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  • Revenue resources
    and Amortisation Amendments to IAS 16 and IAS 38 for use in the European Union It also reflects that the Accounting Regulatory Committee ARC meeting was cancelled due to the special situation in Brussels therefore ARC votes on IFRS 15 and amendments to IFRS 10 IFRS 12 and IAS 28 will not occur until the first quarter of 2016 Accordingly endorsement of these pronouncement is now expected in the second quarter of 2016 IFRS Foundation releases training material for IFRS 9 and IFRS 15 27 Nov 2015 The IFRS Foundation s education initiative has releases slide decks to support those teaching IFRSs The material provided now is for IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers Both standards are effective for annual reporting periods beginning on or after 1 January 2018 with early application permitted IFRS in Focus Joint Meeting on Revenue 18 Nov 2015 This newsletter summarises the November meeting of the IASB and FASB joint revenue transition resource group TRG discusses implementation of new revenue standard 11 Nov 2015 At its 9 November 2015 meeting the FASB s and IASB s joint revenue transition resource group TRG discussed potential issues related to implementing the boards new revenue standard TRG Snapshot Joint meeting on revenue November 2015 11 Nov 2015 This TRG Snapshot summarizes the November 9 2015 meeting of the joint FASB and IASB transition resource group TRG on revenue recognition which was formed to discuss and analyze potential issues that preparers may face when implementing the boards new revenue standard Revenue transition resource group releases meeting agenda 03 Nov 2015 The FASB and IASB have released the agenda for the next meeting of their joint revenue transition resource group TRG which will be held on 9 November 2015 AICPA begins developing revenue recognition implementation guidance 03 Nov 2015 The Financial Reporting Executive Committee of the American Institute of Certified Public Accountants AICPA has released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard What kind of accounting standards should the IASB write 02 Nov 2015 The IASB makes available a paper by IASB member Mary Tokar published in the Journal of Accounting and Management Information Systems JAMIS The paper focuses on a long standing challenge for standard setters What kind of standards should they write We comment on the proposed clarifications to IFRS 15 28 Oct 2015 We have published our comment letter on the International Accounting Standards Board s IASB Exposure Draft ED 2015 6 Clarifications to IFRS 15 Deloitte comment letter on IASB ED 2015 6 Clarifications to IFRS 15 28 Oct 2015 Deloitte Touche Tohmatsu Limited has responded to the International Accounting Standards Board s IASB Exposure Draft ED 2015 6 Clarifications to IFRS 15 IFRS 15 ESMA believes the IASB has identified the right issues calls for clear documentation of impacts of differences between IASB and FASB 08 Oct 2015 The European Securities and Markets Authority ESMA has commented on

    Original URL path: http://www.iasplus.com/en/collections/revenue (2016-02-10)
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  • Conceptual Framework — Comprehensive IASB project
    discussions on the staff draft for measurement bases As per request of the Board the draft only included two categories of measurement bases current and historical measures The Board agreed with the staff paper with one sweep issue remaining being the definition of the fulfilment value This issue will be discussed at the November IASB meeting In addition the Board discussed consequential amendments to the existing standards that will become necessary once the Exposure Draft on the Conceptual Framework is finalised The Board agreed that potential inconsistencies between the standards and the proposed Framework will be summarised in the Basis for Conclusions to the Exposure Draft and that references to the previous version of the Framework will be updated However the Board did not agree on any further changes to the standards After agreeing that all required due process steps had been taken the Board gave the staff the permission to ballot the Exposure Draft with a comment period of 150 days Four Board members expressed concerns about several issues that could potentially have them dissent from the Exposure Draft Conceptual framework 24 Sep 2014 At this meeting the IASB discussed remaining aspects of measurement implicaitons of long term investment and the distinction between liabilities and equity Conceptual Framework Transition requirements for the revised Conceptual Frameworks 16 Sep 2014 The IFRS Interpretations Committee discussed 1 the IASB s tentative decisions on transition and effective date for the revised Conceptual Framework and 2 the proposed transition guidance and effective date Conceptual framework 24 Jul 2014 The Board continued its redeliberations in the Conceptual framework project by having a discussion about cash flow based measurements the distinction between P L and OCI the scope and content of presentation and disclosure other elements the control of the asset definition the present obligation aspect of the liability definition derecognition the business model and transition and the effective date Conceptual framework 23 Jul 2014 The Board continued its redeliberations in the Conceptual framework