The locations and dates of the roundtables are as follows:

• London – Tuesday, 3 May 2011
• Singapore – Friday, 6 May 2011
• Norwalk – Monday, 9 May 2011

Details of the location and timings for each roundtable are yet to be finalised. Participants at the roundtables are expected to also submit comments on the IASB exposure draft ED/2011/01 Offsetting Financial Assets and Financial Liabilities or the identical FASB Exposure Draft Balance Sheet (Topic 210): Offsetting in writing by Wednesday 20 April 2011 (users and analysts may be exempted).

Click for IASB press release (link to IASB website).

For further information see the full report Here (link to ICFR website).

The project plan discusses items related to the remaining differences between existing Japanese GAAP and IFRSs, projects being addressed in the Memorandum of Understanding (MoU) between the IASB and FASB and other projects. A number of controversial global developments are discussed, including the proposals in the IASB's post-employment benefits project regarding remeasurement, which the plan states "may become a difficult obstacle for convergence in Japan". The need for convergence between the IASB and FASB in relation to financial instruments is also cited as "an area of the greatest need for their convergence".

The project plan notes the following:

Click for ASBJ project plan (link to ASBJ website).

The ASRB is expected to release a Position Paper and Consultation Papers explaining the framework and the accounting standards to be applied by each category of entities by the end of April.

In relation to for-profit entities, New Zealand currently has a set of standards that are equivalent to IFRSs and a number of domestic standards and additional requirements. In the first phase of a convergence project between New Zealand and Australia, convergence of financial reporting requirements for these entities is currently being worked towards by the boards of both countries (expected to be completed by 30 June 2011).

New Zealand has being considering the possible adoption of International Public Sector Accounting Standards (IPSASs) for some time. It is possible that the ASRB may propose standards based on IPSASs for 'public benefit entities' under the new arrangements.

Click for ASRB notice (link to ASRB website). More background on the possible adoption of IPSASs in New Zealand can be found in this ASRB analysis (link to ASRB website).

Please click for EFRAG press release (link to EFRAG website) and the endorsement letter (PDF 1,592k).

Thursday, 17 March 2011 (IASB only)

• Financial Instruments – Impairment
• Estimating expected credit losses (education session)
• Accounting for purchased debt instruments (education session)
• Post-employment Benefits and Other Comprehensive Income
• Effective dates and transition

The IASB is holding a meeting with ERFAG on Friday 18 March 2011. The IASB and FASB are meeting in Norwalk on 21-23 March 2011 and an additional IASB-FASB meeting has been scheduled for 28-29 March 2011.

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

• IASB update
  • The future of IFRSs and the path forward for the IASB
  • IASB progress and plans
  • Implementing XBRL IFRS taxonomy
• Technical updates
  • Leases
  • Revenue
  • Financial Instruments: replacing IAS 39
  • Consolidations and joint arrangements

Additional conference details, including registration, are available here.

While the government decree does not have any implementation dates in it, the Minister of Finance commented to the media that he expects the currently existing IFRSs to be endorsed in Russia before the end of 2011. In that case the date of transition to IFRSs for Russian first-time adopters will be 1 January 2012, with the first full set of IFRS financial statements covering 2013 calendar year (with 2012 comparatives).

IFRSs in Russia will not replace national financial reporting standards – preparing consolidated financial statements under IFRSs will only be required for companies with publicly traded securities, banks and insurance companies – and standalone financial statements of these entities will still be prepared under statutory rules.

In its endorsement decisions for particular standards, the Ministry of Finance will rely on recommendations of a non-governmental expert committee (still to be created) and consultations with the Central Bank and the Federal Committee on Financial Markets (FCFM). The supervisory functions over IFRS implementation in Russia are delegated to the FCFM.

Click for:

• IFRS endorsement procedure (Russian / English).

The IFAC Board established the Compliance Program and the Compliance Advisory Panel (CAP) in November 2003 as part of the so-called 'IFAC reforms'. The primary emphasis of the Program is to encourage continuous improvement by professional accountancy organisations through an ongoing assessment of their commitment to use best endeavours to adopt and support implementation of international financial reporting, auditing, ethical, education, and public sector accounting standards as well as to operate or otherwise support robust quality assurance and investigation and disciplinary mechanisms.

Comments on the paper are requested by 30 May 2011. Click for IFAC press release (link to IFAC website).

Monday, 14 March 2011 (other sessions)

• Insurance Contracts (held over two sessions)
• Alternative presentation models (education session)
• Practical expedient for the discount rate

Tuesday, 15 March 2011 (other sessions)

• Insurance contracts
• Practical measurement of risk adjustment liabilities (education session)
• A discount rate for participating contracts — the "Asset Liability Rate" (ALR) (education session)
• Discount rate for participating contracts
• Definition of an insurance contract

Wednesday, 16 March 2011

• Financial Instruments – Hedge Accounting
• Comment letter summary

Agenda changes. A number of changes have also been made to the agenda for the meeting. The session on revenue recognition session originally planned for Wednesday 16 March 2011 was cancelled. The IASB-only sessions on the impairment of financial instruments and the effective date for the forthcoming standards on post-employment benefits and other comprehensive income have been rescheduled to Thursday 17 March 2011.

Our earlier story about the outcomes from this meeting (where leases and fair value measurement was discussed) is available Here. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers for the entire meeting.