May

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IOSCO is addressing several IFRS matters

24 May 2004

The Final Communiqué (PDF 200k) of the XXIXth Annual Conference of the International Organization of Securities Commissions (IOSCO) addresses a number of accounting and auditing standards issues from the perspective of the world's securities and futures regulators.

Several relate directly to IFRSs, including the following:

The [IOSCO] Technical Committee has initiated a project on Regulatory Interpretations of International Financial Reporting Standards to address communications among IOSCO members to promote the consistent application and enforcement of IFRSs. The major outputs of this project are expected to be a central database of regulatory decisions and a process for facilitating communications and cooperation among regulators and other enforcers relating to IFRSs. The Technical Committee also will seek to coordinate its work on this project with a comparable project being undertaken by CESRFIN [the Standing Committee on Financial Reporting of the Committee of European Securities Regulators].

The Technical Committee also will undertake another initiative on Review and Enforcement of Application of Financial Reporting Standards focusing on the range of activities and powers that relate to reviews of public company financial statements by securities regulators and others. This project will focus on the powers and activities of a review process, and criteria and actions needed, regardless of the accounting standards in use. The major output of this project is expected to be an IOSCO statement of principles, best practices, and/or descriptions of effective models in use for such review functions. This project should conclude in 2005.

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Ireland will allow all unlisted companies to use IFRSs

23 May 2004

The government of the Republic of Ireland has announced that all unlisted entities in Ireland will be permitted to follow International Financial Reporting Standards starting in 2005. Irish listed companies are already required to switch to IFRSs in 2005 under the European Union accounting regulation.

Click for Press Release from the Institute of Chartered Accountants in Ireland.

 

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Agenda project pages updated

22 May 2004

We have updated the following agenda project pages on IASPlus to reflect the IASB's deliberations and decisions at its meeting on 18-19 May 2004: Business Combinations Phase II Consolidation including SPEs Financial Activities - Risk Disclosures Financial Instruments: Cash Flow Hedge Accounting of Forecast Intra-group Transactions Accounting Standards for Small and Medium-sized Entities IAS 37 Provisions, Contingent Liabilities and Contingent Assets Revenue Recognition .

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Coalition formed in US to support FASB stock option proposal

21 May 2004

A broad coalition of 30 pension funds, consumer/investor groups, and labour unions is urging the United States Congress to stay out of the Financial Accounting Standards Board's process for considering a proposed standard that would require companies to expense all stock options and other share-based payment.

FASB's proposed standard is similar to IFRS 2. The coalition – known as the Financial Accounting Coalition for Truthful Statements (FACTS) said that "H.R. 3574/S. 1890, 'The Stock Option Accounting Reform Act,' would establish the dangerous precedent of Congress intervening to substitute special interest provisions in place of standards that are set independently and objectively to achieve accurate and transparent financial reporting." Click to download the Coalition's Public Statement and list of members (PDF 30k).
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Internet-based IFRS technical updates now available on IASPlus

21 May 2004

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS Technical Updates, focusing on the most important international accounting standards.

These are more than just summaries of the main requirements of the standards. They also identify the key impacts for companies reporting under UK GAAP, highlight implementation matters, and flag other practical issues to watch out for. The first session, addressing employee-related issues, was run on Thursday 20 May 2004 and covered IFRS 2 Share-based Payment and IAS 19 Employee Benefits. We have made a place on the UK Page where you will always find the link to the latest available update. It is intended that a recording of each session will be available on this website for a period of 3 to 4 weeks from the date of the presentation. We will announce each new one on this home page. Like our Deloitte IFRS e-Learning programmes, we are making these programmes available in the public interest without charge.
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Congress is told that EU wants SEC recognition of IFRSs

20 May 2004

In Testimony (PDF 115k) before the US House Committee on Financial Services, Alexander Schaub, the Director General of the Internal Market Directorate of the European Commission, expressed a hope that the US SEC would recognise IFRSs as part of a programme of mutual US-EU recognition of each other's financial market regulations.

The committee was conducting hearings on "The US-EU Regulatory Dialogue and Its Future". Mr. Schaub said:

It is also extremely important that we cooperate effectively on the introduction of International Accounting Standards in the EU from next year. The more that there can be convergence in both directions between IAS and US GAAP, the better for all. We are therefore encouraged by the cooperation between the FASB and IASB. Nevertheless, we believe that such convergence can only go so far: ultimately the EU and US will have to cooperate on recognising the equivalence of each set of rules. This is an issue on which more progress is needed over the coming six months, but we are cautiously encouraged by some of the recent moves of the SEC. We hope that the SEC will draw up a road map towards recognition of IAS. The EU will be fully transparent about the equivalence recognition process in our Prospectus and Transparency Directives.

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Notes from the second day of the May 2004 IASB meeting

20 May 2004

We have combined our notes from the IASB meeting on 18-19 May 2004 onto a Single Page.

These are preliminary and unofficial notes taken by Deloitte observers at the meeting.
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We have posted the latest Accounting Roundup newsletter

19 May 2004

Deloitte (United States) has published the 17 May 2004 edition of (PDF 173k).

This newsletter briefly describes key regulatory and professional developments that have recently occurred and provides links to locations where additional information can be found on each topic. This issue includes updates on activities of FASB, SEC, and IASB. You will find past issues Here.
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SEC approves PCAOB's Auditing Standard No. 1

19 May 2004

The US Securities and Exchange Commission has approved Public Company Accounting Oversight Board (PCAOB) Auditing Standard No.

1, "References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board". AS 1 requires that auditors' reports on engagements subject to PCAOB oversight, including audits of foreign SEC registrants, state that the engagement was performed in accordance with the standards of the PCAOB. This replaces previously required references to generally accepted auditing standards. A PCAOB Announcement states that AS 1 is effective 24 May 2004. Click to Download AS 1 (PDF 73k).
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Notes from the first day of the May 2004 IASB meeting

19 May 2004

We have combined our notes from the IASB meeting on 18-19 May 2004 onto a Single Page.

These are preliminary and unofficial notes taken by Deloitte observers at the meeting.

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