project by having an extensive discussion about the measurement section Board member discussed the objective and the effect of the qualitative characteristics as well as measurement categories Conceptual framework 19 Jun 2014 The Board continued its redeliberations of the feedback in the Conceptual framework project In this session the IASB discussed the distinction between profit or loss and OCI economic resources and benefits executory contracts the unit of account communication principles as well as materiality under presentation and disclosure and the distinction between liabilities and equity Conceptual framework 21 May 2014 The Technical Principal on the Conceptual Framework project opened the session and noted that the staff had ten papers to discuss with the Board She noted that the first three papers to be discussed dealt with the definition of the elements and recognition criteria these papers were followed by two papers that dealt with reporting entity issues a paper on the going concern assumption and a series of papers that discussed potential changes to Chapters 1 and 3 of the existing

    Original URL path: http://www.iasplus.com/en/projects/major/cf-iasb (2016-02-10)
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  • Leases (IFRS 16)
    whether a customer must have the ability to derive the benefits from directing the use of an identified asset on its own or together with other resources that were sold separately or that could otherwise be sourced in a reasonable period of time for a contract to contain a lease The Boards tentatively decided not to include that requirement based on concerns for unintended consequences complexity and limited number of cases to which that alternative would be applicable Leases 20 Nov 2014 The Board discussed consequential amendments to IAS 40 Investment Property as part of the Lease project The Board tentatively decided to maintain the requirements of the 2013 ED by which leased investment property would be accounted for in the same manner as owned investment property Leases 22 Oct 2014 The Boards held a joint meeting to continue their redeliberations on the definition of a lease with the objective of addressing concerns raised by the Boards in May 2014 The Boards tentatively decided to provide additional guidance to identify a customer s right to direct the use of an asset However the Boards did not reach a decision on whether a contract would contain a lease only when the customer had the ability to derive the benefits from directing the use of an identified asset on its own or together with other readily available resources Instead the Boards instructed the staff to consider the issues raised by the Boards and tentatively decided that the topic would be discussed again in a future joint Board meeting Leases 23 Jul 2014 The IASB and the FASB came together for another joint session to further deliberate issues in the leases project The topics for this session comprised various aspects of sale and leaseback transactions from the perspective of the seller lessee and lessor disclosures Leases 18 Jun 2014 The IASB and the FASB came together for a joint session to further deliberate issues in the leases project The topics for this session comprised 1 subleases 2 lease balance sheet presentation and 3 cash flow presentation Leases 22 May 2014 The IASB and the FASB came together for a joint session to further deliberate issues in the leases project The topics for this session comprised the same issues covered in the education session namely 1 the definition of a lease 2 separating lease and non lease components and 3 initial direct cost The Boards approved all Staff recommendations Leases Education session 20 May 2014 The objective of session which is to allow IASB Board members to ask questions to IASB and FASB Staff in relation to the agenda papers ahead of the upcoming joint meeting with the FASB later this week The topics discussed during the educational session concerned the following issues 1 the definition of a lease 2 separating lease and non lease components and 3 initial direct cost The majority of the time was spent on the first issue No decisions were made Leases 23 Apr 2014 The IASB and the

    Original URL path: http://www.iasplus.com/en/projects/completed/leases/leases-ifrs-16 (2016-02-10)
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  • International Accounting Standards Board (IASB)
    Feb 2016 Wesley R Bricker deputy chief accountant in the SEC s Office of the Chief Accountant OCA spoke at the 43rd Annual Securities Regulation Institute sponsored by the Northwestern Pritzker School of Law about the implementation of the new revenue standard IASB website currently not available 01 Feb 2016 The IASB has asked us to post the following information IASB issues Investor Perspectives article on leases 29 Jan 2016 The IASB has issued the latest issue of Investor Perspectives In this edition Sue Lloyd IASB board member discusses the key features in the new leases standard IASB finalises amendments to IAS 7 under its disclosure initiative 29 Jan 2016 The International Accounting Standards Board IASB has published amendments to IAS 7 Statement of Cash Flows The amendments are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity s financing activities They are effective for annual periods beginning on or after 1 January 2017 with earlier application being permitted We comment