

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ICAEW Accountancy Magazine discusses Monitoring Board review

10 Jun 2011

The June edition of Accountancy Magazine includes an article discussing the IFRS Monitoring Board governance review issued in February 2011.

The article, written by Colin Fleming, a director in Deloitte's Global IFRS Office, discusses the changing role of the IASB since its formation and the need for the governance and monitoring structures of the IFRS Foundation and IASB to adapt as IFRS use spreads. Mr Fleming also discusses the suggestion arising from the governance review to expand and diversify the Monitoring Board, how any expanded Board should vote, whether the Board should have an 'explicit ability' to place an item in the IASB's technical agenda and its role in the selection of the IASB Chair.

An extract follows:

The governance structure of the IFRS Foundation must facilitate achieving the ultimate goal of a single set of high-quality global financial reporting standards. It needs to support that goal while balancing the need for accountability to public authorities and the independence of the standard-setter.

But the governance structure must also be seen to deliver accountability and independence in such a way that jurisdictions not already using IFRS can adopt the standards with the same degree of confidence that current users have. The governance review has already been identified as one of the issues identified as an important factor in the US Security and Exchange Commission's decision on whether to adopt the use of IFRS in the US later this year.

Click for the full article (PDF 188k). The article is posted with the kind permission of the Institute of Chartered Accountants in England and Wales (ICAEW) and cannot be further reproduced without the permission of ICAEW.

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IASB Jun 2011 Image

Updated agenda for the regular June IASB meeting

10 Jun 2011

The IASB's regular monthly meeting is scheduled for 13-15 June 2011 in London, much of it a joint meeting with the FASB.

Set out below is the agenda for the meeting (links are our project summary for each topic). Times are shown in London time (GMT+1).
IASB Board Meeting Agenda
13-15 June 2011, London
Monday, 13 June 2011

IASB-FASB Joint Meeting (11:30-18:30)

Tuesday, 14 June 2011

IASB Meeting (08:00-10:30)

  • Meeting with EFRAG

IASB-FASB Joint Meeting (10:45-18:30)

Wednesday, 15 June 2011

IASB-FASB Joint Meeting (08:00-12:30)

IASB Meeting (13:15-14:20)

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