News

Deloitte (old) Image

Deloitte publications update

24 Jan 2011

The following Deloitte publications are now available:

Global publications

Deloitte (United States)

Deloitte (Canada)

Deloitte (Japan)

 

2011jan Image

IASB and FASB cancel additional joint meeting on 26 January

24 Jan 2011

The additional joint IASB and FASB meeting originally scheduled for Wednesday, 26 January 2011, has now been cancelled.

Additional joint meetings remain tentatively scheduled for Tuesday and Wednesday, 1 and 2 February 2011. The next confirmed meeting is the regular IASB meeting to be held 14-18 February 2011.

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

Updated EFRAG 'endorsement status report'

21 Jan 2011

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 17 January 2011 (PDF 195k). Currently, the following five IASB pronouncements await endorsement action:
  • IFRS 9 Financial Instruments
  • Amendments to IFRS 7 Financial Instruments: Disclosures
  • Improvements to IFRSs
  • Amendments to IAS 12 Deferred tax: Recovery of Underlying Assets
  • Amendments to IFRS 1 Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters

You can always find the endorsement status report Here.

2011jan Image

Notes from Days 3 and 4 of the January IASB meeting

21 Jan 2011

The IASB is meeting in London on 18-21 January 2011 for its regular January meeting, some of which is a joint meeting with the FASB.

We've posted further Deloitte observer notes from days three and four of the meeting (click through for direct access to the notes):

Thursday, 20 January 2011

Friday, 21 January 2011

  • Post-employment Benefits
    • Presentation of components of defined benefit cost
    • Interaction of IAS 19 Proposals and IAS 37

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

2011jan Image

Notes from Days 2 and 3 of the January IASB meeting

21 Jan 2011

The IASB is meeting in London on 18-21 January 2011 for its regular January meeting, some of which is a joint meeting with the FASB.

We've posted further Deloitte observer notes from days two and three of the meeting (click through for direct access to the notes):

Wednesday, 19 January 2011

  • Leases (IASB/FASB)
    • Preliminary comment letter analysis and redeliberation plan
    • How to define a lease and how to distinguish it from a service
  • Insurance Contracts (IASB/FASB)
    • Education session: The discount rate

Thursday, 20 January 2011

  • Revenue Recognition (IASB/FASB)
    • Perfunctory obligations, incidental obligations and marketing incentives
    • Determining the transfer of goods and services

Notes from the afternoon discussions on Thursday will be posted soon.

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

2011jan Image
2011feb Image

Additional Board meetings

21 Jan 2011

The IASB has announced two additional Board meetings:

Wednesday, 26 January 2011, 13:00 - 15:00 GMT: Joint meeting with the FASB

  • Topic to be discussed: Leases
  • Further information and registration: Here (link to IASB website)

Tuesday and Wednesday, 1 and 2 February 2011 (tentative)

  • Meeting times and topics to be discussed yet to be announced

 

Canada Image

AcSB extends deferral of implementation of IFRS for investment funds

21 Jan 2011

The Accounting Standards Board (AcSB) extended by one year the deferral of the mandatory changeover to IFRSs for investment companies and segregated accounts of life insurance enterprises.

In October 2009, the Canadian Securities Administrators (CSA) proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. In October 2010, the AcSB deferred the mandatory IFRS changeover date to 1 January 2012 for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The new goal for IFRS implementation for investment funds is now 1 January 2013.

Click for:

 

AICPA (American Institute of CPAs) (lt green) Image

AICPA updates IFRS Backgrounder

21 Jan 2011

The American Institute of Certified Public Accountants (AICPA) has updated its publication, International Financial Reporting Standards (IFRS): An AICPA Backgrounder.

This publication describes the regulators, standard setters and others who play a critical role in the adoption of IFRS. The publication also includes information about the convergence activities of the IASB and FASB, as well as information on adoption of IFRSs in the US, including the US Securities and Exchange Commission's recent progress report on its IFRS Work Plan.
Click for International Financial Reporting Standards (IFRS): An AICPA Backgrounder.

 

European Union (old) Image

EC decision on international cooperation on the supervision of auditors

20 Jan 2011

The European Commission has adopted a first decision recognising the equivalence of the audit oversight systems in 10 third countries.

This decision paves the way for reinforced cooperation between Member States and third countries which have been declared equivalent, so that they can mutually rely on each others' inspections of audit firms. The countries assessed as equivalent are Australia, Canada, China, Croatia, Japan, Singapore, South Africa, South Korea, Switzerland and the United States of America.

The decision also grants a transitional period to auditors from 20 third countries allowing them to continue their audit activities in the EU while further assessments are carried out.

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

2011jan Image

Notes from Day 2 of January IASB meeting

20 Jan 2011

The IASB is meeting in London on 18-21 January 2011 for its regular January meeting, some of which is a joint meeting with the FASB.

We've posted Deloitte observer notes from the revenue recognition topic discussed on day two of the meeting (click through for direct access to the notes):

Wednesday, 19 January 2011

  • Revenue recognition (IASB/FASB)
    • Determining the transfer of goods and services
    • Separating a contract
    • Identifying separate performance obligations

Notes from the discussions on lease accounting and insurance contracts will be posted soon. The IASB has also announced that the Thursday session of the meeting will commence at 9:00am (rather than 8:15am).

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.