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News

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Agenda for next week's SAC meeting

03 Feb 2005

The IASB will meet with its Standards Advisory Council at the Renaissance London Chancery Court Hotel, 252 High Holborn, London on 10 and 11 February 2005 starting at 10:30am Thursday and 9:30am Friday.

The agenda for the meeting, which is open to public observation, is shown below.

10-11 February 2005, London

Thursday 10 February 2005

Morning

  • Introduction and Chairman's Update
  • Development of Regional Interest Groups
Afternoon
  • Accounting for Small and Medium-sized Entities
  • Conceptual Framework
  • Service Concession Arrangements

Friday 11 February 2005

Morning

  • Segment Reporting - Consideration of Convergence Proposals
  • Management Discussion and Analysis (MD&A;)
  • Research Group Findings
  • Revision of IAS 37 - Overview of Proposals
Afternoon
  • Business Combinations II - Overview of Proposals
  • Open Forum
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CFA Institute surveys quality of financial reporting

02 Feb 2005

The quality of corporate information disclosed by listed companies in the Asia-Pacific region is improving, according to a survey of portfolio managers, investment analysts, credit analysts, and investment advisors conduct by the CFA Institute.

Most respondents rated the overall quality of disclosure as either 'average' (49%) or 'good' (35%). 84% of the respondents thought that the quality of disclosed information in the region had improved either 'a lot' or 'some' during the past three years. 75% felt that regulators should mandate quarterly reporting throughout the region.

The 10 areas of disclosure ranked as most important to the responding analysts are:

  • Off-balance sheet assets or liabilities
  • Unusual, non-recurring charges
  • Forward-looking projections, forecasts
  • Risk factors, sensitivity of assumptions
  • Capitalised vs. expensed costs
  • Accounting principles applied,
  • Including effects of changes
  • Revenue recognition criteria
  • Related party transactions or special purpose entities
  • Contingencies, including litigation
  • Fair values of assets, liabilities

Click to download (posted with permission of CFA Institute):

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PCAOB staff Q&A on internal controls

02 Feb 2005

The US Public Company Accounting Oversight Board has published a fourth set of staff questions and answers related to PCAOB Auditing Standard No.

2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements. AS 2 applies to audits of foreign, as well as domestic, SEC registrants. The new Q&A; #37 addresses release of the auditor's reports on (a) management's assessment of internal control and (b) the financial statements on different dates.
  • Q&A; 37 (PDF 85k) published 21 January 2005
  • Q&A; 30-36 (PDF 85k) published 22 November 2004
  • Q&A; 27-29 (PDF 58k) published 6 October 2004
  • Q&A; 1-26 (PDF 96k) published 23 June 2004
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EFRAG appoints insurance working group

02 Feb 2005

The European Financial Reporting Advisory Group (EFRAG) has restructured its insurance subcommittee into an insurance accounting working group (IAWG).

Objectives of the group are to provide pro-active contribution to the work of the IASB in Phase II of its insurance project and to identify interpretation and implementation issues on insurance-specific matters. Members of the working group are:
  • Benoit Jaspar, GENERALI (Chairman)
  • Bernard Bolle-Reddat, BNP-Paribas
  • Ruurd Van den Berg, AEGON
  • Jacques Le Douit, AXA
  • Hugh Francis, AVIVA
  • Catherine Guttmann, Deloitte (EFRAG TEG)
  • Joachim Kolschbach, KPMG
  • Nigel Masters, PwC
  • Carsten Zielke, WestLB
  • Observer organisations: European Commission, CESR, CEIOPS, and CEA
  • Associate member organisations: ICISA and ACME
Click to Download IAWG Terms of Reference (PDF 20k).
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Convergence of IPSASs and statistical reporting

01 Feb 2005

As part of its program to support convergence of International Public Sector Accounting Standards (IPSASs) and statistical bases of financial reporting, the International Public Sector Accounting Standards Board (IPSASB) has released a research report that identifies differences in the requirements of IPSASs and statistical reporting models.

