Institute News

1. Final Institute submission – Income Tax

The Institute, together with CPA Australia and the National Institute of Accountants (the Joint Accounting Bodies), has now lodged its submission to the Australian Accounting Standards Board (AASB) International Accounting Standards Board (IASB) on the exposure draft (ED) 2009/2 Income Tax.

As indicated in item 1 of ANT23/2008, the Joint Accounting Bodies are not able to support the ED for the following reasons:

• The ED does not achieve the major objective of US GAAP convergence
• The tax base proposed in the ED has been determined based on a ‘sale’ assumption rather than an ‘expected use’ assumption. The ‘sale’ assumption will not report the true tax consequences of a transaction
• Further, the ED fails to improve the current standard overall. In clarifying and simplifying some aspects of IAS 12, it also creates a number of problems – and in some cases, anomalous results.

The final submission can be downloaded from the Institute website (PDF). While comments to the Australian Accounting Standards Board (AASB) on this ED are now closed, comments can still be sent to the IASB ahead of its comment close date of 31 July 2009.

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2. Reminder – TECHSEC email address to be deleted

ANT readers are reminded that the correct email address for our enquiry service is now RAhelpline@charteredaccountants.com.au. The old address (techsec@charteredaccountants.com.au) remained open and enquiries addressed to the old “Techsec” email were automatically diverted to the new “Reporting and Assurance Helpline” email. This will cease on 30 June 2009 when the “Techsec” address is shut down permanently.

Please use the new address to contact the Reporting and Assurance team and amend your organisation’s contact records if necessary. For more information about contacting the Reporting and Assurance Team, see the “Need More Help” section below.

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Financial Reporting News

3. AASB meeting update – 24-25 June 2009

The AASB met on 24th and 25th June 2009 in Melbourne.The following summary outlines some of the discussion and decisions on key topics.

Income Tax

The Board considered its draft submission to the IASB on the income tax exposure draft. Overall, the Board was unsupportive of the proposals, as it does not achieve convergence with US GAAP and neither simplifies nor improves the current requirements.

IPSASB Report

An update on the International Public Sector Accounting Standards Board (IPSASB) May meeting was given to the Board, which included consideration of comments received on the conceptual framework consultation paper, as well as a review of a draft consultation paper about long-term fiscal sustainability.

IPSASB's IASB Convergence Project

The Board considered its draft submissions on several IPSASB EDs, including intangible assets and agriculture, which the Board generally supported.

GAAP/GFS Harmonisation

Submissions received from constituents on ED 174 Amendments to AASB Standards to facilitate GAAP/GFS Harmonisation for Entities within the General Government Sector were presented to the Board. Deliberations will continue at the next meeting.

Policies and Processes

The draft statement of policies and processes was reconsidered by the Board. After making some minor amendments, the Board agreed to an informal due process, whereby the statement will be available as a live working document on its website for comment.

Leases

The Board discussed a draft submission prepared by staff on the IASB’s Leasing discussion paper. While the overall paper seemed to be supported by the Board, many practical issues were identified and will be highlighted to the IASB. These included the distinction between rights to purchase, lease arrangements and service contracts. Further, the Board considered that the proposal could not proceed until such time as the IASB proposed guidance on lessor accounting.

Differential reporting

This session covered two elements:

1. The consideration of the IASB terminology ‘publicly accountable’ in an Australian context; and
2. The New Zealand (NZ) draft legislative framework for companies and the proposed differential reporting proposals being considered.

The term ‘publicly accountable’ will be used by the AASB to determine those entities that must apply full IFRS in the new differential reporting framework. The term includes not just listed entities and entities in the process of listing, but also entities that hold assets in a fiduciary capacity for a broad group of users. It was proposed that the AASB will use the IASB wording and add a section explaining the term in an Australian context. A final decision was not reached on the wording; however, discussion centred on entities such as disclosing entities, approved deposit institutions, Australian Financial Service Licencees (AFSL), insurance companies and registered managed investment schemes.

