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News

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US Senate confirms Christopher Cox as SEC Chairman

02 Aug 2005

On 29 July 2005, the United States Senate confirmed President Bush's nomination of Christopher Cox, a Republican member of the US House of Representatives for the past 16 years, as a member and chairman of the US Securities and Exchange Commission for a term expiring 5 June 2009. The Senate also approved the reappointment of Roel C.

Campos as a member of the five-person Commission for a term expiring 5 June 2010 and the appointment of Annette L. Nazareth as a Commissioner for the remainder of a term expiring 5 June 2007. (PDF 58k).
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EFRAG forum on consistent application of IFRSs

01 Aug 2005

The European Financial Reporting Advisory Group (EFRAG) will hold a forum in Brussels on 21 September 2005 to discuss concerns regarding the consistent application of IFRSs in the EU.

The stated aim is "to gather feedback on whether there is a need for an increased number of interpretations of the international standards and if so, how such a need could be met". EFRAG's discussion paper on Achieving Consistent Application of IFRS in the EU (Word .DOC 74k) will serve as a background document for the discussion. Click for More Information about the forum (PDF 23k).
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IFRSs are permitted for all companies in Suriname

30 Jul 2005

We have updated our Table Summarising the Use of IFRSs for Reporting by Domestic Listed Companies to reflect the status of IFRSs in Suriname.

Suriname does not have any legislation on accounting principles or financial statements. The local exchange also does not prescribe a specific set of accounting principles to be used by its listed companies. Therefore, IFRSs are not mandatory for any of the local companies, listed or not listed. A company is, however, free to use IFRSs as the basis for preparing its financial statements.
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Webcast covers IAS 39 FVO and IAS 12

29 Jul 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 15th session was run on Thursday 28 July 2005 and focused on the June 2005 Amendment to IAS 39 'The Fair Value Option' and, as a follow-up to the November 2004 session, on further issues arising from IAS 12 Income Taxes. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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UK iGAAP in your Pocket 2005

29 Jul 2005

Deloitte (United Kingdom) has published (PDF 309k) – a summary of international financial reporting from a UK perspective.

This 72-page booklet includes:

  • Summaries of all International Financial Reporting Standards, each with:
    • Objective
    • Key features
    • Effective date
    • Related SIC and IFRIC interpretations
    • Indication of main differences between that standard and UK GAAP
  • Cross-reference table of IFRSs and UK GAAP
  • List of effective dates of recent pronouncements
  • List of outstanding IFRIC draft interpretations
  • IASB agenda projects
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IASB technical corrections policy

29 Jul 2005

The IASB has invited comment on its Proposed IASB Policy on Technical Corrections (PDF 39k).

Comment deadline is 30 September 2005. Technical corrections are minor changes to the wording of a standard or interpretation made after initial publication when it is clear that the words in a standard do not properly convey the IASB's intention, even when considered with the basis for conclusions and any related guidance. The technical corrections policy is designed to be a 'fast track' process to deal with those changes.
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EFRAG enquiry on implementation of IFRSs

28 Jul 2005

The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) has invited comments on a discussion paper Achieving Consistent Application of IFRS in the EU (Word .DOC 75k).

The Supervisory Board's goal is "to stimulate debate in Europe on this very important subject". The paper seeks information about the nature and quantity of IFRS implementation issues that are arising in Europe and discusses various options available to Europe if problems are identified. Broad issues addressed in the paper are:
  • Is there a problem and, if there is, what is it?
  • What additional mechanisms might Europe need?
    • IFRIC: standing ready to meet the demand
    • European interpretations/interpretive guidance: not needed if the IFRIC delivers
    • European implementation guidance: also not needed if the IFRIC delivers
    • A European urgent issues mechanism: not feasible without shortcutting due process, which is not acceptable
    • A European mechanism that supports the work of IFRIC: a possibility if needed
Comments are invited on the paper by 6 October 2005.
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SEC nominee will support stock option expensing

28 Jul 2005

The US Senate Committee on Banking, Housing and Urban Affairs held a confirmation hearing on 26 July 2005 on President Bush's nomination of Congressman Christopher Cox as Chairman of the US Securities and Exchange Commission.

