IASB - Training material on IFRS for SMEs

The International Accounting Standards Committee (IASC) Foundation has published the second batch of training material for the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The training material is designed to assist companies and accounting practitioners in applying the IFRS. It will also assist educators in teaching how to apply the IFRS for SMEs. The remaining material will be published in the course of this year as it is completed. The free-to-download training material forms part of a range of initiatives undertaken by the IASC Foundation and the International Accounting Standards Board to support the widespread adoption of the IFRS for SMEs. (Read the IASB Press Release and access the training material online.)

IASB/FASB - IASB Observer for February 2010

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) had two sessions of joint meetings early in February followed by a three-day meeting in the IASB’s normal monthly calendar. The IASB separately had two sessions in that week. (For detailed notes taken at the meetings, read the IASB Observer.)

IOSCO - Principles for Periodic Disclosure by Listed Entities

The International Organization of Securities Commissions (IOSCO) has published a report Principles for Periodic Disclosure by Listed Entities. The report makes recommendations for disclosures in periodic reports, such as annual reports, of entities whose securities are listed or admitted to trading on a regulated market in which retail investors participate. The disclosure principles also cover other issues, such as the timeliness of disclosures, disclosure criteria and storage of information. The principles are intended to provide a useful framework for securities regulators that are reviewing or revising their regulatory disclosure regime for periodic reports. (Read the IOSCO Press Release.)

IFAC – 2009 Third Annual Global Leadership Survey (revised)

The International Federation of Accountants (IFAC) has released an updated report on a member survey after previously withdrawing the report to incorporate more member suggestions. IFAC has issued the revised results of the Third Annual Global Leadership Survey. Key findings cover a wide-range of topics, including the need to support small and midsize businesses in the current environment, the increasing importance of adoption and implementation of international standards, and the improvements made in the area of corporate governance. (Read the article IFAC Re-examines Priorities at WebCPA online and obtain the revised report 2009 Third Annual Global Leadership Survey.)

FEI comments on convergence standards

The Financial Executives International (FEI) Committee on Corporate Reporting (CCR) has filed a series of comment letters with the Financial Accounting Standards Board (FASB) Chairman, Robert Herz, and the International Accounting Standards Board (IASB) Chairman, Sir David Tweedie. The letters address concerns regarding the effective dates of the major convergence standards outlined in the FASB and IASB Memorandum of Understanding (MoU). FEI states that the current proposed dates present challenges to realizing a high quality implementation. It recommends that the Board deliberate the effective dates and transition of the major convergence standards holistically, rather than on a standard-by-standard basis, taking into consideration the impact on companies and the interdependencies among the standards. (Read the article FEI Provides Recommendations to FASB and IASB on Convergence Standards at PR Newswire online.)