International GAAP® 2009 now available

The 2009 update of International GAAP® is now available. Written by Ernst & Young's International Financial Reporting Group, International GAAP® 2009 interprets IFRSs, sets them in a relevant business context and provides insights into how complex practical issues should be resolved in the real world of global financial reporting.

International GAAP Online includes the text of International GAAP®, plus the complete IFRS standards (including downloads of the 2006, 2007, and 2008 bound volumes), our Illustrative Financial Statements (Good Group), and complete archive of IFRS Outlook and other publications included on this site. International GAAP® Online also includes complementary access to Ernst & Young's International GAAP® disclosure checklist tool.

Learn more about International GAAP® Online.

IFRS Outlook: April

In the April issue of IFRS Outlook (pdf, 370kb) we look at the future for rate-regulated assets and liabilities under IFRS and how the IASB's plans for addressing rate-regulated activities could impact the industry. Then we explore convertible instruments and why you should look at anti-dilution provisions. Finally, we report on the IASB's objectives in its project to replace IAS 39, Financial Instruments: Recognition and Measurement.

FASB guidance on fair value, impairment summarised

The FASB has issued two FASB Staff Positions (FSPs), providing guidance on fair value measurement and impairment of financial instruments. This issue (pdf, 205kb) of Supplement to IFRS Outlook summarises the FSPs, including important changes from the proposed FSPs. The final FSPs are available on the FASB's website.

The IASB requested comments on the FASB's above mentioned FSPs by 20 April. Our comment letter (pdf, 78kb) cites concern over the FASB's unilateral issue of the FSPs.

Derecognition of financial instruments

This supplement (pdf, 167kb) summarises the IASB's exposure draft (ED) (pdf, 605kb) which proposes improvements to the derecognition provisions included in IAS 39 for financial instruments. The ED also proposes changes to IFRS 7 introducing new qualitative and quantitative disclosure requirements related to derecognition of financial instruments.

ED Income Tax would replace IAS 12

The IASB has issued an Exposure Draft (pdf, 300kb) to replace IAS 12 Income Taxes. Issue 36 (pdf, 160kb) of Supplement to IFRS Outlook summarizes key aspects of the ED, including changes in the definitions of "tax basis" and "temporary difference," exceptions to the "temporary difference" approach, location of tax components to comprehensive income or equity, and uncertain tax positions.

Ernst & Young comments on failed loan syndications

Ernst & Young has submitted a comment letter to the IFRIC on tentative agenda decision: Classification of failed loan syndications. We agree with the IFRIC not to take this item onto its agenda.

Ernst & Young responds to FCAG

In our letter (pdf, 450kb), we support the efforts of the Financial Crisis Advisory Group (FCAG) to advise the FASB and IASB about standard setting implications of the global financial crisis with a view towards improving financial reporting to enhance investor confidence in the financial markets.

Good Group International Illustrative financial statements

This publication contains an illustrative set of interim condensed consolidated financial statements (pdf, 4.3mb) of Good Group (International) Limited and subsidiaries (the Group) for the six months ending 30 June 2009. These interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards in issue at 31 March 2009.

Perspectives on the London summit

We asked three leading economists to discuss the outcomes of the recent G-20 summit, and the effects these will have on business. Visit our Financial Crisis page for more.

Webcast calendar

• Remuneration packages: IFRS 2 and pension fund - issues related to restructuring
  28 April

See all upcoming webcasts

Archived webcasts

• Consolidations and the effects of the new business combinations standard
  31 March
• IFRS convergence for the pharmaceutical industry
  9 March
• Proposed changes to revenue recognition requirements
  17 February
• Mergers and acquisitions and the effects of the new business combinations standard
  20 January

See all archived webcasts

The rise in hedging metal concentrates

This issue (pdf, 504kb) discusses the consequences of the sharp decline in metal concentrate prices and the subsequent shortfall that has occurred between provisional and final settlement prices. The paper covers the mitigation of risk on concentrate metal sales through hedging, and discusses issues around hedging such as the consideration of individual metals, pricing mechanism and hedge designation.

Insurance Accounting Alert

Our Insurance Accounting Alerts (pdf, 411kb) track the progress of the IASB's Insurance Contracts Project over 2009. The second issue highlights the IASB and FASB's continuing discussions on insurance accounting and summarises outcomes of those talks.

IFRS applied to power and utility companies

This analysis (pdf, 3.2mb) provides an overview of the accounting policies and practices adopted in the latest set of IFRS. Fourty-one power and utilitiy companies in eighteen European countries, Australia and South Africa are examined.

IFRS 7 guidance for corporate entities

Observations on the implementation of IFRS 7 in corporate entities (pdf, 5.5mb) gives an overview of disclosures for financial instruments provided in this first year of mandatory application of IFRS 7 Financial Instruments: Disclosures, highlighting challenges faced by companies and drawing comparisons between them. Our observations are based on a survey of the forty largest European corporate companies reporting under IFRS, as at March 31, 2008.