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2007

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).

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.

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)

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.

Restructuring of IVSC is proposed

05 Feb 2007

The International Valuation Standards Committee (IVSC) has embarked on a proposed major restructuring process not unlike that undertaken by the International Accounting Standards Committee in the late 1990s that led to the creation of the International Accounting Standards Board.

The restructuring proposals have been developed by a Governance Group established by the IVSC Management Board. The key recommendations of the Group are:

  • That a new International Valuation Standards Board (IVSB) be created as an independent and autonomous decision making body with up to nine compensated (full-time or part-time) members. Concurrently, an International Valuation Standards Interpretations Committee would be created as an arm of the IVSB;
  • That the IVSC be renamed the International Valuation Standards Council. It would remain a membership based organisation but the criteria for membership would be broadened beyond national professional valuation institutes to include valuation companies, national standard setters, users of valuations, academics and others. IVSC members would provide input to the IVSB.
  • That an elected Board of Trustees would have responsibility for oversight of the work of the IVSC and IVSB. Responsibility would include appointment members of the IVSB and Interpretations Committee, ensuring adequate funding and resources, and protecting the Board's independence and integrity.
  • That a new International Valuation Professional Board (IVPB) be created to develop criteria for the education of and professional practices of valuation practitioners.
The IVSC is inviting comments on the proposals by 9 March 2007. A special meeting of the IVSC will be held in San Francisco on 12 April 2007 when member bodies of the IVSC will be asked to approve the restructuring proposals. If accepted, the proposed structure would come into effect on 1 January 2008. Click to download the Proposal for the Restructuring of the IVSC (PDF 579k).

EFRAG launches redesigned website

05 Feb 2007

The European Financial Reporting Advisory Group (EFRAG) has launched a redesigned website: www.efrag.org.

Among the improvements:
  • Improved structuring of the home page and menu system.
  • Revised project overview and status views.
  • Ability to upload comment letters via the website directly.
  • New meeting organisation area.
  • A separate section devoted to the Endorsement Status Report.

Click for: EFRAG and www.efrag.org.

Comprehensive history of the IASC is published

05 Feb 2007

WoltersKluwer/CCH have published The International Accounting Standards Committee: A Political History, by Robert J. Kirsch, PhD.

The book covers the history of the IASC from its earliest days starting in 1962. It looks at the human side of the organisation's history, its institutional and economic development, administrative policies and practices, and its various constitutions and structures. Additionally, it charts the flow of its technical international accounting standard setting work through its various stages of development. Written in plain English, the book discloses much previously publicly unpublished information.

Title of book: The International Accounting Standards Committee: A Political History Author: Robert J. Kirsch, PhD Number of pages: 465 ISBN: 978-1-84140-608-4 Ordering details:Quote product code: UP/KIRSCH-BI7001

  • By phone: CCH's Customer Service Department in the United Kingdom at +44 (0)870 777 2906; or
  • By email: customerservice@cch.co.uk.

The book's 11 chapters cover:

  1. Introduction
  2. The Formative Period: 1966 to 1973
  3. Challenges, Responses and The First Standards: 1974 to 1977
  4. The Fight to Maintain Autonomy: 1977 to 1982
  5. Towards a Critical Mass of Standards: 1982 to 1985
  6. Building the Foundations for Comparability: April 1985 to June 1990
  7. Improvements: 1990 to 1994
  8. Organizational Issues in the Final Years: 1995 to 2001
  9. Standard Setting from 1995 to 2001
  10. The New Structure
  11. Synthesis

There are 14 appendices covering such topics as IASC officers, biographical notes on the chairmen and secretaries-general, board members, representatives and technical advisers, meetings, standards history, and various constitutional documents.

Comparison of Taiwanese GAAP and IFRSs

05 Feb 2007

Deloitte & Touche in Taiwan has published Comparisons of Republic of China (ROC) GAAP and IFRSs, which details the differences between ROC Statements of Financial Accounting Standards and IFRSs as of 30 September 2006. This booklet is written both in Chinese and English and is a line-item by line-item comparison.

It provides a quick overview of the difference between ROC GAAP and IFRSs that are commonly found in practice. Comparisons of ROC GAAP and IFRSs can be purchased by email to fltsai@deloitte.com.tw or On Line (Chinese).

 

IFRS presentation and disclosure checklist in German

03 Feb 2007

Deloitte (Germany) has published a German-language translation of the 2006 IFRS presentation and disclosure checklist.

The checklist reflects IFRSs issued through 30 June 2006. Click to download Checkliste zu Ausweis-und Angabevorschriften (Presentation and Disclosure Checklist) 2006 (PDF 1,862k, 230 pages).

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.