INTERNATIONAL ACCOUNTING STANDARDS BOARD NEWS | The World of Accounting For Professional Accountants

The International Accounting Standards Board (IASB) today published for public comment an exposure draft of improvements to the accounting for insurance contracts.

On 28 July 2010 the IASB published a questionnaire for financial statement users on its June 2010 exposure draft Measurement Uncertainty Analysis Disclosure for Fair Value Measurements.

The World Bank has published on their website a two-part webcast presentation by IASB member Paul Pacter entitled 'An Overview of the IFRS for SMEs’.

IASB staff have posted several short podcast recordings on the leasing project and the hedging phase of the project to replace IAS 39 Financial Instruments: Recognition and Measurement. These podcasts are the first in a series about the models being developed by the IASB.

On 8 July the IASB and the FASB will hold two joint webcasts to introduce the exposure draft Revenue from Contracts with Customers, which was published on 24 June 2010. The webcasts will be followed by a question and answer session.

A comprehensive project summary has been published on the fair value measurement project page. The project summary provides the background to the IASB's fair value measurement project and explains how the IASB plans to finalise an IFRS on fair value measurement.

The IASB and FASB started today their programme of extended outreach to stakeholders on the joint project on financial statement presentation by posting a staff draft of proposed standards on their respective websites.

On 1 July 2010 the IASC Foundation will formally change its name to the IFRS Foundation. The change represents the next step in a process to simplify the names in use across the organisation announced following the conclusion of the Constitutional Review in 2010.

The IASB has published for public comment further enhancements to a disclosure proposal on Level 3 fair value measurements that formed part of the IASB’s exposure draft Fair Value Measurement published in May 2009.

The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.

The IASB and the FASB today wrote to the G20 Leaders outlining their modified strategy for completing their convergence work. The modified strategy retains the target completion date of June 2011 or earlier for the MoU projects for which the boards believe the need for improvement is the most urgent.

Webcast discussion topics will include an update on the main outcomes of the Expert Advisory Panel and next steps in the impairment phase, an update on the hedge accounting phase, and a general update on timing for the project.

An additional Joint IASB/FASB Board meeting will be held in the afternoon of Wednesday 23 June.

The Monitoring Board today announced that it has approved the appointment of Tommaso Padoa-Schioppa, former Italian Minister of Economy and Finance, as Chairman of the Trustees.

The 2009 Annual Report of the IASC Foundation has been published today and is available for download from the IASB website.

The IASB and the FASB today announced their intention to prioritise the major convergence projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence between IFRSs and US GAAP.

The IASB and the FASB today wrote to the G20 Leaders outlining their modified strategy for completing their convergence work.

Two IFRS Interpretations Committee podcasts have been added to the IASB website - the first gives a short introduction and overview of the Committee's work, and the second podcast provides a brief summary of the decisions made in the last Interpretations Committee meeting.