Accounting Policy and Practice Report Standards Index

INTERNATIONAL ACCOUNTING STANDARDS BOARD

– International Accounting Standards (IAS)

– – IAS 1, Presentation of Financial Statements

– – – Amendments cleared under annual improvements project, 217; comments sought on statement of changes in equity, 811
– – – Classification system in FASB/IASB discussion paper, objections by constituents discussed, 388 et seq.

– – IAS 7, Cash Flow Statements, cash equivalents, IFRIC to research possible guidance on, 266; amendments published, 402; IFRIC declines to develop guidance, 442
– – IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, annual improvement changes published for comment, 811
– – IAS 12, Income Taxes

– – – Comments criticize proposed revisions, feature report, 761
– – – Convergence with U.S. GAAP defended by IASB member, 538
– – – IASB declined staff recommendation to discount current tax liabilities and assets, ballot draft of revised staff under development, 131; IFRIC declines adding to agenda, 266; new version proposed to provide more clarity, consistent reporting, 314; IFRIC confirms earlier decision not to add to agenda, 443
– – – Income tax accounting under IFRS, overview, SplRpt (6/26/09)
– – – Inconsistency with FASB position likely to bedevil preparers, 415
– – – Interim reporting improvements to take place of major project, 972

– – IAS 16, Property, Plant and Equipment: disclosure of idle assets and construction in process, IFRIC declines adding to agenda, 266; IFRIC confirms earlier decision not to add to agenda, 443
– – IAS 17, Leases, amendments published, 402
– – IAS 18, Revenue, amendment published, effective date to be determined, 402
– – IAS 19, Employee Benefits, deferred recognition of pension plan remeasurements tentatively eliminated, 125; working group suggestions offered, 127; tentative disaggregation proposal developed, 171; proposal for cost disaggregation agreed to, 317; European landscape likely to have substantial upheaval from proposals to scrap smoothing options, working group delegates warn, 399; discount rate to be examined, staff proposal on disclosure requirements cleared, 491; quick fix to discount rate, IASB okays, main exposure draft delayed, 723; IASB seeks comments on limited scope discount rate fix, 772; review hangs on outcome of financial statement presentation discussions with FASB, 850; limited scope discount rate fix dropped doe to lack of constituent consensus, 983
– – IAS 23, Borrowing Costs, IFRIC tentatively declines to pick up interpretive project, 670
– – IAS 24, Related Party Disclosures, revised proposals issued for second round of comment, China's state businesses to benefit, 35; amendments to finalized by year-end, scope definition broadened, 724
– – IAS 27, Consolidated and Separate Financial Statements, revamped accounting model issued conforming IAS 27 and SIC-12, 34; IASB plans single IFRS on consolidations to replace, 401; IASB adopts 2-state strategy to complete project, 490; IFRIC asks IASB to amend, 670; IFRIC announces agenda rejection decisions, 671; annual improvement changes published for comment, 811
– – IAS 28, Investment in Associates, IFRIC to conduct further research on venture capital consolidations and partial use of fair value through profit and loss, declines action on effect of IFRS 3 and IAS 27 revisions, 266; fair value guidance requests turned down by IFRIC, 442; IFRIC refers query to IASB for consideration under quick fix improvements project, 443; IFRIC announces agenda rejection decisions, 671; staff amendments cleared by IASB, 671; annual improvement changes published for comment, 811
– – IAS 32, Financial Instruments: Presentation, IFRIC calls for IASB to act on foreign currency rights issues, 670; draft amendments to IAS 32 issued by IASB, 721; restructurings, IFRIC seeks comments on proposal to clarify application, 722; staff cleared to move on issuance of rights issue amendment, 908; IASB issues amendment, 940
– – IAS 33, Earnings per Share, analysts express indifference to project, 220; project put on hold pending year-end review, 403
– – IAS 34, Interim Financial Reporting

– – – Constituent interpretation requests rejected by IFRIC, 443
– – – Guidelines for additional disclosures in light of volatile markets, staff to explore, 216; progress discussed, 393; IFRIC announces agenda rejection decisions, 671

