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Regulation of capital markets in the EU

08 Mar 2007

In a recent newspaper article, European Commissioner for Internal Market and Services Charlie McCreevy discussed regulation of capital markets in general and regulatory cooperation and integration of transatlantic capital markets in particular.

His comments touched on a principles-based approach to regulation, the IFRS-US GAAP reconciliation, and US-EU reliance on each other's audit oversight bodies. Click to download Commissioner McCreevy's Article (PDF 17k)

New book on history of the IASC 1973-2000

08 Mar 2007

The Oxford University Press has published Financial Reporting and Global Capital Markets: A History of the International Accounting Standards Committee, 1973-2000, by Kees Camfferman and Stephen A. Zeff.

The book examines the history of the IASC from 1973 to 2000, including its foundation, operation, changing membership and leadership, achievements and setbacks, the development of its standards, and its restructuring leading up to the creation of the IASB in 2001. Click for:


  • Foreword by Sir David Tweedie
  • Preface
  • 1. Introduction and Overview

Part I: Origins

  • 2. Origins of International Accounting Harmonization
  • 3. The Founding of the IASC

Part II: 1973-87

  • 4. The People and the Structure of the IASC
  • 5. 'Compromise to Harmonise': Setting the IASC's Early Standards
  • 6. The IASC Labours to Gain Recognition
  • 7. The IASC Copes with its Political Environment

Part III: 1987-2000

  • 8. The Changing Look of the IASC: People, Structure, and Funding
  • 9. The IASC Fortifies its Standards: The Framework and the Comparability and Improvements Projects
  • 10. Raising the Stakes: The IASC Responds to IOSCO and the SEC
  • 11. Putting Teeth in Harmonization: The IASC Completes its 'Core' Standards
  • 12. The World Wakes Up to the IASC
  • 13. Towards a World Standard Setter: The Restructuring of the IASC Appendices

SEC roundtable on IFRS 'roadmap'

08 Mar 2007

On 6 March 2007, the US Securities and Exchange Commission conducted a public roundtable on the IFRS 'roadmap' at its offices in Washington.

SEC Chairman Christopher Cox and European Commissioner for the Internal Market and Services Charlie McCreevy both made opening addresses. Their remarks were followed by three panel discussions on topics related to the potential effects of a co-existence of IFRS and US GAAP models in the US capital markets. (See our News Story of 3 March 2007  for details.)

6 March 2007 US SEC Roundtable on IFRSs

SEC Chairman Christopher Cox

  • An excerpt from his address:

The rationale for a global standard, rather than the Babel of competing and sometimes contradictory national standards, has been often stated. But it is so important that it bears repeating. Global accounting standards would improve investor confidence in the market, so long as the standards are high-quality, comprehensive and rigorously applied. They'd allow investors to draw better comparisons among investment options. They'd also lower costs for issuers, who would no longer have to incur the cost of preparing financial statements using different sets of accounting standards. And those lower costs would benefit the company's shareholders, who ultimately bear the burden of the entire cost of the financial reporting system.

EC Commissioner McCreevy

  • An excerpt from his address:

I am convinced accepting IFRS without reconciliation in the US capital markets will have very positive effects. It will bring more openness to capital markets, it will benefit US investors, and it will facilitate access for third country issuers to US financial markets. And contribute to a more coherent global regulatory structure. Let me underline this: this is in the US' interest, just as much as in ours and can and will be done in a way that will benefit and safeguard US investors.


Briefing on IFRSs for CEOs, audit committees, boards

08 Mar 2007

The IASC Foundation education programme has published the 2007 edition of International Financial Reporting Standards - A Briefing for Chief Executives, Audit Committees and Boards of Directors.

The 83-page briefing includes a summary of each standard and its 'business implications'. Holders of eIFRS or Comprehensive IASB subscription services can download a PDF version from the eIFRS Web Pages

PCAOB Chairman, EU Commissioner discuss auditor oversight

07 Mar 2007

Mark Olson, Chairman of the US Public Company Accounting Oversight Board, and Charlie McCreevy, EU Commissioner for Internal Market and Services, met on 6 March 2007 to discuss steps to enhance cooperation between the PCAOB and European auditor oversight bodies and advance collaborative efforts in 2007. Chairman Olson and Commissioner McCreevy agreed to launch "roadmap discussions on cooperation between the PCAOB and EU regulators".