on the IASB s annual improvements to IFRSs 2014 2016 cycle ED 27 Jan 2016 We have responded to the IASB s Exposure Draft Annual Improvements to IFRSs 2014 2016 Cycle that was IASB published in November 2015 and makes proposes amendments to three IFRSs IASB updates work plan 22 Jan 2016 Following its January 2016 meeting the IASB has updated its work plan As mentioned before directly tracing the Board s progress on the individual projects has become impossible since the change of the work plan format in July unless the Board makes definite progress or has to make larger corrections Of these only a few can be identified since the previous work plan IASB says TRG not scheduled to meet again 22 Jan 2016 The IASB has announced that the Transition Resource Group for Revenue Recognition TRG is not scheduled to meet again January 2016 IASB meeting notes posted 22 Jan 2016 The IASB met at its offices in London on 19 20 January 2016 We have posted the Deloitte observer notes from all of the sessions held on both days IASB finalises amendments regarding the recognition of deferred tax assets for unrealised losses 19 Jan 2016 The International Accounting Standards Board IASB has published final amendments to IAS 12 Income Taxes The IASB had concluded that the diversity in practice around the recognition of a deferred tax asset that is related to a debt instrument measured at fair value is mainly attributable to uncertainty about the application of some of the principles in IAS 12 Therefore the amendments consist of some clarifying paragraphs and an illustrating example Recording of the IASB web presentation on the new leases standard 15 Jan 2016 On 13 January 2016 the day IFRS 16 Leases was issued the staff of the IASB introduced the new standard in a web presentation A recording of the presentation and the presentation slides are now available on the IASB website Pre meeting summaries for the January IASB

    Original URL path: http://www.iasplus.com/en/resources/ifrsf/iasb-ifrs-ic/iasb (2016-02-10)
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  • Use of IFRS by jurisdiction
    No stock exchange in New Caledonia As a French Department New Caledonia follows French accounting requirements This means that for unlisted companies IFRSs are permitted in consolidated statements prohibited in separate company statements NZ New Zealand X Note 2 Yes New Zealand IFRS equivalents required for large unlisted permitted for others NI Nicaragua X Yes IFRSs required for all NE Niger X IFRSs not permitted NG Nigeria X starting 2012 Note 21 To be determined Note 21 NO Norway X Note 1 No As Adopted by EU IFRSs permitted in both consolidated and separate company statements OM Oman X Yes IFRSs required for all PK Pakistan X Note 18 IFRSs not permitted PA Panama X Yes IFRSs required for some IFRS for SMEs for others However the law requiring IFRSs is under legal challenge PG Papua New Guinea X Yes PY Paraguay X Yes IFRSs permitted PE Peru X Yes PH Philippines X Note 11 PL Poland X Note 1 No As Adopted by EU IFRSs required for consolidated financial statements of banks permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs prohibited in the separate financial statements of other companies PT Portugal X Note 1 No As Adopted by EU IFRSs required in consolidated financial statements of banks and financial institutions permitted for others IFRSs permitted in separate company statements of a company that is within the scope of a consolidated group that uses IFRSs not permitted for other companies QA Qatar X Yes IFRSs required for all RE Reunion No stock exchange in Reunion As a French Department Reunion follows French accounting requirements This means that for unlisted companies IFRSs are permitted in consolidated statements prohibited in separate company statements RO Romania X Note 1 No As Adopted by EU IFRSs required for consolidated financial statements of banks permitted in consolidated financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs IFRSs permitted in the separate financial statements of companies that have applied for stock exchange listing or whose parent uses IFRSs prohibited in the separate financial statements of other companies RU Russia X Note 26 WS Samoa No stock exchange in Samoa IFRSs are permitted KN St Kitts and Nevis X Note 15 Yes SA Saudi Arabia X Note 6 Yes IFRSs not permitted SN Senegal X IFRSs not permitted RS Serbia Republic of X Yes IFRSs required for all SL Sierra Leone X Yes IFRSs required for some IFRS for SMEs for others SG Singapore X Note 13 No Singapore FRSs required Note 13 SI Slovenia X Note 1 No As Adopted by EU IFRSs required for financial institutions permitted for others SK Slovak Republic X Note 1 No As Adopted by EU IFRSs required for all ZA South Africa X Yes IFRS permitted or IFRS for SMEs ES Spain X Note 1 No As Adopted by EU IFRSs permitted in consolidated statements prohibited in separate company statements LK Sri Lanka X Yes IFRSs required for some permitted for others SR Suriname X Yes IFRSs are permitted SZ Swaziland X Yes SE Sweden X Note 1 No As Adopted by EU IFRSs permitted in consolidated statements prohibited in separate company statements CH Switzerland X Multi national main board companies must choose either IFRSs or US GAAP starting 2005 Yes TW Taiwan X IFRS required for some permitted for others TJ Tajikistan X Yes IFRSs required for all TZ Tanzania X Yes IFRSs required for international companies