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Monthly Roundup - April 2011

Staying on top of developments

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

April 2011 edition
Issued Monday, 2 May 2011

In this edition:

Monthly highlights 

Updated resources for the June 2011 reporting season

We’ve recently made available the following resources for the June 2011 reporting season:

IASB and FASB publish progress report on convergence, defer convergence timetable

The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published a progress report (PDF 80kb) on improvements to International Financial Reporting Standards and US generally accepted accounting practices and their convergence. The report notes that the boards have:

  • Completed five projects - the IASB will be issuing new standards on consolidation, joint ventures, and disclosures in May (near final drafts of these standards were made available to IASB subscribers during April)
  • Given priority to the three remaining MoU projects and insurance accounting - the boards have made substantial progress on their projects on financial instruments, leases, revenue recognition, and insurance projects
  • Extended the timetable on convergence projects - the convergence projects are now scheduled for completion in the second half of 2011.

In conjunction with the release of the progress report, a revised IASB work plan has also been made available. The work plan reveals ‘targets’ of completing the projects on financial instruments (with the exception of portfolio hedging) in the third quarter of 2011, with all other major projects (leases, revenue recognition and insurance) scheduled for completion by the fourth quarter of 2011. The IASB and FASB are also undertaking a survey on the effective dates of these pronouncements, which must be completed by Friday 6 May 2011.

Upcoming Dbriefs webcast on IFRS policy implications

An upcoming Dbriefs webcast will discuss the significant public policy implications of the move to a single set of global accounting standards.

The topics to be covered include:

  • The effect that the forthcoming change in IASB leadership may have on the IASB
  • The IFRS Foundation governance and strategy reviews
  • Public policy debates taking place worldwide, including the SEC's consideration of IFRS for U.S. registrants.

The webcast is scheduled to be held on Wednesday, 11 May 2011, 9:00-10:00am London time (NSW/QLD/VIC/TAS 6:00-7:00pm, SA/NT 5:30-6:30pm, WA 4:00-5:00pm). Registration is available via the Dbriefs website.

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 June 2011 financial reporting cycle summary.)

International Accounting Standards Board (IASB)
Pronouncement Key dates More information

‘Near Final Drafts’ of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Involvement with Other Entities, IAS 27 Separate Financial Statements (2011) and IAS 28 Investments in Associates and Joint Ventures (2011)

IASB has made available to subscribers ‘near final drafts' of the forthcoming package of five new and revised standards addressing accounting for consolidation, involvements in joint arrangements and disclosure of involvements with other entities.

The final standards are expected to be published during May.

Effective date is expected for annual periods beginning on or after 1 January 2013

Earlier application permitted so long as each of the other standards in the ‘package of five' are also early applied.

IAS plus article

‘Near Final Draft’ of IFRS 13 Fair Value Measurement

The IASB has made available to subscribers a ‘near final draft’ of IFRS 13 Fair Value Measurements. The IFRS will define fair value, set out a single IFRS framework for measuring fair value, and require disclosures about fair value measurements.

The final standard is expected to be published during May.

Effective date is expected for annual periods beginning on or after 1 January 2013

Earlier application is permitted.

IAS plus article

New editorial corrections to IFRSs*

The IASB has posted to its website a new batch of Editorial Corrections to IFRSs. This batch makes editorial corrections and changes to IFRS 9 Financial Instruments (issued October 2010), Bound Volume (Blue Book) 2011 and Bound Volume (Red Book) 2011.

As minor editorial corrections, these changes are effectively immediately applicable under IFRS

Editorial Corrections to IFRSs (PDF12kb)

IAS plus article

* Equivalent pronouncement not yet issued by the AASB

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

IASB additional meeting

6 April 2011

Topics discussed were as follows (click on the links for direct access to the Deloitte observer notes for that topic):

Wednesday, 6 April 2011

Detailed Deloitte Observer notes

IASB main April meeting

12-15 April 2011

Topics discussed were as follows (click on the links for direct access to the Deloitte observer notes for that topic):

Tuesday, 12 April 2011 (IASB-FASB)

Wednesday, 13 April 2011 (IASB-FASB)

Thursday, 14 April 2011 (IASB-FASB)

Friday, 15 April 2011 (IASB-FASB)

Detailed Deloitte Observer notes

IASB additional meeting

27 April 2011

Topics discussed were as follows (click on the links for direct access to the Deloitte observer notes for that topic):

