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News

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EFRAG to study venture capital investments

15 Jan 2005

The European Financial Reporting Advisory Group (EFRAG) has Announced its intention to form a working party to examine issues relating to accounting for venture capital investments.

The working party will consider whether a limited exception to current IFRSs should be suggested. Among the current relevant IFRSs are IAS 27, which requires a venture capital investor to consolidate any entities over which it has the power of control, and IASs 28 and 31, which require a venture capital investor in associates or joint ventures to measure such investments at fair value through profit or loss if the investments are held for trading. Click to download the Terms of Reference (PDF 25k) for the proposed working party.
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Two new Australian Accounting Alerts

14 Jan 2005

Deloitte (Australia) has published the first two Australian Accounting Alerts for 2005: (PDF 81k) (PDF 73k) Links to all past Alerts are Here. .

Deloitte (Australia) has published the first two Australian Accounting Alerts for 2005:

Links to all past Alerts are Here.
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Agenda for IASB's January 2005 meeting

13 Jan 2005

The IASB will hold its regular monthly meeting at its offices, 30 Cannon Street, London on Wednesday to Friday, 19-21 January 2005. The Board will not meet on Monday or Tuesday.

Agenda topics for the meeting are set out below.

IASB Meeting Agenda, 19-21 January 2005, London

Wednesday 19 January 2005

Thursday 20 January 2005 (afternoon only)

Friday 21 January 2005 (morning only)

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IFRS advisory board proposed in Australia

11 Jan 2005

The National Institute of Accountants (NIA) in Australia has recommended that the Australian Accounting Standards Board (Australia's accounting standard setter) create a technical advisory panel to help identify implementation and interpretation problems emerging out of the move to Australian equivalents of International Financial Reporting Standards.

The NIA, one of three professionally recognised accounting bodies in Australia, believes a technical advisory panel could provide the standard setter regular feedback on implementation concerns and emerging trends. Click for (PDF 42k).
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New from Deloitte – IFRS in your Pocket 2005

08 Jan 2005

Deloitte has published the fourth edition of our popular quick reference guide to international financial reporting – (PDF 776k).

This 76-page guide includes information about:
  • IASB structure and contact details.
  • Use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada.
  • Summaries of each IASB Standard (through IFRS 6) and Interpretation (through IFRIC 5), as well as the Framework and the Preface to IFRSs.
  • Background and tentative decisions on all current IASB projects.
  • IASC and IASB chronology.
  • Other useful IASB-related information.
Please contact your local Deloitte practice office to request a printed copy. We are pleased to grant permission for accounting educators and students to print copies of the PDF file for educational purposes.
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150,000 e-learning downloads in 2004

07 Jan 2005

During 2004, 150,000 IFRS e-learning modules were downloaded from IASPlus by people in over 150 countries.

Deloitte's e-learning was launched at the end of January 2004. Many of the downloaded modules have multiple users because organisations are permitted to install them on their own servers for the internal use of their employees or students. In addition, tens of thousands of additional modules have been completed online and offline by Deloitte staff. You can always access IFRS e-learning without charge by clicking on the light bulb icon on the IASPlus home page. Thirty-two modules are now available.
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EFRAG recommends adoption of SIC 12 amendments

07 Jan 2005

In a Letter to the European Commission, the European Financial Reporting Advisory Group (EFRAG) has recommended that the Commission endorse the recent changes to SIC 12 Consolidation–Special Purpose Entities that were adopted by the International Financial Reporting Interpretations Committee last November. .

In a Letter to the European Commission, the European Financial Reporting Advisory Group (EFRAG) has recommended that the Commission endorse the recent changes to SIC 12 Consolidation–Special Purpose Entities that were adopted by the International Financial Reporting Interpretations Committee last November.

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The most influential person in the accounting profession

07 Jan 2005

IASB Chairman Sir David Tweedie heads the list of the 50 Most Influential Figures in the Accounting Profession in the UK in Accountancy Age, 6 January 2005. Sir David has chaired the IASB since its inception in 2001. Before that he chaired the UK Accounting Standards Board (1990-2000) and was a UK representative on the International Accounting Standards Committee, predecessor of the IASB.

He was also a university lecturer and KPMG technical partner in his native Scotland.
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40% of audit firms registered with PCAOB are non-US

07 Jan 2005

As of 5 January 2005, 1,415 public accounting firms have registered with the US Public Company Accounting Oversight Board (PCAOB) to be allowed to audit the financial statements of US public companies.

Of those, approximately 540 (nearly 40%) are non-US audit firms from more than 70 countries. The Board has approved a budget of US$136.1 million for calendar 2005. The budget projects a 50% staff increase by the end of 2005 over the 261 staff at the end of 2004. Click for:
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IASC-IASB chronology is updated

06 Jan 2005

We have updated our Chronology of the IASC and IASB to reflect events that transpired during 2004. The chronology covers events from 1966 to date. .

We have updated our Chronology of the IASC and IASB to reflect events that transpired during 2004. The chronology covers events from 1966 to date.

Correction list for hyphenation

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