The NZ government plans to propose legislative changes in the area of financial reporting (currently, all entities must prepare some form of financial report). In conjunction with this review, the NZ Accounting Standards Board is reviewing differential reporting requirements. The proposed direction for differential reporting in NZ seems to be the application of different sets of standards based on the notion of profit entities as compared to not-for-profit entities. The public sector will fall into each of these two categories, depending on their classification. This is different to Australia’s transaction neutral approach, which includes having one standard on a topic-by-topic basis applicable to all sectors. The NZ direction, which is still subject to public comment, is interesting and it will be important for the Australian community to watch carefully.

Derecognition

Staff presented to the Board an outline of the ED on Derecognition, currently open for comment. Board members presented their views on the overall direction of a submission to be made to the IASB. Australian constituents have not yet submitted comment letters; however, the comment letter process is open until 3 July 2009. Board members expressed some dissatisfaction with the proposed approach in the ED and thought that the project proposal seemed premature, given that the Financial Instruments ED has not yet been issued. Further, the Board expressed a view that convergence was a high priority and this ED did not achieve this. Some support was expressed for the alternative model in the ED; however, it was noted that more substance needed to be provided on this proposal.

Corrections to standards

The Board approved two amending standards comprising editorial corrections issued based on corrections issued by the IASB. These will be issued by 30 June 2009.

Other matters

The AASB will publish shortly the following documents:

• A discussion paper on the role of credit risk in liability measurement, based on staff analysis of the issue
• An ED on Management Commentary guidance, issued by the IASB
• ED 180 Income from Non-Exchange Transactions, intended to replace AASB 1004 Contributions

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4. Group Cash-Settled Amendments to IAS 2

The IASB has released its revisions to IAS 2 relating to Group Cash-Settled Share-Based Payment Transactions (Amendments to IFRS 2 - June 2009).

The amendments clarify the scope of IFRS 2, requiring an entity that receives goods or services in a share-based payment arrangement to account for those goods or services regardless of which entity in the group settles the transaction, and regardless of whether the transaction is settled in shares or in cash. The Board also clarified that in IFRS 2 a ‘group’ has the same meaning as in IAS 27 Consolidated and Separate Financial Statements; that is, it includes only a parent and its subsidiaries.

The amendments to IFRS 2 now also incorporate guidance previously included in IFRIC 8 Scope of IFRS 2 and IFRIC 11 IFRS 2 Group and Treasury Share Transactions. Thus, both IFRIC 8 and IFRIC 11 have been withdrawn.

The AASB is expected to approve these changes for release in Australia shortly.

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5. AASB ED 181 Fair value measurement

The AASB has released ED 181 Fair Value Measurement, incorporating IASB ED 2009/5 Fair Value Measurement.

Key features of the ED:

• Defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price)
• In the absence of an actual transaction at the measurement date, a fair value measurement assumes a hypothetical transaction in the most advantageous market for the asset or liability
• In four cases, fair value measurement at initial recognition might differ from the transaction price. Accordingly, an entity would recognise any resulting gain or loss, unless the relevant IFRS for the asset or liability requires otherwise
• A fair value measurement requires an entity to determine:
  
  
  1. The particular asset or liability that is the subject of the measurement (consistently with its unit of account)
  2. For an asset, the valuation premise that is appropriate for the measurement (consistently with its highest and best use)
  3. The most advantageous market for the asset or liability
  4. The valuation technique(s) appropriate for the measurement, taking into consideration the availability of data with which to develop inputs that represent the assumptions that market participants would use in pricing the asset or liability
  5. The level of the fair value hierarchy within which the inputs are categorised.

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6. IASB ED 2009/6 Management Commentary

The IASB has released ED 2009/6 Management Commentary (a proposed non-mandatory framework) to help entities prepare and present a narrative report, often referred to as a ‘management commentary’. The ED seeks comments on whether this framework would:

• Improve the usefulness of the information provided in an entity’s financial reporting
• Help users make decisions in their capacity as capital providers.

In particular, the ED addresses three issues:

• Whether the development of a guidance document for the preparation and presentation of management commentary instead of an IFRS is appropriate
• Whether the content elements prescribed are necessary for the preparation of a decision-useful management commentary
• Whether or not the Board should include detailed application guidance and illustrative examples in the final management commentary guidance document

The ED can be downloaded from the IASB website (PDF), and comments are requested by 1 March 2010.

