Ernst & Young Monthly News June 2009
E-News
(PDF, English, 368 kB)
Consolidations – do the proposed amendments really make things better? / Financial statement presentation – a step forward? /
Financial reporting developments / Resources
(PDF, English, 370 kB)
In line with its stated intention to reduce the complexity of accounting standards for financial instruments and to address issues arising
from the financial crisis, the IASB has released a timetable for a comprehensive and urgent review of IAS 39 and to publish proposals
within six months. The IASB has responded to the FASB's FSPs as follows: on fair value measurement, it has confirmed that the FSP is consistent
with the existing guidance in IFRS and for the avoidance of doubt, relevant guidance from the FSP will be included in the ED planned for late
May 2009. In respect of impairment of debt instruments, the IASB will take up the broad issue of impairment as part of the comprehensive
project to replace IAS 39 and does not consider that an immediate response to the FSP is necessary.
(PDF, English, 198 kB)
This publication summarises the IASB's second omnibus of amendments to its standards and the related Basis for Conclusions. The Improvements
Project is an annual project that provides a mechanism for making necessary but non-urgent amendments. This document contains 15 amendments
to 12 standards which result from the proposals that were contained in Exposure Drafts issued by the IASB.
(PDF, English, 87 kB)
The lack of application guidance in IAS 39 Financial Instruments: Recognition and Measurement on the meaning of a 'significant or
prolonged' decline in the fair value of an equity instrument (that is classified as available-for-sale) to establish whether it is impaired,
has lead to considerable diversity in practice.
(PDF, English, 105 kB)
U.S.-Swiss Safe Harbor Framework – New data protection opportunities