TH Thailand X IFRSs not permitted TG Togo X IFRSs not permitted TT Trinidad and Tobago X Yes IFRS permitted or IFRS for SMEs TN Tunisia X IFRSs not permitted TR Turkey X Note 5 Yes IFRS required for some permitted for others TM Turkmenistan X UG Uganda X Yes UA Ukraine X Note 27 IFRSs permitted UK United Kingdom X Note 1 No As Adopted by EU IFRSs permitted in both consolidated and separate company statements US United States X Note 10 IFRSs permitted UY Uruguay X Note 4 UZ Uzbekistan X IFRSs not permitted VU Vanuatu No stock exchange in Vanuatu IFRSs permitted VE Venezuela X Note 19 2004 IFRSs required starting 2007 VN Vietnam X VG Virgin Islands British X Yes VI Virgin Islands US No stock exchange in Virgin Islands US IFRSs not permitted Unlisted companies follow US GAAP PS West Bank Gaza X Yes YE Yemen No stock exchange in Yemen IFRSs permitted ZM Zambia X IFRSs permitted ZW Zimbabwe X Yes Totals for listed companies Totals for unlisted companies Important This tabulation should be read in conjunction with the notes below Information to the best of our knowledge for 174 jurisdictions for domestic listed companies totals without CN IFRSs not permitted 23 jurisdictions IFRSs permitted 25 jurisdictions IFRSs required for some 10 jurisdictions IFRSs required for all 96 jurisdictions No stock exchange 20 jurisdictions Includes 31 EU EEA member states Note 1 and 5 jurisdictions that have adopted full IFRS equivalents Notes 2 3 and 7 Of the 131 jurisdictions 25 10 96 that permit or require IFRSs for domestic listed companies In 87 jurisdictions the audit report refers to conformity with IFRSs In 31 jurisdictions the audit report refers to conformity with IFRSs as adopted by the EU In 1 jurisdiction HK the audit report for companies incorporated in HK refers to local GAAP and for companies incorporated elsewhere it refers to IFRSs For 1 jurisdiction NG this has not yet been announced For 1 jurisdiction JP this depends on the status of designation For 10 jurisdictions this information is not available Important This tabulation should be read in conjunction with the notes below Of the 174 jurisdictions in table for unlisted companies totals without CN IFRSs not permitted 30 jurisdictions IFRSs permitted for all or some 47 jurisdictions IFRSs required for some 37 jurisdictions IFRSs required for all 28 jurisdictions We do not have information 32 jurisdictions Note 1 This country is an EU EEA member state The audit report and basis of presentation note refer to compliance with IFRSs as adopted by the EU The EU has adopted virtually all IFRSs though there is a time lag in adopting several recent IFRSs and one aspect of IAS 39 was modified The modification affects approximately 50 EU banks following IFRSs as adopted in the EU The EU is also permitting the issuance of separate company financial statements marked as complying with IFRSs as adopted in the EU in circumstances contradictory to IAS 27 Click for latest information on which of the EU and EEA members use this option Note 2 Australia and New Zealand have adopted national standards that they describe as IFRS equivalents Those standards include the requirement from IAS 1 16 that an entity whose financial statements comply with IFRSs shall make an explicit and unreserved statement of such compliance in the notes In both countries this statement is also made in the audit report Note 3 Hong Kong has adopted national standards that are identical to IFRSs including all recognition and measurement options but in some cases effective dates and transition are different Companies that are based in Hong Kong but incorporated in another country are permitted to issue IFRS financial statements rather than Hong Kong GAAP statements Note 4 By law all Uruguayan companies must follow IFRSs existing at 31 July 2007 There are also a few additional local standards that must be complied with The auditor s report refers to conformity with Uruguayan GAAP Note 5 Listed companies in Turkey are permitted to follow IFRSs in one of two ways due to delays in translating IFRSs into Turkish A listed company can follow the full English version of IFRSs as published by the IASB in which case the audit report and basis of presentation footnote make an explicit statement of compliance with International Financial Reporting Standards A listed company can follow the Turkish translations of IFRSs Because of translation delays these companies do not comply with IFRSs and the audit report and basis of presentation footnote state that the financial statements comply with IFRSs as adopted for use in Turkey Note 6 All banks and insurance companies listed on the Saudi Stock Exchange must use IFRSs Note 7 Canada has adopted IFRSs in full as Canadian Financial Reporting Standards effective 2011 However mandatory adoption of IFRSs has been deferred for entities with rate regulated activities until 2015 and investment companies until 2014 Those deferrals were provided to give time for the IASB to complete projects affecting those entities Note 8 Since April 2010 the Securities Exchange Board of India SEBI has provided an option to listed entities having subsidiaries to submit their consolidated financial results either in accordance with the accounting standards specified in section 211 3C of the Companies Act 1956 or in accordance with IFRS with required reconciliations Submission of separate financial results to the stock exchanges will