The exposure draft proposes to extend the existing requirements of IES 6, which currently prescribes the requirements for a final assessment of a candidate's professional capabilities and competence before qualification. The proposals address elements that are considered essential to assessing professional competence over the career of a professional accountant.

Comments on the exposure draft close on 28 July 2011. Click for the IAESB announcement (link to IFAC website).

The paper provides background on issues affecting the development of a conceptual framework for public sector entities and standard setting. In particular, it highlights that public sector entities are likely to depend upon taxation rather than commercially generated profits for their continued existence, and have governance arrangements that generally involve a legislative body holding an executive to account.

Comments on the exposure draft close on 31 August 2011. Click for the IPSASB announcement (link to IFAC website).

The summaries have been prepared in order to stimulate the discussions at EFRAG's outreach events, organised in co-operation with National Standard Setters throughout Europe. The purpose has been to enable participants assessing whether raised concerns with the Revenue Recognition and Leases projects have been resolved.

In addition, the documents can be helpful to everyone in Europe who wishes to assess whether, at this stage of the IASB re-deliberations, concerns have been appropriately addressed and new issues have not arisen.

Please click for further information on the EFRAG website:

• Summary of revenue recognition re-deliberations to date (PDF 254k)
• Summary of leases re-deliberations to date (PDF 144k)
• Overview of dates and places for the EFRAG and NSS outreach events

 

The proposed ISAE 3000 is a principles-based standard that is designed to be applied effectively to a broad range of assurance engagements. Such engagements may range from assurance on statements about the effectiveness of internal control, for example, to direct engagements such as performance or 'value for money' audits, to possible future engagements addressing integrated reporting or corporate social responsibility reporting.

Comments on the exposure draft close on 1 September 2011. Click for the IAASB announcement (link to IFAC website).

In two volumes, the Handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB's cash basis standard. The 2011 Handbook incorporates the amendments made as a result of the IPSASB's 2010 Improvements Project, as well as a history of the amendments made to that standard. It can be downloaded free of charge in PDF format from the Publications and Resources page of the IFAC website.

 

Global Publications

• IFRS Industry Insights: The Leases Project — An update for the energy and resources industry (PDF 94k)
• IFRS Industry Insights: The Leases Project — An update for the manufacturing industry (PDF 98k)
• IFRS Industry Insights: The Leases Project — An update for the shipping industry (PDF 70k)

Deloitte (Canada)

• IFRS on Point Newsletter in French translation: Édition Mars 2011 (PDF 108k)

Deloitte (United Kingdom)

• Insurance Accounting Newsletter — Issue 20, April 2011 (PDF 93k) — this issue is titled "Project timetable extended by a few additional months" and provides a summary of the recent joint FASB/IASB meetings held to discuss the Insurance Contracts project.

Deloitte (United States)

• Heads Up: Implementation Issues Related to FASB's Guidance on Deferred Acquisition Costs (PDF 160k)
• Heads Up: Amendments Proposed to Guidance on Impairment Testing (PDF 97k)

 

This is stipulated by Decree 38/2005.

On 26 February 2011, the Legislative Decree no. 225/2010, converted into Law no. 10/2011, introduced modifications to article 4 of Decree 38/2005, stating that new IFRSs issued by the IASB and adopted by the EU after 1 January 2011 need to be endorsed by the Italian Ministry of Justice before they can be applied in the separate financial statements of Italian listed companies.

The endorsement process that is conducted in cooperation with the Italian standard setter is designed to verify the compatibility of each newly published IFRS with the Italian accounting principles. This new endorsement process only applies for IFRSs used in separate financial statements, not for consolidated financial statements.

Please click for:

• Official notification (link to the Gazzetta Ufficiale della Repubblica Italiana)
• Our juridiction page for Italy

 

You can access the agenda on our 4 May 2011 special joint meeting page.  We will also post Deloitte observer notes on this page as they are available

Wednesday, 27 April 2011

• Financial Instruments: Hedge Accounting (IASB Only)
• Accounting for time value of options — 'zero-cost' collars
• Nominal components — layers
• Accounting for fair value hedges

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.

Notes on the insurance contracts discussion will be provided soon.

Please click here to read the notes on the IFRS Foundation's website. The Trustees also met with the IFRS Foundation Monitoring Board on 1 April 2011. Deloitte observers attended both meetings. Their detailed notes have already been made available to you on 5 April 2011.