Skip Ribbon Commands
Skip to main content
Home/Services/Audit/IFRS/IFRS News/IFRS News February 2012

IFRS News February 2012

29 February 2012
IFRS for SMEs train the trainers workshop in West Africa
 
The IFRS Foundation will hold a three-day French-language IFRS for SMEs ‘train the trainers’ workshop in Douala, Cameroon from 17 to 19 April 2012., The event is sponsored by the World Bank and the OHADA (L'Organisation pour l'Harmonisation en Afrique du Droit des Affaires) Commission.
 
The workshop is designed to support informed adoption decisions and to build capacity to apply the IFRS for SMEs rigorously and consistently by training local trainers to train others in their respective jurisdictions to apply the requirements. The instructors will be Gilbert Gélard (former IASB member) and Michael Wells (Director, IFRS Education Initiative, IASB).
 
Participants are expected from across OHADA including Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Republic of the Congo, Côte d'Ivoire, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Senegal, Togo and the Democratic Republic of Congo.
 
Please click here to read the press release.
 
 
 
IFRS for SMEs February Update
 
The update is a staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
 
The update covers the following topics:
  • Progress on SME Q&As
  • Q&As about the IFRS for SMEs: status report
  • IFRS for SMEs translations: status report
  • Additional Arabic-language training module
  • Upcoming 'train the trainers' workshops
  • Where to obtain IFRS for SMEs materials
Please click here to read the update in pdf or html.
 
 
 
28 February 2012
EFRAG’s findings of the field-tests on implementing IFRS 10, IFRS 11 and IFRS 12
 
The EFRAG secretariat has issued a Feedback Report that summarises the findings and input received from companies which participated in the field-tests on implementing IFRS 10, IFRS 11 and IFRS 12.
 
The field-tests were conducted by EFRAG staff in partnership with the staff from some European National Standard Setters to gather additional input on the effects of implementing the Standards. The field-tests were conducted by way of two separate questionnaires that asked preparers to provide information on the operationality, costs and benefits of implementing the new requirements. The results of these fact finding studies served as input to EFRAG’s draft endorsement advices and draft effects study reports on the Standards.
 
Participants concluded that one of the main benefits of IFRS 10 was that it provided a single basis for consolidation and a uniform approach for all types of entities. For IFRS 11, participants noted that the main benefit was the elimination of the existing accounting option for interests in jointly controlled entities. Some participants that operate in the insurance industry asked for a deferral of the effective date of IFRS 10 and IFRS 12.
 
Please click here to access the feedback report.
 
 
 
Ronald Arculli appointed as a Trustee of the IFRS Foundation
 
The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), have announced the appointment of Ronald Arculli to serve as a Trustee. The appointment begins immediately and will expire on 31 December 2014. The term is renewable once.
 
Mr Arculli is a highly regarded business leader in Hong Kong. He serves as Chairman of Hong Kong Exchanges and Clearing Limited (operators of the Hong Kong Stock Exchange) and Chairman of the World Federation of Exchanges, the international association of stock exchanges. He is also a Member of the Executive Council of the Hong Kong Government.
 
Ronald Arculli holds an Honorary Doctor of Laws degree from the Hong Kong University of Science and Technology and an Honorary Doctor of Social Sciences degree from City University, Hong Kong. He is a solicitor by profession and was called to the Bar in both London and Hong Kong in 1961.
 
Ronald Arculli said:
“It is an immense honour and privilege to serve as a Trustee of the IFRS Foundation. I look forward to participating in the tremendously important public and global mission undertaken by the Foundation, which underpins the confidence of all stakeholders in financial markets.”
 
Please click here to read the press release.
 
 
 
22 February 2012
IASB and FASB webcast on revenue exposure draft
 
On Wednesday 29 February at 4pm London time, staff from the IASB and FASB will hold a webcast to answer and discuss some of the questions and concerns that have been raised during the outreach on the boards' revised exposure draft Revenue from Contracts with Customers.
 