continue to be in accordance with Indian GAAP In January 2015 the Indian Ministry of Corporate Affairs MCA released a revised roadmap that reflects that in essence companies with a net worth of Rs 500 crore or more will have to mandatorily follow Indian Accounting Standards Ind AS which are largely converged with International Financial Reporting Standards IFRSs from 1 April 2016 Corporates having a net worth of less than Rs 500 crore but are listed or in the process of getting listed and companies with a net worth of Rs 250 crore or more will have to follow the new norms from 1 April 2017 The new road map exempts banking insurance and non banking finance companies The roadmap still needs to be officially notified which is expected shortly Note 9 The Financial Reporting Standards prescribed by the Institute of Chartered Accountants in Bangladesh ICAB are known as Bangladesh Financial Reporting Standards BFRS including Bangaldesh Accounting Standards BAS BFRS and BAS are closely modelled on International Accounting Standards and International Financial Reporting Standards issued by the IASB As at January 2013 a version of all IFRS and IAS issued by the IASB had been adopted as BFRS by the ICAB with the exception of IAS 29 adopted but not in force until 2015 and IFRS 9 under review Note 10 On 14 November 2008 the US SEC published for comment a proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by US Issuers Currently domestic US SEC registrants are required to use US GAAP and are not permitted to use IFRSs Note 11 In adopting IFRSs as Philippines Financial Reporting Standards PFRSs various modifications were made to IFRSs including the following transition relief Reduced segment reporting disclosures Exemption from applying tainting rule for a specific set of financial instruments Commodity derivative contracts of mining companies as of 1 January 2005 grandfathered Insurance companies allowed to use another comprehensive set of accounting principles also described as Philippine Financial Reporting Standards For banks losses from sale of non performing assets allowed to be amortised over a period of time Some additional changes to IASB s pension foreign exchange and leases Standards Note 12 On 11 Dec 2009 the Financial Services Authority of Japan FSA published final Cabinet Office Ordinances that allow some Japanese public companies voluntarily to start using IFRSs designated by the Commissioner of the FSA in their consolidated financial statements starting from the fiscal year ending 31 March 2010 For details on which companies are eligible and what special disclosures are required please see our jurisdiction page for Japan The audit report refers to conformity with either IFRSs or IFRSs designated by the FSA of Japan depending on a status of designation If the designated IFRSs is the same as effective IFRSs the audit report should refer to IFRSs while if not for example delay in designation etc a reference should be made to IFRSs designated by the FSA of Japan Note 13 Singapore has adopted most IFRSs essentially word for word as Singapore equivalents of IFRSs However they have made changes to the recognition and measurement principles in several IFRSs when adopting them as Singapore standards and they have not adopted several other IFRSs In May 2009 the government announced Singapore Financial Reporting Standards will be fully converged with IFRSs by 2012 The fully converged standards would apply to all Singapore incorporated companies listed on the Singapore Stock Exchange However in March 2012 the Singapore Accounting Standards Council ASC announced that full convergence will not occur in 2012 as had originally been planned It is now expected to occur in 2018 Note 14 The new Chinese Accounting Standards for Business Enterprises CAS were published by the Ministry of Finance MoF in 2006 and became effective on January 1 2007 These standards are substantially converged with IFRSs except for certain modifications e g disallow the reversal of impairment loss on long term assets which reflect China s unique circumstances and environment In April 2010 the MoF released the roadmap for continuing convergence of CAS with IFRSs China has made a commitment to convergence with IFRSs Standard convergence is an ongoing process and the MoF is continuing to spend significant effort on the ongoing convergence between CASs and IFRSs The CASs are now mandatory for entities including PRC listed companies financial institutions including entities engaging in securities business permitted by China Securities Regulatory Commission certain state owned enterprises private companies in certain provinces In the roadmap the MoF has indicated its intention to have all large and medium sized enterprises regardless whether they are listed companies or private companies adopt the new CAS by 2012 In December 2007 the HKICPA recognized CAS equivalence to HKFRS which are identical to IFRSs including all recognition and measurement options but have in some cases different effective dates and transition requirements From then the CASC and HKICPA together with IASB created an ongoing mechanism to reinforce continuously such equivalence In December 2010 the Hong Kong Stock Exchange decided to allow mainland incorporated companies listed in Hong Kong to have an option to present financial statements using CASs and audited by an approved mainland audit firm A number of such