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

gos.gif Image

New Global Offerings Services newsletter

27 Sep 2005

We have posted the (PDF 194k).

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. Past GOs Newsletters are Here. Among the issues covered in the new edition are:
  • Several new FASB Staff Positions
  • A proposed interpretation of FAS 109 on uncertain tax positions
  • Amendment of SEC delisting and deregistering rules
  • Use of Forms S-8, 8-K, and 20-F by shell companies
  • Securities offering reform
  • Delayed SOX 404 compliance for non-accelerated filers
  • A new PCAOB auditing standard on elimination of a material weakness
  • New PCAOB ethics and independence rules
  • Deloitte publications and webcasts of interest to foreign registrants
iasplcs.gif Image

Special edition of IAS Plus on business combinations

24 Sep 2005

Deloitte's Global IFRS Leadership Team has prepared a special edition of our IAS Plus newsletter detailing the (PDF 81k) issued by the IASB on 30 June 2005 jointly with the US Financial Accounting Standards Board.

The IASB proposals would not only amend IFRS 3 Business Combinations but also amend IAS 27 Consolidated and Separate Financial Statements, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and IAS 19 Employee Benefits. The principal proposals are examined in detail in this newsletter. Several involve quite radical changes. Taken together, the exposure drafts would change the way entities account for business combinations and minority interests. They would also result in recognition of certain contingent assets and liabilities that are currently only required to be disclosed. If accepted, most of the proposed changes would come into effect from 1 January 2007. The IASB has requested comments on all the exposure drafts on or before 28 October 2005. You will find past issues of all IAS Plus Newsletters Here.
Clock (green) Image

Deadline for commenting on 'technical corrections'

24 Sep 2005

Just a gentle reminder that the deadline for commenting on the IASB's Proposed Policy on Technical Corrections is 30 September 2005. The IASB has proposed a 'fast track' process to deal with issues for which 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. .

Just a gentle reminder that the deadline for commenting on the IASB's Proposed Policy on Technical Corrections is 30 September 2005. The IASB has proposed a 'fast track' process to deal with issues for which 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.

2005sep.gif Image

Notes from the Sept. 2005 meeting day three

23 Sep 2005

The IASB held its monthly Board meeting on 20-22 September 2005 at its offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.
United Kingdom Image

UK FRC will form an actuarial standards board

23 Sep 2005

The United Kingdom Financial Reporting Council, under which the UK Accounting Standards Board operates, is establishing a new regime to set actuarial standards and oversee the regulation of the actuarial profession.

The FRC plans have the new regime in place in April 2006. Specifically, the FRC will:
  • establish an FRC Board for Actuarial Standards;
  • extend the remit of the FRC's Professional Oversight Board for Accountancy to cover the actuarial profession;
  • extend the remit of the FRC's Accountancy Investigation and Discipline Board to cover public interest cases involving actuaries.
The cost of the new regime (estimated at £2 million a year) will be funded by contributions from the actuarial profession, insurance companies, and pension funds. Click for (PDF 20k).
News default Image

SOX 404 delayed for non-accelerated filers

22 Sep 2005

The US Securities and Exchange Commission has decided to postpone, until financial years ending on or after 15 July 2007, the initial compliance date for filing internal control reports under Section 404 of the Sarbanes-Oxley Act of 2002 by companies not designated as accelerated filers, including foreign private issuers that are not accelerated filers.

A foreign private issuer that is an accelerated filer and that files its annual reports on Form 20-F or Form 40-F must begin its Section 404 reporting in the annual report for its first financial year ending on or after 15 July 2006. Accelerated filers are SEC registrants that have at least $75 million in worldwide public float. The SEC also has proposed to create the class of 'large accelerated filers' – registrants with $700 million or more in worldwide public float. Large accelerated filers would be subject to a 60-day Form 10-K annual report deadline and a 40-day Form 10-Q quarterly report deadline starting in 2006. Other accelerated filers would continue to have a 75-day Form 10-K annual report deadline and 40-day Form 10-Q quarterly report deadline. Click for (PDF 77k).
2005sep.gif Image

Notes from the Sept. 2005 meeting day two

22 Sep 2005

The IASB held its monthly Board meeting on 20-22 September 2005 at its offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.
2005sep.gif Image

Notes from the Sept. 2005 meeting day one

21 Sep 2005

The IASB held its monthly Board meeting on 20-22 September 2005 at its offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.
IASC Foundation (blue) Image

Trustees extend deadline for trustee applications

20 Sep 2005

In July, the IASC Foundation, under which the IASB operates, solicited applications and nominations of candidates for nine IASCF Trustee positions for three-year terms 2006-2008. The deadline for applications and nominations has been extended to 10 October 2005 to provide additional time for submissions and consultation.

Click for Original Press Release (PDF 29k).
News default Image

SEC may give another extension for SOX 404

20 Sep 2005

The (PDF 65k) for the meeting of the US Securities and Exchange Commission for Wednesday, 21 September 3005, includes a proposal to give smaller public companies an additional one-year deferral for compliance with Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 requires that companies and their auditors file reports on the strength of their internal controls over financial reporting.

The new compliance date would be a company's first financial year ending on or after 15 July 2007. In March of this year, the SEC gave foreign private issuers and non-accelerated filers a deferral until 15 July 2006 (see our News Story of 3 March 2005). At that time, the SEC noted that one reason for the deferral is that "many foreign companies are facing regulatory and reporting challenges in addition to internal control reporting as companies incorporated in a European Union member country are required to prepare their financial statements for 2005 in accordance with new International Financial Reporting Standards."

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.