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News

Enhancing the profession's global contribution

15 Feb 2005

At a meeting in London convened by IFAC last week, the chief executives of 30 IFAC member bodies and regional accountancy organisations discussed a global agenda for enhancing the accountancy profession's contributions to economic growth and development.

Participants agreed that the international profession should strengthen accountancy in developing nations, address professional responsibility in financial reporting, clarify the role of accountants in corporate governance, provide support and guidance for professional accountants in business, and focus on supporting small and medium enterprises and practices. Specific steps include:
  • Supporting more rapid development of narrative reporting to achieve greater transparency and more integrity in corporate reporting.
  • Establishing an international forum to address audit quality with investors, regulators, and others.
Click for IFAC Press Release (PDF 52k).

EFRAG draft response on constitution review

15 Feb 2005

The EFRAG Supervisory Board has agreed on a Draft Response (PDF 150k) to the proposals for change regarding the IASC Foundation Constitutional Review.

Comments are requested by no later than 25 February 2005. An except:

We have to express disappointment with the proposals for change put forward in the Consultation paper. It appears that the Trustees have ignored many European concerns even though numerous proposals for change were put forward by many different European organisations.

Many organisations proposed finding means to have European constituents more involved in one way or another, but the proposals seem to us to be more in the direction of diluting the European involvement. It is all the more disappointing, therefore, that the proposals contained within the Constitutional Review document are so marginal in their response to the ideas put forward during the preceding consultative round, including the open meetings held during the course of 2004.

2005 edition of IVSC valuation standards

15 Feb 2005

The International Valuation Standards Committee (IVSC) has published International Valuation Standards 2005.

In its News Release (PDF 20k) announcing the new publication, the IVSC notes:

In 2004, the International Accounting Standards Board (IASB) made a number of significant changes to the accounting standards concerned with real estate and other fixed assets as part of its own improvements project. The IVSC has revised its standards in the 2005 edition to reflect these changes. The two standards most affected by the revised International Financial Reporting Standards are International Valuation Application 1, Valuation for Financial Reporting, and International Valuation Guidance Note 8, The Cost Approach for Financial Reporting - (DRC).

New IFAC public sector accounting handbook

15 Feb 2005

The 2005 edition of the International Federation of Accountants' Handbook of International Public Sector Accounting Pronouncements may now be downloaded in PDF format from IFAC's Website.

Print copies may also be ordered. The handbook features all International Public Sector Accounting Standards (IPSASs) issued as of 31 December 2004, including two new standards issued in 2004 dealing with cash-basis reports and impairment of non-cash-generating assets. The standards were developed by IFAC's International Public Sector Accounting Standards Board (IPSASB).

New Deloitte guidance on IFRS interim reporting

14 Feb 2005

We have posted a new Deloitte publication (PDF 345k, 48 pages).

This publication consists of three parts:
  • A survey on corporate interim reporting by listed companies to review progress compared to a 2002 Deloitte publication and to assess present UK practice against current and future reporting requirements for interim reports.
  • Model interim financial statements to illustrate the typical content and disclosures expected of a UK listed company that chooses, in its 2005 interim report, to follow IAS 34 Interim Financial Reporting.
  • A checklist for interim reporting covering the requirements of the UKLA Listing Rules, IAS 34, the Transparency Directive, and additional recommendations by the Statement on Interim Reporting by the Accounting Standards Board.
While focussed on interim reporting by UK listed companies, this publication should be of use to all IFRS adopters that prepare half-yearly or quarterly reports.

Deloitte urges improved oil/gas reserves reporting

13 Feb 2005

Deloitte is urging regulators around the world to update reporting requirements for oil and gas reserves by expanding the scope of mandatory disclosures in annual reports and financial statements.

The recommendations published in a report by Deloitte's global oil and gas group seek to work with the industry to improve information available to markets and restore investor confidence in reserves reporting. Click for:

New Global Offerings Services newsletter

12 Feb 2005

We have posted the (PDF 167k), which provides US reporting information for non-US based companies.

This issue covers recent FASB, SEC, Sarbanes-Oxley, and audit matters. There are also links to over 20 recent Deloitte publications. You will find past issues of the GOS Newsletter Here.

PCAOB to consider IAASB audit report

11 Feb 2005

The Standing Advisory Group of the US Public Company Accounting Oversight Board will meet on 16 February 2005 to consider, among other things, a (PDF 71k).

The report raises seven fundamental questions regarding the current reporting model, including one relating to the IAASB's new standard for the form of an auditor's report.

EFRAG supports IFRS 6 and two revised IASs

11 Feb 2005

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent letters to the European Commission recommending adoption, for use in Europe, of: Amendments to IAS 39–Transition and Initial Recognition of Financial Assets and Financial Liabilities. Amendments to IAS 19 Employee Benefits–Actuarial Gains and Losses, Group Plans and Disclosures. IFRS 6 Exploration for and Evaluation of Mineral Resources. EFRAG has also completed its due process on IFRIC D10 Liabilities Arising from Participating in a Specific Market–Waste Electrical and Electronic Equipment and has sent its final comments to IFRIC. .

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent letters to the European Commission recommending adoption, for use in Europe, of:

  • Amendments to IAS 39–Transition and Initial Recognition of Financial Assets and Financial Liabilities.
  • Amendments to IAS 19 Employee Benefits–Actuarial Gains and Losses, Group Plans and Disclosures.
  • IFRS 6 Exploration for and Evaluation of Mineral Resources.
EFRAG has also completed its due process on IFRIC D10 Liabilities Arising from Participating in a Specific Market–Waste Electrical and Electronic Equipment and has sent its final comments to IFRIC.

IFRS compliance, presentation/disclosure checklists

11 Feb 2005

Deloitte Touche Tohmatsu is pleased to make publicly available our IFRS Compliance Questionnaire and IFRS Presentation and Disclosure Checklist, both applicable for financial periods commencing 1 January 2005. These checklists complement our Model IFRS Financial Statements for 2005, which we had previously posted.

You will find links to all three of these publications on our IFRS Financial Statements Page.

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