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IASB chairman speaks about short-term volatility and long term investment
Hans Hoogervorst, Chairman of the IASB, recently gave a speech entitled "Accounting and long term investment 'Buy and hold' should not mean 'buy and hope'". In his speech, Mr Hoogervorst looked at the relationship between accounting and investing and pointed out that even long-term investors need information on where they stand today. Short-term information helps to reach a long term goal.
Updated AASB staff carbon accounting paper published
The Australian Accounting Standards Board (AASB) has published a updated staff paper on possible accounting treatments for the Australian carbon pricing mechanism under current Australian Accounting Standards.
FEE comments on the EC proposals for the recast of the 4th and 7th Accounting Directives
The Federation of European Accountants (FEE) has issued a letter to Mr. Klaus-Heiner Lehne, Chair of the Committee on Legal Affairs (JURI) of the European Parliament on the recast of the 4th and 7th Accounting Directives. The European Commission published proposals for revising the Accounting Directives in October 2011 and JURI, representing the European Parliament, subsequently analysed the proposals. Currently, European Council, Parliament and Comission seem to be locked in their trilogue. FEE has been trying to further inform the debate and help close the gaps by publishing various comment letters and a policy statement on the topic.
SEC New Chairman confirmed
The United States Senate has confirmed Mary Jo White, a former federal prosecutor, as the new chairman of the SEC. The confirmation only allows Ms. White to complete the remainder of the term begun by Mary Schapiro, which ends in June 2014.
Deloitte comment letter on proposals to address the conflict between IFRS 10 and IAS 28 in relation to elimination of profits
Deloittes IFRS Global Office has submitted a comment letters on the International Accounting Standards Boards Exposure Draft ED/2012/6 'Sale or Contribution of Assets between an Investor and its Associate or Joint Venture'. The proposals in ED/2012/6 seek to address the conflict between the requirements IFRS 10 and IAS 28 (2011) in respect of the elimination of profits and we recognise that the exposure draft proposes a pragmatic solution to the conflict. However, we recommend that further guidance be provided on the concept of a 'business' and and recommend that a fuller consideration of the issue be incorporated into the fundamental assessment of the equity method of accounting planned by the IASB.
Updated EFRAG endorsement status report
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. The latest report reflects the endorsement by the European Commission of the amended IFRS 10 transition guidance.
European Union formally adopts amended IFRS 10 transition guidance
The European Union has published a Commission Regulation endorsing Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12).
Deloitte comment letters on recent tentative agenda decisions of the IFRS Interpretations Committee
Deloittes IFRS Global Office has submitted comment letters to the IFRS Interpretations Committee (Committee) on three tentative agenda decisions published in the January 2013 edition of 'IFRIC Update', in relation to IAS 7, IAS 28 and IFRS 3, and IFRS 2.
ESMA publishes more enforcement decisions
The European Securities and Markets Authority (ESMA) has published another batch of extracts from its confidential database of enforcement decisions taken by European national enforcers. his batch deals with decisions in relation to IAS 16, IAS 36, IAS 38, IAS 39, IAS 8/IAS 40, IAS 24/IAS 34, IFRS 7/IAS 39, IFRS 3, and IFRIC 12.
ESMA fears scope restriction might dis-incentivise the novation of certain derivatives
The European Securities and Markets Authority (ESMA) has submitted a letter of comment responding to the IASB exposure draft 'Novation of Derivatives and Continuation of Hedge Accounting' (ED/2013/2).
Australian proposals on applying new consolidation concepts by not-for-profit entities
The Australian Accounting Standards Board has published an exposure draft that proposes to add guidance to on the application of AASB 10 'Consolidated Financial Statements' (equivalent to IFRS 10) by not-for-profit entities in the private and public sectors.
Deloitte comment letters on acceptable methods of depreciation and novation of derivatives EDs
Deloitte's IFRS Global Office has submitted letters of comment responding to the IASB exposure drafts 'Novation of Derivatives and Continuation of Hedge Accounting' (ED/2013/2) and 'Clarification of Acceptable Methods of Depreciation and Amortisation' (ED/2012/5).
FASB proposes amendments to discontinued operations
The US Financial Accounting Standards Board (FASB) has issued Proposed Accounting Standards Update (ASU) 'Presentation of Financial Statements (Topic 205): Reporting Discontinued Operations'. The proposal intends to improve financial reporting concerning discontinued operations and significantly converge the definition of discontinued operation with IFRS 5.
Nigerian stock exchange acknowledges challenges in connection with IFRS adoption
The Nigerian Stock Exchange (NSE) has granted listed companies a 30 days extension to comply with periodic filing obligations to offer some relief to businesses and advisors challenged with the adoption of International Financial Reporting Standards (IFRSs).
