Deloitte's IAS Plus | The World of Accounting For Professional Accountants

We have updated the various project pages on IAS Plus to reflect the discussions and decisions at the IASB meeting held July 19-23, 2010.

We have updated our Summary of Issues Not Added to the Agenda of the Interpretations Committee to reflect the Committee's final decisions at its May and July 2010 meetings not to add five further topics to its agenda.

Deloitte (United Kingdom) has published the July 2010 issue of their Insurance Accounting Newsletter...

The United States Public Company Accounting Oversight Board (PCAOB) has announced a meeting of its Standing Advisory Group (SAG) will be held on Thursday, 15 July 2010. The meeting will include a presentation on projects of the FASB and IASB relating to potentially significant accounting changes affecting US GAAP and IFRS. The SAG discussion will focus on the potential impact of these changes upon auditors of public companies.

The Australian Parliament has passed financial reporting reform legislation which require an explicit statement of compliance with IFRS in the directors declaration accompanying the financial statements. The change is designed to counter a lack of awareness that the financial statements of Australian companies and other reporting entities are compliant with IFRS (Australia has a series of Accounting Standards that are equivalent to IFRS for for-profit entities). The change will apply to financial statements from 30 June 2010. The reforms also remove the previous requirement to include both parent and consolidated financial statements in annual reprots and make various other amendments. Deloitte (Australia) has produced an Accounting Alert explaining the changes.

We have published an IAS Plus Update Newsletter 'Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters' explaining IASB's recent amendment to IFRS 1 to exempt first-time adopters from some IFRS 7 disclosures.

The IASB has amended IFRS 1 to exempt first-time adopters of IFRSs from providing some IFRS 7 comparative disclosures.

We have published an IAS Plus Update Newsletter 'IASB Refines Proposals for the Measurement of Liabilities in IAS 37' explaining IASB re-exposure draft that was issued 5 Jan 2010.

Deloitte has issued a press release commenting on the issue of ED/2010/8 'Insurance Contracts'.

Various government and accounting organisations from India and Japan have formed the India-Japan Joint Working Group as a common platform between the two countries to discuss IFRS-related matters.

Deloitte Brazil has published Brazilian editions of 'IFRS for SMEs in your Pocket' and '2009 Model financial statements', both in Portuguese.

The IASB has published for public comment an exposure draft of a proposed IFRS for insurance contracts.

Deloitte (US) has issued IFRS Insights, a newsletter that focuses on IFRSs for U.S. companies. This edition discusses convergence issues, technology considerations...

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...

During the Board meeting in July 2010 the IASB noted that it seemed unlikely for the Board to reach a decision concerning the accounting for rate-regulated activities that would allow a solution to be found in time for the adoption of IFRSs by Canada.

The FASB has added a limited scope FASB-only project its agenda to improve accounting for repurchase agreements (repos) or other agreements that both entitle and obligate the transferor to repurchase or redeem financial assets before their maturity.

The Board of the International Federation of Accountants (IFAC) has reappointed Prof. Arnold Schilder to lead the International Auditing and Assurance Standards Board (IAASB).

The IASB has published a questionnaire for financial statement users on its June 2010 exposure draft ED/2010/7 'Measurement Uncertainty Analysis Disclosure for Fair Value Measurements - Limited re-exposure of proposed disclosure'.

The lhengye zhungtshog (cabinet) of Bhutan has approved the formation of an accounting and auditing standards board of Bhutan (AASBB) on 26 July.

The Canadian Institute of Chartered Accountants (CICA) has published 'The IFRS Changeover: A Guide for Users of Financial Reports'.