– – IAS 36, Impairment of Assets, amendments published, 402
– – IAS 37, Provisions, Contingent Liabilities and Contingent Assets

– – – FASB says not to using risk margins, discusses IAS 37, 664
– – – IASB refuses to address lawsuit disclosure concerns prior to U.S. adoption of IFRS, 582
– – – New IFRS to replace IAS 37, members dissent, 908; limited exposure document on measurement agreed to, 985

– – IAS 38, Intangible Assets

– – – Annual improvement project amendments published, 402
– – – Sales costs accounting, IFRIC declines adding to agenda, 266; IFRIC confirms earlier decision not to add to agenda, 443; IFRIC announces agenda rejection decisions, 671

– – IAS 39, Financial Instruments: Recognition and Measurement

– – – Annual improvement project amendments published, 402
– – – Basel Comm. guidelines on application issued, 361
– – – Business combination issues to be addressed, 492
– – – Cash flow hedge reclassifications, amendments cleared under annual improvements project, 217
– – – Classification of failed loan syndications, participation rights and calculation of effective interest rate, IFRIC declines adding to agenda, 266
– – – Complaints about cited at joint FASB-IASB meeting, 305
– – – Constituent interpretation requests rejected by IFRIC, 443
– – – Derecognition models, informal vote on competing models held, 171; changes published as response to market turmoil, 314; IASB derecognition proposals discussed in IASB webcast, 489; alternative approach has “equal chance” of adopting by IASB, 536; IASB agrees to investigate alternative model, 986; changes made in response to EU concerns outlined, 987
– – – Embedded derivative proposals, final approval given, 215; final version published, 266
– – – Emergency change on reclassifications announced, feedback sought, 33
– – – Enhanced due process on equity impairments, IFRIC to issue agenda paper, 441
– – – Expected loss impairment model, IASB seeks views on feasibility of, 626; model spells upheaval for banks, IASB director tells webcast, 627
– – – Fair value standard interaction with discussed, 124; no change to standard as part of fair value measurement project, 216; inactive markets, determining discount rate in, IFRIC declines action on, 266; summary, 564
– – – FCAG co-chair supports simplification, 635
– – – IASB chair warns of second round of changes, 673
– – – IASB votes to simplify hedge accounting, raises fresh U.S. convergence questions, 907
– – – IFRIC announces agenda rejection decisions, 671
– – – Impairments, IASB clears staff to begin drafting second exposure draft, 980
– – – Interim disclosure rules to be bolstered under quick-fix amendment process, 493
– – – Limited scope exception for unquoted equity holdings and derivatives to be worked on, 906
– – – Measurement and classification sections, revision nears completion, 534; comments sought, 668; IASB member blames European bankers for current measurement upheaval, 834; IASB members question viability of financial instrument proposals, especially meaning of “basic loan features,” 903; customized transition approach to new impairment model for amortized costs sought by IASB, 904; impairment discussion suggests second area of divergence between IASB and FASB, 905; convergence with FASB increasing unlikely, 938; IASB director admits decisions on own-credit risk likely to increase complexity, 942; IASB members dissent on draft standard, 980
– – – Mixed-attribute model being considered by IASB and FASB as compromise approach, 567 et seq.
– – – Other-than-temporary impairments, fair value, IASB refuses to amend IFRS to match FASB changes, 393
– – – Restructurings, IFRIC seeks comments on proposal to clarify application, 722
– – – Revamped work plan, Financial Crisis Advisory Group discusses, 478
– – – Securitization structures suggest more areas of divergence from FASB, 981
– – – Speedy changes to IAS 39 better for EU than adopting FASB rules, IASB argues, 532
– – – Tensions flare between EU and IASB following rejection of changes to follow FASB revisions, 391
– – – Timetable for replacement discussed, 393

– – IAS 40, Investment Property, annual improvement changes published for comment, 811
– – IAS 41, Agriculture, discount rate assumptions used in fair value calculations, IFRIC declines adding to agenda, 266; IFRIC confirms earlier decision not to add to agenda, 443

– International Financial Reporting Interpretations Comm. (IFRIC)

– – Draft interpretations

– – – IFRIC D25, Extinguishing Financial Liabilities with Equity Instruments, draft guidance issued for comment, 722

