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Monthly roundup - November 2010

Staying on top of developments

Author: Deepesh Malik, Frank Betkowski and Debbie Hankey, Accounting Technical Group

November 2010 edition
Issued 01 December 2010

In this edition:

Monthly highlight: Resources for the December 2010 financial reporting season, revised IASB work plan

December 2010 resources

As we march quickly on towards the festive season and, we remind you of some of the resources we have available to assist with the December financial reporting season:

All editions of our model financial reports are available at www.deloitte.com/au/models. Our wider accounting related resources can be found at www.deloitte.com/au/accounting.

Revised IASB work plan

On 29 November, the IASB and FASB published an updated 'Progress report' on their convergence efforts. The IASB has updated its Work Plan to reflect the changes and provide more detail of the expected timing of pronouncements.

The revised project plan reveals the deferral of many projects to the second half of 2011 (or beyond) to allow a clear focus on the major core projects expected to be finalised by June 2011 – including projects on financial instruments, leases, revenue recognition and consolidation. With the exception of the imminent release of an exposure draft on hedge accounting, major exposure drafts and finalised standards are not expected during the remainder of 2010. However, a rush of major changes is expected in the lead up to the June 2011 deadline.

The June 2011 deadline is important due to the changes in the IASB membership occurring at the time and the pending decision on IFRS adoption in the United States. The application of the various new pronouncements is dependent on the current IASB and FASB consultation on effective dates and transition, but mandatory application is not expected before 2013.

More information: IAS Plus article (includes a summary of the expected timing of pronouncements), IASB work plan, IASB-FASB progress report.

New pronouncements

(A listing of new accounting standards, interpretations, exposure drafts, discussion papers and similar documents issued during the month by the AASB and IASB/IFRIC, along with other IFRS-related documents by other bodies that may be of interest and related links to Deloitte publications and alerts. See also our What’s new in the December 2010 financial reporting cycle summary.)

Australian Accounting Standards Board (AASB)
Pronouncement Key dates More information

AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets

Amends disclosure requirements about transfers of financial assets.

The amendments are designed to allow users of financial statements to improve their understanding of transfer transactions of financial assets (for example, securitisations, factoring of receivables), including understanding the possible effects of any risks that may remain with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period.

Applicable for annual reporting periods beginning on or after 1 July 2011 and permits early adoption.

IAS Plus Update 10-21

IFRS in Focus newsletter (PDF 82kb)

AASB 2010-6 (PDF 62kb)

AASB 2010-5 Amendments to Australian Accounting Standards.

The Standard makes numerous editorial amendments to a range of Australian Accounting Standards and Interpretations, including amendments to reflect changes made to the text of International Financial Reporting Standards by the IASB.

These amendments have no major impact on the requirements of the amended pronouncements.

Applicable for annual reporting periods beginning on or after 1 January 2011 and early adoption is permitted. AASB 2010-5 (PDF 94kb)

Tier 2 Supplement to ED 198 Revenue from Contracts with Customers 

It sets out the disclosures proposed in ED 198 (which incorporates IASB ED/2010/6 Revenue from Contracts with Customers) and includes proposals about whether each disclosure should be included in Tier 2 reporting requirements under the Reduced Disclosure Regime (RDR).

Comments on the supplement are due to the AASB by 31 January 2011 Tier 2 Supplement to ED 198 (PDF 62kb)

Tier 2 Supplement to ED 204 Deferred Tax: Recovery of Underlying Assets (proposed amendments to AASB 112) 

It sets out the disclosure proposed in ED 204 (which incorporates IASB ED/2010/11 Deferred Tax: Recovery of Underlying Assets (proposed amendments to IAS 12)) and includes a proposal about whether it should be included in Tier 2 reporting requirements under the Reduced Disclosure Regime (RDR).

Comments on the supplement are due to the AASB by 31 January 2011 Tier 2 Supplement to ED 204 (PDF 44kb)

Request for Comment on IASB Request for Views on Effective Dates and Transition Methods

It incorporates the IASB’s Request for Views on Effective Dates and Transition Methods.

With a number of major projects planned to be completed in 2011, the IASB and FASB are seeking views on whether or how to sequence effective dates in order to reduce the burden to interested parties. Feedback from the consultation will inform the boards as they jointly develop an implementation plan for those new standards that helps stakeholders to manage both the pace and cost of change.