The report, International Public Sector Accounting Standards (IPSASs) and Statistical Bases of Financial Reporting: An Analysis of Differences and Recommendations for Convergence, aims to reduce confusion for users of public sector financial reports caused by the differences between accounting and statistical models of financial reporting. The report may be downloaded from IFAC's Website.
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Special IAS Plus newsletter explains IFRS 6

01 Feb 2005

Deloitte's IFRS Global Office has published a Special Global Edition of our IAS Plus newsletter explaining (PDF 54k).

IFRS 6:
  • permits entities to continue to use their existing accounting policies for exploration and evaluation assets, provided that such policies result in information that is relevant and reliable; and
  • requires entities to assess any exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount. The recognition of impairment in respect of such assets is varied from that in IAS 36 Impairment of Assets but, once an impairment has been identified, it is measured in accordance with IAS 36.
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January 2005 edition of Accounting Roundup

01 Feb 2005

We have posted the (PDF 158k).

Accounting Roundup is prepared by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (USA) to briefly describe key regulatory and professional developments that have recently occurred in the field of accounting and to provide links to locations where additional information can be found on each topic. You will find past issues Here.
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UK extends IFRSs to all companies

31 Jan 2005

The United Kingdom has adopted a statutory instrument (legislation) that permits publicly traded companies and building societies to use IFRSs in their individual accounts and permits non-publicly traded companies to use IFRSs in both their individual and consolidated accounts. Statutory Instrument (PDF 338k) Related Draft DTI Guidance (PDF 124k) .

The United Kingdom has adopted a statutory instrument (legislation) that permits publicly traded companies and building societies to use IFRSs in their individual accounts and permits non-publicly traded companies to use IFRSs in both their individual and consolidated accounts.

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Two new IFRS publications from Deloitte Germany

31 Jan 2005

Deloitte (Germany) has developed two IFRS publications in German: model financial statements for 2005 and a guide to applying IFRS 1 First-time Adoption of IFRSs.

Both are translations of similar English-language publications that can be found on the Deloitte IFRS Publications Page. Click to download the German-language publications:
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EFRAG appoints financial instruments group

30 Jan 2005

The European Financial Reporting Advisory Group (EFRAG) has appointed a financial instruments working group (FIWG) with the twin goals of addressing current IAS 39 issues (such as potential solutions for the carve-out areas in IAS 39) and wider issues for longer-term revision of IAS 39. FIWG members are: Thomas Naumann, Dresdner Bank (Chairman) David Bradbery, UBS Investment Bank Isabelle Collignon, Credit Agricole SA Petri Hofste, KPMG Gordong Ireland, PWC Victor Jimenez, Banco Bilbao Vizcaya Argentaria Ingvar Linse, Swedbank Helmut Ortlof, DZ Bank AG Massimo Romano, Assicurazioni Generali Hugh Shields, Barclays Capital Agnes Tardos, PWC Click to Download FIWG Terms of Reference (PDF 18k). .

The European Financial Reporting Advisory Group (EFRAG) has appointed a financial instruments working group (FIWG) with the twin goals of addressing current IAS 39 issues (such as potential solutions for the carve-out areas in IAS 39) and wider issues for longer-term revision of IAS 39. FIWG members are:

  • Thomas Naumann, Dresdner Bank (Chairman)
  • David Bradbery, UBS Investment Bank
  • Isabelle Collignon, Credit Agricole SA
  • Petri Hofste, KPMG
  • Gordong Ireland, PWC
  • Victor Jimenez, Banco Bilbao Vizcaya Argentaria
  • Ingvar Linse, Swedbank
  • Helmut Ortlof, DZ Bank AG
  • Massimo Romano, Assicurazioni Generali
  • Hugh Shields, Barclays Capital
  • Agnes Tardos, PWC
Click to Download FIWG Terms of Reference (PDF 18k).

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