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November

Deloitte guide to applying IFRSs in the UK

17 Nov 2005

iGAAP 2005–IFRS reporting in the UK, developed by Deloitte & Touche (United Kingdom), has been published.

It provides comprehensive guidance for UK companies intending to report under International Financial Reporting Standards, by:
  • focusing on the practical issues that companies will face;
  • explaining clearly the requirements of IFRSs and how they differ from previous UK GAAP;
  • adding interpretation and commentary where IFRSs are silent, ambiguous, or unclear;
  • separately identifying those UK-specific requirements that will continue to apply; and
  • providing many illustrative examples.
The publication may be purchased by calling +44 (0)870 777 2906 or by emailing customerservices@cch.co.uk.

Day 2 of the November 2005 IASB meeting

16 Nov 2005

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page. .

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page.

November 2005 IASB meeting day 1

16 Nov 2005

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page. .

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page.

Impact of IFRSs on European credit institutions

16 Nov 2005

Deloitte IFRS experts in France recently presented the results of their review of the effects of first-time adoption of IFRSs by 15 European financial institutions.

The 78-slide presentation covered:

First-time Adoption of IFRSs by European Credit Institutions

  • Reporting format
  • Content of information published and key messages
  • Impacts on equity, net income, and the Tier One ratio
  • The main impacts by standard
    • Business combinations and goodwill
    • Share-based payment
    • Employee benefits
    • Scope of consolidation
    • Fixed assets and leases
    • Available-for-sale assets
    • Debt/equity
    • Day-one profit
    • Hedging
    • Loan provisioning
    • Insurance
    • Effective interest rate/Treatment of commissions
Click to download the presentation (PDF 610k).

Scott Taub is named Acting SEC Chief Accountant

15 Nov 2005

US Securities and Exchange Commission Chairman Christopher Cox has designated Scott Taub to serve as Acting Chief Accountant for the SEC.

Mr Taub has served as the Commission's Deputy Chief Accountant since September 2002. Prior to joining the Commission's staff, he was a partner in the Professional Standards Group of Arthur Andersen in Chicago. Mr Taub replaces Donald T Nicolaisen, who left in October 2005 to return to the private sector.

EC eliminates fair value option 'carve-out'

15 Nov 2005

The European Commission has adopted a Regulation endorsing the fair value option in IAS 39 on Financial Instruments: Recognition and Measurement As Amended by the IASB in June 2005.

This removes one of the two 'carve-outs' that the EC had imposed when endorsing IAS 39 for use in Europe. The amended fair value option was approved unanimously by the EU Member States at the Accounting Regulatory Committee and by the European Parliament. Adoption is retroactive to 1 January 2005, so that companies will be able to apply the amended standard for their 2005 financial statements. Internal Market and Services Commissioner Charlie McCreevy said: "I am very pleased that the Commission has been able to eliminate the 'fair value carve-out' to IAS 39. The two IAS 39 carve-outs were always intended to be exceptional and temporary. We therefore need to press on with the technical work to find a solution on the second carve out." Click for:

FASB begins comprehensive employee benefits project

14 Nov 2005

The US Financial Accounting Standards Board has added to its agenda a project to reconsider guidance in Statement No.

87 Employers' Accounting for Pensions, and Statement No. 106 Employers' Accounting for Postretirement Benefits Other Than Pensions. FASB's press release indicates that "consistent with its effort toward international convergence of accounting standards, the FASB expects to work with the International Accounting Standards Board and other standards setters" in connection with this project. At the moment, the IASB does not have on its agenda comprehensive reconsideration of IAS 19 Employee Benefits. Click for (PDF 20k)

Agenda for IASB November meeting

14 Nov 2005

The International Accounting Standards Board will meet in public session at its offices in London on Tuesday through Friday, 15-18 November 2005. Presented below is the agenda for the meeting. .

The International Accounting Standards Board will meet in public session at its offices in London on Tuesday through Friday, 15-18 November 2005. Presented below is the agenda for the meeting.

agenda.gif15-18 November 2005, London

Tuesday, 15 November 2005 (afternoon only)

  • Fair Value Measurement [Education session]
Wednesday, 16 November 2005 Thursday, 17 November 2005 (afternoon only) Friday, 18 November 2005 (morning only)

Progress toward IFRS convergence in China

14 Nov 2005

Representatives of the China Accounting Standards Committee (CASC) of the People's Republic of China and the International Accounting Standards Board (IASB) met in Beijing on 7 and 8 November 2005 to discuss a range of issues relating to the convergence of Chinese Accounting Standards (CASs) with International Financial Reporting Standards (IFRSs). At the conclusion of the meeting, the two delegations released a joint statement setting out key points of agreement, including the following: China stated that convergence is one of the fundamental goals of its standard-setting programme. China affirmed its intention that an enterprise applying CASs should produce financial statements that are the same as those of an enterprise that applies IFRSs. The IASB delegation acknowledged that convergence to IFRSs will take time, and how to converge with IFRSs is a matter for China to determine. During the past year, China has issued 21 Exposure Drafts.

CASC is currently working to finalise these and develop implementation guidance. Two more Exposure Drafts are nearing completion. China has also begun a review of its 16 existing CASs. As a result, China's Accounting Standards System for Business Enterprises is being developed with a view to achieving convergence of those standards with the equivalent IFRSs.
  • The IASB representatives applauded and expressed admiration for the enormous progress China has already made toward convergence with IFRSs.
  • The two delegations identified specific ways each could help the other in the future.
  • Click for:

    Agenda for SAC meeting 10-11 November

    09 Nov 2005

    The Standards Advisory Council (SAC) will meet with the IASB in public session on Thursday and Friday 10-11 November 2005 at the Renaissance Chancery Court Hotel in London.

    Presented below is the agenda for the meeting.

    Thursday 10 November 2005

    • Introductions and SAC Role
    • SAC Terms of Reference and Operating Procedures
    • Discussion of IASB/IFRIC operations and consultation procedures
    • Discussion of IASB work programme and convergence
    • Update on key projects / initiatives
      • Insurance
      • Financial Instruments
      • Education

    Friday, 11 November (morning only)

    • Performance Reporting
    • Business Combinations

    Correction list for hyphenation

    These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.