Accountancy Magazine
Professional Briefing: Reporting updates
September 2010
ASB UPDATE
RECENT STANDARDS & AMENDMENTS
Amendment to FRS 20 (IFRS 2): Share-based Payment: Group Cash-settled Share-based Payment Transactions
Issued: 28 August 2009
Effective from: Accounting periods beginning on or after 1 January 2010 (to be applied retrospectively)
Amendments to UITF Abstract 42 (IFRIC 9): Reassessment of Embedded Derivatives and FRS 26 (IAS 39): Financial Instruments: Recognition and Measurement – Embedded Derivatives
Issued: September 2009
Effective from: Annual periods ending on or after 31 December 2009
Improvements to FRS
Issued: 1 December 2009
Effective from: Accounting periods beginning on or after 1 January 2010
Amendment to FRS 25 (IAS 32): Financial Instruments: Presentation – Classification of Rights Issues
Issued: 25 January 2010
Effective from: Annual periods beginning on or after 1 February 2010
UITF Abstract 47 (IFRIC 19): Extinguishing Financial Liabilities with Equity Instruments
Issued: 9 July 2010
Effective from: Annual periods beginning on or after 1 July 2010
CURRENT PROPOSALS
(COMMENT PERIOD EXPIRED)
FREDs 28-29
Issued: May 2002 (Accountancy, July/August 2002)
What next? Further consultation in ASB convergence discussion paper
FRED 32: Disposal of Non-current Assets and Presentation of Discontinued Operations
Issued: July 2003 (Accountancy, September 2003)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 36: Business Combinations (IFRS 3) and Amendments to FRS 2 (parts of IAS 27: Consolidated and Separate Financial Statements)
Issued: July 2005 (Accountancy, September 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 37: Intangible Assets (IAS 38)
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 38: Impairment of Assets (IAS 36)
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 39: Amendments to FRS 12: Provisions, Contingent Liabilities and Contingent Assets and Amendments to FRS 17: Retirement Benefits
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
Consultation paper: Policy Proposal: the future of UK GAAP
Issued: 11 August 2009
What next? Comments being analysed. Request made for responses to aid development of impact assessment on proposed UK financial reporting framework, with response deadline of 20 August 2010
FRED: Improvements to Financial Reporting Standards 2010
Issued: 8 June 2010
What next? Comments being analysed
IASB UPDATE
RECENT STANDARDS & AMENDMENTS
Classification of Rights Issues (Amendment to IAS 32)
Issued: October 2009
Effective from: Annual periods beginning on or after 1 February 2010
IAS 24: Related Party Disclosures
Issued: November 2009
Effective from: Annual periods beginning on or after 1 January 2011
IFRS 9: Financial Instruments
Issued: November 2009
Effective from: 1 January 2013
Prepayments of a Minimum Funding Requirement (Amendments to IFRIC 14)
Issued: November 2009
Effective from: 1 January 2011
Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1)
Issued: 28 January 2010
Effective from: 1 July 2010
IFRS Taxonomy 2010
Issued: 30 April 2010 (by IASC Foundation)
Improvements to IFRSs
Issued: 6 May 2010
Effective from: Annual periods beginning on or after 1 January 2011
IFRS Taxonomy 2010 interim release
Issued: 5 August 2010 (by IASC Foundation)
CURRENT PROPOSALS
(OUT FOR COMMENT)
ED: Defined Benefit Plans (Proposed amendments to IAS 19)
Issued: 29 April 2010
Comments by: 6
ED: Presentation of items of Other Comprehensive Income (Proposed amendments to IAS 1)
Issued: 27 May 2010
Comments by: 30 September 2010
ED: Revenue from Contracts with Customers
Issued: 24 June 2010
Comments by: 22 October 2010
ED: Measurement Uncertainty Analysis Disclosure for Fair Value Measurements
Issued: 29 June 2010
Comments by: 7 September 2010
ED: Insurance Contracts
Issued: 30 July 2010
Comments by: 30 November 2010
ED: Leases
Issued: 17 August 2010
Comments by: 15 December 2010
ED: Removal of Fixed Dates for First-Time Adopters (proposed amendments to IFRS 1)
Issued: 26 August 2010
Comments by: 27 October 2010
CURRENT PROPOSALS
(COMMENT PERIOD EXPIRED)
Financial crisis-related projects
ED 10: Consolidated Financial Statements
Issued: 18 December 2008
What next? Comprehensive disclosure standard expected fourth quarter 2010 and a revised consolidation standard expected fourth quarter 2010
ED: Derecognition – Proposed amendments to IAS 39 and IFRS 7
Issued: 31 March 2009
What next? IFRS expected third quarter 2010
ED: Fair Value Option for Financial Liabilities
Issued: 11 May 2010 (questionnaire issued on 24 May)
What next? IFRS expected second quarter 2011
ED: Financial Instruments: Amortized Cost and Impairment
Issued: 5 November 2009
What next? Comments being analysed
Hedge accounting
What next? ED expected third quarter 2010
Memorandum of Understanding projects
ED: Proposed amendments to IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
Issued: 25 September 2008
