This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

Clock (green) Image

Comment deadline on DTC 1

28 Oct 2005

We remind you that the deadline is 31 October 2005 for commenting on Draft Technical Correction (DTC) 1 Proposed Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation. .

We remind you that the deadline is 31 October 2005 for commenting on Draft Technical Correction (DTC) 1 Proposed Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation.

SEC (old) Image

SEC Commissioner comments on reconciliation

28 Oct 2005

In (PDF 76k) on 26 October 2005, US SEC Commissioner Paul S.

Atkins addressed the prospects for eliminating the SEC's requirement that IFRS filers provide reconciliations to US GAAP amounts and the prospects for a 'reverse reconciliation requirement' arising from CESR's recommendations for additional disclosures by companies using US GAAP to list in Europe. An excerpt:

I understand that European companies are concerned about continuing to bear the costs of reconciliation to U.S. GAAP on top of switching to IFRS. But, I am optimistic that Europeans and Americans can work together to eliminate this long-standing requirement in accordance with the 'roadmap' laid out earlier this year, contemplating a 2007-2009 timeframe of mutual recognition. I am confident that the need for reconciliation will disappear as all of us gain experience with IFRS in practice.

We in the U.S. are keenly aware that unnecessary reconciliation only imposes costs on investors on both sides of the Atlantic. For this reason, I am baffled at the suggestion by some that Europeans should begin to require U.S. companies to reconcile their U.S. GAAP financial statements to IFRS. This runs against the direction that we are taking in the United States and undermines our efforts towards mutual recognition. Some may assert that this is a useful bargaining chip to ensure that we Americans will recognize IFRS. But, I believe that it is counter-productive, ignores historical precedent and market practice, and diverts attention and energy from solving the real challenges before us. IFRS will stand or fall on its own merits. Our efforts should be focused on making sure that it succeeds.

discpaper.gif Image

IASB discussion paper on 'management commentary'

27 Oct 2005

The IASB has published a discussion paper on Management Commentary that assesses the role the IASB could play in improving the quality of the management commentary that accompanies financial statements.

Management commentary is sometimes called 'management discussion and analysis' or 'operating and financial review'.

The discussion paper was prepared for the IASB by staff of its partner standard-setters from Canada, Germany, New Zealand, and the United Kingdom. The paper reviews existing national requirements or principles on management commentary and offers recommendations on how the IASB might promote the wider adoption of best practice in the interests of investors and others who use financial reports.

While the IASB has discussed the paper, it has not yet developed tentative views on the authors' recommendations. The IASB invites comments on the discussion paper by 28 April 2006. IASB subscribers can access the discussion paper now on the IASB's Website. It will be available to all without charge starting 7 November. Click for IASB Press Release (PDF 61k).

 

News default Image

Asia-Oceania Regional Forum on IFRSs

27 Oct 2005

On 24 October 2005, Australia and New Zealand co-hosted an Asia-Oceania Regional Forum on IFRSs in Sydney, Australia.

Participating jurisdictions were China, Hong Kong SAR, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Thailand, and the two host countries. The delegates included senior representatives of accounting standard setting and oversight bodies, professional accounting bodies, central banks, and government officials. The goal of the forum is to enhance regional cooperation and coordination in implementing IFRSs. Among the issues discussed:
  • the benefits of further dialogue in the Asia-Oceania region;
  • the differences between adoption, convergence, and harmonisation with IFRSs and the benefits and disadvantages of each;
  • the importance, and implications, of the IASB's Small and Medium-sized Entities project for the region. In this context it was noted that in some jurisdictions a very large number of small and medium entities are required to comply with IFRSs;
  • the delays in implementing the standards arising from translation of the international standards into local languages and/or the incorporation of the international standards into domestic legal frameworks; this raised some issues regarding when the domestic systems and related financial reports can be regarded as 'IFRS compliant'.
  • interaction between IFRS and prudential and tax frameworks.
Click to download the Communiqué (PDF 13k) released after the forum. A similar forum is planned for 2006.
2005oct.gif Image

Notes from first day of IASB-FASB meeting

27 Oct 2005

The IASB and the US Financial Accounting Standards Board held their 7th semi-annual joint meeting in Norwalk, Connecticut, USA on 24-25 October 2005. Three IASB members were unable to be present (Hans-Georg Bruns, Gilbert Gelard, and Tatsumi Yamada).

For that reason the IASB avoided taking votes on particular matters, as the absence of three members was considered, in a number of cases, to be likely to have a substantial effect on outcomes. We have combined the preliminary and unofficial notes taken by Deloitte observers at the meeting onto a Separate Page.
Malta Image

New Malta page added

27 Oct 2005

We have added a new country web page for Malta.

The Maltese Companies Act and tax regulations require that all limited liability companies prepare financial statements that comply fully with standards issued by the International Accounting Standards Board and that those statements be audited in accordance with International Standards on Auditing.
FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image

FEE will sponsor a seminar on IFRS convergence

26 Oct 2005

The European Federation of Accountants (FEE) will sponsor a Seminar on IFRS Convergence and Consistency in Brussels on Thursday, 1 December 2005. Principal speakers will be: European Commissioner Charlie McCreevy, FASB Board Member Michael Crooch, and IASB Chairman Sir David Tweedie. There will also be representatives of the SEC, CESR, and others.

The seminar will focus on progress on the roadmap towards equivalence between International Financial Reporting Standards and US GAAP. Consistent application of IFRS in Europe will also be discussed. Click for (PDF 31k).
News default Image

Round-tables on 'Business Combinations Phase 2'

25 Oct 2005

The IASB will hold a public round-table meeting with constituents on the Board's Business Combinations Phase II Proposals on 9 November 2005 at Etc Venues, First Floor, 51-53 Hatton Garden, London.

The round-tables will be divided into three sessions (08:45-11:00, 11:30-13:45, and 14:15-16:30). The IASB and the US FASB issued identical exposure drafts, and the FASB is holding a similar round-table meeting with respondents to its exposure drafts on Thursday, 27 October 2005, 09:00am to 16:00pm. Comment deadline on the IASB and FASB exposure drafts is 28 October 2005. Deloitte has published a on the business combinations proposals (PDF 81k).
Clock (green) Image

Comment deadline on business combinations EDs

25 Oct 2005

We remind you that the deadline for commenting on the following exposure drafts is 28 October 2005. Exposure Drafts: Amendments to IFRS 3 Business Combinations and Related Changes to IAS 27 and IAS 37, issued 30 June 2005. Exposure Draft: Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets, issued 30 June 2005 .

We remind you that the deadline for commenting on the following exposure drafts is 28 October 2005.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG endorsement recommendation on guarantees

25 Oct 2005

In August, the IASB amended the provisions relating to financial guarantee contracts that are in IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts.

The European Financial Reporting Advisory Group (EFRAG) has reviewed those amendments and, in a letter to the European Commission, has recommended that the Commission endorse the guarantee contract amendments for use in Europe. Click to download EFRAG Endorsement Letter (PDF 17k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.