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March

  • New IFRIC member appointed

    31 Mar 2005

    The IASC Foundation Trustees have appointed Shunichi Toyoda of NEC Corporation, Japan, to the International Financial Reporting Interpretations Committee (IFRIC).

  • Financial reporting by insurance companies

    31 Mar 2005

    Because of concerns that some insurance companies may have entered into reinsurance transactions for the purpose of manipulating capital and income, the New York State Insurance Department is requiring the chief executive officers of insurance companies it regulates to attest, under penalty of perjury, that with respect to cessions under any reinsurance contract: there are no separate written or oral agreements that would, under any circumstances, reduce, limit, mitigate, or otherwise affect any actual or potential loss to the parties under the reinsurance contract; and for each such reinsurance contract, the reporting entity has an underwriting file documenting the economic intent of the transaction and the risk transfer analysis evidencing the proper accounting treatment, which is available for review. Click for (PDF 13k) and (PDF 29k). .

  • SEC Staff Accounting Bulletin on Stock Options

    30 Mar 2005

    The staff of the US Securities and Exchange Commission has issued Staff Accounting Bulletin 107 dealing with valuations and other accounting issues for share-based payment arrangements by public companies under FASB Statement 123R Share-Based Payment.

  • March 2005 edition of EITF Roundup

    29 Mar 2005

    We have posted the (PDF 148k), which provides an overview of the issues discussed, consensuses reached, and administrative matters discussed at the 17 March 2005 meeting of FASB's Emerging Issues Task Force.

  • CFA Institute supports FASB and SEC on stock options

    29 Mar 2005

    In a letter to the chairs of the US SEC and FASB, the president of the CFA Institute urged those organisations "to proceed with the planned implementation of the new stock option expensing rules as embodied in FAS 123(R)....

  • Survey on extended use of IFRSs in the EU

    29 Mar 2005

    The European Commission has updated its survey of the 25 EU member states and the 3 EEA member countries concerning their plans for the following four options on use of IFRSs that are permitted under the EU Accounting Regulation: Require or permit IFRSs for unlisted companies Require or permit IFRSs in parent company (unconsolidated) financial statements Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007 Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007. Here is an overview of the latest findings: .

  • Eleventh UK webcast update on transition to IFRSs

    28 Mar 2005

    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 and how they will affect UK companies.

  • IAASB issues four exposure drafts

    24 Mar 2005

    The International Auditing and Assurance Standards Board (IAASB) has invited comments on exposure drafts of four proposed International Auditing Standards (ISAs).