The considerations outlined in the report are intended to assist public entities in preparing their financial statements and Management's Discussion and Analysis, and in initiating dialogue with their advisors on the impact of the new legislation. While many of the accounting and disclosure considerations will apply directly to specific industries only, others will have broader applicability. Public entities should therefore consider the provisions of the Act that may directly or indirectly affect administrative or other costs (such as human resources or health care premiums).

Click to download Heads Up Newsletter (PDF 482k).

The FASB joined the IASB for a education discussion of the derecognition project. Several IASB members, FASB members, and FASB staff joined the meeting via video link or teleconference. Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

 

No specific regulation was required because IFRSs are permitted in Panama and the IFRS for SMEs is an IFRS. Many Panamanian companies have already adopted the IFRS for SMEs.

 

The paper explains:

• How the recognition criteria in the working draft IFRS differ from those in the existing IAS 37
• How the new criteria would apply to liabilities arising from lawsuits
• Why the IASB is changing the criteria.

The paper is intended to help people understand the recognition criteria before they comment on the revised measurement proposals in the Exposure Draft Measurement of Liabilities in IAS 37.

• Download the Staff Paper from the IASB Website
• More information on the Liabilities Project Page on the IASB Website
• More information on the Liabilities Project Page on IAS Plus

 

Staff Audit Practice Alert No. 5 Auditor Considerations Regarding Significant Unusual Transactions compiles relevant requirements from existing PCAOB auditing standards regarding significant unusual transactions and groups them into the following categories:

• Identifying and assessing risks of material misstatement
• Responding to risks of material misstatement
• Consulting others
• Evaluating financial statement presentation and disclosure
• Communicating with audit committees
• Reviewing interim financial information

Click to download PCAOB Staff Audit Practice Alert No. 5 (PDF 144k).

 

An illustrative letter is available on the SEC's Website (or click here for the SEC Announcement (PDF 31k)).

 

The results of the questionnaire will be used to develop a formal Consultation Paper, to be issued in December 2010, outlining the IAASB's strategic focus and the potential projects that might best support this focus. The questionnaire takes no more than 30 minutes to complete. Responses are requested by 14 May 2010.

 

The keynote speaker will be Glenn Brady, the IASB's project manager on its extractive activities project. Details:

• Date/Time: Wednesday and Thursday 16-17 June 2010, 8:30am to 5:30pm daily
• Location: Omni Houston Hotel, Four Riverway, Houston, Texas 77056 USA, phone +1 713 871 8181
• Fees:
  • US$1,200 per individual until 1 May 2010
  • US$1,500 per individual on or after 2 May 2010
• Registration Information: Click Here

Extractive activities are the activities undertaken by entities when searching for, and ultimately extracting, minerals, oil or natural gas. The activities involve the following four phases:

• Exploration: the search for deposits of minerals or oil and gas
• Evaluation: assessing the quantity and quality and viability of the deposits found and the economic viability of their extraction
• Development: undertaking works to access the deposit and to construct the infrastructure necessary to extract the minerals or oil and gas
• Production: the extraction of the minerals or oil and gas from those deposits

The area of extractive industries poses some very specific challenges resulting from the uncertainties that are faced by entities pursuing extractive activities: for instance assessing the quantities that may be found and the costs involved in accessing and extracting the resources. A research team comprising members of the Australian, Canadian, Norwegian, and South African accounting standard-setters analysed and discussed accounting for extractive activities with a wide range of stakeholders to identify a possible approach for an IFRS. The DP contains the views of the project team – it does not represent the views of the Board. The DP addresses the following four questions:

• How to estimate and classify the quantities of minerals or oil and gas discovered
• How to account for minerals or oil and gas properties
• How minerals or oil and gas properties should be measured
• What information about extractive activities should be disclosed

After considering the responses received on the DP, the Board will decide whether to add the project to its active agenda. Comments are requested by 30 July 2010. Click for Discussion Paper on the IASB website. One of the authors is Aase Lundgaard, a partner in Deloitte Norway. Click for IAS Plus Project Page.

 

This newsletter provides brief descriptions of pronouncements affecting accounting, financial reporting, and corporate governance issued during 1Q-2010 by standard setters and regulators including FASB, EITF, AICPA, SEC, FASAB, PCAOB, GASB, IASB, IFRIC, and IAASB. This quarterly review consists of articles, adapted as necessary, from issues of Accounting Roundup published in January and February 2010, as well as new articles for the month of March. There's also information about upcoming Dbriefs Webcasts. You will find past issues Here. International and IFRS-related developments covered in this edition of Accounting Roundup include:

• IASB Reexposes Proposals for the Measurement of Liabilities in IAS 37
• FASB and IASB Publish Exposure Draft on Reporting Entity Concept for the Conceptual Framework
• SEC Publishes Work Plan for Moving Forward With IFRSs for U.S. Issuers
• IASC Foundation Proposes IFRS Taxonomy 2010
• New Members Appointed to the IASB
• FCAG Issues Letter to G-20 on IASB and FASB Progress
• IASB Issues Limited Exemption Amendment to IFRS 1

Click to view Accounting Roundup — First quarter in review — 2010 (PDF 427k; 47 pages).