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Summary record of ARC July 2005 meeting

28 Jul 2005

The European Commission has released the of the Accounting Regulatory Committee (PDF 39k).

At that meeting:

  • The ARC members voted unanimously to endorse, for use in Europe, the IASB's June 2005 Fair Value Option Amendment to IAS 39 and consequential amendments to IFRS 1 and IAS 32.
  • The ARC discussed how European companies should account for emission rights in light of the IASB's withdrawal of IFRIC 3. It was noted that IAS 8 provides guidance on what companies should do if a transaction or event is not specifically addressed in IFRSs. "The CESR representative stated that it was unlikely that they would be looking at companies' accounting treatment of emission rights."
  • Sir David Tweedie, Chairman of the IASB, addressed the ARC on the IASB's work on the convergence of international and national accounting standards. Max Kley, Trustee of the IASC Foundation, gave an update on the completion of the constitutional review. Questions asked by ARC Member States related to:
    • How the decision is made as to which standard (IFRSs or US GAAP) is better.
    • The timetable for convergence and how much change is appropriate in the next few years.
    • Would IASB support a single technical accounting body speaking for Europe rather than the current situation where there are several European bodies.
  • Regarding the joint IASB/FASB performance reporting project, the ARC meeting summary indicates that "some Member States found the proposals for a single statement of comprehensive income unacceptable". In that regard, the IASB chairman said that a final decision on whether to have one or two performance statements has not yet been made.
  • The ARC discussed the issues of consistent application and enforcement of IFRSs in the EU. They considered whether to form a 'roundtable' involving a broad range of stakeholders, including the Commission, IASB/IFRIC, CESR, EFRAG, FEE, the Big Four, national standard setters, and preparers, that could:
    • allow rapid discussion of important accounting issues, thereby minimising the risk of different interpretations of IFRSs across Europe;
    • act as an early warning mechanism for contentious accounting issues; and
    • facilitate cross-border consensus-building, thus minimising subsequent enforcement risks for EU issuers.
    After discussion, the ARC decided to prepare a more detailed paper for the next ARC meeting that would include details on the role and composition of the roundtable, how it would relate to the existing structure of national organisations, and draft terms of reference.
The ARC will meet next on 7 October 2005.
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Agenda for IFRIC meeting 1-2 August 2005

27 Jul 2005

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Monday and Tuesday, 1-2 August 2005.

The agenda for the meeting is set out below.

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1-2 August 2005, London

Monday 1 August 2005

 

  • Administrative matters
  • Minutes of the June 2005 IFRIC meeting
  • IFRIC D12 - D14 Concessions, including IAS 17 – Sale and leasebacks with repurchase options
  • IAS 34 – Interaction with IAS 36 and IAS 39
  • IAS 19 Employee Benefits – Measurement
  • Consideration of recommendations of Agenda Committee as tabled at June meeting of IFRIC from March/April Agenda Committee meeting

    Deferred at June meeting

    • IAS 7 Value-added tax
    • IAS 12 Non-amortisable intangible assets
    • IAS 17 Recognition of operating lease incentives under SIC-15
    • IAS 39 Accounting for securities sold but not yet purchased (short trading)
    Newly tabled at June meeting
    • IAS 11 Classification of contract assets
    • IAS 37 Obligations to repair/maintain another entity's property, plant, and equipment
    • IAS 38 Regulatory asset
    • IAS 39 Meaning of delivery – Gold hedging

     

 

Tuesday 2 August 2005

 

  • IAS 19 Employee Benefits – Defined contribution/defined benefit distinction and allocation of future salary increases
  • IAS 19 Employee Benefits – Effect of minimum funding requirement on the asset ceiling
  • Tabling from June Agenda Committee of wording for issues proposed for rejection
    • Employee long-service leave
    • Employee share loan plans
    • Discretionary participation features
    • Single asset entities
  • Activities of other interpretive bodies

 

Correction list for hyphenation

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