CESR assesses implementation of its Standard No. 2 on financial information on the co-ordination of enforcement activities

The Committee of European Securities Regulators (CESR) has published a peer review (Ref. CESR/09-188) and a self-assessment (Ref. CESR/09-212) on the application and implementation of CESR’s Standard No. 2 on financial information on the coordination of enforcement activities by National Enforcers across Europe. The reports were conducted in two stages: first, CESR Members self-assessed their application of each of the four principles of CESR’s Standard No. 2 by answering questions that have been established for each principle against a set of benchmarks. Second, CESR’s peer pressure group, the Review Panel, conducted a peer review of how National Enforcers applied the Standard. These reports are accompanied by a press release.

IFRIC Update – July 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. The IFRIC Update is published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future IFRIC meetings.

AICPA and IASC Foundation develop IFRS conference on US perspective

The American Institute of Certified Public Accountants (AICPA) and the IASC Foundation are jointly sponsoring a two-day conference, International Financial Reporting Standards in North America 2009: The U.S. Perspective. The conference will provide practitioners and preparers with an opportunity to learn from those who have already implemented IFRS and from those who are in the middle of the transition process. Major projects on the IASB's agenda will be discussed: consolidations, fair-value measurement, leases and revenue recognition. Round-table sessions will focus on how IFRS standards may affect different industry sectors including the recently issued IFRS for Small and Medium Entities. The conference is in New York on October 29-30, 2009, with pre-conference workshops on October 28. (For more information, visit the conference registration webpage.)

IASB proposes improvements to financial instruments accounting

The International Accounting Standards Board (IASB) has published for public comment an exposure draft of proposals to improve financial instrument accounting. The proposals address how financial instruments are classified and measured. It is anticipated that they will significantly reduce complexity and make it easier for investors to understand financial statements. The IASB plans to finalize the classification and measurement proposals in time for non-mandatory application in 2009 year-end financial statements. (Read the IASB Press Release.)

IASB publishes IFRS for SMEs

The International Accounting Standards Board (IASB) has issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). SMEs are estimated to represent more than 95 per cent of all companies. The standard is the result of a five-year development process with extensive consultation of SMEs worldwide. (Read the IASB Press Release.)

Updated EFRAG endorsement report

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement under the EU Accounting Regulation of each IFRS, including standards, interpretations and amendments. The report presents the expected timing of future steps in the process of endorsing the IASB pronouncements. (Read the latest EFRAG Endorsement Status Report.)

IAESB proposes education work plan

The International Accounting Education Standards Board (IAESB) has invited organizations and individuals with an interest in accounting education to comment on its proposed 2010-2012 Strategy and Work Plan. The proposed strategy focuses on projects and activities aimed at developing International Education Standards (IES), while providing adoption and implementation guidance to interested stakeholders in accounting education. The work program contains a number of potential projects for consideration. Comments are requested by October 5, 2009. (Read the IAESB Press Release and download the IAESB exposure draft.)

FASB initiates project on useful, organized and consistent disclosures

Robert H. Herz, chairman of the United States Financial Accounting Standards Board (FASB) has announced the addition of a new FASB agenda project aimed at establishing an overarching framework to make financial statement disclosures more effective, coordinated and less redundant. The project was added in response to requests and recommendations from constituents including the Investors Technical Advisory Committee and the SEC Advisory Committee on Improvements to Financial Reporting. (Read the FASB Press Release.)

Canada - Become a Member of the AcSB’s new IFRS Discussion Group

The purpose of the Canadian Accounting Standards Board (AcSB) new IFRS Discussion Group (IDG) is to assist in identifying issues relating to the application of International Financial Reporting Standards (IFRS) in Canada. The IDG will be a public forum in which issues about the application of IFRS in Canada can be discussed. The IDG will make recommendations to the AcSB as to whether particular issues should be referred to the International Accounting Standards Board (IASB) or the IASB’s International Financial Reporting Interpretations Committee. (More information is available on the AcSB website.)

Webinar — IFRS Adoption for Small-Cap and Medium-Cap Companies

The challenge of IFRS adoption for small-cap and medium-cap companies might seem more daunting than for larger companies with more extensive resources. This one-hour Webinar on July 13, 2009 (12:30pm) will address how companies with limited resources might tackle the challenges of IFRS adoption. It will include the latest from the Canadian Securities Administrators and the Canadian Accounting Standards Board regarding their expectations and suggestions, with a particular emphasis on the needs of small-cap and medium-cap companies. (For more information, visit the Webinar webpage.)

IASB Update - June 2009

Periodically, the International Accounting Standards Board (IASB) publishes newsletters on its activities. IASB Updates are published as a convenience to the IASB’s constituents. The reported conclusions are tentative and may be changed or modified at future meetings. (Read the June 2009 IASB Update.)

Countdown - Deloitte Canada’s IFRS transition newsletter

Deloitte Canada has published its Countdown IFRS transition newsletter for June 2009. It discusses practical issues Canadian companies are facing in IFRS transition and provides an update on recent IFRS events. Articles in this issue include:

• Using Technology to Manage Accounting and Control Changes Driven by IFRS Changeover;
• 'The Real Deal' – real issues and solutions on IFRS transition relating to dual year reporting and reconciliation requirements in 2011;
• Private Enterprise Strategy – IFRS or Private Company GAAP;
• Deloitte Publications and Events and How to Access Them;
• An Update on Current IFRS events – including various important EDs and Discussion Papers.

(Also refer to other Deloitte IFRS Resources.)