February

Updated EFRAG endorsement status report

10 Feb 2007

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 Report as of 5 February 2007 (PDF 34k). The 5 February 2007 update reflects the recent recommendation of the Accounting Regulatory Committee that the EC endorse IFRS 8, IFRIC 10 and IFRIC 11 (see news story below). You can always find a link to the Endorsement Status Report on our EFRAG Page. Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 8 Operating Segments
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 11 IFRS 2: Group and Treasury Share Transactions
  • IFRIC 10 Interim Financial Reporting and Impairment

Agenda for February 2007 IASB meeting

09 Feb 2007

The International Accounting Standards Board will hold its February 2007 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Thursday 20-22 February 2007.

Presented below is the agenda for the meeting.

20-22 February 2007, London

Tuesday 20 February 2007(afternoon only)

  • Conceptual Framework– Discussion of:
    • 1. A working definition of a potential element, tentatively called claims, and its implications if used to replace the liabilities and equity elements
    • 2. A staff analysis of comments received on the July 2006 Discussion Paper on objective and qualitative characteristics

Wednesday 21 February 2007

Thursday 22 February 2007

  • IAS 41 Agriculture – Measurement: Whether to remove the prohibition on taking into account 'additional biological transformation' in estimating the fair value of biological assets using discounted cash flows (issue referred from IFRIC)
  • Annual Improvements Process:
    • A perceived conflict in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors regarding the status of Implementation Guidance
    • Whether IFRS 1 should be restructured to make it less complex and more clear
  • Post-employment benefits– Preliminary Views
    • Definition of defined contribution, defined benefit and asset-based benefit promises
    • Introduction to measurement options for cash balance and similar plans
    • Presentation options for defined benefit pension plans.
  • Business Combinations Phase 2 – Redeliberations of proposed revisions to IFRS 3 Business Combinations
  • Financial Statement Presentation

Standards Advisory Council meets 26-27 February

09 Feb 2007

The Standards Advisory Council will meet with the International Accounting Standards Board on Monday and Tuesday, 26 and 27 February 2007, at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

Presented below is the agenda for the meeting.

26-27 February 2007, London

Monday, 26 February 2007(afternoon only)

  • Discussion of IASB work plan:
    • Report from IASB Chairman
    • Work plan and staff resources
    • Convergence with US GAAP
    • Feedback on discussions with regions and countries adopting/converging with IFRSs:
  • XBRL: IASC Foundation plans and possible implications for financial reporting

Tuesday 27 February 2007

  • Conceptual Framework
  • Update on Education initiatives
  • Introductory presentation by the new Director of Communications:
  • IFRS for Small and Medium-sized Entities:
    • Presentation
    • Breakout Group discussions
    • Group leaders' summary and plenary debate

Hong Kong 2006 model financial statements

08 Feb 2007

Deloitte (China) has published HKFRS Model Financial Statements and Disclosure Checklist 2006.

This 292-page publication (PDF 1,877k) reflects all Hong Kong Financial Reporting Standards (HKFRSs) issued as of 25 January 2007. It includes an illustrative 2006 annual report issued by a fictitious listed company, a presentation and disclosure checklist for 2006, and a section that gives a summary of the key changes to HKFRSs and listing rules during 2006 that affect the disclosure and presentation of information in the financial statements. As of 1 January 2005, HKFRSs became fully harmonised with International Financial Reporting Standards (IFRSs), except for a few minor differences.

Members of Standards Advice Review Group (SARG)

08 Feb 2007

The European Commission has announced the members of its Standards Advice Review Group (SARG).

The Group's task will be to assess whether the endorsement advice given by the EFRAG is well balanced and objective. The group will deliver its advice to the Commission normally within three weeks. The final advice will be published on the Commission's website. Members of the SARG are:
  • Josef Jilek
  • Elisabeth Knorr
  • Carlos Soria Sendra
  • Herve Stolowy
  • Enrico Laghi
  • Jan Klaasen
  • Geoffrey Mitchell
Click for

IFRS 8 disclosure checklist

07 Feb 2007

We have published an IFRS 8 Disclosure Checklist as a supplement to our IFRS Presentation and Disclosure Checklist for 2006.

IFRS 8 Operating Segments was issued in November 2006 and is effective for annual financial statements for annual periods beginning on or after 1 January 2009. Earlier application is permitted. IFRS 8 replaces IAS 14 Segment Reporting.
Once IFRS 8 is effective, segment reporting under IFRSs and US Generally Accepted Accounting Principles will be converged except for some minor differences. Click to download:
There are permanent links to these and related Deloitte publications on our Model Financial Statements Page.

Deloitte partner named SEC Deputy Chief Accountant

07 Feb 2007

The US Securities and Exchange Commission has named James L Kroeker as Deputy Chief Accountant for Accounting in the Commission's Office of the Chief Accountant.

Mr Kroeker comes from Deloitte &Touche, LLP where, since June 2002, he has been a partner in the firm's National Office Accounting Services Group and responsible for providing consultation and support regarding the implementation, application, communication and development of accounting standards, including disclosure and reporting matters. From August 1999 to June 2001, Mr Kroeker served as a Practice Fellow at the Financial Accounting Standards Board. Click for SEC Press Release (PDF 33k).

IFRSs in your Pocket 2006 – Turkish language edition

06 Feb 2007

Deloitte Turkey has published UFRS Cep Kitapcigi 2006, the Turkish language version of IFRSs In Your Pocket 2006.

This edition includes all of the information in the English language edition. There is also a discussion of the use of IFRSs in Turkey.

 Click for Publication (PDF 1,239k, 72 pages)

Accounting Roundup – January 2007

06 Feb 2007

We have posted the January 2007 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • Cleared Guidance on Implementation Issue B40 on securitised interests in prepayable financial assets
  • Proposed FSP for Computing Diluted EPS
  • Invitation to Comment on Valuation Guidance
  • FASB Decides Not to Delay Interpretation 48 on uncertainty in income taxes
  • FASB Establishes Investors Technical Advisory Committee
  • Herz Reappointed as FASB Chairman

AICPA Developments

  • AICPA Issues Audit Risk Alerts
  • ASB Issues SAS 114 The Auditor's Communication With Those Charged With Governance
  • AICPA Issues Framework for Reporting Deficiencies to Insurance Regulators

SEC Developments

  • SEC Letter on Filing Restatements for Errors in Accounting for Stock Option Grants
  • SEC Proposed Rule on Universal Internet Availability of Proxy Materials
  • Government Agencies Issue Final Statement on Complex Structured Finance Activities
  • SEC Issues Q&As on Executive Compensation and Related Person Disclosure

PCAOB Developments

  • PCAOB Observations on Auditors' Responsibilities With Respect to Fraud

International Developments

  • IASB Issues Exposure Draft on Proposed Amendments to IFRS 1
  • IASB and FASB Hold Roundtable Discussions on Measurement
Click for Full Issue (PDF 245k).
You will find past issues of Accounting Roundup Here.

Updated summary of issues not added to IFRIC agenda

06 Feb 2007

We have updated our Summary of Issues Not Added to IFRIC's Agenda to include IFRIC's final decisions in January 2007 not to add the following topics to its agenda:

 

  • IAS 39 – Definition of a derivative: Indexation on own EBITDA or own revenue (Issue referred to the Board for possible amendment of IAS 39)
  • IAS 39 – Short trading
  • IAS 39 and IAS 27 – Financial instruments puttable at an amount other than fair value
Click for: Summary of Issues Not Added to IFRIC's Agenda.

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.