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7. FRC meeting update – 10 June 2009

The Financial Reporting Council (FRC) met on 10 June 2009. The principal issues considered in the meeting were:

FRC report to the minister and stakeholder reports

The FRC noted a draft report to the Minister highlighting the variety of international activities of the FRC and work with the AASB and AUASB, including the finalisation of the Clarity auditing standards.

Mr. Jeffrey Lucy AM (Chairman of the FRC) highlighted the likely visit in September by Japanese business representatives to see how IFRS adoption worked in Australia. There is also the prospect of a similar visit from Chinese representatives.

International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs)

The FRC considered possible Australian responses to the forthcoming IASB standard on small and medium sized entities, due to be issued by the IASB in early July.

Furthermore, they noted that Australian accounting standards setters will need to consider how Australia should adapt to this development. After discussing a number of possible options and outcomes, the FRC decided that the issue was of considerable importance, and might have unintended consequences in Australia (i.e. to increase the regulatory burden for certain entities). It has therefore decided to organise a special meeting on the topic as soon as practicable (probably August) so that the main issues and stakeholders can be canvassed.

XBRL Developments

Mr Paul Madden (Treasury) briefed the FRC on progress towards implementing Standard Business Reporting (SBR) in Australia, with the headline that the SBR deliverables are on track for delivery for March 2010, with the SBR Taxonomy publicly available. He also outlined possible steps that could be taken to ensure that IFRS, a key element in the taxonomy, retains its usability in that role. This will entail discussions with the IASB's technical team in June 2009 to consider issues, which include:

• The development of an appropriate non-technical oversight structure for the International Accounting Standards Committee Foundation (IASCF) Trustees
• A modification of the existing disclaimer
• The need to ensure that version changes are able to be implemented readily in new software, where the current processes preclude backwards compatibility

Mr Tim Youngberry (Department of Finance and Deregulation) gave a presentation on some of the current financial reporting issues facing the public sector. In particular, he discussed the benefits of applying IFRS, noting that the current AASB approach of including "AUS" paragraphs in Australian standards allowed issues that are specific to the public sector to be addressed.

In addition, Mr Youngberry spoke about the current work by the IASB and the IPSASB in developing their respective conceptual frameworks, noting that any inconsistency may affect financial reporting standards for the public sector in Australia. Mr Youngberry also noted the importance of maintaining alignment between the Government Finance Statistics (GFS) framework and AEIFRS, as well as the importance of the proposed standard being developed by the AASB on GFS/GAAP harmonisation at the entity level.

Board Membership

The meeting noted the appointment of four new members and the reappointment of six existing members to the FRC that was recently announced by Senator Nick Sherry, Minister for Superannuation and Corporate Law (see item 8, ANT 22/2009). Mr. Michael Coleman was elected as Deputy Chairman of the FRC.

More details on the meeting are available in FRC Bulletin 2009/04.

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8. Fair value measurement webcast

On Tuesday 30 June, Stephen Cooper (Member of the Board), Hilary Eastman (Project Manager) and Henri Venter (Assistant Project Manager) will be introducing the IASB’s fair value measurement ED in a webcast, to be followed by a Q&A session where registered participants can send in questions for the IASB staff to answer.

To register for the event, please visit the IASB website.

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9. Webcasts on IAS 39 review

IASB staff has commenced its series of webcasts on the progress of IAS 39 Financial Instruments to keep interested parties up to date on its comprehensive review (see item 6, ANT24/2009).

The second webcast on 23 June outlined a two-pronged approach, whereby financial assets and liabilities will be accounted for in one of two ways:

1. At amortised cost, where the instrument displays basic loan features, and is managed on a contract yield basis (i.e. kept for its dividends or interest, not for value increases). There will no longer be tainting
2. At fair value in all other cases. Changes in the fair value of instruments held at fair value can go to OCI, unless they are held for trading

The Board proposes to do away with splitting out embedded derivatives and assess the instrument as a whole according to its dominant characteristics.

