July IASB meeting - Pushing on towards the next wave
IAS Plus Update 10-16
Issued 26 July 2010
We've released our Australian meeting summary from the July IASB meeting, held on 19-23 July 2010.
Meeting highlights for Australian constituents
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The IASB and FASB continued debate on the leases project, discussing guidance on when the ‘performance obligation’ or ‘derecognition’ approaches should be used for lessor accounting, determining when the sale/purchase approach should be applied, accounting for leases acquired in a business combination, disclosure and accounting for sale and leaseback transactions
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In the consolidation project, final decisions on disclosures were made and the staff were directed to finalise drafting of the consolidation standard, the disclosure standard as well as the exposure draft related to consolidation of investment companies
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The hedge accounting project saw discussion on eligibility criteria for hedge accounting, effectiveness and the application of hedge accounting to net positions
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In the limited scope income tax project, the IASB decided to propose an exception to the general requirements of IAS 12 so that an entity would measure a deferred tax liability associated with non-depreciable assets (property, intangibles and investment property) measured on the fair value basis in a manner that reflects the tax that entity will pay if it sells the asset, or if lower, the tax that it will pay if it uses the asset.
Read more in our Australian meeting summary or detailed Deloitte observer notes from the meeting:
You can access all our accounting-related resources at http://www.deloitte.com/au/Accounting.
Regards
Bruce Porter
Partner, Assurance & Advisory – Accounting Technical