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News

Four new IFRS e-learning modules now available

03 Nov 2004

We are pleased to make available without charge four new modules in Deloitte's IFRS e-learning series: IAS 23 Borrowing Costs IAS 29 Financial Reporting in Hyperinflationary Economies IAS 38 Intangible Assets IFRS 3 Business Combinations This brings the number of available modules to 28. All of the remaining modules (namely IASs 24, 32/39 Parts 2 and 3, and 36, and IFRSs 2 and 5) are scheduled for release before the end of the year.

You can always access Deloitte's IFRS e-learning by clicking on the light bulb icon on the IASPlus home page.

Asia-Pacific jurisdiction pages updated

03 Nov 2004

We have updated the following pages to reflect standard setting activity during the third quarter of 2004: Australia China Hong Kong Indonesia Malaysia Singapore Taiwan .

We have updated the following pages to reflect standard setting activity during the third quarter of 2004:

Shortcomings in corporate monitoring and reporting

03 Nov 2004

Only about one-third of 250 board members and top executives of large companies polled worldwide in a new Deloitte-sponsored survey say their companies are proficient at monitoring critical non-financial indicators of corporate performance.

By contrast, 86% of executives believe their companies are excellent or good at measuring and tracking the performance indicators necessary for financial reporting purposes. The survey is titled In the Dark: What Boards and Executives Don't Know about the Health of Their Businesses:

October 2004 IAS Plus newsletters

03 Nov 2004

We have published the October 2004 editions of our quarterly -->IAS Plus --> newsletter in two versions: (PDF 17 pages 249k) (PDF 24 pages 303k) Both editions have the same news about international financial reporting, including updates on IASB projects and Board activities and news about IFRSs in Europe, the United States, and elsewhere in the world.

Additionally, the Asia-Pacific edition has updates on accounting standard setting activity in seven countries in that region. You will find all past issues Here.

EC Internal Market newsletter discusses IFRSs

03 Nov 2004

The Internal Market Directorate of the European Commission has published Issue No.

35 of Internal Market News, the Directorate's newsletter. An article on pages 6 and 7 titled The Wider Impact of IAS/IFRS provides background on the EU IAS Regulation and discusses why IAS 39 was adopted "with exceptions". Click to (PDF 1,298k).

New Global Offerings Services newsletter

02 Nov 2004

We have posted the (PDF 283k), which provides US reporting information for non-US based companies.

This issue covers recent EITF, SEC, and PCAOB activities and announces the availability of a US GAAP Compliance Checklist. There are also links to 15 recent Deloitte publications. You will find past issues of the GOS Newsletter Here.

New Accounting Roundup newsletter

02 Nov 2004

The (PDF 250k) is now available.

This newsletter is published by Deloitte (USA) and includes the latest news from FASB, GASB, SEC, PCAOB, AICPA, IASB, and IFRIC. You will find past issues of Accounting Roundup Here.

Framework for evaluating internal control deficiencies

02 Nov 2004

Nine large accounting firms, including Deloitte, have jointly issued A Framework for Evaluating Process/Transaction-Level Exceptions and Deficiencies for use in implementing Section 404 of the Sarbanes-Oxley Act.

While the framework is not endorsed by the Public Company Accounting Oversight Board (PCAOB), and it should be read in conjunction with PCAOB Auditing Standard No. 2 on internal control audits, companies may find it a useful reference as they implement the requirements of Section 404. Click to Download the Framework (PDF 80k).

New FEE paper on auditor independence

02 Nov 2004

The European Federation of Accountants (FEE) has published a 186-page paper outlining how to apply, in practice, the principles underlying the European Commission's Recommendation on auditor independence.

The EC Recommendation requires auditors to identify, consider, and document potential threats to their independence and to detail the safeguards that have been put in place to eliminate those threats. The FEE publication also provides a comparison of the requirements of the EC Recommendation with that of the independence section of the International Federation of Accountants (IFAC) Code of Ethics. Click to:

ARC to consider endorsing additional IFRSs

02 Nov 2004

The Accounting Regulatory Committee of the European Commission will meet in Brussels on 30 November 2004 to vote on recommendations to endorse certain new and improved IFRSs and IFRIC 1. The specific IFRSs to be considered are IASs 1, 2, 8, 10, 16, 17, 21, 24, 27, 28, 31, 32, 33, 36, 38, and 40, as well as IFRSs 2, 3, 4, and 5. The agenda also includes a Commission presentation on "the latest developments towards a solution on the fair value option and on the technical work on the interest margin hedge" (IAS 39).

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