News

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Updated survey on extended use of IFRSs in European Union

26 Jul 2010

Since 2005, the European Union Accounting Regulation has required that European companies listed in a European securities market must use IFRSs to prepare their consolidated financial statements.

The Regulation gave EU member states the options to:
  • Require or permit IFRSs for unlisted companies
  • Require or permit IFRSs in parent company (unconsolidated) financial statements
  • Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007
  • Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007.
The European Commission has updated its earlier surveys of EU and EEA member states concerning their decisions regarding the four options above. Click to download the results of the updated survey: Table on Use of IFRS Options 30 EU Member and EEA States (PDF 64k)
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Insurance accounting newsletter in German

26 Jul 2010

Deloitte (United Kingdom) is publishing a series of Insurance Accounting Newsletters.

We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Germany) is translating some of these newsletters into German. The latest is: All of the earlier insurance newsletters available in German are on our Germany Country Page. The Exposure Draft on insurance accounting is expected to be published later this week.

 

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EU formally adopts IFRIC 19

26 Jul 2010

The European Union has published the Commission Regulation (EC) No 662/2010 endorsing IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments.

The Interpretation applies when a debtor extinguishes a liability fully or partly by issuing equity instruments to the creditor. IFRIC 19 addresses only the accounting by the entity that issues the equity instruments; it does not address the accounting by the creditor (lender).

Currently only two IASB pronouncements await endorsement action.

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Updated summary of agenda rejections by the Interpretations Committee

24 Jul 2010

We have updated our Summary of Issues Not Added to the Agenda of the Interpretations Committee to reflect the Committee's final decisions at its May and July 2010 meetings not to add the following topics to its agenda.

Our summary now includes 185 issues:
  • IFRS 1 First-time Adoption of International Financial Reporting Standards – Accounting for costs included in self-constructed assets on transition
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations – Reversal of disposal group impairment losses relating to goodwill
  • IAS 1 Presentation of Financial Statements – Going concern disclosure
  • IAS 26 Accounting and Reporting by Retirement Benefit Plans – Valuation of plan assets
  • IAS 39 Financial Instruments: Recognition and Measurement – Impairment of financial assets reclassified from available-for-sale to loans and receivables

 

 

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Agenda project pages updated

24 Jul 2010

We have updated the following pages on IAS Plus to reflect the discussions and decisions at the IASB meeting held July 19-23, 2010:

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Heads Up on FASB ASU on receivables disclosures

23 Jul 2010

Further to our earlier story, Deloitte (United States) has published a new Heads Up newsletter (PDF 132k) discussing the FASB's newly issued Accounting Standards Update (ASU) No. 2010-20, Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

The ASU requires more robust and disaggregated disclosures about the credit quality of an entity's financing receivables and its allowance for credit losses.

The objective of enhancing these disclosures is to improve financial statement users' understanding of:

  • the nature of an entity's credit risk associated with its financing receivables; and
  • the entity's assessment of that risk in estimating its allowance for credit losses as well as changes in the allowance and the reasons for those changes.

The disclosure requirements are similar to those required by IFRS 7 Financial Instruments: Disclosures, however the IFRS 7 disclosures are wider in scope. Click for:

Click for earlier story: FASB issues ASU on receivables disclosures, releases webinar on new requirements

 

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Two new publications from Deloitte

23 Jul 2010

We've posted two new Deloitte publications dealing with IFRS issues and developments: IFRIC Review and IFRS Alert.

IFRIC Review

IFRIC Review is a new communication that examines matters discussed at the IASB's IFRS Interpretations Committee (IFRIC).

The July edition (PDF 84k) discusses the IFRIC meeting held on 8-9 July 2010.

All issues of IFRIC Review will be available here.

 

IFRS Alert

IFRS Alert highlights important IFRS accounting developments that may require immediate action. This IFRS Alert (PDF 67k) provides an update on potential accounting implications as a result of recent actions taken by the Venezuelan government regarding foreign currency exchange controls.

All IFRS Alerts will be available here.

You can also access all our Deloitte IFRS publications.

 

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Canadian Securities Administrators publishes review of IFRS transition efforts

23 Jul 2010

The Canadian Securities Administrators (CSA) has published IFRS Transition Disclosure Review, which discusses the quality of issuers' disclosures about their transition to IFRSs.

This review focuses on issuers' disclosures related to its IFRS transition efforts. Click here to view the press release.

You will find more information about financial reporting in Canada on our Canada Page.

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CEBS publishes results of its 2010 EU-wide bank stress tests

23 Jul 2010

The Committee of European Banking Supervisors (CEBS) published the results of its 'stress tests' of 91 European banks.

CEBS has published the following documents on its website:
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Canadian guide to interim financial reporting

23 Jul 2010

Deloitte (Canada) has published IAS 34 – Interim financial reporting: A Canadian perspective, a comprehensive reference source on interim financial reporting for financial statement preparers and users with a working knowledge of Canadian GAAP and securities requirements.

The guide is available in English and French.

The guide includes suggested model interim financial statements for a Canadian issuer in the post-IFRS changeover regime. These are based on the model interim financial statements provided in our global publication but tailored so that they look and feel, to the user, much more like the Canadian interims they have seen in the past without taking away from the mandatory IAS 34 requirements.

Click for:

 

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