Conclusions on governance and strategy review of IFAC member bodies
The Monitoring Group and Public Interest Oversight Board (PIOB) have published documents in response to their March 2012 consultation documents on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC). The reports outline a number of recommendations in relation to the governance and strategy of the various IFAC bodies, but does not make any recommendations on the governance of the International Public Sector Accounting Standards Board (IPSASB). The Monitoring Group has formally taken the question of IPSASB oversight onto its agenda, noting "its [own] composition and that of the PIOB currently are not appropriate to the needs of stakeholders in public sector accounting standards".
Agendas for upcoming IFRS Foundation meetings
Agendas have been released for the upcoming meeting of the IFRS Foundation Trustees and the meeting of the Monitoring Board with the IFRS Foundation Trustees, both of which are scheduled to be held in London on Thursday 11 April 2013.
FASB comment deadline on the proposal for accounting for credit losses on financial assets extended
The US Financial Accounting Standards Board (FASB) has extended the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations. The new comment deadline is 31 May 2013.
Deloitte comment letter on proposed limited amendments to IFRS 9
We've submitted our comment letter on the IASB's ED/2012/4 'Classification and Measurement: Limited Amendments to IFRS 9'. While we support the objective of the proposed amendments, we believe the guidance could be made simpler and clearer, and also call for the IASB and FASB to reconcile any remaining differences in their respective classification and measurement models as far as possible.
EFRAG endorsement status report
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. The latest report reflects the endorsement of the 'Annual Improvement to IFRSs, 2009-2011 Cycle' by the European Commission.
Stay Tuned Online IFRS and UK GAAP update
The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues. The March 2013 webcast is now available.
IASB publishes Request for Information on Rate Regulation
The International Accounting Standards Board (IASB) has issued a Request for Information (RFI) seeking comments from stakeholders to identify high-level overviews of rate-regulatory schemes that should be included as part of the scope in the development of a Discussion Paper.
European Union formally adopts Annual Improvements 2009-2011
The European Union has published a Commission Regulation endorsing the amendments made by the International Accounting Standards Board (IASB) 'Annual Improvements 2009-2011 Cycle'.
Summary of March 2013 GLASS meeting
The Group of Latin American Accounting Standard Setters (GLASS) has released a summary of its meeting held in Ecuador during March.
ASIC finalises guidance on OFRs
The Australian Securities and Investments Commission (ASIC) has finalised its regulatory guide around operating and financial reviews (OFRs), which are included in the overall annual report for Australian listed entities. The purpose of the guide is to encourage better communication to shareholders and assist directors of listed entities to understand the OFR requirements.
IFRS XBRL taxonomy for 2013 is available
The IFRS Foundation has published the IFRS Taxonomy 2013. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language).
IIRC publishes further background paper on the business model
The International Integrated Reporting Council (IIRC) has published on its website a further 'background document' in the lead up to the expected issue of its consultation document on integrated reporting (stylised as ) in mid-April. The latest background paper discusses the 'business model' concept, and follows earlier papers on the concepts of 'capitals' and 'materiality'.
Japan's Business Accounting Council meets to resume discussions on IFRS
Japans Business Accounting Council (BAC) met on 26 March 2013 to resume its deliberations about the use of International Financial Reporting Standards (IFRSs) in Japan. The meeting was the first to address IFRSs since Japans December 2012 general election, with a renewed composition of the BAC (approximately 10 out of 30 council members have been changed). There was no consensus at the meeting, and the BAC is expected to continue deliberations at future meetings.
Updated IASB work plan
Following its March meeting, the International Accounting Standards Board has updated its work plan. A timing of expected milestones in a number of projects has been changed, and a number of new expected project steps and narrow scope projects have been added.
Agenda for the inaugural ASAF meeting
The Accounting Standards Advisory Forum (ASAF) will hold its inaugural meeting on 8-9 April 2013 in London. The meeting will focus on conceptual framework and impairment. The tentative agenda (updated as of 21 March) for this meeting is now available.
Limited amendments to IAS 19 proposed
The International Accounting Standards Board (IASB) has published ED/2013/4 'Defined Benefit Plans: Employee Contributions (Proposed amendments to IAS 19)'. The proposed amendments aim to clarify the accounting for employee contributions set out in the formal terms of a defined benefit plan if these contributions are linked to service. Comments are requested by 25 July 2013.
EFRAG suggests macro hedging option
The European Financial Reporting Advisory Group (EFRAG) has submitted to the IASB a letter outlining the results of its analysis of the impact on macro hedge relationships of the consequential amendments proposed by the Review Draft (RD) 'IFRS 9 General hedge accounting' on existing macro hedge relationships under IAS 39, which was published by the IASB in September 2012. EFRAG suggests an option of either following IAS 39 or IFRS 9.
SMEIG February 2013 meeting summary
The SME Implementation Group (SMEIG) met on 4-5 February 2013 to analyse possible amendments to IFRS for SMEs based off the responses to the June 2012 Request for Information Comprehensive Review of the IFRS for SMEs. A summary of the meeting is now available.