What next? ED expected first quarter 2011
Replacement of IAS 1 and IAS 7
What next? ED expected first quarter 2011
Discussion paper: Financial Instruments with Characteristics of Equity
Issued: February 2008
What next? ED expected first quarter 2011
ED: Income Tax
Issued: 31 March 2009
What next? Project under review – unlikely to proceed in current form. ED with limited amendments expected second half 2010
ED 9: Joint Arrangements
Issued: September 2007
What next? IFRS expected third quarter 2010
Other projects
Emissions trading schemes
What next? ED expected from second half 2011
Discussion paper: Extractive Activities
Issued: 6 April 2010
What next? Agenda decision expected first half 2011
ED: Measurement of Liabilities in IAS 37
Issued: 5 January 2010 (working draft of new IAS 37 issued on 19 February 2010)
What next? IFRS expected first half 2011
ED: Management Commentary
Issued: 23 June 2009
What next? Completed guidance expected second half 2010
ED: Rate-regulated Activities
Issued: 23 July 2009
What next? IFRS expected first half 2011
ED: Simplifying Earnings per Share: Proposed amendments to IAS 33
Issued: 7 August 2008
What next? Project currently paused
Amendments to IAS 20, Government Grants and Disclosure of Government Assistance
What next? Work suspended
Conceptual framework
ED: An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information
Issued: 29 May 2008
What next? Final chapter expected third quarter 2010
Phase B: Elements and recognition
What next? To be determined
Phase C: Measurement
What next? Discussion paper expected fourth quarter 2010 or first quarter 2011
ED: Conceptual Framework for Financial Reporting: The Reporting Entity
Issued: 11 March 2010
What next? Final chapter expected fourth quarter 2010
IFRIC UPDATE
RECENT INTERPRETATIONS
IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments
Issued: November 2009
CURRENT PROPOSALS
(OUT FOR COMMENT)
DI: Stripping Costs in the Production Phase of a Surface Mine Issued: 26 August 2010
Comments by: 30 November 2010
CURRENT PROJECTS
IFRS 2: Share-based Payment – classification of vesting conditions
What next? Staff work underway
Put options written over non-controlling interests
What next? Topic added to IFRIC’s agenda and staff developing papers for discussion
For a full list of the IASB’s current projects with document publication dates, visit www.iasb.org and access the work plan in the ‘Standards development’ section.
RECENT STANDARDS & AMENDMENTS
Amendment to FRS 20 (IFRS 2): Share-based Payment: Group Cash-settled Share-based Payment Transactions
Issued: 28 August 2009
Effective from: Accounting periods beginning on or after 1 January 2010 (to be applied retrospectively)
Amendments to UITF Abstract 42 (IFRIC 9): Reassessment of Embedded Derivatives and FRS 26 (IAS 39): Financial Instruments: Recognition and Measurement – Embedded Derivatives
Issued: September 2009
Effective from: Annual periods ending on or after 31 December 2009
Improvements to FRS
Issued: 1 December 2009
Effective from: Accounting periods beginning on or after 1 January 2010
Amendment to FRS 25 (IAS 32): Financial Instruments: Presentation – Classification of Rights Issues
Issued: 25 January 2010
Effective from: Annual periods beginning on or after 1 February 2010
UITF Abstract 47 (IFRIC 19): Extinguishing Financial Liabilities with Equity Instruments
Issued: 9 July 2010
Effective from: Annual periods beginning on or after 1 July 2010
CURRENT PROPOSALS
(COMMENT PERIOD EXPIRED)
FREDs 28-29
Issued: May 2002 (Accountancy, July/August 2002)
What next? Further consultation in ASB convergence discussion paper
FRED 32: Disposal of Non-current Assets and Presentation of Discontinued Operations
Issued: July 2003 (Accountancy, September 2003)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 36: Business Combinations (IFRS 3) and Amendments to FRS 2 (parts of IAS 27: Consolidated and Separate Financial Statements)
Issued: July 2005 (Accountancy, September 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 37: Intangible Assets (IAS 38)
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 38: Impairment of Assets (IAS 36)
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
FRED 39: Amendments to FRS 12: Provisions, Contingent Liabilities and Contingent Assets and Amendments to FRS 17: Retirement Benefits
Issued: July 2005 (Accountancy, October 2005)
What next? Further action postponed pending ASB deciding its strategy for convergence
Consultation paper: Policy Proposal: the future of UK GAAP
Issued: 11 August 2009
What next? Comments being analysed. Request made for responses to aid development of impact assessment on proposed UK financial reporting framework, with response deadline of 20 August 2010
FRED: Improvements to Financial Reporting Standards 2010
Issued: 8 June 2010
What next? Comments being analysed
IASB UPDATE
RECENT STANDARDS & AMENDMENTS
Classification of Rights Issues (Amendment to IAS 32)
Issued: October 2009