companies have chosen to present financial statements using CASs for annual reporting The EU Commission permits Chinese issuers to use CAS when they enter the EU market without adjusting financial statement in accordance with IFRS endorsed by EU Note 15 The Eastern Caribbean Securities Exchange ECSE is a regional securities market located in St Kitts It is designed to facilitate the buying and selling of financial products including corporate stocks and bonds and government securities for the eight member territories of Anguilla Antigua and Barbuda Dominica Grenada Montserrat St Kitts and Nevis St Lucia and St Vincent and the Grenadines Note 16 Malaysian Financial Reporting Standards MFRS which are fully IFRS compliant and permit entities to make an unreserved statement of compliance with IFRS are required to be followed by Malaysian non private entities for annual periods beginning on or after 1 January 2012 However certain entities in the real estate and agricultural industries are not required to apply MFRS until annual periods beginning on or after 1 January 2017 early adoption permitted Note 17 On 11 November 2008 the Mexican Securities and Exchange Commission Comision Nacional Bancaria y de Valores or CNBV announced that all companies listed on the Mexican Stock Exchange will be required to use IFRSs starting 2012 Listed companies will have the option to use IFRSs earlier starting as early as 2008 subject to requirements that will be established by the CNBV Note 18 Pakistan has adopted most but not all IFRSs The standards not adopted are IFRS 1 IFRS 9 IFRS 14 IFRS 15 IFRIC 4 and IFRIC 12 In addition standards relevant for financial institutions IAS 39 Financial Instruments Recognition and Measurement IAS 40 Investment Property and IFRS 7 Financial Instruments Disclosures have not been adopted for banks and other financial institutions regulated by the State Bank of Pakistan SBP SBP has prescribed its own criteria for recognition and measurement of financial instruments for such financial entities Note 19 In 2004 the Venezuelan Federation of Certified Public Accountants adopted IFRSs as they existed in 2004 as Venezuelan accounting standards They were required for listed companies in 2005 for large unlisted companies in 2006 and for other companies starting 2007 Currently Venezuela has not adopted any of the IFRSs or amendments to IASs that have been issued since 2004 Note 20 A February 2010 resolution of the Institute of CPAs of the Dominican Republic provides for a gradual implementation of IFRSs for listed companies with some standards mandatory starting in 2010 while others are phased in up to 2014 Note 21 On 28 July 2010 the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards IFRS The Council has directed the Nigerian Accounting Standards Board NASB under the supervision of the Nigerian Federal Ministry of Commerce and Industry to take further necessary actions to give effect to Councils approval Note 22 Credit institutions insurance and re insurance companies can choose between IFRSs as adopted by the EU and Luxembourg accounting principles both in separate and consolidated financial statements All other entities need to obtain the approval of the Luxembourg Ministry of Justice to prepare separate or consolidated financial statements in accordance with IFRSs as adopted by the EU The Ministry of Justice grants the derogation on the reasoned opinion of the Commission des Normes Comptables CNC the Luxembourg Accounting Standards Board In early 2009 a draft law was introduced by the Luxembourg authorities proposing the introducing of IFRSs for commercial companies Accordingly it is anticipated that IFRSs will be introduced into the Luxembourg commercial law as an alternative to the current Luxembourg accounting principles in due course

    Original URL path: http://www.iasplus.com/en/resources/ifrs-topics/use-of-ifrs (2016-02-10)
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  • IFRS e-learning
    Ventures IAS 32 Financial Instruments Presentation IAS 32 Financial Instruments Presentation and IAS 39 Financial Instruments Recognition and Measurement Accounting for financial instruments Hedge accounting Derecognition of financial instruments IAS 33 Earnings per share IAS 34 Interim Financial Reporting IAS 34 Interim Financial Reporting 2015 IAS 36 Impairment of Assets IAS 37 Provisions Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 see IAS 32 IAS 40 Investment Property IAS 41 Agriculture Other modules IFRIC 12 Service Concession Arrangements Framework for the Preparation and Presentation of Financial Statements IFRS for SMEs Related Publications Deloitte e learning IFRS 9 impairment 08 Jul 2015 This Deloitte e learning module provides training in the background scope and principles relating to the impairment of financial instruments under IFRS 9 Financial Instruments Deloitte e learning IAS 36 06 Jun 2015 This Deloitte e learning module provides training in the background scope and principles under IAS 36 Impairment of Assets and the application of this Standard Topics covered include the key requirements of IAS 36 determining recoverable amount identification of cash generating units CGUs and the allocation of goodwill to CGUs the recognition of impairment losses and the reversals of impairment losses Deloitte e learning IFRS 15 15 Apr 2015 This Deloitte e learning module provides training in the background scope and