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Editorial corrections to IFRSs

22 Jan 2008

The IASB has posted to its website some editorial corrections and changes to the IFRSs Bound Volume 2007, and IAS 23 (issued March 2007), IFRS 3 (issued January 2008), and IAS 27 (issued January 2008).

You can click here to Access the Corrections on IASB's website.


Podcast on changes to IFRS 3

22 Jan 2008

Deloitte (Australia) has published a podcast on the recent amendments made by the IASB to accounting for mergers, acquisitions, and similar transactions under IFRS 3 Business Combinations.

Deloitte partners Stephen Ferris and Debbie Hankey discuss the amendments, some of the issues arising, and what executives need to do to prepare for the changes.


Agenda for this week's Board meeting

21 Jan 2008

The International Accounting Standards Board will hold its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting is open to public observation and will be webcast.

You can access the agenda on our January 2008 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.

Heads Up on FASB's codification

19 Jan 2008

In our News Story of 16 January 2008, we reported that the US Financial Accounting Standards Board has begun a one-year verification phase of its codification of US GAAP.

That story included a Link to On-Line Codification (free registration is required). Deloitte & Touche LLP (United States) has published the 18 January 2008 edition of the Heads Up Newsletter (PDF 94k) that has more information about the codification project.


Summary of issues not added to IFRIC agenda is updated

19 Jan 2008

We have updated our Summary of Issues Not Added to IFRIC's Agenda to reflect the IFRIC's final decisions at its January 2008 meeting not to add the following topics to its agenda.

Our summary now includes over 130 issues:
  • IAS 19 – Death in service benefits
  • IAS 19 – Definition of plan assets
  • IAS 19 – Pension promises based on performance hurdles
  • IAS 23 – Foreign exchange and capitalisable borrowing costs
  • IAS 39 – Scope of IAS 39 paragraph 2(g) (contracts between an acquirer and a vendor in a business combination to buy or sell an acquiree at a future date)

IFRIC agenda pages are updated

18 Jan 2008

We have updated the following IFRIC agenda issues pages to reflect the discussions and decisions at the meeting of the International Financial Reporting Interpretations Committee on 10-11 January 2008:

Public sector standard on disclosure of external assistance

18 Jan 2008

The International Public Sector Accounting Standards Board has updated the 'cash-basis IPSAS' – Financial Reporting under the Cash Basis of Accounting – to include new requirements for disclosure of international aid, development grants, and other forms of external assistance.

The new requirements are effective for reporting periods beginning on or after 1 January 2009. Click for Press Release (PDF 99k).


Accountancy interview with Sir David Tweedie

18 Jan 2008

The January 2008 issue of Accountancy magazine includes an interview with IASB Chairman Sir David Tweedie titled Tweedie's Best of Breed.

In the interview, Sir David comments on some of the key events relating to IFRSs in 2007, including:
  • eliminating the IFRS reconciliation in the United States
  • US consideration of allowing domestic companies to use IFRSs
  • the recent ICAEW study that found widespread benefits of adoption of IFRSs in Europe
  • progress on convergence with FASB
  • success in engaging stakeholders in IASB's due process
  • efforts to maintain the IASB 'brand' and ensure that assertions of compliance with IFRSs are made only when there is compliance with full uo-to-date IFRSs
Click to download Accountancy's Interview with Sir David (PDF 202k). The article is copyrighted by Wolters Kluwer (UK) Ltd. We are grateful to Accountancy Magazine for giving us permission to post it on IAS Plus. Here's an excerpt:

An excerpt from the Accountancy interview with Sir David Tweedie:

[Removing the SEC's reconciliation requirement for IFRS filers in the USA] is not the only feather in the cap for the Scot who is helping to make the vision of a global set of reporting standards a reality. Something of a watershed year, 2007 also saw the 108th country sign up to International Financial Reporting Standards. And more are queuing up behind – Canada, Israel, Chile, Japan are waiting in the wings. "We reckon by about 2011 there'll be 150 – all the major economies", he announces triumphantly.

Not only that, but the world's largest capital market, the US, is on the verge of coming on board – also by 2011, hopes Tweedie.

"Six years ago, when we started, if someone said, 'Describe where you'll be in 2007', I wouldn't have described this. This is much, much better than we thought, and it's happened much, much faster – and that's indicative of the markets and globalisation in general."


Deloitte iGAAP Financial Reporting Standards in Singapore

17 Jan 2008

Deloitte (Singapore) has published iGAAP Financial Reporting Standards in Singapore – a practical and comprehensive guide for companies that are based in Singapore and are reporting under the Financial Reporting Standards (FRS).

This book
  • Focuses on the practical issues that companies will face in applying FRSs
  • Explains clearly the requirements of FRSs
  • Adds interpretations and commentary where FRSs are silent or unclear
  • Identifies other Singapore-specific requirements
iGAAP Financial Reporting Standards in Singapore (ISBN-13 978-981-4197-89-2 and ISBN-10 981-4197-89-0) is published by CCH Asia Pte Limited and may be ordered from the CCH Singapore Website.


IAS Plus Newsletter on revisions to IFRS 2

17 Jan 2008

Deloitte's IFRS Global Office has published a special edition IAS Plus Newsletter on the Amendments to IFRS 2 for Vesting Conditions and Cancellations.

Our news story of Earlier Today also has some information about those revisions. The newsletter explains and illustrates the amendments in detail.
IAS Plus Newsletter on the Amendments to IFRS 2 for Vesting Conditions and Cancellations (PDF 126k). Click to view You will find all Past IAS Plus Newsletters Here.


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.