Please click here to read more and to register.
 
 
 
21 February 2012
IASB Meeting February 2012 - Agenda published
 
The IASB will hold its February monthly meeting at its offices in London, UK from 27 February to 2 March 2012, with some sessions being joint meetings with the FASB.
 
The agenda is:
 
Monday 27 February 2012 2012 (9.00 – 15.30)
  • Leases Educational Session
  • Insurance Contracts (joint meeting with FASB)
Tuesday 28 February 2012 (9.30 – 18.00)
  • Insurance Contracts
  • Impairment (joint meeting with FASB)
  • Classification and Measurement Educational Session (joint meeting with FASB)
  • Classification and Measurement (joint meeting with FASB)
  • Leases (joint meeting with FASB)
Wednesday 29 February 2012 (9.00-12.30)
  • Leases (joint meeting with FASB)
Thursday 1 March 2012 (10.45 – 17.30)
  • IFRIC Update
  • Interpretation Committee issues
  • Interpretation Committee – agenda rejection notices
  • IFRIC 15 meaning of continuous transfer
  • NCI Put options
  • Macro hedge Accounting
Friday 2 March 2012 (9.30 – 12.45)
  • Annual Improvements 2009-2011
  • Annual Improvements 2010-2013
The meeting is open to public observation and will be webcast. Agenda papers and details of how to register as an observer are available from the meetings diary section of the IASB’s website.
 
Please click on IASB February meeting to be redirected to the IASB’s website for more information and to register.
 
 
 
Investment Entities round-table meetings
 
In February and March 2012 the IASB and the FASB will hold round-table discussions on their proposals for investment entities. Meetings will be held in Toronto, London, Norwalk and Kuala Lumpur.
 
In the exposure draft Investment Entities, the IASB is proposing to introduce an exception to the control principle in IFRS 10 Consolidated Financial Statements. This exception would prohibit an investment entity from consolidating its investments in controlled entities. Instead, each such investment would be measured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments. The exposure draft proposes criteria for an entity to qualify as an investment entity and guidance for making this assessment. The proposal would also require an investment entity to provide additional disclosures to enable users of its financial statements to evaluate the nature and financial effects of its financial activities.
 
The date and location of the upcoming roundtable meetings are as follows:
  • Toronto, Canada – 17 February 2012 (10am - 12am)
  • London, UK - 29 February 2012 (1pm - 3pm)
  • Norwalk, USA – 16 March 2012 (9am - 12.30am)
  • Kuala Lumpur, Malaysia - 27 March 2012 (4.30pm- 6.30pm)
Please click here to read more and to register.
 
 
 
20 February 2012
IASB event for IFRS teachers
 
The IASB technical staff will hold a one-day event for those teaching International Financial Reporting Standards (IFRS). The event will be held at the IASB in London on Monday, 14 May 2012.
 
It will include a number of sessions and those sessions will take a variety of forms—presentations, question and answer sessions, a Framework-based teaching workshop and feedback from the participants.
 
Participation is limited to a maximum of 40 IFRS teachers, with no more than four participants from each country. Places will be allocated on a first-come first-served basis. The event is free of charge.
 
Please click here for more information and to register.
 
 
 
IASB and FASB outreach meetings on the revenue ED
 
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) will host a series of outreach meetings in March, April and May 2012 on their revised joint proposals for the recognition of revenue.
 
The date and location of the upcoming roundtable meetings are as follows:
  • London, UK - Friday, 20 April 2012 (click here for details)
  • Norwalk, US – 26 April 2012 (click here for details)
  • Tokyo, Japan – 4 April 2012 (click here for details)
  • Sao Paulo – Brazil - week of 26 March (details to be announced)
  • Kuala Lumpur, Malaysia - week of 26 March 2012 (details to be announced
 
 
16 February 2012
IFRS at a Glance - New BDO Publication available
 
IFRS at a Glance (IAAG) has been compiled to assist in gaining a high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations.
 
