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Standard-setting activities & insights
International Financial Reporting Standards
March 2015 IASB meeting notes posted — Part 1
On March 20, 2015, we posted the Deloitte observer notes from the sessions on leases, various IASB research projects and the IASB’s disclosure initiative all taken during the IASB meeting held in London on March 17-19, 2015. Part of this meeting was a joint session between the IASB and the Financial Accounting Standards Board.
Report on the February 2015 IFRS Advisory Council meeting
On March 18, 2015, the International Accounting Standards Board published a
report on the IFRS Advisory Council meeting held in London on February
23-24, 2015. The main non-standing topics for discussion were the 2015
Agenda Consultation, a consideration of the opportunities for the IFRS
Foundation arising from the risks identified in the October 2014 meeting,
the Accounting Standards Advisory Forum review and further discussion
on the future of Corporate Reporting, in particular the Global Reporting
Initiative. The Council also considered the latest developments on the
Revenue Transition Resource Group, the strategy for the IFRS Foundation MOUs and
the Education Initiative strategy.
Making financial instrument valuation safe
On March 18, 2015, our resident regular columnist, Robert Bruce, talked to
Sir David Tweedie about his objectives and intentions with respect to
valuation, particularly of financial instruments, around the world.
Latest IASB “Investor Update”' issued
On March 17, 2015, the IASB issued the fourth edition of its newsletter
“IASB Investor Update” to provide investors with quick access to information
on current accounting and financial reporting issues. The newsletter aims to
keep investors informed on new and changing guidance.
IASB issues update on the insurance contracts project
On March 16, 2015, the IASB published a document that provides an overview of the general model for
insurance contracts without participation features. The document also
includes the tentative decisions reached during deliberations, as well
as the reasoning behind those decisions.
Document setting out the likely practical effects of the forthcoming standard on leases
On March 16, 2015, the IASB
published a document that provides an overview of (i) the likely
practical effects of the new standard on leases and (ii) the
similarities and differences between the IASB's requirements and those
of the Financial Accounting Standards Board.
Hans Hoogervorst speaks about pension accounting
On March 12, 2015, the IASB released a
speech given at a conference of the UK National Association of Pension Funds
by Hans Hoogervorst, Chairman, where he said realistic numbers about pension
liabilities might not make pretty reading but they will lead to informed
investment decisions.
2015 IFRS XBRL taxonomy issued
On March 11, 2015, the IFRS Foundation issued its 2015 IFRS Taxonomy.
The IFRS Taxonomy is a translation of IFRSs (International Financial
Reporting Standards) into XBRL (eXtensible Business Reporting Language). The
IFRS taxonomy has not been approved by the SEC for filings by foreign
private issuers reporting in compliance with IFRS.
AcSB Exposure Draft – Classification of Liabilities (Proposed amendments to IAS 1)
On March 11, 2015, the Accounting Standards Board issued an Exposure
Draft that corresponds to the International Accounting Standards Board’s
Exposure Draft on this topic. Canadian stakeholders are encouraged to submit
their comments by June 10, 2015.
Accounting Standards for Private Enterprises
FYI Article – 2015 Annual Improvements: Proposed Clarifications to the Standards
On March 10, 2015, the Accounting Standards Board released an article where
it discusses its recently issued Exposure Draft regarding disclosures of
business combinations and impairments, and the measurement of a defined
benefit plan obligation.
Public Sector Accounting Standards
IPSASB March 2015 Meeting Audio Podcast Highlights
On March 19, 2015, the International Public Sector Accounting Standards
Board (IPSASB) issued the highlights from its meeting on March 10-13,
2015 in Santiago, Chile. The meeting covered: (i) IPSASB Governance;
(ii) Reporting Service Performance; (iii) Social Benefits; (iv) Public
Sector Combinations; (v) Public Sector Financial Information; (vi)
IPSASB Work Plan and; (vii) Government Business Enterprises.
Conceptual Framework Fundamentals and the Reporting Model
On March 11, 2015, Public Sector Accounting Board’s Conceptual Framework
Task Force issued Consultation Paper 3 that proposes a new reporting model
and draft principles on public sector characteristics, financial statement
objectives, qualitative characteristics, elements, recognition, measurement
and presentation. Stakeholders are encouraged to submit comments by August
31, 2015.
Securities regulatory matters
New guide for disability reporting
On March 12, 2015, the Global Reporting Initiative and the Fundación
ONCE, the leading organization of the European network for corporate
social responsibility and disability, have jointly published "Disability
in Sustainability Reporting", a guide to help organizations communicate
their commitment to respecting and promoting the rights of people with
disabilities.
OSC’s Investor Advisory Panel Releases Annual Report
On March 10, 2015, the Investor Advisory Panel submitted its Annual
Report 2013-14 to the Ontario Securities Commission. The Report
summarizes the Panel’s current activities and priorities as well as its
recommendations to the Commission on proposals of importance for
investor protection.
A4S publishes four sustainability guides for accounting and finance
On March 10, 2015, the Prince of Wales’ Accounting for Sustainability
project published four guides to help the finance and accounting
community address the issues of integrating sustainability into their
business processes and decisions.
Overview of global CSR disclosure
On March 10, 2015, the Initiative for Responsible Investment released a
compilation of recent requirements by governments and stock exchanges
related to corporate social responsibility disclosure.
Assurance
IAASB March 2015 Meeting Summary
On March 16-20, 2015, the International Auditing and Assurance Standards
Board held its meeting in Brussels. Discussion points included: (i)
Quality Control; (ii) Group Audits; (iii) International Ethics Standards
Board for Accountants –Topics of Common Interest (Non-Compliance with
Laws and Regulations or NOCLAR); (iv) International Association for
Accounting Education and Research Feedback; (v) Integrated Reporting;
(vi) Financial Institutions; (vii) Auditor Reporting, Including ISA 810;
(viii) Agreed-Upon Procedures.
AASB Exposure Draft – Association
On March 9, 2015, the Auditing and Assurance Standards Board has issued an
Exposure Draft of a proposed new standard that would replace existing
Section 5020, Association. Stakeholders are encouraged to submit their
comments by July 10, 2015.
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Chantal Rassart,
CPA, CA