IASB Responds to G20Accounting Alert - May 2009 (Special update) |
The Group of Twenty (G20) meeting held in London early in April has attracted a lot of attention. The G20 called for standard-setters to reduce the complexity of accounting standards for financial instruments and to address issues arising from the financial crisis, such as loan-loss provisioning. The IASB is already addressing many of these issues and has committed itself to a six-month time frame for publishing a proposal to replace its existing financial instruments standard, IAS 39 Financial Instruments: Recognition and Measurement.
Additionally, the G20 has put pressure on the IASB and the US Financial Reporting Standards Board (FASB) to make significant progress towards achieving a single set of high-quality global accounting standards. The IASB and the FASB have a number of significant convergence projects underway and have recently issued some joint discussion papers, as noted in this Accounting Alert.
Further information on the G20 recommendations regarding financial reporting can be found in the Deloitte IAS Plus Newsletter: G20: Implications for IFRS
Read other articles in Accounting Alert - May 2009
- Income Tax exposure draft
- Leases – Preliminary views
- Derecognition (Proposed amendments to IAS 39 and IFRS 7))
- Improvements to IFRS
- Recent developments for PBE’s
Deloitte IFRS publications
Deloitte has recently issued the following IFRS publications:
- Interim Financial Reporting - A guide to IAS 34 – an updated guide to IAS 34 Interim Financial Reporting
- IAS 34 Interim Reporting Compliance Checklist for 2009 – a checklist of the requirements of IAS 34 formatted to allow the recording of a review of interim financial statements, with a place to indicate yes/no/not-applicable for each item
- IFRS resources - Helping you achieve compliance
Other Deloitte publications of interest
Deloitte (United Kingdom) has launched a monthly newsletter focusing on the joint IASB and FASB project to develop a new global financial reporting standard for Insurance.
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Accounting Alert - May 2009
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