March 2013 IASB meeting notes Part 3 (concluded)
The IASB's March meeting was held in London on 19-21 March 2013. We have posted Deloitte observer notes from Wednesday's session on Conceptual framework (presentation and disclosure; elements of financial statements; capital maintenance).
Deloitte comment letter on equity method ED
Deloitte's IFRS Global Office has submitted a letter of comment responding to the IASB exposure draft 'Equity Method: Share of Other Net Asset Changes'. While we welcome the initiative taken by the IASB to address the gap in the guidance on the application of the equity method of accounting, we do not agree with the proposed solution.
FEE calls for further deferral of IFRS 9, more work on equity accounting
The Federation of European Accountants (FEE) has publicly released two comment letters discussing two recent IASB proposals. In responding to the draft comment letter on the proposed limited classification and measurement amendments to IFRS 9 from the European Financial Reporting Advisory Group (EFRAG), FEE calls for the IASB to "confirm a change in the application date of IFRS 9 as soon as possible" to allow entities to prepare.
March 2013 IASB meeting notes Part 2 (continued)
The IASB's March meeting is being held in London on 19-21 March 2013. We have posted Deloitte observer notes from Thursday's sessions on IAS 19 (defined benefit plans: employee contributions), annual improvements 2010-2012, IAS 1 (assessment of going concern), revenue recognition, and put options written on non-controlling interests.
IFRS Foundation appoints Trustee from Saudi Arabia
The IFRS Foundation has announced the appointment of Dr Abdulrahman Al-Humaid as a Trustee of the IFRS Foundation. He is the first Trustee from the Middle East region.
March 2013 IASB meeting notes Part 1
The IASB's March meeting is being held in London on 19-21 March 2013. We have posted Deloitte observer notes from Tuesday's sessions on IAS 41 (bearer biological assets), IFRS for SMEs, conceptual framework, and fair value measurement.
The Korean experience with IFRS adoption
The Korean Accounting Standards Board (KASB) has released a report on the lessons learned from Korea's adoption of International Financial Reporting Standards (IFRS). The report outlines the history of Korea's adoption of IFRS, the steps undertaken in preparation for and during the transition to IFRS, and recommendations for other countries considering adopting IFRS.
IAASB issues revised guidance on using internal auditors
The International Auditing and Assurance Standards Board (IAASB) has issued new requirements and guidance that address the auditors responsibilities if using internal auditors to provide 'direct assistance' under the direction, supervision, and review of the external auditor for purposes of the audit.
IESBA revises ethics code
The International Ethics Standards Board for Accountants (IESBA) has amended its 'Code of Ethics for Professional Accountants' (Code) to address conflicts of interest, breaches of a requirement of the Code, and amend the definition of the term engagement team.
ASBJ appointments announced
The Financial Accounting Standards Foundation (FASF) of Japan has announced the appointment and reappointment of 13 members of the Accounting Standards Board of Japan (ASBJ) for a three year term.
Deloitte comment letter on impairment disclosures ED
Deloitte's IFRS Global Office has submitted a letter of comment responding to the IASB Exposure Draft 2013/1 'Recoverable Amount Disclosures for Non-Financial Assets'.
Philippe Maystadt appointed as Special Advisor to enhance EUs role in promoting accounting standards
European Commissioner for Internal Market and Services Michel Barnier has appointed Philippe Maystadt as Special Advisor. The primary role as Special Adviser will be to enhance the EUs part in promoting high-quality accounting standards.
EFRAG Rate-Regulated Activities Working Group calls for members
EFRAG has put out a call for applicants for its Rate-Regulated Activities Working Group. The Working Group's role is to advise and provide input on rate-regulated activities and its application within Europe to EFRAG TEG and EFRAG Consultative Forum of Standard Setters.
ASAF membership announced
The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard-setting community, in order to bring important regional perspectives to the IASBs technical work and to offer feedback on the most important issues of the day.
Australian life insurance standard amended for regulatory requirements
The Australian Accounting Standards Board (AASB) has released amendments to AASB 1038 'Life Insurance Contracts' to align the terminology used with changes to the Australian Prudential Regulation Authoritys (APRA) reporting requirements relating to life insurers.
IFRS Foundation translations update
The IFRS Foundation has announced the translation of the 2012 IFRS (Red Book) in Arabic and Brazilian Portuguese.
IASB chairman encourages Indonesia to fully adopt IFRSs
Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), recently spoke at an international seminar on IFRS Dynamics 2013 and Beyond: Impact to Indonesia organised by the Indonesian Institute of Accountants (Ikatan Akuntan Indonesia, IAI). He encouraged Indonesia that currently follows a gradual convergence process to fully embrace IFRSs.

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