News

IASB (International Accounting Standards Board) (blue) Image

Advisory Panel on impairment will meet

24 Feb 2010

In November 2009, when it issued an Exposure Draft on Impairment of Financial Instruments Measured at Amortised Cost, the IASB announced that because of significant practical challenges in moving to an expected loss model, it will establish an Expert Advisory Panel comprising experts in credit risk management to advise the board.

The Advisory Panel was formed and held its first meeting in December 2009. It will hold its second meeting on Thursday 25 February (10:30-18:00h London time) and Friday 26 February (09:00-14:00h London time) 2010 at the IASB's offices in London. The meeting is open to public observation. Click for list of Advisory Panel Members (PDF 18k).
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG 'endorsement status report'

23 Feb 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 22 February 2010 (PDF 120k). Currently, eight IASB pronouncements await endorsement action. You can always find the endorsement status report Here.

 

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US SEC to discuss IFRSs on Wednesday

22 Feb 2010

On Wednesday, 24 February 2010, the US Securities and Exchange Commission will consider, at a public meeting, "whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for US issuers".

This statement is not expected to include a decision on adoption of IFRSs in the United States. Click for SEC Meeting Notice (PDF 28k).

 

IPSAS (International Public Sector Accounting Standards) (old) Image

Deloitte summary of IPSASs

22 Feb 2010

Deloitte has published a booklet summarising the provisions of all International Public Sector Accounting Standards (IPSAS) issued by IFAC's International Public Sector Accounting Standards Board (IPSASB) as of 1 February 2010, namely IPSASs 1 to 31. The booklet also summarises a draft of IPSAS 32 not yet approved by the IPSASB.

Those summaries are intended as general information and are not a substitute for reading the entire Standard. Click to download Deloitte's IPSAS Summary Booklet (PDF 414k).

 

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

PCAOB issues Q&A on engagement quality review

22 Feb 2010

The US Public Company Accounting Oversight Board has published Staff Question and Answer on Auditing Standard No 7 Engagement Quality Review.

AS 7 provides a framework for the engagement quality reviewer to objectively evaluate the significant judgments made and related conclusions reached by the engagement team in forming an overall conclusion about the engagement.
Click for:

 

IASB (International Accounting Standards Board) (blue) Image

Working draft of the Liabilities IFRS is available

22 Feb 2010

The IASB staff has released a Working Draft of the Liabilities IFRS (planned successor to IAS 37 Provisions, Contingent Liabilities and Contingent Assets).

The working draft is based on proposals published for comment in 2005, amended for decisions the IASB has taken in the light of comments it received. In particular, the Board has decided to provide more guidance on applying the proposed measurement requirements. On 5 January 2010 it published for public comment a Re-exposure Draft of the proposed new guidance. Comments are requested by 12 April 2010. The Working Draft of the final IFRS is on the IASB's public website Project Page.

 

IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

IPSASB proposes service concession accounting by grantors

22 Feb 2010

The International Public Sector Accounting Standards Board (IPSASB) is seeking comments on a proposed standard on accounting for service concession arrangements by the grantor.

Service concession arrangements – often called Private-Public Partnerships or PPPs – involve an operator providing services to the public on behalf of a grantor, which is usually the government or another public sector entity. For many countries, such arrangements are a means to ensure large-scale infrastructure projects, such as the building of roads and airports, can be developed and provided to the public for use. However, in some cases, they are not recognized in the financial statements, effectively concealing the financial position of the grantor. IPSASB has proposed guidance on how grantors should recognise, account for, and disclose assets in service concession arrangements. Currently, there is no international standard to address the accounting for such arrangements from the grantor's perspective. IFRIC 12 Service Concession Arrangements applies only to the operators of these arrangements. Click for IPSASB Press Release (PDF 35k).

 

IOSCO (International Organization of Securities Commissions) (dark gray) Image

IOSCO Principles for Periodic Disclosure by Listed Entities

22 Feb 2010

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a report Principles for Periodic Disclosure by Listed Entities.

The report includes a set of recommendations for disclosures that could be provided in the periodic reports, particularly annual reports, of entities whose securities are listed or admitted to trading on a regulated market in which retail investors participate. The disclosure principles also cover other issues related to periodic disclosure, such as the timeliness of disclosures, disclosure criteria, and storage of information. The principles are intended to provide a useful framework for securities regulators that are reviewing or revising their regulatory disclosure regime for periodic reports.

The IOSCO report identifies the following principles as essential for any periodic disclosure regime:

  1. Periodic reports should contain relevant information (the IOSCO report elaborates on this principle in considerable detail)
  2. For those periodic reports in which financial statements are included, the persons responsible for the financial statements provided should be clearly identified, and should state that the financial information provided in the report is fairly presented
  3. The issuer's internal control over financial reporting should be assessed or reviewed
  4. Information should be available to the public on a timely basis
  5. Periodic reports should be filed with the relevant regulator
  6. The information should be stored to facilitate public access to the information
  7. Disclosure criteria (including fair presentation, not misleading, no material omissions, clear and concise language)
  8. Equal access to disclosure by all investors at the same time
  9. Equivalence of disclosure in all markets in which the entity is listed
Click to download:
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Agenda project pages updated

21 Feb 2010

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

IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

Nominations invited for IFRIC membership

21 Feb 2010

The IASC Foundation has invited applications for candidates to fill up to four vacancies on the International Financial Reporting Interpretations Committee (IFRIC) for terms that will expire on 30 June 2013. IFRIC is the interpretative body of the IASB.

Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Click for More Information on IASB's website.

 

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