News

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Heads Up on reporting entity exposure draft

26 Mar 2010

On 11 March 2010, the IASB and FASB jointly published for comment an exposure draft (ED) on the reporting entity concept.

The proposals form part of a Joint Project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. The latest Heads Up newsletter from Deloitte United States discusses the ED. Click to download the Heads Up Newsletter (PDF 95k).

 

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Updated EFRAG 'endorsement status report'

26 Mar 2010

The European Union has endorsed the 2009 Improvements to IFRSs and Amendments to IFRS 2 Share-based Payment by publication in the Official Journal on 24 March 2010. Therefore, 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 25 March 2010 (PDF 116k). Currently, six IASB pronouncements await endorsement action. You can always find the endorsement status report Here.

 

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Agenda project pages updated

26 Mar 2010

We have updated the following IASB agenda project pages on IAS Plus to reflect the discussions and decisions at the IASB's March 2010 Board meeting and joint meeting with FASB:

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Notes from Joint IASB-FASB meeting 24 March

25 Mar 2010

The IASB and FASB are holding a joint meeting at the IASB's offices in London on Monday-Wednesday 22-24 March 2010.

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

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IFRS Insights newsletter

25 Mar 2010

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

IFRS Insights is a newsletter on IFRS aimed at US companies. This issue includes:
  • An update covering the Securities and Exchange Commission's (SEC) recent statement and IFRS Work Plan
  • An article about IFRS and repatriation planning with a look at the opportunities and challenges in statutory reporting
  • An overview of the IASB exposure draft, Financial Instruments: Amortized Cost and Impairment
  • An industry update about Rate-regulated activities
  • Featured IFRS polling results from a recent Deloitte IFRS Dbriefs webcast.
Click to view IFRS Insights Newsletter for March-April 2010 (PDF 404k). We have Permanent Links to all IFRS Insights on our USA country page.

 

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Notes from Joint IASB-FASB meeting 23 March

24 Mar 2010

The IASB and FASB are holding a joint meeting at the IASB's offices in London on Monday-Wednesday 22-24 March 2010.

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

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SEC statement on IFRSs in the United States (Spanish translation)

24 Mar 2010

On 24 February 2010 the US Securities and Exchange Commission approved a 71-page.

The SEC Statement provides an overview of the Commission's IFRS activities, summarises some of the public feedback on the proposed IFRS roadmap, and outlines an approach going forward. Deloitte (Colombia) has published a Spanish translation of the Commission's statement: Declaración de la SEC en respaldo de la convergencia y de los estándares globales de contabilidad (PDF 499k).

 

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Notes from Joint IASB-FASB meeting 22 March

23 Mar 2010

The IASB and FASB are holding a joint meeting at the IASB's offices in London on Monday-Wednesday 22-24 March 2010.

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

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Namibia adopts the IFRS for SMEs

23 Mar 2010

By Resolution of its Council, the Institute of Chartered Accountants of Namibia has adopted the IFRS for SMEs for use in Namibia for financial statements authorised for issue after 17 February 2010. Applicability is as follows:

1.1 Council of the Institute has decided that the IFRS for SMEs may be applied by: a 'public company' or a 'private company', as defined in the Companies Act, 1973 if it does not have public accountability as defined in Section 1 of the IFRS for SMEs.

1.2 For entities other than companies where the founding document or other regulation requires compliance with a 'fair presentation framework' as contemplated by the International Federation of Accountants ('IFAC') the IFRS for SMEs may be applied, if the entity does not have public accountability as defined in Section 1 of the IFRS for SMEs, except in the circumstances described in 1.4 below.

1.3 For entities where legal provisions or other regulations require compliance with a specific financial reporting framework (other than the IFRS for SMEs), such an entity may not apply the IFRS for SMEs even if it does not have public accountability as defined in Section 1 of the Statement of IFRS for SMEs.

1.4 For entities whose financial reporting framework is not set out by legal provisions, the founding statement or other regulations, if such an entity does not have public accountability, as defined in Section 1 of the Statement of IFRS for SMEs, it should assess whether it is appropriate to apply the IFRS for SMEs.

Click to view the Resolution of Namibia Council (PDF 330k).

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Brazil adopts the IFRS for SMEs

22 Mar 2010

In December 2009, the Brazilian Accounting Pronouncements Committee (CPC) adopted a Portuguese version of the IFRS for SMEs as an option for SMEs in Brazil.

By Resolution 1255 of 2009, the CPC's SME standard was endorsed by the Brazilian Federal Accounting Council (CFC), the national professional body. (Here is a copy of Resolution 1225 (PDF 794k)). The standard is a temporary and unofficial translation of the IFRS for SMEs that is available on IASPlus (PDF 1,049k). The IASC Foundation is presently organising an official translation. It is anticipated that auditors will be able to report that financial statements that comply with the CPC's SME standard are in conformity with the IFRS for SMEs because there are no substantive differences between the unofficial Portuguese translation and the IFRS for SMEs. The estimated number of SMEs in Brazil (January 2009) was 5.9 million, representing 99% of Brazilian enterprises. While many of them are expected to continue to follow a very simple accounting system permitted under the Brazilian SMEs law, many others are expected to switch to the Brazilian IFRS for SMEs equivalent. For example, the Brazilian National Development Bank (BNDES) is expected to encourage or even require all of its borrowers (approximately 250,000 SMEs) to use the new standard.

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