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Monthly roundup - August 2012

Staying on top of developments

Author: Deepesh Malik and Debbie Hankey, Accounting Technical Group

August 2012 edition
Issued 05 September 2012

In this edition:

Monthly highlights

IASB’s post-implementation review of IFRS 8 Operating Segments

Disclosure of relevant and meaningful information about the operations of an entity has always been a hot topic with analysts, investors and regulators. Segment reporting and related operating and financial review information has specifically been an area of focus for the Australian Securities and Investments Commission over recent financial reporting seasons (ASIC’s focus areas Dec 2011, June 2012).

Now the International Accounting Standards Board (IASB) has published a Request for Information Post-implementation Review: IFRS 8 Operating Segments ('the RFI') that is designed to assess the effect of the application of IFRS 8 on financial reporting from the perspective of preparers, investors and other users. The review seeks feedback on whether the standard is functioning as intended, as well as more practical information on the challenges and costs associated with its implementation.

The RFI addresses the specific aspects of respondents' experiences with IFRS 8 in connection with identifying and reporting segments using management’s perspective including the measurement and nature of information disclosed.

The consultation period ends on 16 November 2012 (IFRS in focus newsletter). The AASB is hosting a discussion forum on 'the RFI' on 3rd October.

Withdrawal of Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia

The Australian Accounting Standards Board (AASB) has released an Exposure draft ED 226 Withdrawal of Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia that proposes to withdraw Australian guidance on when new tax legislation is considered substantively enacted.

The proposed withdrawal of the Interpretation is consistent with the AASB's objectives of not amending or interpreting IFRS in the Australian context, save for rare and exceptional circumstances.

The basis for conclusions accompanying the ED states the AASB view that in Australia a tax Bill would not be considered substantively enacted until it has passed (rather than as required by the current Interpretation having "majority support") through both houses of Parliament. (IAS Plus article).


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 2012 financial reporting cycle summary.)

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

Exposure draft ED 226 Withdrawal of Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia

Proposes to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 July 2013, with early adoption allowed.

Comments due by 19 November 2012

ED 226 (PDF 134kb)

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

No new significant pronouncements were issued by the IASB in August 2012.

   

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

No key standard setters meeting were held in August 2012.

   

 

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, IFRS in Focus Newsletters, Webcasts, and Podcasts)

IFRS publications
Deloitte Webcasts and podcasts

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 August 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 Australian Accounting Standards Board (AASB) has released on its website the Reduced Disclosure Requirements (RDR) versions of Standards and Interpretations that apply to the 2011/12 financial year.
International Accounting Standards Board
  • The International Accounting Standards Board (IASB) has released IASB update (PDF 434kb): a staff summary of the tentative decisions reached by the IASB in July 2012 meeting
  • The United States Financial Accounting Standards Board (FASB) has reversed its position on a joint decision made recently with the IASB on the measurement requirements for an investment company’s interest in another investment company (IAS Plus article).
Other global news
  • The International Valuation Standards Council (IVSC) has released a discussion paper on the valuation of trade related property, which includes buildings or other structures that are purpose built for a specific type of business activity (IAS Plus article)
  • The Global Reporting Initiative (GRI) has released two additional exposure drafts related to its next generation of its Sustainability Reporting Guidelines ('G4') (IAS Plus article)
  • The European Financial Reporting Advisory Group (EFRAG) and the Italian standard setter Organismo Italiano di Contabilita (OIC) have issued a questionnaire (link to website) on impairment requirements for goodwill in view of the IASB’s forthcoming post-implementation review of IFRS 3 Business Combinations
  • Confidence Accounting – a Proposal (PDF 4,930kb): the paper highlights the need for a better way of reporting the uncertainty that is inherent in many of the numbers reported in financial statements. It has been released jointly by the Association of Chartered Certified Accountants, the Chartered Institute for Securities & Investment and Long Finance in the UK.

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 - December 2012
    Financial reporting developments during December 2012. Monthly highlights discuss the key considerations for the December 2012 reporting season and a series of pronouncements by the AASB
  • 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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