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  • We comment on FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures
    fair value measurement in its entirety Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date Level 2 Inputs other than quoted prices included within Level 1 that are observable ie developed using market data for the asset or liability either directly or indirectly Level 3 Inputs are unobservable ie for which market data is unavailable for the asset or liability Overall we support the proposals Our key comments are as follows the proposals will reduce the costs of complying with FRS 102 for many financial institutions and enable them to present information on a basis consistent with International Financial Reporting Standards IFRSs and it is important that the amendments are issued in final form as early as possible in 2016 and in particular in time for financial institutions with 31 December 2015 year ends to approve their accounts and meet regulatory filing deadlines without having to incur unnecessary costs in complying with the existing FRS 102 requirements for only one year Further comments and a full response to all questions raised in the invitation to comment are contained within the full comment letter Related Topics Resources Financial Reporting Council Projects FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures Standards UK GAAP FRS 102 Related news FRC publishes report into engagement quality control reviews 08 Feb 2016 Charity Commission and OSCR issue an Update Bulletin amending the Charities SORP FRS 102 as a result of changes to UK Accounting Standards 04 Feb 2016 FRC responds to IASB s consultation on draft materiality practice statement 04 Feb 2016 FRC publishes its second survey of extended auditor reporting 28 Jan 2016 FRC responds to ESMA s consultation paper on ESEF 21 Jan 2016 FRC to

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/deloitte-cl-fred-62 (2016-02-10)
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  • 2016 IFRS 'Red Book' coming in March
    the 2016 edition of the Bound Volume of International Financial Reporting Standards the Red Book is expected to be available in March The Red Book contains all official pronouncements that have an effective date after 1 January 2016 Accordingly the 2016 edition includes the following changes made since 1 January 2015 IFRS 16 Leases as well as amendments to IFRS 15 effective date and IFRS 10 IAS 28 effective date of amendments Copies will be priced at 72 each before discounts plus shipping More information is available on the IASB s register my interest webpage link to IASB website Related Topics Resources IASB finalised pronouncements International Accounting Standards Board IASB Related news Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 EFRAG Board conference call February 2016 04 Feb 2016 IASB website available again 03 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 Need to know IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 Need to know IASB issues amendments to IAS 12 to clarify the recognition of deferred tax assets for unrealised losses related to debt instruments measured at fair value 29 Jan 2016 All Related Related Discussions Insurance contracts 20 May 2015 Rate regulated activities 24 Jul 2014 Investor outreach strategy 25 Feb 2014 IASB activities update 24 Feb 2014

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/2015-red-book (2016-02-10)
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  • Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard
    Can one or the other be dropped altogether How can predominance best be determined for the deferral approach What is the appropriate level for assessing predominance On the first question the vast majority of respondents state that both approaches are needed They claim that both the overlay approach and the temporary exemption from applying IFRS 9 are needed as these address different issues depending on the type of business activities and group structures On the ends of the spectrum are the insurance industry on the one side and user organisations on the other side The insurance industry is asking for a deferral of IFRS 9 until the insurance standard is completed they mostly cite cost reasons Some user groups are asking for the overlay approach only some very few even argue that it is best to do nothing these respondents mainly cite lack of comparability if multiple options exist One level down it is especially the deferral approach that triggers suggestions for refinement While most respondents agree that assessing predominance is the right approach the IASB s proposal to assess predominance at the reporting entity level causes confusion Most respondents seem to believe that the IASB sees the group level as the reporting entity level Others believe that reporting entity level is an empty phrase that could also mean lower levels than the group level The question of how to treat conglomerates is important in both cases Therefore respondents assuming that the IASB intends testing at the group level often argue that a testing below the reporting entity level is needed respondents assuming an assessment at a lower level often wonder of the implications for the group The two possibilities that seem to emerge are Assessment is at the group level and results are cascaded down this would leave pure insurance companies that are subsidiaries of conglomerates without the option of deferral while companies that are not subsidiaries of conglomerates would have the option Assessment is at a lower level than the group level however there is the question of roll up this could either mean that groups need to consolidate IFRS 9 and IAS 39 numbers or that qualifying subsidiaries would need to keep two sets of books an IAS 39 one for reporting to their users and an IFRS 9 one for reporting within the group Expectations are currently as communicated at the October 2015 IASB meeting that the IASB will begin re deliberation of the exposure draft in the second quarter of 2016 Final amendments are expected in the third quarter of 2016 Related Topics Resources IASB exposure drafts International Accounting Standards Board IASB Projects Different effective dates of IFRS 9 and the new insurance contracts standard Insurance contracts Comprehensive project Standards IAS 39 Financial Instruments Recognition and Measurement IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Related news 2016 IFRS Red Book coming in March 09 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 FEE briefing paper on