The IASB intends to publish an ED of these proposals in July. The proposals – if approved – would be operative from 1 January 2012, with early adoption permitted as far back as 2009.

The recording and slides from the webcast will be available from the IASB website, but note that the webcasts appear towards the bottom of a very long page.

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Auditing and Assurance News

10. AUASB exposure draft releases

The Auditing and Assurance Standards Board (AUASB) has released three exposure drafts of Australian Auditing Standards in “Clarity” format. They are:

1. ED 18/09: Proposed Auditing Standard ASA 101 Preamble to Australian Auditing Standards (PDF)
2. ED 19/09: Proposed Auditing Standard ASA 520 Analytical Procedures (PDF)
3. ED 20/09: Proposed Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (PDF)

ED 18/09 addresses:

• The meaning of certain terms;
• The authority of each paragraph type found within the Auditing Standards;
• the linkage to the relevant Parts of the Corporations Act 2001 to which the Auditing Standards apply; and
• the documentation requirements when a Requirement is not relevant.

EDs 19/09 and 20/09 will amend their underlying Auditing Standards for the following matters:

• Australian Laws and Regulations (including the Corporations Act 2001);
• Changes considered necessary because the Auditing Standard is a legislative instrument; and
• Changes considered necessary in the public interest.

The EDs are available from the AUASB website and comments are requested by 20 July 2009.

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11. IOSCO welcomes Audit Clarity project completion

The International Organisation of Securities Commissions (IOSCO) has publicly welcomed the completion of the International Auditing and Assurance Standards Board’s (IAASB) Clarity Project, recognising both the important role that high quality international audit standards play in contributing to global financial reporting, supporting investor confidence and decision-making, as well as the benefits that will now flow as a result of the improvements to these standards brought about by this project. The IOSCO statement echoes support for the clarified ISAs expressed by the World Bank and the Basel Committee on Banking Supervision.

The IAASB, responding to the IOSCO media release, welcomed IOSCO's endorsement of the clarified ISAs and its encouragement of securities regulators to accept audits performed in accordance with the clarified ISAs, commenting that this approach is consistent with the IAASB’s long-held objective of developing and promoting adoption of a high-quality set of auditing standards for use in all audits worldwide.

IFAC, in its letter to the G-20 Working Group 1 in March, expressed its view that the global adoption of ISAs will improve the quality and consistency of the audit of financial information. Currently, more than 100 jurisdictions around the world use ISAs or base their national standards on them. Increased adoption of ISAs will facilitate greater transparency and result in higher standards of accountability.

For more details the IOSCO media release is available here (PDF). The IAASB response is available here.

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12. Termination payments legislation tabled

Chris Bowen (Minister for Financial Services, Superannuation and Corporate Law) has now introduced into the Parliament the Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009 following the closure of a four-week comment period on the draft document (see item 13, ANT 18/2009).

The Bill seeks to improves and strengthen the existing regulatory framework relating to the payment of termination benefits to company directors and executives.

Key features of the new legislation include:

• A significant lowering of the threshold at which shareholder approval is required for a termination payment, from seven times an annual remuneration package to one times average annual base pay
• Expansion of the number of company officers for which approval is required
• Broadening of the definition of what constitutes such a "benefit" to close any loopholes and apply substance over form concepts
• Introduction of new Regulation-making powers to specify what does and does not constitute “termination benefits” and “base salary” (further consultation expected)
• Introduction of requirements to immediately repay unauthorised termination benefits with an increase in the penalty provisions.
• Retention of existing requirements for the giving of the benefit to be approved by a resolution passed at a general meeting.

Parliament is now in recess for the winter and so the Bill is likely to be debated during the spring sittings.

In the meantime, the Productivity Commission is continuing to undertake its review into executive remuneration issues (see item 11, ANT15/2009). Public hearings have been held in several capital cities in recent weeks and the Institute appeared at the Melbourne hearing on Wednesday.

The Institute’s representative was Kerry Hicks (Head of Reporting), who reiterated the views expressed in our submission (which can be viewed on the Productivity Commission website (PDF)).

