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SEC grants one year SOX 404 deferral for foreign issuers

03 Mar 2005

The US SEC has further extended the compliance dates for foreign private issuers and non-accelerated filers regarding Section 404 of the Sarbanes-Oxley Act.

Section 404 requires a company to include in its annual reports a report by management on the company's internal control over financial reporting and an accompanying auditor's report. Under the latest extension, foreign private issuers filing annual reports on Form 20-F or 40-F, as well as non-accelerated filers, must begin to comply with the internal control requirements in their first financial year ending on or after 15 July 2006. This is a one-year extension from the previously established 15 July 2005 date. The SEC noted that one reason for the deferral for foreign issuers is that "many foreign companies are facing regulatory and reporting challenges in addition to internal control reporting as companies incorporated in a European Union member country are required to prepare their financial statements for 2005 in accordance with new International Financial Reporting Standards." Click for:
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Statistical database has been updated

03 Mar 2005

We have updated our Database of Statistics about the globalisation of the world's capital markets.

That globalisation is an important reason why global financial reporting standards are needed.
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Draft MoU on national standard setters and IASB

03 Mar 2005

The IASB and accounting standard-setting bodies around the world are seeking comments on a draft -->Memorandum of Understanding on the Role of National and Regional Accounting Standard-Setting Bodies and their Future Relationships with the IASB -->.

The draft is intended to set out a shared vision of the respective roles of national and regional standard-setters and of the IASB in working towards a single set of high quality, understandable, and enforceable global accounting standards. An earlier draft of the MoU was discussed at a meeting of world standard setters in September 2004. The IASB requests comments by 29 July 2005. The IASB intends to present a collation of the comments and a revised draft MoU at a meeting of world standard-setters in September 2005. Click to download:
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Deloitte comment letter on IFRIC D11

02 Mar 2005

We have posted the Deloitte (PDF 114k) to the International Financial Reporting Interpretations Committee on IFRIC D11 Changes in Contributions to Employee Share Purchase Plans (ESPPs). .

We have posted the Deloitte (PDF 114k) to the International Financial Reporting Interpretations Committee on IFRIC D11 Changes in Contributions to Employee Share Purchase Plans (ESPPs).

Our letter acknowledges that the definition of 'vesting condition' in IFRS 2 paragraph BC 7 might lead to the answer proposed in D11. However, Deloitte's view is that "a more faithful representation of the employee's decision to cease contributing to the scheme is to recognise an expense for the share-based payment component up until the date that the employee decides to withdraw their cash deposit. However, this accounting treatment is not supported by the current version of IFRS 2."

All of Deloitte's comment letters to IASC, SIC, IASB, and IFRIC are Here.
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Sustaining compliance with Sarbanes-Oxley

02 Mar 2005

In response to a compelling need to bring more order, predictability, and value to section 404 compliance, Deloitte & Touche LLP (United States) has released a new publication, Under Control: Sustaining Compliance with Sarbanes-Oxley in Year Two and Beyond.

Under Control provides a straightforward discussion of the essential characteristics of sustainability, as well as plain-English guidance for deriving long-term value from internal control programs. The document clearly and simply explains key concepts, provides practical advice, and analyses critical shortcomings that many companies experienced in their first-year efforts. Click to (PDF 409k).
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IASCF Trustees will meet 18 March 2005

02 Mar 2005

The Trustees of the IASC Foundation, which oversees the IASB, will meet in London on Friday, 18 March 2005. The meeting will include a public session with members of the IASB to discuss their work programme and priorities and a review of the proposed 'due process handbook'.

Also on the agenda are the composition and mandate of a reconstituted Standards Advisory Council (SAC) and reappointment of the three IASB members whose terms are due to end on 30 June 2005 (Robert Garnett, Gilbert Gelard, and James Leisenring). The meeting agenda indicates that the Trustees intend to make a decision on reappointments at the March meeting.
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New Public Interest Oversight Board to Monitor IFAC

01 Mar 2005

The International Federation of Accountants (IFAC) and the international financial regulatory community (including IOSCO), have established a Public Interest Oversight Board (PIOB) to oversee the work of IFAC's auditing, ethics, and education standard-setting committees and its Member Body Compliance Program.

The eight PIOB members include seven individuals nominated by the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, and the World Bank, and one selected by those organisations from individuals nominated by IFAC.

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New global investment performance reporting standards

01 Mar 2005

The CFA Institute Board of Governors has approved revised Global Investment Performance Standards, or GIPS®.

The revised GIPS standards, developed jointly by financial analysts' groups in over 20 countries, represent the most comprehensive and significant upgrade to the standards since their introduction in 1999. You can Download the Standards from the CFA Institute website. Also available are an FAQ document and a comparison of the revised standards with the 1999 version.
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IASB plans 2005 'roadshows' in Europe

01 Mar 2005

The IASB has announced that in 2005 it will be organising a series of 'roadshows' jointly with national standard setters in Europe.

Each roadshow will typically consist of a series of 3-hour meetings with 20 or so CFOs and CAOs at a time, as well as a press briefing. The purpose of the roadshows will be "to engage in a high-level, interactive, and convivial discussion about the Board's current and future projects". Roadshows are currently being planned for Belgium, France, Germany, Ireland, Italy, Spain, Sweden, Switzerland, The Netherlands, and the United Kingdom. A second group of roadshows will take place later in 2005 in Austria, Denmark, Finland, Greece, Hungary, Norway, Poland, Portugal, and Romania.
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New Accounting Roundup newsletter posted

01 Mar 2005

We have posted the (PDF 349k) from Deloitte & Touche (United States).

This issue covers FASB developments (including FSP FAS 19-a on suspended well costs); AICPA developments (including a Technical Practice Aid on property and casualty insurance arrangements and a proposed Practice Aid on disclosures of derivative loan commitments); SEC developments (including clarifications on statements of cash flows and lease accounting); and IASB developments. All past issues of Accounting Roundup are Here.

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