The guide is available in English and French.

The topics discussed on day 5 were as follows (click through to detailed Deloitte observer notes for that topic):

• Hedge Accounting
• Fair Value Option
• Impairment

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

The effective date differs for public and nonpublic companies:

• For public companies, the amendments that require disclosures as of the end of a reporting period are effective for periods ending on or after 15 December 2010. The amendments that require disclosures about activity that occurs during a reporting period are effective for periods beginning on or after 15 December 2010.
• For nonpublic companies, the amendments are effective for annual reporting periods ending on or after 15 December 2011.

On convergence with IFRSs, the ASU notes:

How Do the Provisions Compare with International Financial Reporting Standards (IFRS)? The disclosures required by the amendments in this Update are similar, but not identical, to those required by IFRS 7 Financial Instruments: Disclosures. However, the scope of IFRS 7 includes all financial instruments, not just financing receivables and the allowance for credit losses. The FASB decided to limit the scope of this Update because it does not want to delay the improved transparency in an entity's financial statements about the allowance for credit losses and the credit quality of financing receivables. The FASB and the International Accounting Standards Board (IASB) currently have a joint project on accounting for financial instruments, including disclosures.

Click for:

• ASU Update 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (link to FASB website)
• FASB press release (link to FASB website)
• FASB webinar on the proposals (link to FASB website)
• Our project page on the joint Financial Instruments project
• Our summary of IFRS 7 Financial Instruments: Disclosures

 

The FASB intends to discuss application guidance on when to apply which accounting model and accounting for sale and leasebacks. This meeting will precede the joint meeting with the IASB later in the day. If necessary, the Board will also discuss minor issues on technical projects, agenda decision announcements, or administrative matters. Click here for the Notice of Meeting (link to FASB website).

 

The topics discussed on day 3 were as follows (click through to detailed Deloitte observer notes for that topic):

• IFRS Interpretations Committee (IFRIC) Update
• Amendments to IFRS 1 - Fixed dates
• Annual Improvements
• Conceptual Framework - Measurement
• IFRS Advisory Council Update
• Leases (joint meeting with FASB, continued from Monday 19 July)
• Leases (IASB only)
• Financial Instruments with Characteristics of Equity

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

 

We have updated our page with the Next Meeting Agenda accordingly. Hedge Accounting was not discussed yesterday but moved to today. Also, there will be a short session on Rate-regulated Activities to discuss the way forward. On Tuesday the IASB hat concluded that it seems unlikely for the Board to reach a decision that would allow for a solution to be found in time for the adoption of IFRSs by Canada.

 

The group will address the following issues:

• Classification and measurement of financial assets
• Classification and measurement of financial liabilities and hedge accounting, including balance sheet issues of corporates and their implications.
• Amortised cost and impairment
• Fair value measurement
• Presentation, disclosures and balance sheet formats
• Derecognition, consolidation and residuary issues

Click here to view the press release.

 

The topics discussed on day 4 were as follows (click through to detailed Deloitte observer notes for that topic):

• Leases (continued, partially joint with FASB)
• Insurance contracts (joint with FASB)
• Hedge accounting
• Rate-regulated activities
• Consolidation
• IAS 29 – Reporting in accordance with IFRS after a period of chronic hyperinflation

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

 

On convergence with IFRSs, the newsletter notes:

The proposed ASU is not part of the FASB's and IASB's current efforts to converge U.S. GAAP and IFRSs, as outlined in the boards' Memorandum of Understanding. However, the disclosures that would be required under the proposed ASU are similar to those required under IAS 37. The IASB is currently deliberating amendments to IAS 37 that would, among other things, improve the guidance on identifying, recognizing, and measuring liabilities. While such amendments would reduce the differences between IAS 37 and U.S. GAAP, they are significantly broader in scope than those in the FASB's proposed ASU.

Click for:

• Heads Up Newsletter Raising the Volume on the Remote - FASB Proposes Guidance on Expanded Disclosures for Certain Loss Contingencies (PDF 156k)
• Heads Up archive
• IAS Plus Update Newsletter on the IASB's liability proposals (PDF 88k)
• Our project page on the IASB's liabilities project
• Earlier story: FASB issues proposed ASU on contingencies

 

You can find our PCAOB page Here.

Click for: 2009 Annual Report