The Commission is due to release a draft report with preliminary findings in late September. This will be followed by a call for further submissions and a second round of public hearings ahead of the final report, which is due to be provided to the Government on 19 December 2009.

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13. Draft regulations for the Carbon Pollution Reduction Scheme

The Federal Government has released draft regulations for the Carbon Pollution Reduction Scheme, including the first tranche of activities that will be eligible for assistance under the emissions intensive, trade exposed (EITE) assistance program.

To date, eighteen draft activity definitions have been approved by the Government and published on the Department of Climate Change website. The first tranche of draft regulations for EITE assistance covered eight activities (carbon black production, bulk flat glass production, glass container production, methanol production, silicon production, white titanium dioxide pigment production, zinc smelting, and newsprint manufacturing). The draft regulations contain the categories of assistance and allocative baselines for these activities, which have submitted audited data to the Department of Climate Change.

The Government has also released an accompanying paper explaining the framework within which the eligibility of these and future activities are being assessed for the Government’s EITE assistance program. These along with draft regulations and commentary are available on the Department of Climate Change website and Public submissions on the draft regulations are invited before 14 August 2009.

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14. Amendments to National Greenhouse and Energy Reporting Act 2007

• Clarify the definitions of a number of terms relating to greenhouse and energy audits to be conducted under the Act
• Require results of greenhouse and energy audits to be included on the register established under section 16 of the Act
• Extend the secrecy requirements to also cover audit information
• Allow for decisions made by the Greenhouse and Energy Data Officer (GEDO) not to register an auditor under the Act to be reviewed by the Administrative Appeals Tribunal.
• Give the GEDO authority to audit entities who report under section 20 of the Act
• Expand the scope of the legislative instrument to be determined under section 75 of the Act to include requirements for the preparation, conduct and reporting of audits and allow for these requirements to be determined by the Minister rather than the GEDO;
• Require potential auditors under the Act to apply to the GEDO for registration and allow for detailed requirements on auditor registration to be provided in regulations and a legislative instrument determined by the GEDO;
• Make a number of administrative amendments consequential to the substantive amendments outlined above; and
• Repeal the requirement for the GEDO to publish corporate level energy production information.

A copy of the amendments to the Act can be found on the Federal Parliament website (PDF) along with the current Act (PDF).

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Query of the week

Q: I have acquired a new audit and the previous auditor does not want to grant me access to the previous year's working papers. What should I do?

A: As it states in paragraph 5 of GS 011 Third Party Access to Audit Working Papers:

The protocols in this Guidance Statement endeavour to promote cooperation when access to an auditor’s audit working papers is requested. Audit working papers are the auditor’s property, and they may, at their discretion, grant, decline or restrict access (subject to regulatory, legislative or other legal requirements). Each request to access audit working papers is decided on its merits. An auditor might, for example, exercise their discretion to restrict or decline access to their audit working papers when their audit fees are outstanding, or if litigation has commenced or is threatened (unless the auditor becomes compelled to produce audit working papers in connection with that litigation).

If the previous auditor does not wish to grant access, the current auditor has to consider whether any alternative procedures are available under ASA 510 Initial Engagements - Opening Balances and if necessary, whether to qualify the audit report. This may incur additional costs to the client if the auditor is unable to obtain sufficient appropriate audit evidence by other means, and avoiding a qualified audit report on the opening balances is a high priority for the client. The implications of this should be discussed with the client at an early stage.

Note that several other professional pronouncements and Institute regulations also provide guidance on the appropriate procedures for transitional arrangements between auditors, and members should consider these requirements when they face these issues.

N1 Books and Papers

This Institute Guidance Statement makes it clear at paragraph 3 that the auditor's working papers are the property of the auditor. Therefore, the provision of access to anyone else is entirely a matter for the outgoing auditor to decide, provided that there is no overriding statutory requirement. Client consent to providing information is essential.