Comments are due to the AASB by 31 December 2010 or to the IASB by 31 January 2011.

IFRS in Focus newsletter (PDF 97kb)

Request for comment (PDF 117kb)


Standard setter meetings

(A listing of meetings of various standard setters during the month or where documents were issued during the month in respect of the previous month’s meetings, with links to our analysis, agenda papers and so on)

Meeting Highlights More information
AASB meeting 27-28 October 2010 Much of the meeting was a joint meeting with the New Zealand Financial Reporting Standards Board (FRSB). Amongst other topics, the Boards discussed trans-Tasman convergence and their views on a number of IASB proposals. Accounting Alert 2010/12
IFRIC meeting 4-5 November 2010

The topics discussed were as follows :

IAS Plus Update 10-23

Notes Taken by Deloitte Observers

IFRIC Review (PDF 77kb)

IASB special meeting 10- 12 November 2010

The topics discussed were as follows:

Australian meeting summary

Notes Taken by Deloitte Observers

IASB regular meeting 16 -18 November 2010

The topics discussed included

Australian meeting summary

Notes Taken by Deloitte Observers


New Deloitte publications

(Key IFRS-related and other publications issued by Deloitte during the month, not covered elsewhere. You can find full details and back issues of our various publications by following these links: Accounting alerts, IAS Plus publications and IFRS in Focus Newsletters)

IFRS publications
Other publications of interest
Deloitte comment letters

Other developments

(A brief listing of other financial reporting developments during the month. A full summary of all IFRS-related developments can be found in our November historical summary on IAS Plus. You can also subscribe to our Deloitte IAS Plus RSS feed to be kept informed of developments as they happen)

Australian-specific topics
  • The IASB/FASB lease team is conducting a lease workshop in Australia at the AASB boardroom on 7 December 2010, as a part of their outreach on the Leases Exposure Draft
  • In Focus ASIC update on issues including progress of the new national credit regime, future registry transformation, company financial reporting obligations and ASIC’s compliance program
  • ASIC has released its most recent ASX assessment report. The report includes discussion of disclosure obligations in general and specifically in relation to the minimum reporting companies for mining companies (ASIC press release)
International Accounting Standards Board
Other global news
  • The Asian-Oceanian Standard-Setters Group (AOSSG) has launched its website, making public a number of AOSSG documents, including past submissions and research papers (including an analysis of Islamic finance issues) (IAS Plus article)
  • The Asia-Pacific Economic Cooperation forum (APEC) has released its '2010 Economic Policy Report' (prepared by its Economic Committee), which discusses various corporate governance matters, including the international harmonisation of accounting standards (IAS Plus article)
  • Following their summit meeting in Seoul on 11-12 November 2010, the leaders of the G20 group of nations have issued a Declaration reaffirming their support for a single set of global accounting standards as a means for strengthening the global financial market infrastructure (IAS Plus article).

Related links

Related links

  • Monthly roundup - January 2014
    ASIC has extended Class Order [CO 13/1050] which allows issuers of stapled securities (stapled entities) to continue to present consolidated or combined financial statements
  • Monthly roundup - January 2012
    Financial reporting developments during January 2012. Monthly highlights include the IASB and the FASB discussion to reduce differences in classification and measurement models for financial instruments.
  • Monthly roundup - July 2013
    Financial reporting developments during July 2013. Monthly highlights discuss the ASIC areas of focus for July 2013 reporting period.
  • Monthly roundup - June 2013
    Financial reporting developments during June 2013. Monthly highlights discuss the ASIC areas of focus for June 2013 reporting period.
  • Monthly roundup - January 2009
  • Monthly roundup - March 2011
    Financial reporting developments during March 2011. Monthly highlight discusses the updated IASB work plan, ASIC's proposed guidance on additional financial information and a joint UK/NZ project to reduce disclosures under IFRS.
  • Monthly roundup - March 2009
  • Monthly roundup - August 2010
    Summary of developments in financial reporting during August 2010. Monthly highlight discusses the possible impact of changes in the IASB and FASB chairs on global standard setting.
  • Monthly roundup - June 2010
    Summary of developments in financial reporting during June 2010. Monthly highlight discusses recent financial reporting reform.
  • Monthly roundup - May 2010
    Summary of developments in financial reporting during May 2010. Monthly highlight discusses the financial reporting impacts of recent and proposed tax changes.

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