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February

New Australian accounting alerts on financial instruments

28 Feb 2004

We have posted two new Australian Accounting Alerts: Financial Instruments: Recognition and Measurement and Financial Instruments: Disclosure and Presentation. .

We have posted two new Australian Accounting Alerts: Financial Instruments: Recognition and Measurement and Financial Instruments: Disclosure and Presentation.

Summaries of standards updated

28 Feb 2004

We have now completed updating our Summaries of Standards to reflect all of the revised IASs published in late December 2003. These are IASs 1, 2, 8, 15, 16, 17, 21, 24, 27, 28, 31, 32, 33, 39, and 40. .

We have now completed updating our Summaries of Standards to reflect all of the revised IASs published in late December 2003. These are IASs 1, 2, 8, 15, 16, 17, 21, 24, 27, 28, 31, 32, 33, 39, and 40.

New international auditing standard on fraud

28 Feb 2004

The International Auditing and Assurance Standards Board (IAASB) has released a revised International Standard on Auditing requiring auditors to be more proactive in considering the risk of fraud in an audit of financial statements and has issued new quality control standards addressed at both audit firms and engagement teams.

The new ISA, The Auditor's Responsibility to Consider Fraud in the Audit of Financial Statements, requires the auditor to focus on areas where there is a risk of material misstatement due to fraud, including management fraud. The standard is effective for audits of financial statements for financial periods beginning on or after 15 December 2004. The two quality control standards approved by the IAASB (both effective 1 July 2005) are:

  • Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
  • Quality Control for Audits of Historical Financial Information
Click for link to IFAC Press Release which itself has links to the new standards. They may be downloaded without charge.

English Institute will offer IFRS learning and certificate

27 Feb 2004

The Council of the Institute of Chartered Accountants in England and Wales has approved a proposal for the Institute to offer a training, assessment, and award programme in IAS/IFRS.

The programme will be open to ICAEW members and nonmembers. Subject to member approval, a Certificate and Diploma will be available. The training and assessment will encompass the new and improved international standards currently being developed by the IASB. Click for More Information.

2003 Chinese language model IFRS financial statements

27 Feb 2004

We have posted the Chinese language version of our for the year ended 31 December 2003 (PDF 534k).

The model financial statements reflect the requirements of IFRSs in force for 2003. They also contain additional disclosures that, while not required in standards, are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific standard. The model financial statements do not reflect the changes that might be required when the IASs and IFRSs issued during 2003 take effect in 2005 (including the changes resulting from the IASB's improvements project).

Foreign issuers in Canada may use IFRS without reconciliation

27 Feb 2004

The provincial securities commissions in Canada have jointly adopted a regulation allowing foreign companies issuing securities in Canada to submit IFRS financial statements without reconciliation to Canadian GAAP.

The regulation takes effect 30 March 2004. A foreign issuer may also use US GAAP, but a reconciliation is required unless the issuer is also a US SEC registrant. A foreign issuer may also use national accounting standards from several other designated countries without reconciliation, or still other national GAAPs with reconciliation. Currently, 39 of the 3,602 companies listed on the Toronto Stock Exchange are foreign (mostly US companies with Canadian operations). Click for Regulation (PDF 242k).

Three new IFRS publications from Deloitte New Zealand

27 Feb 2004

The New Zealand Financial Reporting Standards Board is working toward adopting all IFRS applicable for 2005 adopters as NZ standards – incorporating guidance for public benefit entities – by June 2004. Those standards would be mandatory in 2007 and optional starting 2005. Towards that aim six exposure drafts were released at the end of 2003, and another seven in February 2004. We have posted three new IFRS publications from Deloitte New Zealand: The 30 January 2004 edition of NZ Accounting Alert which summarises the six December 2003 EDs. A on First-time Adoption of IFRS in a New Zealand context (PDF 649k). which discusses a wide range of business issues relating to the conversion to IFRS in New Zealand (PDF 608k). .

The New Zealand Financial Reporting Standards Board is working toward adopting all IFRS applicable for 2005 adopters as NZ standards – incorporating guidance for public benefit entities – by June 2004. Those standards would be mandatory in 2007 and optional starting 2005. Towards that aim six exposure drafts were released at the end of 2003, and another seven in February 2004. We have posted three new IFRS publications from Deloitte New Zealand:

IASC Foundation trustees will meet 9 March

27 Feb 2004

The trustees of the IASC Foundation will meet in public session at the IASB's offices in London on the morning of Tuesday 9 March 2004. The agenda includes a report from the IASB Chairman, constitutional review, education programme, and IASCF publications. .

The trustees of the IASC Foundation will meet in public session at the IASB's offices in London on the morning of Tuesday 9 March 2004. The agenda includes a report from the IASB Chairman, constitutional review, education programme, and IASCF publications.

...and is nearing completion on another

26 Feb 2004

At its upcoming meeting on 9 March 2004, the PCAOB will consider adopting an auditing standard on internal control.

That auditing standard, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, addresses both the work that is required to audit internal control over financial reporting and the relationship of that audit to the audit of the financial statements. Link to PCAOB Press Release.

Joint study by IFAC and CIMA on corporate successes/failures

26 Feb 2004

The International Federation of Accountants (IFAC) and The Chartered Institute of Management Accountants (CIMA) have jointly published a study on Enterprise Governance: Getting the Balance Right.

The balance in question is the relationship of corporate governance (board structures and roles, internal controls, etc.) and corporate performance (strategy and value creation). The report includes analyses of corporate successes and failures in 27 case studies from 10 countries. It introduces the concept of the strategic scorecard and offers guidance on enterprise risk management, the acquisition process, and managing board performance. An appendix features a synopsis of recent international corporate governance developments. The report may be Downloaded from IFAC's Website free of charge. Click here for IFAC Press Release (PDF 54k).

Correction list for hyphenation

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