principles under IFRS 15 Revenue from Contracts with Customers and the application of this Standard Topics covered include the principles for the recognition of revenue to the sale of goods services licenses royalties and any variable consideration or modifications to contracts and guidance is provided on how these principles should be applied by using the new five step revenue recognition model Deloitte e learning IAS 27 2015 08 Apr 2015 This Deloitte e learning module provides training in the background scope and principles under IAS 27 Separate Financial Statements and the application of this Standard It incorporates subsequent amendments issued in August 2014 Deloitte e learning IAS 34 2015 08 Mar 2015 This Deloitte e learning module provides training in the background scope and principles under IAS 34 Interim Financial Reporting and the application of this Standard The module incorporates amendments to IAS 34 issued in August 2014 Deloitte e learning IFRS 9 hedge accounting 08 Jul 2014 This Deloitte e learning module provides training in the background scope and principles relating to the hedge accounting of financial instruments under IFRS 9 Financial Instruments Deloitte e learning IFRS 13 15 May 2013 This Deloitte e learning module provides training in the background scope and principles under IFRS 13 Fair Value Measurement and the application of this Standard Topics covered include the identification of assets and liabilities market characteristics and market participants determining the highest and best use of non financial assets the measurement of liabilities appropriate valuation techniques determining the level in the hierarchy and the correct price and disclosure Deloitte e learning IAS 27 07 May 2013 This Deloitte e learning module provides training in the background scope and principles under

    Original URL path: http://www.iasplus.com/en/tag-types/e-learning (2016-02-10)
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  • IFRS industry experts
    Kingdom English United States English Login or Register Deloitte User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus Global English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation Resources IFRS Foundation and the IASB Use and adoption of IFRS Global organisations Regional organisations Topics in financial reporting Research and education Sustainability and integrated reporting Deloitte Navigation Deloitte Deloitte IFRS Centres of Excellence IFRS industry experts IFRS specialists Overview of our global IFRS related publications The Bruce Column The IAS Plus Interviews Welcome to IAS Plus Info IFRS industry experts Industry expertise IFRS industry expert Deloitte location Consumer Business Transportation Retail Alfred Popken US Consumer Business Transportation Consumer Products Pieter Peerlings Netherlands Consumer Business Transportation Transportation Luca Petroni Italy Energy Resources Doug King UK Financial Services FSI GFSI Audit ACCTG Leader Damien Leurent France Financial Services FSI Insurance IFRS Francesco Nagari UK Life Sciences Health Care John Rhodes US Manufacturing Hendrik Nardmann Germany Infrastructure and Concessions Javier Parada Spain Public Sector Frans van Schaik Netherlands Technology Media Telecommunications Ariane Bucaille France To contact our industry IFRS experts or Deloitte people in any Deloitte location around the world go to the Deloitte global home page and then click on Contact and then Email us Quick links Deloitte IFRS Centres of Excellence IFRS specialists Related Resources Deloitte IFRS Centres of Excellence IFRS specialists All Related Contact us About Legal Privacy FAQs 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 Legal for additional copyright and other legal information Deloitte refers

    Original URL path: http://www.iasplus.com/en/resources/deloitte/ifrs-industry-experts (2016-02-10)
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  • IFRS specialists
    both IFRS and French GAAP Serves several multinational companies headquartered in France Expert on IFRS in the context of M A transactions Was a member of several steering committees of the French Standard Setter for over 10 years Former Director of Accounting Standards French Institute of Statutory Auditors 1999 2000 Former Technical Advisor for IAS issues Ordre des Experts Comptables 1991 1993 Claudio Giaimo Buenos Aires Argentina 54 11 4320 2716 Partner Deloitte LATCO and Argentina IFRS Centre of Excellence Member of Deloitte s Global IFRS Leadership Team GILT Member of Deloitte s Expert Advisory Panel on Financial Instruments Permanent member of the Argentine Council for the Issuance of Accounting and Auditing Standards CENCyA Member of the Commission created for the implementation of IFRS in Argentina Member of the Commissions that drafted the Argentine accounting standards on derivatives and hedging activities pension benefits and revaluation of fixed assets Serves clients based in and out of Argentina Karen Higgins Toronto Canada 1 416 601 6238 Member of Deloitte s Global IFRS Leadership Team GILT Leader of the Canadian IFRS Center of Excellence Co editor iGAAP IFRS for Canada Canadian firm National Accounting Services Leader Responsibilities include IFRS interpretations technical support and application of IFRSs Member of the Canadian Accounting Standards Board Former member of the Canadian Emerging Issues Committee Denise Hodgkins Auckland