Auditing Guidance Statement AGS 1004 Transitional arrangements on changes in audit appointments under the Corporations Act 2001

This pronouncement outlines the responsibilities of both incoming and outgoing auditors under the Corporations Act. It is still in force because its requirements were unchanged by the amendments to that Act and the “force of law” auditing standards. Paragraph 13 states that there is no obligation for the outgoing auditor to respond to any inquiries made by the incoming auditor – other than those of an ethical nature as required in APES 110 Code of Ethics for Professional Accountants – paragraph 210.10 onwards. However, the AGS does acknowledge that it may be appropriate for the incoming auditor to be provided with assistance in such areas as documentation of internal control and assessment of risk.

R9 Regulations relating to public practice

This regulation outlines the professional regulations applying to public practices. Paragraph 1215 contains the commentary that “following the appointment of another auditor, the outgoing auditor does not have any obligation to provide such information and advice to the incoming auditor as will enable the incoming auditor to substantiate the existence and value of assets and liabilities as at the end of the previous financial year. However, the outgoing auditor is encouraged to do so as a professional courtesy and with the knowledge and consent of the client. The audit working papers of the outgoing auditor are the property of that auditor and there is no obligation to make available any information contained therein.”

APES 110 Code of Ethics for Professional Accountants

Section 210 deals with changes in professional appointments. This section makes it clear that the extent to which a practitioner can and should discuss the affairs of his or her client will depend on both whether the client’s permission has been obtained, and any other legal or ethical requirements.

In conclusion, all these requirements make it clear that audit working papers are the property of the auditor and therefore it is entirely up to the discretion of the outgoing auditor as to what, if any, material is shared with the incoming auditor. However, the Institute encourages such sharing of information (provided client permission is granted) in the interests of professional courtesy and risk management.

If material is shared, the duties of the incoming auditor are not reduced by the involvement of the outgoing auditor. The incoming auditor must carefully consider the requirements of ASA 710 Comparatives, particularly paragraphs 20 and 21 which deal with the situation where the prior period financial report was audited by another auditor, as well as ASA 510 Initial Engagements - Opening Balances and ASA 600 Using the Work of Another Auditor.

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Upcoming Meetings

Listed below are some of the upcoming meeting dates for the major boards. For a full listing, refer to the Institute website

Financial Reporting

• IFRIC (9 July 2009)

Auditing and Assurance

• AUASB (20-21 July)

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Listed below are the notable upcoming open domestic and international accounting and assurance exposure drafts. Members are encouraged to prepare their own submission on each document and submit them to the Institute (techsubmissions@charteredaccountants.com.au) no later than one week before the closing date shown.

Note – this email address should not be used for technical queries. For this purpose, use rahelpline@charteredaccountants.com.au.

30 June 2009

IPSASB ED 36 Agriculture

3 July 2009 (AASB) and 31 July 2009 (IASB)

AASB ED 177 Derecognition (Proposed Amendments to AASB 139 and AASB 7)

IASB Exposure Draft ED/2009/3 Derecognising (Proposed Amendments to IASB 39 and IFRS 7)

17 July 2009

IASB/FASB Discussion Paper Leases - Preliminary Views

24 July 2009

APESB ED 02/09 - Proposed new standard APES 350 Participation by Members in Public Practice in Due Diligence Committees

31 July 2009

IASB ED on IAS 12 Income Tax

IPSASB ED 37 Financial Instruments: Presentation

IPSASB ED 38 Financial Instruments: Recognition and Measurement

IPSASB ED 39 Financial Instruments: Disclosures

This list does not represent a complete list of the exposure drafts on issue. For all other open exposure drafts, refer to our dedicated exposure drafts webpage.

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CFO of the Future Workshop Series 2009
From July to December 2009 in Sydney and Melbourne. Six proven strategic management and technical workshops designed to develop the insights, skills and direction of the CFO of the Future.

Economic Update
July 7 2009, 12:30pm to 2:00pm (AEST) via Live Online Training.

Address the impact of the continuing global financial crisis on the world and Australian economies including recent developments in the economy and the impact on your company

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Please continue to help us to improve the newsletter by sharing your comments on articles featured in this newsletter, or any financial reporting and auditing issues and experiences that might be of interest to other members. Responses should be emailed to "Your Input" (techsubmissions@charteredaccountants.com.au) and may be published in future editions of ANT. Please note that this email address should not be used for technical queries.

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