Global publications

• Updated IASB Project Insights:
  • Financial statement presentation - main project (PDF 53k)
  • Insurance contracts (PDF 98k)
  • Leases (PDF 103k)
  • Revenue recognition (PDF 85k)

Deloitte (Australia)

• Monthly Roundup - February 2011 edition – a summary of financial reporting developments during February 2011, highlighting leases, consolidation and joint ventures and effective dates

Deloitte (Korea)

• Korean translation of IFRS in Focus – IASB and FASB issue joint proposals on impairment of financial assets (PDF 271k)
• Korean translation of IFRS in Focus – IASB issues exposure draft on offsetting financial assets and financial liabilities (PDF 193k)

Deloitte (United States)

• Accounting Roundup: February 2011 (PDF 310k)

 

The Trustees have released a summary of the conclusions reached:

• The IFRS Foundation will open an Asia-Oceania liaison office in Tokyo during 2012.
• The Trustee Vice-Chairs will remain as acting co-Chairs while the search process for new Chair of the Trustees proceeds.
• The Chair and Vice-Chairs of the IFRS Advisory Council were reappointed.
• The Trustees reviewed the progress of the ongoing strategy review following the publication of a consultation document for public comment in November 2010.
• The Trustees received reports of the Due Process Oversight Committee and of the IASB Chairman.

Detailed explanations of the conclusions reached can be found in this press release (PDF 38k). The next meetings of the Trustees will be in London on 30-31 March 2011, in New York on 13-14 July 2011 and in Paris on 12-13 October 2011.

The taxonomy is to be used for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the SEC.

Click for:

• FAF press release (link to Financial Accounting Foundation website).
• Our 19 January 2011 story

 

We've posted the remaining Deloitte observer notes from the meeting (click through for direct access to the notes):

Tuesday, 1 March 2011

• Revenue Recognition
• Onerous performance obligations - Exception for "loss-leader" contracts
• Onerous performance obligations - Costs included in the onerous contract test
• Insurance Contracts
• Locking in the discount rate
• Discounting non-life contract liabilities
• Scope
• Financial Statement Presentation
• Report on the results of outreach activities

Wednesday, 2 March 2011

• Insurance Contracts (continued from previous day)
• Financial guarantee contracts
• Field testing results
• Information session on uncertainty in the measurement of insurance liabilities
• Acquisition costs
• Information session on presentation
• Leases
• Right-of-use model
• Scope of the leases standard
• Effective Dates and Transition Methods
• Summary of comments

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

You can access the agenda on our 10-11 March 2011 Interpretations Committee meeting page. We will also post Deloitte observer notes on this page as they are available

We've posted Deloitte observer notes from one session from the first day of the meeting (click through for direct access to the notes):

Tuesday, 1 March 2011

• Insurance Contracts
• Locking in the discount rate
• Discounting non-life contract liabilities
• Scope

Notes from the other sessions on revenue recognition and financial statement presentation will be posted soon.

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

The Summit brings together senior representatives from the global standards setters and major accounting associations as well as principal advisers to multinational companies and key users and preparers of financial statements.

Highlights of this year's summit include:

• consideration of IFRS Adoption internationally with convergence case studies from Australia, India, Japan, Pakistan, Singapore and the United Kingdom
• key IFRS and XBRL developments
• industry-focused panel sessions on key IFRS projects
• a workshop on IFRS for the not-for-profit sector.

Ian Mackintosh, Vice-Chairman Designate IASB (former Chairman, Accounting Standards Board, UK) and Robert P Garnett Chairman of the IFRS Interpretations Committee (Board Member of the IASB from 2001 to 2010) will represent the IASB amongst others. Several representatives from Deloitte member firms will also be participating, including Veronica Poole (Global Managing Director — IFRS Technical, Deloitte UK) and Abbas Ali Mirza (Chairman of the World Accounting Summit & Chairman of 21st Session of UNCTAD/ISAR, Deloitte Dubai).

Click for Summit Brochure (PDF 964kb). The website for the Summit is www.accountingsummit.com.

Under the MoU, the three parties have agreed to:

• continue communicating with one another on accounting standards development
• exchange views and experience of convergence work with IFRSs and related implementation, and share their experience with other jurisdictions
• continue to work together to play an important role in the Asian-Oceanian Standard Setters Group (AOSSG)
• cooperate on the governance and strategy review of the IFRS Foundation, and work jointly to achieve high quality financial reporting in the Asian-Oceanian region and the development of IFRSs
• strengthen communication of technical issues on IFRSs, endeavour to reach consensus in comments on the IASB's major projects.

Click for:

• Memorandum of Understanding (MoU) of High-level Meeting of Accounting Standards Setters among China, Japan and Republic of Korea (link to Accounting Standards Board of Japan website).
• Our China country page.
• Our Japan country page.
• Our Republic of Korea country page.

The goal of the exposure draft is to improve the disclosures on transfers of financial assets. The proposals incorporate new disclosure requirements that would help users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets as well as any resulting impact on its financial position. The ASB has issued this exposure draft to keep FRS 29 aligned with the disclosure requirements in IFRS 7, which the IASB amended in October 2010.

Comments are due by 30 April 2011.

Click for:

• ASB press release (link to ASB website)
• Financial Reporting Exposure Draft: Proposed Amendments to FRS 29 (IFRS) 'Financial Instruments: Disclosures': Disclosures — Transfers of Financial Assets (PDF 198k)
• Our UK country page