Wednesday, 27 April 2011

Detailed Deloitte Observer notes
AASB meeting 28 April 2011

Topics discussed include:

  • Forthcoming IFRSs on fair value measurement (IFRS 13), revenue from contracts with customers, leases, financial instruments, consolidation, joint arrangements and investment entities
  • Australia-NZ convergence – including the introduction of the ‘true and fair override’ into AASB 101 and mutual recognition arrangements between the two countries
  • GAAP/GFS harmonisation – post implementation review of AASB 1049
  • Reduced Disclosure Requirements (RDR) – income tax and severe hyperinflation
  • IPSASB developments – including the proposed IPSASB Conceptual Framework, proposed improvements to IPSASs
  • Other matters – including a decision to make a submission to ASIC on Consultation Paper 150 Disclosing financial information other than in accordance with Accounting Standards
AASB Action Alert (PDF 73kb)

IFRS Foundation Trustees and Monitoring Board meeting

1 April 2011

Topics discussed were as follows (click on the links for direct access to the Deloitte observer notes for that topic):

Friday, 1 April 2011

Detailed Deloitte Observer notes

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 April 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
  • ASIC has released proposals for an overhaul of prospectuses, designed to make them easier for retail investors to use and improve the quality of information on the proposed business model and the associated risks. The proposals are contained in two documents: Consultation Paper 155 [CP 155] Prospectus disclosure: Improving disclosure for retail investors, and an accompanying draft regulatory guide. Comments close on 9 June 2011 (media release)
  • The Accounting Professional & Ethical Standards Board (APESB) has released a revised APES 220 Taxation Services (PDF 286kb) and APES 350 Participation by Members in Practice in Due Diligence Committees in Connection with a Public Document (PDF 421kb) effective 1 May 2011
  • The Australian Prudential Regulation Authority (APRA) has released an updated version of the audit report (343 kb) it requires under Section 35C of the Superannuation Industry Supervision (SIS) Act 1993. The new report applies for financial periods commencing on or after 1 July 2010 (website)
International Accounting Standards Board
Other global news
  • IFAC’s Public Accountants in Business (PAIB) Committee recently published the results of a survey titled Risk Management and Internal Control Survey designed to determine what is needed to strengthen risk management and internal control on a global basis
  • The Accounting Standards Board (ASB) of the UK Financial Reporting Council (FRC) has published a report titled Cutting Clutter: Combating clutter in annual reports (PDF 465kb). It addresses how “clutter” i.e. immaterial disclosures and unnecessary explanatory information contained in annual reports can be removed, and hopes to stimulate debate and action on this issue
  • International Public Sector Accounting Standards Board (IPSASB) has three consultation documents, on its draft Public Sector Conceptual Framework, open for comment (website)
  • The push towards the more widespread adoption of sustainability reporting continues, with two recent developments from the Global Reporting Initiative (GRI) and 'Carbon Action' (a new investor led initiative from the Carbon Disclosure Project (CDP)) (IAS plus article)

Related links

  • Monthly roundup - April 2014
    The International Accounting Standard (IASB) has published for public comment an Exposure Draft of proposed amendments to IAS 1 ‘Presentation of Financial Statements’ to address concerns on the existing disclosure requirements.
  • Monthly roundup - May 2012
    Financial reporting developments during May 2012. Monthly highlights discuss the Draft IFRIC Interpretations on levies and put options, and Deloitte's resources for June 2012 reporting period
  • 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 - September 2011
    Financial reporting developments during September 2011. Monthly highlights discuss the developments in the field of Integrated Reporting and the release of new Standard on Fair Value and amended Standard on Employee Benefits by the AASB
  • Monthly roundup - October 2012
    Financial reporting developments during October 2012. Monthly highlights discuss the recently issued investment entity consolidation amendments by the IASB; and the developments in the IASB lease project
  • Monthly roundup - June 2009
  • Monthly roundup - February 2009
  • Monthly roundup - April 2009
  • Monthly roundup - January 2011
    Financial reporting developments during January 2011. Monthly highlight provides a recap of accounting for natural disasters, ASIC's review program, recent amendments and financial instruments.
  • Monthly roundup - February 2010
    Summary of developments in financial reporting during February 2010. Monthly highlight discusses the AASB's 'Reduced Disclosure Regime' (RDR).


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