New Zealand 64 9 303 0918 Partner New Zealand Leader New Zealand National Technical Group Responsibilities include NZ GAAP and IFRS interpretations technical support and application of NZ GAAP and IFRSs Former member and deputy chairman of previous New Zealand standard setter New Zealand Financial Reporting Standards Board until 2011 and several subcommittee working groups including Financial Instruments Tax Chair Former member Professional Practices Board of the New Zealand Institute of Chartered Accountants this board is responsible for the code of ethics auditing standards and other professional engagement standards Thomas Hopkins London United Kingdom 44 121 695 5967 Global IFRS Technical Director Participant Deloitte Global IFRS Leadership Team GILT Member of the Confederation of British Industry CBI Financial Reporting Panel Contributor iGAAP 2012 IFRS Reporting in the UK and ukGAAP 2011 Financial reporting for UK unlisted entities Shinya Iwasaki Tokyo Japan 81 3 6213 1168 Partner of Deloitte s IFRS Center of Excellence in Tokyo and Tokyo Center of Deloitte s Global IFRS and Offering Services Member of Deloitte s Global IFRS Leadership Team GILT Serves major clients in and out of Japan with an emphasis on SEC registrants and Japanese multinational financial institutions Member Japanese Institute of Certified Public Accountants Deloitte Japan s representative on the IFRS Adoption Task Force jointly organised by Nippon Keidanren Japanese Business Federation and JICPA Member IFRS Practice Group of the Accounting Standards Board of Japan Author of or contributor to many publications on accounting under IFRS US GAAP and Japanese GAAP Co translator of Deloitte s iGAAP Financial Instruments Christine Lallouette Paris France 33 1 55 61 23 50 Partner Paris IFRS Centre of Excellence Leader of the Paris Financial Instruments Technical Team Responsibilities include IFRS interpretations technical support and application of IFRSs re financial instruments for financial institutions and corporates Participant Deloitte s Global IFRS Leadership Team GILT Member of several working groups of the Autorité des Normes Comptables French standard setter Jan Peter Larsen Copenhagen Denmark 45 36 10 36 81 Member of Deloitte SE s IFRS Leadership Team Head of Deloitte s Copenhagen IFRS Centre of Excellence Responsibilities include IFRS interpretations technical support and application of IFRSs Chairman Danish Accounting Standards Committee Interpretations technical support and application of Danish GAAP William Lim Hong Kong China 852 2852 5890 Technical Accounting IFRS and HKFRS Deloitte Hong Kong Financial Instruments Specialist Deloitte Hong Kong Member ICAEW and ICPAS Abbas Ali Mirza United Arab Emirates 971 4 376 8888 Audit partner with Deloitte Touche ME and is a member of the firm s regional IFRS leadership team for the Middle East region Chairman 21st session of UNCTAD s Intergovernmental Working Group of Experts on International Standards on Accounting Reporting ISAR United Nations Geneva Chairman Dubai Chamber of Commerce s Auditors Group Formerly Member Accounting Standards Committee Securities and Exchange Board of India SEBI India Past President and currently Board member of Indian Business Professional Council IBPC Dubai Three times elected Chairman Dubai Chapter Institute of Chartered Accountants of India ICAI Formerly Member of the Developing Nations Committee previously known as the Developing Nations Permanent Task Force of the International Federation of Accountants IFAC Author of over fifteen IFRS related books published in the US and distributed internationally by Wiley Member of Advisory Board Business School American University of Dubai AUD Walter Müller Vienna Austria 43 1 53700 7900 Partner Deloitte Austria IFRS Country Leader for Austria Editor and author of various IFRS manuals Member of various Austrian and international IFRS working groups Expert for IFRS transition and implementation Francesco Nagari Hong Kong China 852 2852 1977 Partner Deloitte s global IFRS Insurance Leader member of the Hong Kong Centre of Excellence chair of the Deloitte Expert Advisory Panel for Insurance Expert on insurance reporting issues across IFRSs and US UK French and Italian GAAP and on insurance IFRS transition from other GAAPs Member of the Insurance Regulatory Liaison Group of the Hong Kong Institute of Certified Public Accountants Author of several articles and publications on insurance reporting including illustrative financial statements for insurers research on insurance investors views on insurance reporting and Deloitte s monthly newsletter and client webcast on the IASB FASB joint project on insurance contracts accounting IFRS 4 Phase II Magnus Orrell Stamford CT United States 1 203 761 3402 Director Accounting Standards and Communications Group Deloitte Touche USA Member of Deloitte s Expert Advisory Panel on financial instruments Former IASB Project Manager 2000 2003 Former Member of the Secretariat of the Basel Committee 1997 1999 CPA Chartered Financial Analyst Certified Internal Auditor Certified Financial Risk Manager Extensive international experience Belgium Sweden Switzerland United Kingdom United States IIA William S Smith Certificate of Excellence Kush Patel London United Kingdom

    Original URL path: http://www.iasplus.com/en/resources/deloitte/ifrs-specialists (2016-02-10)
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