Each page is in a flow chart format, which is intended to make the overall requirements of each accounting standard and interpretation straightforward to understand. The publication covers IFRS as at 31 December 2011 (including new standards that are not yet required to be adopted).
 
Please click here to download the publication from the IFRS section of our external website. It has been published in two formats, one being a combined document covering all IFRSs and the other format being a single document for each separate standard and interpretation
 
 
 
IFRS Foundation conference in Europe
 
The IFRS Foundation has announced that its annual conference in Europe will be held at the Frankfurt Marriott in Germany on 27 and 28 June 2012.
 
IASB presenters include Ian Mackintosh (IASB Vice-Chairman), IASB members (Stephen Cooper, Philippe Danjou, Jan Engstrom and Darrel Scott), a number of senior IASB technical staff and other IFRS experts.
 
The conference has been designed to bring together leaders in financial reporting from the private sector, regulators and members of the International Accounting Standards Board (IASB), as well as accounting professionals and others with an interest in International Financial Reporting Standards (IFRSs).
 
Please click here for more information and to register.
 
 
 
New Azeri, French, Kazakh, Russian and Spanish translations available. Recent translations of new or revised standards include:
 
Azeri
Translation of the 2011 requirements, and new and revised standards issued since 1 January 2011 (eIFRS/Comprehensive subscribers can access the documents here).
 
French
  • Exposure draft Revenue from Contracts with Customers, as issued in English by the IASB in November 2011 (Please click on the comment on a proposal web page)
  • Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) (eIFRS/Comprehensive subscribers can access the documents here)
  • Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) (eIFRS/Comprehensive subscribers can access the documents here)
Kazakh
Translation of the 2011 requirements of IFRSs (click here to access the files)
 
Russian
Translation of the requirements applicable on 1 January 2012 (click here to access the files)
 
Spanish
  • Amendments to standards, as issued in English by the IASB in December 2011(eIFRS/Comprehensive subscribers can access the documents here)
  • Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)
  • Mandatory Effective Date of IFRS 9 and Transition Disclosures (Amendments to IFRS 9 (2009), IFRS 9 (2010) and IFRS 7)
 
 
 
15 February 2012
Agenda consultation round table meetings
 
In March 2012 the IASB will hold round-table discussions on their agenda consultation on the future work plan. Round tables will be held in London, Norwalk and Toronto.
 
Discussion forums will also be held in Brazil and Mexico and will be announced once further information on how to register for these meetings is available.
 
The date and location of the upcoming roundtable meetings are as follows:
 
London, UK – 23 March, exact time TBC
Norwalk, US – 13 March, 13.00 – 15.30
Toronto, Canada – 14 March 10.00 - 12.30
 
Please click here for more information and to register for the round tables as a participant or observer.
 
 
 
13 February 2012
Fraudulent activity involving upcoming IFRS conference in Malaysia
 
The IASB has informed on its website that fake advertising material including a conference brochure and email alerts is being circulated purporting to be advertising an IFRS conference in Malaysia on 27 - 30 March 2012.
 
The material from a company called Analytics Secure Associates is entirely unrelated to the legitimate IFRS Foundation Conference that takes place on 28 March in Kuala Lumpur, Malaysia and that is organised by the IFRS Foundation and the Malaysian Accounting Standards Board.
 
The fake advertisement material requires payments in Nigerian Naira to a bank account that does not belong to the IFRS Foundation or to the Malaysian Accounting Standards Board.
 
Please click here to access the legitimate conference material issued by the IFRS Foundation and the Malaysian Accounting Standards Board.
 
 
 
IASB work plan update as of 1 February 2011
 
The IASB has released an updated work plan, dated 1 February 2012. The updated plan incorporates the recently issued pronouncements and outlines the new target dates for the various projects.
 
The updated plan includes the following changes:
 
A target date has now been included for the IASB-FASB joint project limited amendments to IFRS 9 classification and measurement. The IASB expects to issue an exposure draft in the second half of 2012.
 