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/reactions-to-ed-2015-11 (2016-02-10)
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  • We comment on the IASB’s proposed amendments to IFRS 4
    available However we have concerns over the methodology for measuring that criterion and also disagree that it should be assessed only at the reporting entity level The proposed expiry date for the deferral approach is appropriate but recommend that the IASB conclude its deliberations on the new insurance contracts standard taking into account the inputs received from comment letters and outreach activities so that the effective date of the new standard is within this timescale In addition we do not believe that a clearly defined insurance business should be excluded from the deferral approach only because it is part of a larger group and recommend the predominance test be permitted at the reporting entity level or each level below the parent entity waterfall approach Further we provided some suggestions on how the predominance test could be modified to ensure that the temporary deferral can be applied by an appropriate population of entities Please click to access the full comment letter Related Topics Resources IASB exposure drafts International Accounting Standards Board IASB Projects Different effective dates of IFRS 9 and the new insurance contracts standard Insurance contracts Comprehensive project Standards IAS 39 Financial Instruments Recognition and Measurement IFRS 4 Insurance Contracts IFRS 9 Financial Instruments Related news 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 ESMA comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 04 Feb 2016 EFRAG Board conference call February 2016 04 Feb 2016 All Related Related Publications Deloitte comment letter

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/dcl-2015-11 (2016-02-10)
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  • FRC publishes report into engagement quality control reviews
    to review their audit methodology guidance and training provided to partners and staff in respect of the engagement quality control review EQC review process Meetings were also held with a selection of EQCRs to understand how they perform this role and the challenges they face The review follows other thematic reviews conducted in January 2016 January 2014 and December 2013 Thematic reviews analyse further aspects of auditing which are not considered in detail during the FRC s routine audit inspections of individual firms Thematic reviews seek to identify both good practice and areas of common weakness among audit firms Overall the FRC indicates that all firms have established EQC review procedures for financial statement audits However it does indicate that whilst there were instances where the EQC review had directly contributed to improving the quality of the audit for a tenth of audits the review identified weaknesses in the audit work performed which the EQC review process had not identified The review provides a number of areas where firms should consider making improvements to their procedures and the application of these procedures in practice The key messages from the review are that audit firms should consider whether their EQCR eligibility criteria include adequate levels of technical expertise experience and authority for audits of listed entities and or in specialist sectors consistent with that required by the individual signing the audit report their processes can be improved for the EQCR to evaluate whether they have maintained their objectivity throughout the audit so that any potential threats are identified considered and safeguarded It should be clear to the Audit Committee that the EQCR is not a member of the audit team but part of the firm s quality control processes actions are needed to ensure that on all audits the EQCR s involvement is timely and effective in maintaining audit quality and that matters identified by the EQCR are appropriately addressed and the evidence of the EQCR s review and challenge requires improvement to meet the increased requirements of the EU Audit Regulation and Directive The FRC comments that it expects to see improvements in the areas identified by the report in future inspections of individual firms The press release and full report are available on the FRC website Related Topics Resources Financial Reporting Council Auditing Related news We comment on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 Charity Commission and OSCR issue an Update Bulletin amending the Charities SORP FRS 102 as a result of changes to UK Accounting Standards 04 Feb 2016 FRC responds to IASB s consultation on draft materiality practice statement 04 Feb 2016 FRC publishes its second survey of extended auditor reporting 28 Jan 2016 Audit exemption thresholds to be aligned with revised small company accounting thresholds 26 Jan 2016 Bank of England issues Policy Statement following its consultation on the interaction of the PRA with external auditors and actuaries 21 Jan 2016 All Related Related Publications Deloitte comment letter

