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Deloitte Canada IFRS transition newsletters

01 Jun 2010

Deloitte Canada has published the May 2010 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • The Rules of the Game – Making your opinion count in the development of IFRSs
  • The Real Deal – the focus this month is on Related Party Disclosures
  • An update on International standard setting activities
Click below for: Related items:
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Agenda for June 2010 Advisory Council meeting

31 May 2010

The IFRS Advisory Council (formerly called Standards Advisory Council, or SAC) will meet with the IASB on Monday and Tuesday, 21-22 June 2010, at the Renaissance Chancery Court Hotel in London.

The meeting is open to public observation. A draft agenda has been posted on the IASB's website and is summarised below. The Advisory Council provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work, with the objective of:
  • advising the Board on agenda decisions and priorities in the Board's work,
  • informing the Board of the views of the organisations and individuals on the Council on major standard-setting projects, and
  • giving other advice to the Board or to the Trustees.

IFRS Advisory Council Meeting Agenda — 21-22 June 2010, London

Monday 21 June 2010 (10:00am-17:30pm)

  • Welcome and Chairman's preview
  • Overview of last four months – Report of the Advisory Council Chair and Vice-Chairs
  • IASB Activities
    • Update on major projects that are the most challenging in terms of meeting the June 2011 deadline:
      • Financial Instruments
      • Financial Statement Presentation
      • Insurance
      • Leases
      • Revenue Recognition
      • Consolidation/derecognition
    • Other activities
  • Advisory Council Member activities
  • Advice to the IASB on the criteria for its agenda
  • The IASB work plan post June 2011 – Council will be asked to approve a report to the IASB setting out the Council's views on major issues
  • Recommendation to IASB on the process for its public consultation on its technical agenda post-June 2011
  • Financial Statement Presentation

Tuesday 22 June 2010 (11:15am to 14:00pm)

  • Criteria for Annual Improvements
  • Due process when IASB proposals are met with widespread resistance
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June 2010 annual model financial statements

30 May 2010

Deloitte Australia has released their model financial statements for financial years ending on or after 30 June 2010.

Australian accounting standards are identical to IFRSs. The main changes from 2009 that are illustrated in this publication are:

  • AASB 3 Business Combinations (2008)
  • AASB 7 Financial Instruments
  • AASB 8 Operating Segments
  • AASB 101 Presentation of Financial Statements
  • AASB 127 Consolidated and Separate Financial Statements (2008)
  • AASB 1039 Concise Financial Reports

The Illustrative Annual Report is released in four parts plus a summary of Key Changes at your Finger Tips:

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IFRS Insights newsletter

30 May 2010

We have posted the IFRS Insights Newsletter for May-June 2010 from Deloitte & Touche LLP (United States).

IFRS Insights is a newsletter on IFRSs aimed at US companies. This issue includes:
  • A look at practical lessons learned from companies that have already converted to IFRSs
  • IFRSs and statutory reporting
  • An update on the IASB's financial instrument project relative to hedge accounting
  • An industry update for oil and gas companies
We have permanent links to other IFRS Insights newsletters here.

 

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Capital Markets: The Players and Activities

30 May 2010

The staff of FASB's Library compiles a listing of Capital Markets: The Players and Activities with many hyperlinks to websites of the 'players'.

They recently updated their list and have kindly given us permission to post it on IAS Plus. Click to download Capital Markets: The Players and Activities as of 21 May 2010 (PDF 50k). On IAS Plus we maintain a comprehensive 'Credit Crunch' Chronology with hyperlinks to source documents.
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Heads Up on FASB's financial instruments proposals

29 May 2010

On 26 May 2010, the US FInancial Accounting Standards Board issued a proposed Accounting Standards Update (ASU) for a comprehensive new model of accounting for financial assets and financial liabilities that addresses (1) recognition and measurement, (2) impairment, and (3) hedge accounting (see our News Story of 27 May for a brief overview).

Deloitte (United States) has published a 22-page edition of the Heads Up Newsletter ( (PDF 216k) that provides an analysis of the key provisions of FASB's proposals on financial instruments. The newsletter includes a section on international convergence and has five appendices:
  • Appendix A lists financial instruments that are outside the scope of the FASB's proposed ASU.
  • Appendix B includes a decision tree illustrating the proposed classification and measurement model.
  • Appendix C includes a table comparing the classification and measurement provisions of the proposed ASU with the key provisions in IFRS 9 and the IASB's tentative decisions to date regarding the accounting for financial liabilities.
  • Appendix D contains a tabular comparison of the FASB's proposed impairment model and the IASB's exposure draft on impairments (issued in November 2009).
  • Appendix E gives an overview of the FASB's proposed approach to hedge accounting.
As the newsletter says: While this is a significant amount of reading, it's all relative; it's condensed from the FASB's 214-page exposure draft.

 

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Updated EFRAG 'endorsement status report'

28 May 2010

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 28 May 2010 (PDF 58k).

Currently, the following seven 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
  • Amendments to IFRS 1 Additional Exemptions for First-time Adopters
  • Revised IAS 24 Related Party Disclosures
  • Amendment to IFRS 1 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters
  • Improvements to IFRSs.

You can always find the endorsement status report here.

 

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Australia model financial statements for 2010

28 May 2010

Deloitte Australia has released their model financial statements for financial years ending on or after 30 June 2010. Australian accounting standards are identical to IFRSs.

The main changes from 2009 that are illustrated in this publication are:

  • AASB 3 Business Combinations (2008)
  • AASB 7 Financial Instruments
  • AASB 8 Operating Segments
  • AASB 101 Presentation of Financial Statements
  • AASB 127 Consolidated and Separate Financial Statements (2008)
  • AASB 1039 Concise Financial Reports

The Illustrative Annual Report is released in four parts plus a summary of Key Changes at your Finger Tips:

Click for our Australia Country Page.

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Heads Up on FASB's comprehensive income proposals

28 May 2010

Deloitte (United States) has published the 27 May 2010 edition of the Heads Up Newsletter explaining the FASB's exposure draft on comprehensive income.

Both the IASB and the FASB have issued proposals to require all entities to present profit or loss and other comprehensive income (OCI) in separate sections of a single continuous statement of comprehensive income.
Click for Heads Up newsletter, Vol. 17, Issue 18: May 27, 2010, FASB Issues Proposed Guidance on Presentation of Comprehensive Income

 

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IASB invites international comments on FASB FI proposals

28 May 2010

The IASB has Invited its International Constituents to submit comments to the FASB on the FASB's Financial Instruments Proposals.

The IASB is asking their constituents to submit comment letters on the FASB proposal. Feedback will be helpful to the FASB when it re-deliberates its proposals and finalises any requirements. The IASB will use that feedback when it considers how to reconcile any differences between IFRS requirements and US GAAP. Because this project is part of the global convergence project, it is important for the FASB to receive feedback on the proposed model from the international community.
Comment letters should be submitted directly to the FASB by 30 September 2010.
Click for:

 

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