Ernst & Young Monthly News May 2010
E-News
(HTML, English)
Legal aspects of domains
(PDF, Englisch, 428 kB)
Editorial / Key changes and enhancements to GIPS — the GIPS 2010 / The winding road to GIPS 2010 and continued development of
the Standards, an interview with Mr. Colin Morrison / New GIPS logo for GIPS-compliant firms / Strategic considerations for investment
management firms / GIPS 2010: An opportunity or obligation for hedge funds and alternative investment firms? / Appendix — GIPS 2010:
Overview of key changes to GIPS provisions 0. to 5. / Contacts / Upcoming GIPS conferences and seminars
(PDF, English, 392 kB)
New proposals for classifying financial instruments as equity or liability / The Fair Value Measurements standard — a project
update / Financial reporting developments / Resources
(PDF, English, 136 kB)
The IASB and the US FASB recently issued an Exposure Draft entitled Conceptual Framework for Financial Reporting: the Reporting Entity
with proposals for the description of a reporting entity. This proposal is welcome given the current lack of a definition of a reporting
entity and is expected to be useful to preparers, regulators and auditors. Our supplement summarizes the proposed description of a reporting
entity included in the ED, which includes a discussion of what the proposals mean for consolidated financial statements, combined financial
statements and parent-only financial statements.
(PDF, English, 200 kB)
The lack of comprehensive financial reporting guidance for the minerals and oil and gas industries has led to significant divergence in
financial reporting for extractive activities under IFRS. In response, the IASB has published a Discussion Paper (DP) for comment (that was
first published in a working draft of the DP in August 2009). The DP presents the results of the research project and contains the views
of the project team, which is comprised of staff from the national standard setters in Australia, Canada, Norway and South Africa. The DP
does not represent the views of the Board. This supplement provides an overview of the DP.
(PDF, English, 448 kB)
Welcome to the second issue of Talking SMEs, a series of publications that looks at topical issues for SMEs. We consider which
entities may apply IFRS for SMEs; some entities will need to use judgment to determine whether they are within the scope of the standard.
We also explore in more detail some of the tax compliance and accounting matters that we touched on in the first issue. Finally, we offer an
overview of IASB developments as they relate to IFRS for SMEs.