July

Notes from day 4 of the July 2008 IASB meeting

25 Jul 2008

The International Accounting Standards Board held its July 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 22-25 July 2008.

Deloitte achieves sixth year of double-digit revenue growth

24 Jul 2008

Deloitte Touche Tohmatsu's fiscal year 2008 aggregate member firm revenue increased by 18.6% in US dollars, and 13.0% in local currencies, to US$27.4 billion.

This is Deloitte's sixth consecutive year of US dollar double-digit revenue growth from continuing operations. Every service line and every geographic region delivered strong growth. Deloitte aggregate revenues were US$23.1 billion in FY2007. Also, in fiscal 2008:
  • Deloitte grew by approximately 15,000 people with considerable growth in the emerging markets.
  • Globally, Deloitte now has approximately 165,000 people operating in approximately 140 countries.
  • Deloitte's firms in Brazil, Russia, India, and China have experienced 90% growth in the number of professionals in the past three years.
For more information, please see our Press Release (PDF 26k).

 

Notes from day 2 of the July 2008 IASB meeting

24 Jul 2008

The International Accounting Standards Board held its July 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 22-25 July 2008.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting. Among other things, projects on Liabilities and Equity and Derecognition were moved to the Board's active agenda from the research agenda.

 

IASB will hold a 'Global Preparers Forum' on 28 July 2008

23 Jul 2008

The IASB will meet with representatives of companies that use IFRSs at a Global Preparers Forum on Monday 28 July 2008 from 10:00am to 16:30pm at the Board's offices, 30 Cannon Street, London.

The meeting is open to public observation.

The agenda for the Global Preparers Forum, 28 July 2008:

Morning (10:00-12:30):

  • IASB Work Plan
  • Financial Statements Presentation
Afternoon (13:15-16:30):
  • Leasing
  • Financial Instruments - Consolidation and Derecognition
  • Income taxes
  • Post-employment benefits
  • Revenue Recognition

 

Notes from day 1 of the July 2008 IASB meeting

23 Jul 2008

The International Accounting Standards Board held its July 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 22-25 July 2008.

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

Public consultation on EFRAG enhancement

23 Jul 2008

The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) has invited public comment on a proposal for the enhancement of EFRAG.

The proposal is in response to calls for strengthening the European contribution to the work of IASB. EFRAG is seeking input on:
  • enhancing the EU's pro-active input to the IASB by building on EFRAG's structures and experience;
  • further involvement of National Standard Setters and coordination of European resources and the creation of a Planning and Resource Committee
  • enhanced governance, transparency of EFRAG and accountability to European organisations and institutions;
  • balanced involvement of European stakeholders in EFRAG;
  • a significant increase in EFRAG's human and financial resources.

The proposal envisions a new EFRAG structure as shown in the diagram below. Public consultation on EFRAG enhancement

The structure would include:

  • A new General Assembly (GA) with a Governance and Nominating Committee. The GA would consist of representatives of major European organisations. It would meet annually to approve the budget and appoint Supervisory Board (SB) members. The Governance and Nominating Committee would make recommendations on appointments to the SB.
  • The Supervisory Board (17 members) would have responsibilities for oversight, financing, and some external liaisons (including IASCF, EC, and EP). It would also appoint members of the Technical Expert Group (TEG) and Planning and Resource Committee (PRC).
  • The PRC would coordinate EFRAG's pro-active work with the IASB agenda and EFRAG technical surveys.
  • There would be a new Consultative Group, similar to SAC, to advise TEG, PRC, and SB. It would meet annually.
  • Regarding TEG, no major changes are proposed to the existing structure (9 to 12 voting members plus 3 non-voting members from major EU standard-setters).
The proposal envisions a budget for EFRAG of €3 million in 2009. That would double to €6 million in 2010, with the European Commission contributing half. EFRAG would have a technical staff of 20. The proposal envisages that the new structure will be put in place during the first half of 2009. Click to download EFRAG Enhancement Proposal (PDF 352k). Comment deadline is 22 September 2008.

2008 Ken Spencer Memorial Lecture is posted

22 Jul 2008

Prof. Stephen A. Zeff of Rice University recently delivered the 2008 Ken Spencer Memorial Lecture, titled IFRS Developments in the USA and EU, and Some Implications for Australia.

The lecture is available on the Australia Financial Reporting Council Website or as a PDF Download from that site (PDF 105k).

 

EFRAG report – 13 IASB pronouncements await EU endorsement

22 Jul 2008

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 21 July 2008 (PDF 40k). Currently, there are 13 IASB pronouncements that have not yet been endorsed for use in Europe, as follows:
  • IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate
  • IFRS 2 Share-based Payment: Vesting Conditions and Cancellations
  • IFRS 3 Business Combinations (2008)
  • IAS 1 Presentation of Financial Statements (revised September 2007)
  • IAS 23 Borrowing Costs (revised March 2007)
  • IAS 27 Consolidated and Separate Financial Statements (2008)
  • IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction
  • IFRIC 15 Agreements for the Construction of Real Estate
  • IFRIC 16 Hedges of a Net Investment in a Foreign Operation
  • Improvements to IFRSs – 2007 (affects various standards)

 

IAS Plus quarterly newsletter for July 2008

22 Jul 2008

The July 2008 IAS Plus Quarterly Newsletter has been published.

The newsletter reports on the 2nd quarter 2008 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting:

 

IASB posts 'near final' amendments to IAS 39 on hedge accounting

22 Jul 2008

The IASB has made available to its Subscribers a near final draft of amendments to IAS 39 relating to eligible hedged items.

The amendments will clarify two hedge accounting issues:
  • identifying inflation as a hedged risk, and
  • hedging with options.
The amendments are based on the September 2007 exposure draft Exposures Qualifying for Hedge Accounting, but focus more narrowly only on the two foregoing areas.
Click to view the IASB subscriber site.

 

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