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The IASB issued a list of actions taken to address recommendations made by the G20 leaders and an outlook on future measures envisaged in 2009.
Improved accounting for off balance sheet items:
The IASB published proposals to strengthen and improve the requirements for identifying which entities a company controls. Further proposals on off balance sheet items, covering the derecognition of assets and liabilities, are due to be published towards the end of the first quarter of 2009, consistent with the G20 target date of
New disclosure requirements related to impairment:
The IASB and FASB are both proposing changes in disclosure requirements for impairments to arrive in a common outcome. The boards are asking for comments on the exposure drafts by mid-January. This will enable any possible change to take effect for 2008 year-end accounts.
Broader issues of impairment on a globally consistent basis:
IASB and FASB staff considers how existing requirements relating to reversals of impairment losses might be changed. The boards will also address the whole question of impairment as part of an urgent broader project in 2009.
Accounting for particular credit-linked investments between US GAAP and IFRS:
The FASB is planning to issue mandatory implementation guidance, and will publish the draft guidance shortly. The guidance will ensure consistency between IFRS and US GAAP.
Ensuring embedded derivatives are assessed and separated if financial assets are reclassified:
The IASB is planning to publish next week an exposure draft with a 30-day comment period that proposes clarifying that all embedded derivatives should be assessed and, if necessary, separately accounted for in financial statements.
The IASB will also hold a series of round tables in