We post these regularly on our IAS Plus Insurance Project Page. Deloitte (Germany) is translating some of these newsletters into German. The latest is:

• Versicherungsbilanzierung 10: Fast da ... (PDF 395k)
• Translation of UK Issue 15: Almost there ... (PDF 113k)

All of the earlier insurance newsletters available in German publications page.

 

The only change is that the ED on the consolidation of investment companies has been delayed to the fourth quarter 2010. A final IFRS on the consolidation of investment companies is still expected in the first quarter 2011. A staff draft of the IFRS intended to replace IAS 27 is expected to be posted on the IASB's website in the third quarter 2010; final standards regarding the replacement of IAS 27 and disclosures about unconsolidated SPEs are expected in the fourth quarter 2010. We have updated the IAS Plus Agenda Projects Page accordingly.

 

Highlights:

• Insurance companies would prepare an opening balance sheet as at 1 April 2012
• Banking companies will have a phased introduction commencing with an opening balance sheet for some banks at 1 April 2013, some urban co-operative banks (depending on net worth) and regional rural banks would be exempt
• Non-banking financial companies (NBFCs) will have a phased introduction commencing 1 April 2013, some unlisted NBFCs would be exempt (depending on net worth)
• Other companies will have a phased introduction commencing 1 April 2011, with some unlisted companies (depending on net worth) and small and medium companies exempt
• Exempt companies will not be required to apply Indian Accounting Standards converged with IFRS at all, but may opt to do so
• Full compliance with IFRS 1 would not be required, but companies may elect to provide additional columns with restated information
• Specific dates have been clarified as the date to test net worth used in the calculations.

Entities complying with Indian Accounting Standards converged with IFRS may not be able to make an explicit and unreserved statement of compliance with IFRS. Click for our Indian jurisdiction page.

 

Originally insurance companies were scheduled to adopt IFRS with effect from 1 January 2010. The SVS had already postponed IFRS adoption once until 2011. SVS has announced that it will publish a revised timetable for implementation of IFRSs for the insurance sector during 2010. Please click for SVS Press Release (Spanish) (PDF 51k).

 

There is no charge to participate in the webcast, but registration is required.

Webcast Topic: Exposure draft 'Revenue from Contracts with Customers' Date and Time: Thursday, 8 July 2010, 9.30am and again at 5:00pm (London time) More Information and Registration: Click Here IAS Plus Resources: IFRS in Focus Newsletter (97kb), Revenue Project Page

The SAG discussion will focus on the potential impact of these changes upon auditors of public companies. Click for:

• Meeting Agenda (link to PCAOB website)
• Our PCAOB Page

 

The project summary (PDF 951k) provides the background to the IASB's fair value measurement project and explains how the IASB plans to finalise an IFRS on fair value measurement. The summary also includes a comparison of the tentative decisions reached so far in the project with the proposals in the IASB's May 2009 exposure draft Fair Value Measurement and the proposals in the US Financial Accounting Standards Board's (FASB) exposure draft of a proposed Accounting Standards Update (ASU) Amendments for Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (link to FASB website).

 

This newsletter covers the activities of the IASB and the UK Accounting Standards Board (ASB). Each issue includes updates on the activities of the IASB and the ASB, project timetables for both boards, links to new Deloitte publications, an interview of someone involved with IFRSs, and a table showing IFRSs issued but not yet effective or endorsed by the European Union. The interviewee for the June 2010 issue is Ken Wild, Deloitte's recently retired Global IFRS Leader. Click to download iGAAP Newsletter June 2010 (PDF 157k). Links to all past issues are on our United Kingdom Country Page.

 

Consequently, 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 1 July 2010 (PDF 127k). Currently, the following five IASB pronouncements await endorsement action:

• IFRS 9 Financial Instruments
• Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement
• IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
• Revised IAS 24 Related Party Disclosures
• Improvements to IFRSs

You can always find the endorsement status report Here.

 

The RDR permits for-profit entities without 'public accountability' to elect to comply with the recognition and measurement requirements of Australian Accounting Standards (which are equivalent to IFRS for for-profit entities), but to avoid many of the disclosures required by those standards in general purpose financial statements.

Not-for-profit and certain public sector entities are also eligible to apply the RDR. Entities applying the RDR will not be able to make an explicit and unreserved statement of compliance with IFRSs, however this will still apply to for-profit entities applying standards in full ('Tier 1').

The Tier 2/RDR will apply to annual reporting periods beginning on or after 1 July 2013, but may be early adopted for annual financial reporting periods beginning on or after 1 July 2009.

A second stage of the AASB's project will consider whether the 'Tier 2' requirements should be extended to the 'non-reporting entities' under Australia's existing differential reporting regime (these entities produce limited financial statements and do not claim compliance with IFRS). Deloitte (Australia) has produced a series of Accounting Alerts tracking the progress of the AASB's project.

Extracts from the Basis for Conclusions on the AASB amendments:

The Board concluded that the IFRS for SMEs is not presently a suitable set of requirements for Tier 2 in Australia. However, the Board decided it will continue to monitor and contribute to further changes in the IFRS for SMEs and that it is open to the possibility of adopting the IFRS for SMEs in future should the changes in that Standard make it practicable in an integrated for-profit/NFP sector reporting environment. The Board decided that Tier 2 requirements should be maintained on a continuous basis, rather than waiting for the IASB to update its IFRS for SMEs, which the IASB plans to undertake only every few years, by which time there would be an accumulation of possible changes. The AASB intends that each future Exposure Draft or Invitation to Comment involving changes to Tier 1 that includes disclosure proposals would seek comment about which disclosures should be included in Tier 2, and may include the AASB's proposed reduced disclosures.

Click for:

• Deloitte (Australia) Accounting alert series: www.deloitte.com/au/accountingalerts
• Australian Accounting Standards Board press release (link to AASB website)
• Our Australian country page
• Our summary of the IFRS for SMEs