The impairment and hedge accounting projects have been rescheduled. The re-exposure draft for impairment is expected for the second half of 2012. Targeted completion for general hedge accounting is now expected in the second half of 2012. A discussion paper or an exposure draft for Macro hedge accounting is planned for the second half of 2012.
 
The review draft or re-exposure for Insurance contracts is now expected in the second half of 2012.
 
Please click here for the current work plan.
 
 
 
Chandrashekhar Bhaskar Bhave and James Quigley appointed as Trustees of the IFRS Foundation
 
The Trustees of the IFRS Foundation have announced the appointment of Chandrashekhar Bhaskar Bhave (C. B. Bhave) and James (Jim) Quigley as Trustees. The appointments, approved by the IFRS Foundation Monitoring Board, begin immediately and will expire on 31 December 2014. The terms are renewable once.
 
C. B. Bhave
Mr Bhave is a former Chairman of the Securities and Exchange Board of India (SEBI), the Indian securities and market regulator. During this time he also served as Chairman of the Asia-Pacific Regional Committee and as a member of the Executive and Technical Committees of the International Organization of Securities Commissions (IOSCO).
 
Before chairing the SEBI, Mr Bhave served as Chairman and Managing Director of the National Securities Depository, during which time he led the reform of the Indian Tax Information Network and created India’s first share depository.
 
James (Jim) Quigley
Jim Quigley is a Senior Partner of the US member firm Deloitte LLP and former Global Chief Executive Officer of Deloitte Touche Tohmatsu Limited. Throughout his 37 years with the organisation Mr Quigley held many leadership roles and has built a distinguished track record of service to many multinational clients.
 
In addition to his Deloitte responsibilities, Mr Quigley is co-Chairman of the TransAtlantic Business Dialogue and serves as a Board member and adviser to several organisations. He is a former Trustee of the Financial Accounting Foundation, a former Board member of the Center for Audit Quality and has served on financial reporting advisory committees to the US Securities and Exchange Commission and the American Institute of Certified Public Accountants.
 
Please click here to read the press release.
 
 
 
IASB Due Process Handbook updated
 
An updated IASB Due Process Handbook has been posted on the website. This updated version consolidates amendments made by the IFRS Foundation Trustees in 2011.
 
Please click here to access the updated Handbook or to read more about due process.
 
 
 
Endorsement Status Report Update
 
EFRAG has issued its draft endorsement advice letters on IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities, IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures.
 
EFRAG Endorsement Status Report has also been updated. Please click here to access the current report as of 9 February 2012.
 
 
 
IFRS Taxonomy Annual Convention 2012
 
This year’s IFRS Taxonomy Annual Convention (ITAC) is taking place at the Hilton Tower Bridge Hotel, London on 25 April 2012.
 
The event is to bring together experts from the international financial reporting, XBRL and regulatory communities, who will examine the implementation of XBRL (eXtensible Business Reporting Language) with IFRSs.
 
Please click here to read more and to register.
 
 
 
9 February 2012
Conclusions of Governance and Strategy Reviews announced
 
The Monitoring Board and the Trustees of the IFRS Foundation have jointly announced the conclusions of their separate reviews of the governance and strategy of the IFRS Foundation.
 
The Monitoring Board conducted a wide-ranging review focusing primarily on institutional aspects of governance, particularly the composition and respective roles and responsibilities of the Monitoring Board, the Trustees and the IASB. The reviews have been conducted in an independent but coordinated manner that recognises the two bodies’ separate responsibilities.
 
The Trustees recommendations include actions for the Trustees specifically as the non-executive body responsible for the oversight of the entire range of the IFRS Foundation’s activities; the Foundation in general (which includes the standard-setting function, an education programme, publication and content-related services, IFRS XBRL development, and general operations); and the operations, procedures and strategy of the IASB, but not its technical activities.
 
The Monitoring Board’s report addresses IASB independence, the overall function of the Monitoring Board and the need for transparent governance functions.
 
