Click to view the Editorial Corrections to IFRSs.

Those changes took effect on 1 March 2010. Click here for Details of the Various Constitution Changes. One of the changes was to rename three groups in the organisation to be more closely aligned with the standards (IFRSs), as follows:

• The IASC Foundation has become the IFRS Foundation
• The International Financial Reporting Interpretations Committee is now the IFRS Interpretations Committee
• The Standards Advisory Council is now the IFRS Advisory Council

These name changes will have a pervasive affect on IAS Plus and will be introduced in due course.

 

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
Another special joint meeting will be held on 11 March 2010. The IASB's regular March Board meeting will be held on 15-19 March 2010.

 

Links are below.

• Complete IFRS for SMEs: http://go.iasb.org/IFRSforSMEs. Currently available in English, Spanish, Italian, and Romanian.
• Comprehensive self-study training materials: http://go.iasb.org/smetraining. One module for each of the 35 sections of the IFRS for SMEs. Currently, 17 modules available.
• 3-day train-the-trainers workshops: http://www.ifrs.org/IFRS+for+SMEs/SME+Workshops.htm. Several workshops already held, others scheduled.
• Training presentations: http://www.ifrs.org/IFRS+for+SMEs/Presentations.htm. PDFs of the 20 PowerPoint presentations used at the train-the-trainers workshops.
• Subscribe to IFRS for SMEs Alert: http://www.iasb.org/IASB+Registration.htm

 

Click to downloaded the (PDF 27k). Ordinances that FSA adopted on 11 December 2009 (see IAS Plus News Story allow Japanese listed companies that meet certain requirements to apply voluntarily, starting in financial years ending on or after 31 March 2010, IFRSs designated by the Commissioner of the FSA through public notice.

 

More than 110 presidents and chief executive officers from IFAC's member bodies, associates, and regional accountancy organisations participated in the survey. Those global leaders of the profession felt that the adoption, implementation, and enforcement of international financial standards is crucial to investor protection and financial stability. Here are a few excerpts relevant to international standards:

• Looking forward, respondents identified a number of areas they expect to be of growing interest to the accountancy profession, including addressing the needs of SMEs and the role of SMPs, progressing corporate social responsibility, including sustainability, transitioning to International Standards on Auditing (ISAs), and dealing with a changing regulatory landscape.
• Respondents believe that it is very important for IFAC to influence the way the world feels about the standards and practices used by the accountancy profession. In particular, nearly all respondents (98%) believe that it is 'Very important' or 'Important' for IFAC to influence confidence in international standards, as well as their adoption, implementation, and enforcement (of IFAC-published standards and International Financial Reporting Standards [IFRSs]).
• In the coming three years, respondents believe that it will be important for IFAC to continue to influence the outcomes relating to international standards. The effective implementation of IFRS for SMEs, issued by the International Accounting Standards Board (IASB), was selected as an area where IFAC should increase its influence.

The Global Leadership Survey Report is copyrighted by IFAC and posted on IAS Plus with IFAC's kind permission. Click for:

• Global Leadership Survey Report (PDF 679k)
• IFAC Press Release (PDF 26k)
• IFAC Web Page with Policy Position Papers and Reports

The newsletter is now organised by topic rather than by standard-setter. Topics covered in this issue include:

Consolidations FASB Issues ASU to Defer Statement 167 for Certain Investment Funds Income Taxes IRS Proposes Requiring Certain Taxpayers to Report Uncertain Tax Positions Subsequent Events FASB Finalizes ASU on Subsequent Events Other Accounting AICPA, FAF, and NASBA Announce Members of 'Blue-Ribbon Panel' to Address Standards for Private Companies FAF Appoints New Board Trustee FAF to Maintain XBRL Taxonomy for U.S. GAAP FASB Issues ASU Containing Technical Corrections to Various Codification Topics SEC Matters SEC Issues Final Rules SEC to Hold Seminar to Help Companies Comply With XBRL Reporting Rules SEC Issues Technical Corrections to Proxy Disclosure Enhancements SEC Issues C&DIs Related to Regulation S-K and Form 8-K SEC Issues Interpretive Guidance on Disclosures Related to Climate Change Other Auditing PCAOB Issues Staff Guidance on Auditing Standard 7 ASB Issues Various Statements on Auditing Standards ASB Issues Proposed Statements on Auditing Standards GASB Matters GASB Proposes to Enhance Codification for Constituent Other International 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

Click to view February 2010 Edition of Accounting Roundup (PDF 299k). You will find past issues of Accounting Roundup Here.

 

There will be one training module for each of the 35 sections of the IFRS for SMEs. To date 17 modules have been posted. The remaining modules will be published in the course of this year as it is completed. Click for Press Release (PDF 141k). The training material, which is free of charge, can be Downloaded Here

 

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

• Versicherungsbilanzierung 6: Der Weg zur Harmonisierung (PDF 365k) Translation of UK Issue 11: Road to Convergence (PDF 105k)

 

The revised GN 4 identifies the principal techniques that are recognised for the valuation of intangible assets such as brands, intellectual property, and customer relationships, and gives guidance on how these are applied.

Click for IVSC Press Release (PDF 14k), which include a link to download GN 4.