This publication provides comprehensive guidance on the presentation and disclosure requirements that will apply to listed groups for 2007 and 2008. The first part of the book explains the regulatory framework that underlies the preparation of financial statements. The second part contains model financial statements accompanied by a detailed commentary, to illustrate the typical disclosures that will be required, including requirements of IFRSs, the Reporting Statement on OFRs, company law, the Listing Rules and the Disclosure and Transparency Rules. The model financial statements and commentary are based on the Standards and legislation that apply from 2007 and have been published by 30 September 2007. iGAAP 2008 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 (0) 870 777 2906 or by email: customer.services@cch.co.uk (cite ISBN 978-1-84140-980-1).

 

Click here for the IASCF Announcement (PDF 17k).

• The XBRL Advisory Council will provide strategic advice to the Trustees and the Foundation's XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs).
• The XBRL Quality Review Team will help to assure the quality of XBRL taxonomy by reviewing taxonomies developed by the IASC Foundation.

XBRL (eXtensible Business Reporting Language) is a computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing, and analysis of financial reports, statements, and audit schedules. The XBRL taxonomy for IFRSs is, in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs. It will be maintained in line with the annual Bound Volume of IFRSs. Click for More Information.

 

The UK tailored edition provides invaluable assistance by:

• focusing on the practical issues that companies face;
• explaining clearly the requirements of IFRSs and how they differ from UK GAAP;
• adding interpretation and commentary where IFRSs are silent, ambiguous or unclear;
• identifying separately those UK-specific requirements that continue to apply; and
• providing many illustrative examples.

iGAAP 2007 IFRS Reporting in the UK can be purchased through CCH Online or by phone at +44 (0) 870 777 2906 or by email: customer.services@cch.co.uk (cite ISBN 978-1-84140-929-0)).

With that Regulation, IFRS 8 Operating Segments is adopted for use in Europe.

Click to view Commission Regulation (EC) No 1358/2007 (PDF 85k).

• Montenegro,
• Serbia, and
• Ukraine

All three juriscitions require IFRSs at least for entities whose securities are publicly traded. We have updated our table of Use of IFRSs by Jurisdiction to reflect the status of these jurisdictions. You will find links to all of our jurisdiction pages Here.

 

 

 

At its meeting last week, the Parliament considered whether to give the Commission the authority to decide on the applicability of IFRSs "in exceptional and duly justified cases and on imperative grounds of urgency" without the normal 'regulatory procedure with scrutiny' methodology, that is, to allow IFRS endorsements without involvement of the Parliament itself. The Parliament decided not to give the Commission this authority. Instead, the resolution adopted by the Parliament called on all parties to act expeditiously on endorsements. Here is the Parliament Resolution (PDF 110k). An excerpt:

In view of the fact that the application of the regulatory procedure with scrutiny within the usual deadlines could in certain exceptional situations make it difficult to adopt newly issued accounting standards, amendments to existing accounting standards or interpretations of existing accounting standards in time for them to be applied by companies for the relevant financial year, the Commission, the Council and the European Parliament should act speedily in order to ensure that those standards and interpretations are adopted in a timely manner so as not to undermine investor understanding and thus confidence. Regulation (EC) No 1606/2002 [the EU IAS Regulation] should therefore be amended accordingly,

 

Pakistan has developed three tiers of financial reporting standards – for public interest entities, medium-sized entities and small entities. The goal of the Institute of Chartered Accountants of Pakistan (ICAP) is that the public interest tier be IFRS compliant by 2009. Currently, the ICAP has not adopted the Pakistani equivalents of IFRS 1 and IFRS 4, and the Securities and Exchange Commission of Pakistan – the governmental body that must approve standards after ICAP adoption – has not yet approved the Pakistani equivalents of IAS 29, IFRS 7, and IFRS 8. Mr Shah's presentation also discusses impediments and problems in implementing IFRSs. Click to download Update on Financial Reporting in Pakistan (PDF 143k).

 

Press Release (PDF 57k).

 

To date, 5 of the 35 modules in the English language programme have been translated into Chinese – the Framework and IASs 1, 2, 10, and 11. There's also a Chinese language module explaining how to use the IFRS e-learning. All are available, without charge in the public interest, on Deloitte's CAS Plus Website. The Chinese IAS 11 module has just been released.

 

The Commission approved the proposal at that meeting (see our News Story of 16 Nov 2007. You can download the video of Chairman Cox's remarks in two formats:

• Windows Media Player (WMV 14mb)
• QuickTime (MOV 15mb)