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/frc-thematic-review-eqcr (2016-02-10)
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  • EFRAG publishes January 2016 issue of 'EFRAG Update'
    Group EFRAG has published an EFRAG Update summarising public technical discussions held and decisions made during January 2016 The Update reports on EFRAG Board meeting on 14 January the EFRAG Technical Expert Group EFRAG TEG conference call on 7 January and the EFRAG TEG meeting on 27 28 January The Update also lists EFRAG publications issued in January EFRAG s final comment letter in response to the IASB s Request for Views 2015 Agenda Consultation EFRAG s summary report of the outreach event held in Copenhagen on 25 November 2015 jointly with the Confederation of Danish Industry DI the Danish Accounting Standards Committee DASC on EFRAG and IASB agenda consultations link to EFRAG website and EFRAG s summary report of the outreach event held in Brussels on 23 September 2015 on the IASB s Conceptual Framework for Financial Reporting and the results of an academic study sponsored by EFRAG and the Institute of Chartered Accountants of Scotland ICAS on professional investors financial information usage link to EFRAG website Please click to download the January EFRAG Update from the EFRAG website Related Topics Resources EFRAG Technical Expert Group TEG European Financial Reporting Advisory Group EFRAG Related news EFRAG Board conference call February 2016 04 Feb 2016 EFRA TEG meeting February 2016 04 Feb 2016 EFRAG issues feedback statement on the 2015 IASB Agenda Consultation 03 Feb 2016 EFRAG issues its comment letter on the 2015 IASB Agenda Consultation 21 Jan 2016 EFRAG publishes summary report for its Conceptual Framework outreach event in Brussels 12 Jan 2016 EFRAG TEG meeting January 2016 12 Jan 2016 All Related Related Publications EFRAG endorsement status report 3 February 2016 04 Feb 2016 EFRAG endorsement status report 29 January 2016 01 Feb 2016 EFRAG endorsement status report 19 January 2016 20 Jan 2016 EFRAG endorsement status

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/efrag-update-january-2016 (2016-02-10)
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  • FEE briefing paper on the endorsement of IFRS 9
    2015 and featured an introduction by the ECON Chair Roberto Gualtieri followed by short presentations by four invited experts The presentations were followed by a joint discussion with ECON members The second hearing took place on 11 January 2016 IASB Chairman Hans Hoogervorst gave a short presentation of the current work of the IASB Afterwards he and Michel Prada Chairman of the IFRS Foundation Trustees answered questions of the ECON members The FEE paper summarising the statements and providing addition anwers can be downloaded from their website Related Topics Resources IFRSs in Europe Events of 2015 IFRSs in Europe Events of 2016 International Accounting Standards Board IASB Projects Different effective dates of IFRS 9 and the new insurance contracts standard Standards IFRS 9 Financial Instruments Other Federation of European Accountants FEE Related news 2016 IFRS Red Book coming in March 09 Feb 2016 Reactions to the proposed amendments intended to address concerns about the different effective dates of IFRS 9 and the forthcoming new insurance contracts standard 08 Feb 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 February 2016 IASB meeting agenda posted 05 Feb 2016 ESMA comment letter on tentative agenda decision on IFRS 9 and IAS 39 Derecognition of financial assets 04 Feb 2016 EFRAG Board conference call February 2016 04 Feb 2016 All Related Related Publications Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 EFRAG endorsement status report 3 February 2016 04 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 Need to know IASB issues amendments to IAS 7 Statement of Cash Flows requiring disclosure of changes in liabilities arising from financing activities 01 Feb 2016 All Related Related Discussions IFRS

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/fee-ifrs-9 (2016-02-10)
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  • Interview with IPSASB Chair
    User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Navigation News 2016 January February 2015 2014 2013 2012 2011 2010 Info Interview with IPSASB Chair 08 Feb 2016 The International Public Sector Accounting Standards Board IPSASB has released an interview with Ian Carruthers who took office as new IPSASB Chair on 1 January 2016 In the interview Mr Carruthers talks about the IPSASB and the importance of International Public Sector Accounting Standards IPSAS for transparency and accountability in public sector financial management Please click to access the recording on the IPSASB website Related Topics Resources International Public Sector Accounting Standards Board IPSASB Related news IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 Recent EPSAS developments 11 Jan 2016 IPSASB publishes 2015 Handbook of pronouncements 14 Dec 2015 IPSASB establishes advisory body 09 Dec 2015 All Related Related Publications IPSAS in your pocket 2015 edition 30 Sep 2015 Deloitte comment letter on the IPSASB strategy consultation 31 Jul 2014 Deloitte comment letter on the future governance of the International Public Sector Accounting Standards Board 30 Apr 2014 Deloitte IPSAS in your pocket 2013 06 Mar 2013 All Related Related Discussions IPSASB governance review 24 Feb 2014 All Related About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See

    Original URL path: http://www.iasplus.com/en-gb/news/2016/02/interview-with-ipsasb-chair (2016-02-10)
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