IFAC's Small and Medium Practices (SMP) Committee commissioned this guide to assist SMPs and others in applying ISAs in SME audits. The guide provides a detailed analysis of the standards and their requirements in the context of an SME audit. The guide may be Downloaded from IFAC's website (PDF 7,071k).

• Agenda Overview and Timetable
• Amendment to IFRS 5 – Distributions to Owners
• Annual Improvements to IFRSs - 2008
• Common Control Transactions (new agenda project page)
• Conceptual Framework: Phase A – Objectives and Qualitative Characteristics
• Conceptual Framework: Phase B – Elements and Recognition
• Emission Trading Schemes (new agenda project page)
• Fair Value Measurements
• Financial Instruments – Derecognition Research Project
• Liabilities: Amendments to IAS 37
• Liabilities and Equity
• Management Commentary
• Post-employment Benefits
• Preface to IFRSs
• Puttable Financial Instruments and Obligations Arising on Liquidation
• Revenue Recognition

 

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Click to view November 2007 Edition of the Deloitte Global Offerings Services Newsletter (PDF 147k). Past GOs Newsletters are Here.

 

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

The first is scheduled for Tuesday, 8 January 2008, and will feature a panel of experts discussing international convergence of accounting standards. The live webcast is offered free of charge. Viewers will have the opportunity to email questions to panelists during the event. The webcast will be archived on the FASB website for access by the public.

FASB webcast on IFRS convergence: Title of Webcast: Towards a Global Reporting System: Where Are We and Where Are We Going? Date and Time: 8 January 2008, 10:30 AM to 11:30 AM US EST Panelists: Robert Herz, Chairman of the FASB; Peter Bridgman, Senior Vice President and Controller of PepsiCo; Greg Jonas, Managing Director of Moody's Investors Service; and Sam Ranzilla, a Partner at KPMG LLC. Moderated by Wall Street Journal reporter David Reilly. Topic: The panel will cover topics that include steps necessary to ensure a successful transition to IFRS; how this transition will provide better information to investors; and progress made by the FASB and the International Accounting Standards Board (IASB) to create a common set of high-quality global accounting standards. Email Notification Service: To subscribe to an email notification service for future FASB webcasts, send an email to Join-fasb-webcast@listserv.lists.fasb.org. (It is not necessary to include any additional information in the subject line or body of your email.)

 

It includes forewords from Ken Wild (Deloitte Global IFRS Leader) and Manual Arranz (Deloitte Spain IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; brief summaries of IASB agenda projects; and more.

Click to view Guía Rápida NIC/NIIF 2007 (PDF 692k, 116 pages).

The revised ED – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate – responds to comments received on a related exposure draft published in January 2007.

The proposals address concern that retrospectively determining cost in accordance with IAS 27 on first-time adoption of IFRSs cannot, in some circumstances, be achieved without undue cost or effort. Under the revised proposal:

• Entities, in their separate financial statements, would be allowed to use a 'deemed cost' option for determining the cost of an investment.
• That 'deemed cost' could be either fair value (determined in accordance with IAS 39 Financial Instruments: Recognition and Measurement) or the carrying amount under previous national standards.
• The 'deemed cost' option to would apply to jointly controlled entities and associates as well as subsidiaries.
• A new parent would be required to measure cost using the carrying amounts of the existing entity at the date when the new parent is formed.

Comment deadline on the revised ED is 26 February 2008. Click for:

• Press Release (PDF 130k)
• More Information

 

The proposals would provide guidance on how a group entity that receives goods or services from its suppliers (including employees) should account for the following arrangements, known as group cash-settled share-based payment transactions:

• Arrangement 1 – the entity's suppliers will receive cash payments that are linked to the price of the equity instruments of the entity.
• Arrangement 2 – the entity's suppliers will receive cash payments that are linked to the price of the equity instruments of the entity's parent.

Either way, it is the entity's parent that has an obligation to make the required cash payments to the entity's suppliers, not the entity itself.

The proposed amendment to IFRS 2 clarifies that IFRS 2 applies to such arrangements even if the entity that receives goods or services from its suppliers has no obligation to make the required share-based cash payments. Under the proposal, the entity should measure the goods or services in accordance with the requirements for cash-settled share-based payment transactions.

Comment deadline is 17 March 2008. Click for:

• More Information
• Press Release (PDF 51k).

 

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.