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Ernst & Young Monthly News April 2009

E-News

Legal News – March 2009

(PDF, English, 84 kB)

Topic: Reduced working times / mass redundancies

IFRS outlook – March 2009

(PDF, English, 352 kB)

IFRS for non-publicly accountable entities: much more than a change of name / IFRS 3R: avoiding the transition traps / Financial reporting developments / Resources

Amendments to IFRS 7 –
March 2009 (Issue 31, Supplement to IFRS outlook)

(PDF, English, 142 kB)

The IASB has now finalised the amendments to IFRS 7 that are intended to enhance the disclosures for fair value measurement and liquidity risk. Entities will be required to use a 3-level hierarchy of disclosures for financial instruments recorded at fair value. Businesses will need to carefully consider whether they need to modify their management information systems and internal controls to capture both the quantitative and qualitative disclosures required by the amendments.

Embedded Derivatives: Amendments to IFRIC 9 and IAS 39 –
March 2009 (Issue 32, Supplement to IFRS outlook)

(PDF, English, 89 kB)

The IASB has just published Embedded Derivatives: Amendments to IFRIC 9 and IAS 39. Entities must assess whether to separate an embedded derivative from a host contract in the case where the entity reclassifies a hybrid financial asset out of the fair value through profit or loss category. The amendments to IFRIC 9 require an assessment to be made either when the entity first became party to the contract or when a change in the terms of the contract significantly modifies expected cash flows.

IASB seeks input on recent FASB proposals - fair value measurements and impairment of financial instruments –
March 2009 (Issue 33, Supplement to IFRS outlook)

(PDF, English, 200 kB)

This week, the FASB exposed for comment two FSPs affecting the application of fair value to financial instruments, and accounting for impairment of securities. The IASB has not proposed amendments to IFRS, but is seeking views as to how it should proceed, particularly given the significant differences that already exist between IFRS and US GAAP as it relates to impairment.

Reclassification of financial assets –
March 2009 (Issue 34, Supplement to IFRS outlook)

(PDF, English, 820 kB)

This supplement is an update to Supplement to IFRS outlook Issue 23, summarizing the amendments the IASB has made to IFRS regarding the reclassification of certain financial assets from held for trading to the held to maturity, available for sale, or loans and receivables categories including the recent amendments to IFRIC 9.

Leases project preliminary views –
March 2009 (Issue 35, Supplement to IFRS outlook)

(PDF, English, 156 kB)

This supplement summarizes the proposals in the Discussion Paper Leases, issued by both the IASB and FASB. This DP is the output of a joint project to develop a common lease accounting standard to ensure that the assets and liabilities arising from lease contracts are recognized in the statement of financial position. Under the proposed new model, which would eliminate operating leases, lessees would record an asset representing their right to use the leased asset during the term of the lease and a liability for their obligation to make rental payments.