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Advisory group on IASCF trustee selection

24 Nov 2005

The Trustees of the International Accounting Standards Committee (IASC) Foundation, under which the IASB operates, have formed a Trustee Appointments Advisory Group to help them in nominating and appointing qualified and interested individuals as Trustees.

Members of the Advisory Group are:
  • Jane Diplock, Chairman of the Executive Committee, International Organization of Securities Commissions
  • Roger Ferguson, Chairman, Financial Stability Forum
  • Donald Kaberuka, President, African Development Bank
  • Haruhiko Kuroda, President, Asian Development Bank
  • Luis Alberto Moreno, President, Inter-American Development Bank
  • Rodrigo de Rato y Figaredo, Managing Director, International Monetary Fund
  • Jean-Claude Trichet, President, European Central Bank
  • Paul Wolfowitz, President, World Bank
The ultimate decision on appointments rests with the Trustees. However, the Trustees will explain to the members of the Advisory Group the rationale for any decision contrary to reservations expressed by members of the Advisory Group. The Advisory Group will meet at least once annually, either in person or by conference call. The Chairman of the IASCF Trustees (currently Paul A. Volcker) will chair the meetings of the Advisory Group. Click for IASCF Press Release (PDF 70k).
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Australian model special purpose financial report

23 Nov 2005

We have added to our Australia Page a downloadable model special purpose financial report.

In Australia, financial reports for periods beginning on or after 1 January 2005 must be prepared in conformity with Australian equivalents to IFRSs (A-IFRSs). This model illustrates a special purpose report on first-time adoption of A-IFRSs. Other model financial reports for 2005 on our Australia page are Annual Consolidated Financial Report, Concise Annual Report, and Half-yearly Financial Report.
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New Global Offerings Services newsletter

23 Nov 2005

We have posted the (PDF 130k).

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. Past GOs Newsletters are Here.
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Australian Alert on A-IFRS disclosures

22 Nov 2005

Deloitte (Australia) has published Are You Ready for Increased A-IFRS Disclosures? (PDF 92k).

With 31 December 2005 looming, many companies are nearing the end of their projects for transition to Australian equivalents of IFRSs. Most projects have focussed on the differences in measurement and recognition. However, entities will potentially have to significantly rework the form and content of their financial report in 2005. This Accounting Alert provides an overview of some of the key new disclosures that will be required under A-IFRSs. These include a new primary statement, sources of uncertainty and judgement, increased reconciliations, and much more information on certain types of transactions. Further details on disclosure requirements may be found in the model financial reports and presentation and disclosure checklists, available on our Australia Page. Links to all past Australian Accounting Alerts are Here.
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New Australian Accounting Alert on guarantees

22 Nov 2005

Deloitte (Australia) has published AASB 139 Scope Amendment to Include Financial Guarantee Contracts (PDF 117k).

The Alert discusses AASB 2005-09 Amendments to Australian Accounting Standards, which amends AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts, AASB 132 Financial Instruments: Disclosure and Presentation, and AASB 139 Financial Instruments: Recognition and Measurement to reflect the related Amendments Made by the IASB to IAS 39 and IFRS 4. Links to all past Australian Accounting Alerts are Here.
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Australian presentation and disclosure checklists

22 Nov 2005

Deloitte (Australia) has published two new presentation and disclosure checklists – one for 2005 annual reports and the other for 2005 interim reports.

These checklists summarise the presentation and disclosure requirements in Australian Accounting Standards and Urgent Issues Group (UIG) Interpretations for a general purpose financial report. They do not address recognition and measurement. Click to download the Presentation and Disclosure Checklist 2005 for:

Matters to bear in mind when using the checklists:

  • The checklists should be used to assist in considering compliance with the presentation and disclosure requirements of those pronouncements. They are not a substitute for your understanding of the pronouncements, and exercise of judgement is still required.
  • These checklists cover the presentation and disclosure requirements at 31 October 2005, other than AASB 7 Financial Instruments: Disclosures and AASB 2005-10 Amendments to Australian Accounting Standards.
  • The checklists are suitable for use in assessing presentation and disclosure in financial reports prepared in accordance with Australian Accounting Standards and UIG Interpretations, including Australian equivalents to IFRSs ('A-IFRSs'), for periods ending on or after 31 December 2005.
  • Certain Standards and Interpretations on issue at 31 October 2005 are not effective for periods ending 31 December 2005. They are indicated in the checklist by grey shaded text. Earlier application of these requirements is generally encouraged, and when that is done disclosure is generally required (see specific Standards/Interpretations for details).
  • The AASB and the UIG continue to issue Standards and Interpretations. Where those Standards and Interpretations are released prior to the issue of the financial statements, and they have not been adopted because they are not yet effective, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors requires entities to disclose that fact and, if estimable, the expected impact in the period of initial application (see detailed requirements in the AASB 108 section of the checklist).
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Revised IVSC guidance on valuing PP&E

21 Nov 2005

The International Valuation Standards Committee (IVSC) has published revised International Valuation Guidance Note 3 (GN3) Valuation of Plant and Equipment.

GN 3 was amended to ensure consistency with revised International Valuation Application 1 (IVA 1) Valuation for Financial Reporting published in the 2005 edition of International Valuation Standards. Revisions to IVA 1 were undertaken to reflect the changes made to the International Financial Reporting Standards as part of the IASB Improvements Project. Click to download:
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Agenda project pages updated

20 Nov 2005

We have updated the following IASB agenda project pages to reflect discussions and decisions at the Board's November 2005 meeting: Accounting Standards for Small and Medium-sized Entities (SMEs) Business Combinations Phase 2 Control (Consolidation) Fair Value Measurements Insurance Contracts Performance Reporting Short-term Convergence: Segment Reporting Short-term Convergence: Borrowing Costs Short-term Convergence: Earnings per Share Technical Corrections .

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Webcast on IFRS 7 and other issues

19 Nov 2005

The Deloitte United Kingdom IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The seventeenth session was run on Thursday 17 November 2005, focusing on certain recent UK company law changes, guidance on Operating and Financial Reviews, the new standard IFRS 7 Financial Instruments: Disclosures and on some reminders for 2005 financial statements. To access the recording Click Here. Because each of these webcasts requires 30-50mb of storage space, our intent has been to retain them on-line for just a few months. However, they have proved very popular with IAS Plus visitors, and for the moment we have sufficient storage space to make them all available. Links to all past webcasts may be found on our United Kingdom Page. The recording is no longer available online.
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Day 4 of the November 2005 IASB meeting

19 Nov 2005

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page. .

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 15-18 November 2005. You will find all of the preliminary and unofficial notes taken by Deloitte observers at the meeting Combined on a Separate Page.

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