– – Interpretations

– – – IFRIC 9, Reassessment of Embedded Derivatives, board votes to amend, exposure draft issued for comment, 33; amendment proposed, 123; amendment approved, 215; amendment published, 402
– – – IFRIC 11, Group and Treasury Share Transactions, clarifying amendments cleared by IASB, 402
– – – IFRIC 12, Service Concession Arrangements, constituent interpretation requests rejected by IFRIC, 443; IFRIC announces agenda rejection decisions, 671
– – – IFRIC 13, Customer Loyalty Programmes, annual improvement changes published for comment, 811
– – – IFRIC 14, IAS 19 -- Limit on Defined Benefit Asset, Minimum Funding Requirements and their Interaction, staff asked to fix flawed asset ceiling guidance, 129; IFRIC comments on, 266; IFRIC confirms earlier decision not to add to agenda, 443; IASB seeks comments on clarification proposal, 536; corrections finalized, 982
– – – IFRIC 16, Hedges of Net Investment in Foreign Operation, restriction on foreign operations holding hedging instrument removed, proposed guidance issued, 123; amendment published, 402
– – – IFRIC 18, Transfers of Assets from Customers -- Applicability to Customer, constituent interpretation requests rejected by IFRIC, 443; IFRIC announces agenda rejection decisions, 671

– International Financial Reporting Standards (IFRS)

– – IFRS 1, First-Time Adoption of IFRS, quick-fix technical correction to recently amended standard called embarrassing by Leisenring, 37; privatization transactions to be addressed during annual improvements project, 671; amendments finalized providing relief for Canadian extractive industry, 732; annual improvement changes published for comment, 811
– – IFRS 2, Share-Based Payment

– – – Annual improvement project amendments published, 402
– – – Preferred accounting treatment of group cash-settled, share-based payments tentatively approved by board, 36
– – – Reconciliation with FAS 123(R) discussed, 181
– – – Staff cleared to publish final amended standard, 402; final amendments published, 625; small private U.S. firms consider option of adopting, 709; Deloitte survey highlights advantages for SMEs, 710
– – – Vesting vs. nonvesting conditions, further research by staff into preparers' confusion ordered, 671

– – IFRS 3R, Business Combinations, IFRIC does not plan to pick up project on customer-related intangible assets, 266; constituent interpretation requests rejected by IFRIC, 443; IFRIC asks IASB to address amendment projects, 670; IFRIC announces agenda rejection decisions, 671; annual improvement changes published for comment, 811
– – IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations, annual improvement project amendment published, 402; IFRIC asks IASB to amend, 670; annual improvement changes published for comment, 811; FASB considers following model, 975
– – IFRS 7, Financial Instruments: Disclosures

– – – Debt instruments, fast-track proposal issued for comment, 34; plug pulled on project in light of opposition, 125
– – – Derecognition of financial instruments, application to disclosure requirements discussed, 215; amendments proposed, 314; alternative approach has “equal chance” of adopting by IASB, 536
– – – Interim financial statements, application to discussed, 493
– – – Quick-fix annual improvements project to include package of 10 amendments, staff proposal cleared, 35
– – – Three-level fair value hierarchy introduced in newly released updated standard, more in line with IAS 157, 214

– – IFRS 8, Segment Reporting, amendments cleared as part of annual improvements project, 217; amendments published, 402
– – IFRS 32R, Classification of puttable and perpetual instruments, IFRIC confirms intention to not pick up project, 266

– Standing Interpretations Committee (SIC)

– – SIC 12, Consolidation: Special Purpose Entities, revamped accounting model to conform with IAS 27 issued for comment, 34; IASB adopts 2-state strategy to complete project, 490

INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD

– International Auditing Standards (ISA)

– – ISA 530 (Redrafted), Audit Sampling, AICPA proposes revision to SAS 39 to aid convergence, 220
– – ISA 560, Subsequent Events, AICPA proposes SAS based on, 409

INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

– International Auditing Practice Statements (IAPS)

– – IAPS 1012, Auditing Derivative Financial Instruments, comments sought on possible update, 922