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March

SEC announces 17 XBRL test companies

31 Mar 2006

The United States Securities and Exchange Commission has announced that 17 companies have agreed to participate in a pilot program to use interactive data in XBRL Format in their financial statement filings.

The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves. Four of the companies are non-US registrants. The 17 members of the 2006 test group are:
  • 3M Company
  • Altria Group, Inc.
  • Brazilian Petroleum Corporation
  • Bristol-Myers Squibb Company
  • The Dow Chemical Company
  • Gol Intelligent Airlines, Inc.
  • Infosys Technologies Limited
  • Microsoft Corporation
  • Mobile Reach International, Inc.
  • Net Servicos De Comunicacao SA
  • Old Mutual Capital, Inc.
  • Pfizer, Inc.
  • R.R. Donnelley & Sons Company
  • South Financial Group, Inc.
  • United Technologies Corporation
  • Xerox Corporation
  • XM Satellite Radio Holdings, Inc.
Click for (PDF 33k).

FASB Chairman testifies about convergence

31 Mar 2006

In his prepared testimony for the US Senate hearing on financial reporting transparency (see our News Story of 29 March), FASB Chairman Robert H.

Herz spoke extensively about IASB-FASB convergence efforts. Click to download (PDF 511k). Testimony of other hearing participants may be Downloaded Here.

Notes from days 3 and 4 of IASB March 2006 meeting

31 Mar 2006

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page. .

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

Notes from second day of IASB March 2006 meeting

31 Mar 2006

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page. .

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

SAC minutes will be made public

30 Mar 2006

The Standards Advisory Council (SAC) has decided to make the minutes of its meetings available to the public retroactively to the first meeting of the 'reorganised' SAC that took place in November 2005 in London.

Minutes will be released publicly after approval by the SAC at its subsequent meeting. Portions relating to 'closed sessions' will be excluded. A new Page for SAC Minutes has been created on the IASB's Website.

Two valuation exposure drafts from IVSC

30 Mar 2006

The International Valuation Standards Committee (IVSC) has published for public comment the following two exposure drafts: Proposed International Valuation Application – Valuation of Public Sector Assets for Financial Reporting Proposed International Valuation Guidance Note – The Valuation of Historic Property The EDs propose "international level requirements and guidance for the measurement of assets held by governments and public sector bodies".

Comments are invited before 31 August 2006. Click for:

UK ASB will hold measurement roundtable

29 Mar 2006

The United Kingdom Accounting Standards Board (ASB) will host a roundtable discussion of issues relating to the basis of measurement used in financial reporting.

The roundtable will be held on 24 April 2006 and will be chaired by ASB Chairman Ian Mackintosh. It will include brief presentations followed by general discussion and comments. To provide a context for the roundtable, the ASB has prepared a background paper discussing some of the issues. Also, the staff of the Accounting Standards Board of Canada (AcSB) have provided an article on the Discussion Paper Measurement Basis for Financial Accounting–Measurement on Initial Recognition, which was prepared by the AcSB staff. Click for:

Updated EFRAG endorsement status report

29 Mar 2006

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status as of 23 March 2006 (PDF 23k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

US Senate hearing on financial reporting transparency

29 Mar 2006

The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the US Senate Committee on Financial Services will hold a hearing entitled Fostering Accuracy and Transparency in Financial Reporting on Wednesday, 29 March 2006. Scheduled to testify: .

The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the US Senate Committee on Financial Services will hold a hearing entitled Fostering Accuracy and Transparency in Financial Reporting on Wednesday, 29 March 2006. Scheduled to testify:

Panel I

  • Willis Gradison, Acting Chairman, Public Company Accounting Oversight Board
  • Robert H. Herz, Chairman, Financial Accounting Standards Board
  • Scott Taub, Acting Chief Accountant, Securities and Exchange Commission

Panel II

  • David Hirschmann, Senior Vice President, U.S. Chamber of Commerce
  • Marc E. Lackritz, President, Securities Industry Association
  • Colleen Cunningham, President, Financial Executives International
  • Barry Melancon, President, The American Institute of Certified Public Accountants
  • Rebecca McEnally, Director of Capital Markets Policy, Center for Financial Markets Integrity, CFA Institute
Click for (PDF 66k). Click here for Links to Prepared Testimony for the hearing.

IAASB ED on group audits

29 Mar 2006

The International Auditing and Assurance Standards Board (IAASB) has issued a re-exposure draft (ED) of proposed International Standard on Auditing (ISA) 600 (Revised and Redrafted) The Audit of Group Financial Statements.

Following earlier consultations, the IAASB has modified the proposals and reissued the ED. The primary issues revolve around the extent to which the group auditor needs to be involved in the audits of components that are audited by other auditors, whether these auditors are independent of the group auditor (unrelated) or belong to the group auditor's national or international firm or network of firms (related auditors). Click for IAASB Press Release (PDF 84k), which includes a hyperlink to download the exposure draft. Comments are requested by 31 July 2006.

Correction list for hyphenation

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