Le magazine du trésorier - n°70 - 2ème trimestre 2010 - (Page 4)

FINANCIAL HIGHLIGHTS Luxembourg News Improvements of IFRSs 2010 The International Accounting Standards Board (IASB) has issued improvements to IFRSs 2010, an 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 to standards and the related Basis for Conclusions.The improvement of IFRSs comprises 11 amendments to the following six standards and interpretations: IFRS 3 Business combination IFRS 7 Financial Instruments Disclosures IAS 1 Presentation of financial statements IAS 27 Consolidated and Separate Financial Statements IFRIC 13 Customer Loyalty Programmes G G G G G should be derecognized from the statement of financial position. This is part of the Board’s overall project to replace IAS 39 Financial Instruments: Recognition and Measurement. In March 2009, the Board published an exposure draft (ED), containing an approach based on control and an outline of an alternative approach. Based on the feedback received from respondents, the Board decided to further develop the alternative approach.This will be published as a new ED in the second or third quarter of 2010. The final standard is expected to be published in the first quarter of 2011. (For more information, refer to our IFRS Outlook of May 2010) the IASB tentatively decided that an ‘investment company’ will be required to measure investments in entities that it controls at fair value through profit or loss, rather than consolidating such investments. This tentative decision is a significant step towards converging IFRS and US GAAP with respect to this issue. Entities in the asset management and private equity sectors as well as investees of such companies should carefully monitor developments with respect to these proposals and are strongly encouraged to comment on the proposals if they are issued for reexposure. (For more information, refer to our IFRS Outlook of March 2010) Contacts: Thierry Bertrand Investment companies — consolidate or measure at fair value? An exception to the principle in IFRS that an entity consolidates all controlled investments, which has been previously requested by the asset management and private equity sectors, may be on the horizon. In a joint meeting between the International Accounting Standards Board (IASB) and the US FASB in February 2010, The proposed effective date for the amendments is for annual periods, beginning on or after 1 January 2011. Earlier application is permitted in all cases. Partner, Head of the Luxembourg IFRS Desk, Ernst & Young, Luxembourg Renaud Breyer Senior Manager, Real Estate, Ernst & Young, Luxembourg Derecognition of financial instruments: the way forward The current derecognition requirements for financial instruments are generally regarded as both difficult to understand and complex to apply in practice. In response to these complaints, the IASB (the Board) initiated a project to improve and simplify the requirements for determining when financial instruments 4

Table des matières de la publication Le magazine du trésorier - n°70 - 2ème trimestre 2010

Cover
Contents
Editorial
Financial hightlights
Interview
Focus
Forum of advertisers
Treasurers' Associations
News

Le magazine du trésorier - n°70 - 2ème trimestre 2010

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