They have mandated their staff to commence work and will review progress at their next meeting. The goal is to enable the PCAOB and EU auditor regulators that have independent and rigorous oversight systems to move toward full mutual reliance by 2009. Both sides will take stock and review progress in October 2007. Click for PCAOB Press Release  (PDF 59k). An excerpt:

Currently, there are over 760 non-US firms from 83 countries registered with the PCAOB, including approximately 265 firms located in the European Union, some portion of which will be subject to inspection. Once registered with the PCAOB, non-US firms meeting certain criteria are subject to the inspection requirements of the Sarbanes-Oxley Act. Similarly, under the European Union's new Directive on Statutory Auditors, certain non-European audit firms will be required to be inspected by European regulators unless their home-country system is considered to be equivalent to the public oversight requirements set forth in the Directive

New US private company financial reporting committee

07 Mar 2007

The US Financial Accounting Standards Board and the American Institute of Certified Public Accountants have jointly formed a Private Company Financial Reporting Committee (PCFRC).

The primary objective of the PCFRC will be to provide recommendations to the FASB that will help the Board determine whether and where there should be specific differences in prospective and existing accounting standards for private companies. Click for FASB Press Release  (PDF 18k). The IASB has recently published an Exposure Draft of a Proposed IFRS for SMEs.

IFRS modelregnskab 2006 (model statements in Danish)

07 Mar 2007

Deloitte (Denmark) has published the Danish Language Model IFRS Financial Statements for 2006.

The statements reflect the requirements of Danish law as well as IFRSs. Each item in the financial statements is cross-referenced to the relevant source. There are permanent links on our Denmark Page and our Model Financial Statements Page.

Accounting Roundup – February 2007

07 Mar 2007

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

Topics covered in this issue include:

FASB Developments

  • FASB Issues Statement 159
  • FSP Updates Illustrations and Q&As for Statements 87, 88, and 106
  • FASB Issues Proposed FSP on Interpretation 48
  • Credit Loss Project Added to FASB's Agenda

AICPA Developments

  • AICPA Issues TPAs
  • AICPA Issues Interpretations on Compilation and Review of Financial Statements
  • Practice Alert on Dating of Auditor's Report
  • AICPA Announces Center for Audit Quality

SEC Developments

  • Roundtable on IFRS 'Roadmap'
  • SEC Names Deputy Chief Accountant

FASAB Developments

  • Preliminary Views on Accounting for Social Insurance
  • Exposure Draft on NASA's Space Exploration Equipment
  • FASAB Establishes Fiscal Sustainability Task Force

International Developments

  • Exposure Draft on Financial Reporting by Small and Medium-Sized Entities
  • Exposure Draft Proposes Amendments to Related-Party Disclosures
  • Extension of Comment Period on Fair Value Measurements
Click for February 2007 Issue (PDF 228k). You will find past issues of Accounting Roundup Here.

ICAEW studies IFRS implementation in Europe

06 Mar 2007

The European Commission has asked the Institute of Chartered Accountants in England and Wales (ICAEW) to analyse the implementation of IFRSs across the EU.

The project team, which is led by David Cairns, is reviewing the IFRS consolidated financial statements of 200 stock exchange listed companies. The project team would like help in identifying non-listed companies that have published IFRS consolidated financial statements or IFRS legal entity financial statements. It also is keen to hear from EU companies (or their auditors) that have used fair value accounting for financial instruments in national GAAP financial statements (as permitted by the Fair Value Directive). The ICAEW study will also incorporate the views of preparers, users, and auditors of IFRS financial statements as well as the experiences of securities and other regulators. David Cairns is keen to hear from EU companies that have implemented IFRSs, auditors who have audited IFRS financial statements, and investors, lenders and analysts who have had to use IFRS information.

Online version of IFRSs now available in an improved format

06 Mar 2007

Annual subscriptions to eIFRS from the IASC Foundation are now available.

eIFRS is the electronic consolidated edition of the IASB's International Financial Reporting Standards (including International Accounting Standards and Interpretations) and accompanying documents. eIFRS gives you immediate online access to HTML versions of all of the most up-to-date material issued by the IASB. The standards are searchable, extensively hyperlinked, and include education material. Follow this link to visit eIFRS:

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