Effective from: Annual periods beginning on or after 1 February 2010
IAS 24: Related Party Disclosures
Issued: November 2009
Effective from: Annual periods beginning on or after 1 January 2011
IFRS 9: Financial Instruments
Issued: November 2009
Effective from: 1 January 2013
Prepayments of a Minimum Funding Requirement (Amendments to IFRIC 14)
Issued: November 2009
Effective from: 1 January 2011
Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Amendment to IFRS 1)
Issued: 28 January 2010
Effective from: 1 July 2010
IFRS Taxonomy 2010
Issued: 30 April 2010 (by IASC Foundation)
Improvements to IFRSs
Issued: 6 May 2010
Effective from: Annual periods beginning on or after 1 January 2011
IFRS Taxonomy 2010 interim release
Issued: 5 August 2010 (by IASC Foundation)
CURRENT PROPOSALS
(OUT FOR COMMENT)
ED: Defined Benefit Plans (Proposed amendments to IAS 19)
Issued: 29 April 2010
Comments by: 6
ED: Presentation of items of Other Comprehensive Income (Proposed amendments to IAS 1)
Issued: 27 May 2010
Comments by: 30 September 2010
ED: Revenue from Contracts with Customers
Issued: 24 June 2010
Comments by: 22 October 2010
ED: Measurement Uncertainty Analysis Disclosure for Fair Value Measurements
Issued: 29 June 2010
Comments by: 7 September 2010
ED: Insurance Contracts
Issued: 30 July 2010
Comments by: 30 November 2010
ED: Leases
Issued: 17 August 2010
Comments by: 15 December 2010
ED: Removal of Fixed Dates for First-Time Adopters (proposed amendments to IFRS 1)
Issued: 26 August 2010
Comments by: 27 October 2010
CURRENT PROPOSALS
(COMMENT PERIOD EXPIRED)
Financial crisis-related projects
ED 10: Consolidated Financial Statements
Issued: 18 December 2008
What next? Comprehensive disclosure standard expected fourth quarter 2010 and a revised consolidation standard expected fourth quarter 2010
ED: Derecognition – Proposed amendments to IAS 39 and IFRS 7
Issued: 31 March 2009
What next? IFRS expected third quarter 2010
ED: Fair Value Option for Financial Liabilities
Issued: 11 May 2010 (questionnaire issued on 24 May)
What next? IFRS expected second quarter 2011
ED: Financial Instruments: Amortized Cost and Impairment
Issued: 5 November 2009
What next? Comments being analysed
Hedge accounting
What next? ED expected third quarter 2010
Memorandum of Understanding projects
ED: Proposed amendments to IFRS 5: Non-current Assets Held for Sale and Discontinued Operations
Issued: 25 September 2008
What next? ED expected first quarter 2011
Replacement of IAS 1 and IAS 7
What next? ED expected first quarter 2011
Discussion paper: Financial Instruments with Characteristics of Equity
Issued: February 2008
What next? ED expected first quarter 2011
ED: Income Tax
Issued: 31 March 2009
What next? Project under review – unlikely to proceed in current form. ED with limited amendments expected second half 2010
ED 9: Joint Arrangements
Issued: September 2007
What next? IFRS expected third quarter 2010
Other projects
Emissions trading schemes
What next? ED expected from second half 2011
Discussion paper: Extractive Activities
Issued: 6 April 2010
What next? Agenda decision expected first half 2011
ED: Measurement of Liabilities in IAS 37
Issued: 5 January 2010 (working draft of new IAS 37 issued on 19 February 2010)
What next? IFRS expected first half 2011
ED: Management Commentary
Issued: 23 June 2009
What next? Completed guidance expected second half 2010
ED: Rate-regulated Activities
Issued: 23 July 2009
What next? IFRS expected first half 2011
ED: Simplifying Earnings per Share: Proposed amendments to IAS 33
Issued: 7 August 2008
What next? Project currently paused
Amendments to IAS 20, Government Grants and Disclosure of Government Assistance
What next? Work suspended
Conceptual framework
ED: An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information
Issued: 29 May 2008
What next? Final chapter expected third quarter 2010
Phase B: Elements and recognition
What next? To be determined
Phase C: Measurement
What next? Discussion paper expected fourth quarter 2010 or first quarter 2011
ED: Conceptual Framework for Financial Reporting: The Reporting Entity
Issued: 11 March 2010
What next? Final chapter expected fourth quarter 2010
IFRIC UPDATE
RECENT INTERPRETATIONS
IFRIC 19: Extinguishing Financial Liabilities with Equity Instruments
Issued: November 2009
CURRENT PROPOSALS
(OUT FOR COMMENT)
DI: Stripping Costs in the Production Phase of a Surface Mine Issued: 26 August 2010
Comments by: 30 November 2010
CURRENT PROJECTS
IFRS 2: Share-based Payment – classification of vesting conditions
What next? Staff work underway
Put options written over non-controlling interests
What next? Topic added to IFRIC’s agenda and staff developing papers for discussion
For a full list of the IASB’s current projects with document publication dates, visit www.iasb.org and access the work plan in the ‘Standards development’ section.
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