KPMG IFRS Institute

Joint FASB/IASB Meeting - Jan. 27, 2012 Financial Reporting Network | Jan. 30, 2012 | Accounting & Financial Reporting The FASB and IASB met on January 27 and discussed: Accounting for Financial Instruments: Classification and Measurement, and Accounting for Financial Instruments: Impairment.

January 2012 Issue of The Bank Statement Financial Reporting Network | Jan. 23, 2012 | Accounting & Financial Reporting KPMG's International Standards Group recently published the January 2012 issue of The Bank Statement. The issue provides updates about IFRS developments and accounting issues that affect the banking sector, and describes the potential implications of regulatory developments.

Issues In-Depth: Boards Revise Joint Revenue Recognition Exposure Draft Financial Reporting Network | Jan. 20, 2012 | Accounting & Financial Reporting The latest edition of KPMGÂ’s Issues In-Depth discusses the revised FASB/IASB joint exposure draft on revenue recognition (2011 ED). The boards received nearly 1,000 comment letters on the original joint exposure draft and after extensive deliberations revised parts of the proposed standard in response to many of the comments and other input received.

The New World for Insurance: Preparation and Readiness Survey Financial Reporting Network | Jan. 16, 2012 | Accounting & Financial Reporting The New World for Insurance: Preparation and Readiness for Accounting Change - an Industry Survey, part of KPMG ISG's New World for Insurance series of publications, discusses and highlights important issues for insurers related to the forthcoming financial reporting changes that will affect the sector.

In the Headlines: Issue 2011-40 - Offsetting Financial Assets and Liabilities - Amendments to IAS 32 and IFRS 7 Financial Reporting Network | Jan. 09, 2012 | Accounting & Financial Reporting In the Headlines 11-40 describes the IASB's recent amendments, Offsetting Financial Assets and Liabilities, to IAS 32, Financial Instruments: Presentation, and IFRS 7, Financial Instruments: Disclosures, to clarify offsetting criteria under IFRS and to require enhanced disclosures about financial assets and liabilities.

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In the Headlines: Issue 2011-39 - Amendments to IFRS 9 - Mandatory Effective Date of IFRS 9 Deferred to Jan. 1, 2015 Financial Reporting Network | Jan. 09, 2012 | Accounting & Financial Reporting In the Headlines 11-39 describes the IASB's two-year deferral of the mandatory effective date of IFRS 9, Financial Instruments (2009 and 2010), from annual periods beginning on or after Jan. 1, 2013 to annual periods beginning on or after Jan. 1, 2015.

In the Headlines: Issue 2011-41 - Clarifying IFRS 10 Transition - Date of Initial Application Defined Financial Reporting Network | Jan. 09, 2012 | Accounting & Financial Reporting In the Headlines 11-41 describes the IASBÂ’s proposal to clarify the transition guidance in IFRS 10, Consolidated Financial Statements, by defining the date of initial application as the beginning of the period in which an entity adopts IFRS 10. The proposed amendments would be effective for annual periods beginning on or after Jan. 1, 2013 (the effective date of IFRS 10). Early adoption would be required if an entity adopts IFRS 10 early. The comment period ends March 21.

FASB Issues Companion Proposed ASU About Revenue Recognition Financial Reporting Network | Jan. 09, 2012 | Accounting & Financial Reporting On Jan. 4, the FASB issued a proposed ASU, Revenue from Contracts with Customers, which is a companion document to the November 2011 proposed ASU of the same name. The companion proposal includes amendments that would codify the guidance in the November 2011 proposal and amendments to Subtopics that the proposal would consequentially affect. The comment period on the companion proposal ends March 13.

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