Ernst & Young Monthly News August 2010
E-News
(PDF, English, 466 kB)
Impairment of financial assets – where is it heading? / Multiple-element arrangements – how should revenue be recognised under
IFRS? / IFRIC 18 and utility companies – practical issues at every step / IFRS monthly update / Resources
(PDF, English, 222 kB)
The International Accounting Standards Board and the US Financial Accounting Standards Board recently issued an Exposure Draft
Revenue from Contracts with Customers (ED), containing a joint proposal for a single revenue recognition model for most revenue transactions.
(PDF, English, 260 kB)
The International Accounting Standards Board and US Financial Accounting Standards Board (together, the Boards) have jointly issued
a progress report, which includes a modified work plan, on their major projects. The modified work plan focuses on those projects for
which the need for improvement of IFRS and US GAAP is the most urgent. For these projects, the targeted completion date of June 2011,
set by the G20 leaders at the Pittsburgh Summit in September 2009, has been retained. For other lower priority projects, or projects
where further analysis is needed, a later completion date has been set.
(PDF, English, 242 kB)
This supplement explores a number of issues following the release of the IASB’s June 2010 ED Measurement Uncertainty Analysis Disclosure
for Fair Value Measurements including: the specific proposals of the ED for disclosures related to measurement uncertainty; how the ED fits
in with the joint project with the FASB on Fair Value Measurements; as well as how it compares with current IFRS, the May 2009 ED and
US GAAP. Comments are due to the IASB by 7 September 2010.
(PDF, English, 286 kB)
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB, and collectively, the Boards)
have posted to their respective websites, a staff draft of an exposure draft (the draft ED) of a new financial statement presentation standard.
The draft ED reflects the Boards’ tentative decisions to date regarding their efforts in developing a new financial statement presentation
standard. The Boards’ proposals are fundamentally the same, although there are some minor differences around segment disclosures.
(PDF, English, 173 kB)
The IASB and FASB approach the final Exposure Draft
(PDF, German, 554 kB)
Source: Handelszeitung, July 14, 2010
Authors: Louis Siegrist, Iris Fischer, Ernst & Young
Q1 saw a strong increase in M&A activities in the consumer goods segment. After Q4 2009 had already shown the first signs of cautious
optimism, hopes of seeing the industry recover in the long term are now increasing.
(PDF, German, 983 kB)
Source: SteuerRevue, No. 7-8/2010
Authors: Sandra Beer, Tabea Stolz, Ernst & Young
Since May 1, 2010, the new regulation 883/04 has applied, replacing the existing regulation 1408/71. However, the new regulation does not
apply to Switzerland. According to the Agreement on the Free Movement of Persons, regulation 1408/71 shall continue to apply here. To enable
regulation 883/04 to be applied in Switzerland as well, appendix II regarding the Free Movement of Persons must initially also be updated.
How long this may take is currently still uncertain.
(PDF, French, 266 kB)
Source: L'Agéfi, July 22, 2010
Authors: Albert Lee, René Röthlisberger, Ernst & Young
Over the last ten years, the role of the fiscal department has changed dramatically. And it will need to develop even more new
competences in the future.