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News

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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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Day 3 of the November 2005 IASB meeting

18 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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Discussion Paper on initial measurement

17 Nov 2005

The IASB has published for public comment a Discussion Paper Measurement Bases for Financial Reporting - Measurement on Initial Recognition.

The Discussion Paper, prepared by staff of the Canadian Accounting Standards Board (AcSB), analyses possible bases for measuring assets and liabilities on initial recognition. These include:

  • historical cost,
  • current cost,
  • fair value,

  • net realisable value,
  • value in use, and
  • deprival value.
The Paper evaluates the possible bases against criteria derived from the IASB Framework, as well as developments in finance theory, present value and statistical probability principles, and measurement practices. Neither the IASB nor the AcSB has yet debated the Discussion Paper. The IASB invites comments by 19 May 2006. Comments received will be analysed by staff of the AcSB. Their analysis and copies of responses will be provided to the IASB. The full Discussion Paper and a condensed version are now available to subscribers on the IASB's website. They will be freely available from 28 November 2005. Click for IASB Press Release (PDF 54k).
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Australian strategy on public sector entities

17 Nov 2005

The Australian Accounting Standards Board (AASB) has published a Strategy Paper on Australian Accounting Standards and Public Sector Entities, including not-for-profit and governmental entities.

Australian Accounting Standards (AASs) include Australian equivalents to IFRSs (A-IFRSs). Currently, the A-IFRSs specify the extent to which they are applicable to public sector entities. In addition, there are some AASs that are not A-IFRSs that are applicable to not-for-profit entities (for example, a standard on contributions). Overlaying all of these Standards are three 'industry-based standards' dealing with financial reporting by governments, and these effectively override AASs and A-IFRSs. The Strategy Paper acknowledges that these three industry standards "have not kept up with contemporary accounting thought". Accordingly, the Strategy Paper proposes to withdraw the three industry standards for years ending on or after 30 June 2007, with early adoption of the effect of withdrawal permitted. After withdrawal, AASs and A-IFRSs would apply in their own right to public sector entities. Click to download the (PDF 83k).
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Deloitte guide to applying IFRSs in the UK

17 Nov 2005

iGAAP 2005–IFRS reporting in the UK, developed by Deloitte & Touche (United Kingdom), has been published.

It provides comprehensive guidance for UK companies intending to report under International Financial Reporting Standards, by:
  • focusing on the practical issues that companies will face;
  • explaining clearly the requirements of IFRSs and how they differ from previous UK GAAP;
  • adding interpretation and commentary where IFRSs are silent, ambiguous, or unclear;
  • separately identifying those UK-specific requirements that will continue to apply; and
  • providing many illustrative examples.
The publication may be purchased by calling +44 (0)870 777 2906 or by emailing customerservices@cch.co.uk.
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Day 2 of the November 2005 IASB meeting

16 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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November 2005 IASB meeting day 1

16 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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