Please click here to read the Trustee’s and the Monitoring Board’s conclusion.
 
 
 
8 February 2012
Arabic-language IFRS for SMEs training Module - Statement of Cash Flows
 
Module 7 Statement of Cash Flows of the Arabic-language translation of the IFRS Foundation training material is now available.
 
In total, 26 Arabic-language modules are available for download from the IFRS Foundation website.
 
Please click here to download the modules.
 
 
 
​6 February 2012
David Loweth appointed as Director for Trustee Activities
 
The Trustees of the IFRS Foundation have announced the appointment of David Loweth as Director for Trustee Activities. Mr Loweth currently serves as Technical Director of the United Kingdom (UK) Accounting Standards Board (ASB).
 
Before joining the UK ASB in 2004, Mr Loweth held various senior roles in the UK Treasury. He holds a Degree in Modern History from Oxford University and an MA in Finance and Accounting from Leeds Metropolitan University.
 
The Trustees have created the role of Director for Trustee Activities in response to the preliminary conclusions of their review of the strategy of the IFRS Foundation. The review called for higher levels of engagement and transparency between the IASB and the Trustees, particularly in the area of due process oversight. The review also recommends clearer separation of the roles and responsibilities of the Foundation and of the IASB. Mr Loweth will support the work of the Trustees as they fulfil these enhanced responsibilities.
 
Please click here to read the press release.
 
 
 
AOSSG meeting in Kuala Lumpur
 
The Asian-Oceanian Standard-Setters Group (AOSSG) will hold an informal meeting co-hosted by the Malaysian Accounting Standards Board at the Shangri-La Kuala Lumpur Hotel on 25 March 2012, Sunday from 2:30 to 5:30 pm.
 
At the meeting, AOSSG members will discuss recent developments in active AOSSG and IASB projects with members of the International Accounting Standards Board (IASB). Attendees at the meeting include IASB Vice-Chairman, a number of other IASB members and senior staff, and National Standard-Setters from throughout the region.
 
 
 
3 February 2012
IASB January 2012 meeting update
 
Available on the IASB website are summaries of the issues discussed during the 25 – 27 January 2012 IASB Board meeting, some sessions were held jointly with the FASB.
 
The topics discussed at the joint IASB/FASB meeting were:
  • Financial instruments: Classification and Measurement
  • Financial instruments: Impairment
The topics discussed at the IASB meeting were:
  • Agenda consultation—comment letter summary
  • Effective dates of IFRS 10, 11 and 12
  • IFRS 1 comment letter analysis
  • Insurance contracts: education session
  • Macro hedge accounting
  • Matters to report to the Board from the Interpretations Committee
  • Work plan
Please click on podcast summaries to be redirected to the IASB’s website to access the audio files.
 
Please click on IASB update to access the html and pdf summaries of the meeting.
 
 
 
1 February 2012
 “Performance Reporting: Back to the Future” - New Investor Perspective published
  
A new Investor Perspective by Patrick Finnegan entitled “Performance Reporting: Back to the Future” has been published on the Investor Resources section of the IASB website.
 
The new issue discusses the agenda consultation 2011 on the IASB’s future work plan.
 
Patrick Finnegan notes that:
“I agree that a definition of OCI is one of the most important, if not the most important, issues for the Board to address. Over the last two decades the IASB and its predecessor, IASC, have increasingly used current or fair value concepts for the measurement of assets and liabilities in several areas, most notably in the area of financial instruments, but in several other areas too. It is becoming increasingly challenging to understand performance given the expansion of the use of fair values mixed with the use of historical costs, particularly when the focus is on a single statistic—profit or loss. And, if financial statements are becoming more of an amalgam of mixed attributes, it follows that both cost and fair value should be displayed in one statement or, at least in two consecutive statements, to ensure the highest level of understanding about how performance is measured and communicated.
 
Please click here to read the latest issue or access the archive of previously published Investors Perspectives.