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

2005oct.gif Image

Notes from first day of October Board meeting

19 Oct 2005

The IASB held its monthly Board meeting on Tuesday-Thursday, 18-20 October 2005, at the Board's offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's October 2005 meeting onto a Separate Page.
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG seeks nominees for Technical Expert Group

19 Oct 2005

The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) is seeking nominations for members of EFRAG's Technical Expert Group (TEG).

The terms of six of the 11 current TEG members expire on 31 March 2006, and up to four new appointments will be made. Nominations are requested by 20 December 2005. Click for Nominations Announcement (PDF 137k).
IPSAS (International Public Sector Accounting Standards) (old) Image

French and Spanish translations of IPSASs

18 Oct 2005

The International Public Sector Accounting Standards Board (IPSASB) has published French and Spanish language translations of its 2005 Handbook of International Public Sector Accounting Pronouncements.

The Handbooks include all International Public Sector Accounting Standards (IPSASs). The complete handbooks and individual standards may be downloaded without charge from the 'bookstore' section of IFAC's Website. Printed versions may be purchased.
News default Image

'IFRS & Convergence' conference

18 Oct 2005

Deloitte is the sponsor of the 3rd Annual British Bankers' Association Accounting Conference - IFRS & Convergence to be held in London on Wednesday 23 November 2005. Among the speakers are Thomas E.

Jones, Vice-Chairman of the IASB, and Ken Wild, Deloitte's Global IFRS Leader. You will find more information on the BBA Website.
2005oct.gif Image

IASB holds round-table discussions on SMEs

18 Oct 2005

On 13-14 October 2005, the Board conducted public round-table meetings with respondents to its April 2005 questionnaire on possible recognition and measurement simplifications for small and medium-sized entities (SMEs) to probe the views expressed in the responses.

Forty-three organisations participated in the round-tables. While a broad range of possible recognition and measurement simplifications was discussed, the areas identified below tended to receive the most attention:

IASB Round-Table Discussions ofPossible Recognition and Measurement Simplifications for SMEs13-14 October 2005, London

  • IAS 12: Deferred income taxes
  • IAS 16: Some aspects of property, plant, and equipment including the revaluation model, components, and residual value
  • IAS 17: Lease classification and measurement
  • IAS 19: Employee benefits – defined benefit programmes including statutory long-service obligations
  • IAS 27: Consolidation
  • IAS 32: Debt vs equity classification
  • IAS 36 and IFRS 3: Goodwill impairment and intangibles recognition
  • IAS 36: Indicators of impairment of property, plant and equipment; value in use calculation; and cash generating units
  • IAS 39: Fair value measurement in general, hedging, and derecognition
  • IAS 41: Fair value model for biological assets and agricultural produce
  • IFRS 2: Measurement of share-based payment
  • What an SME should do if the IASB SME standards do not address a particular accounting question
News default Image

EFRAG meeting dates for 2006

18 Oct 2005

The European Financial Reporting Advisory Group (EFRAG) has announced its meeting dates for 2006: .

The European Financial Reporting Advisory Group (EFRAG) has announced its meeting dates for 2006:

  • 11-13 January 2006, Wednesday-Friday, TEG
  • 15-17 February 2006, Wednesday-Friday, TEG
  • 8-10 March 2006, Wednesday-Friday, ESS/TEG
  • 4-6 April 2006, Tuesday-Thursday, TEG
  • 17-19 May 2006, Wednesday-Friday, TEG
  • 13-15 June 2006, Tuesday-Thursday, ESS/TEG
  • 10-12 July 2006, Monday-Wednesday, TEG
  • 30-31 August and 1 September 2006, Wednesday-Friday, ESS/TEG
  • 11-13 October 2006, Wednesday-Friday, TEG
  • 7-9 November 2006, Tuesday-Thursday, TEG
  • 5-7 December 2006, Tuesday-Thursday, ESS/TEG
TEG=Technical Expert Group. ESS=European National Standard Setters
SAC (Standards Advisory Council) (mid blue) Image

Standards Advisory Council is restructured

17 Oct 2005

The Trustees of the IASC Foundation have announced the membership of the restructured Standards Advisory Council (SAC). The 40 appointments represent the third step taken by the trustees to make the SAC a more effective source of advice both to the Trustees and to the IASB.

Previous steps were the appointment of Nelson Carvalho of Brazil as the SAC's independent chairman and the adoption of terms of reference for the restructured SAC. SAC members and observers are listed below. Two Deloitte partners are included: Ingebret Hisdal, Managing Partner, Deloitte Norway, and Adir Inbar, Senior Audit Partner, Deloitte Israel. Click for Press Release (PDF 61k).

Membership of the Standards Advisory Council

Africa

  • Benoit Antoine Atangana Onana, President, Institute of Chartered Accountants of Cameroon; Senior Partner and General Manager, African Consulting Enterprise
  • Darrel Scott, Financial Officer, FirstRand Bank Limited, South Africa Asia-Oceania

Australia

  • Judith Downes, Chief Operating Officer, Institutional Division, ANZ Bank

China

  • Wang Jun, Secretary-General, China Accounting Standards Committee, Ministry of Finance, China
  • PM Kam, Group Financial Controller, Jardine Matheson Ltd., Hong Kong SAR

India

  • Shailesh Haribhakti, Managing Partner of Haribhakti & Co., and CEO of Haribhakti Group

Japan

  • Eiko Tsujiyama, Professor, Waseda University
  • Yoshiki Yagi, Board Director and Chairman of the Audit Committee, Hitachi

Korea

  • Suk-Jun Lee, Executive Director, Samsung Economic Research Institute

South-East Asia

  • Rifaat Ahmed Abdel Karim, Secretary-General, Islamic Financial Services Board
  • Danny Teoh, Managing Partner, KPMG Singapore Europe

European Union

  • Jose Antonio Alvarez, Chief Financial Officer, Group Santander (SCH), Spain
  • Philippe Danjou, Member, Financial Reporting Committee of the Committee of European Securities Regulators (CESR-fin); Director, Corporate Accounting, Autorite des Marches Financiers, France
  • Sarah Deans, Vice President, Corporate Research, Head of Accounting and Valuation Research, JP Morgan, United Kingdom
  • Anna di Michele Director, Products & Services - Active Advisory, UBS, Italy
  • Patrice Marteau, Chief Corporate Officer, PPR, France
  • Alberto Giussani, Partner, PricewaterhouseCoopers, Italy
  • Mauro Grande Director, Financial Stability and Supervision, European Central Bank
  • David Lindsell, Global Director, IFRS Services, Ernst & Young, United Kingdom
  • Heinz-Joachim Neuburger, Executive Vice President and CFO, Siemens, Germany
  • Jochen Pape, Member of the Management Board, PricewaterhouseCoopers, Germany, and Head of the International Financial Reporting Centre, PwC Continental Europe
  • Kees Storm, Former Chairman, AEGON; Director of Laurus, Pon Holdings, Inbev, KLM, AEGON, Baxter International, The Netherlands

Other

  • Ingebret Hisdal, Managing Partner, Deloitte Norway
  • Vladimir Preobrazhenskiy, Deputy General Director for Economics and Finance, CFO, Siberian Coal Energy Company, Russia
  • Hugo Schaub, Group Controller and Member of the Group Management Board, UBS, Switzerland Latin America
  • Nelson Carvalho, SAC Chairman; Professor, University of SAo Paulo, Brazil, financial consultant and private investment banker, Brazil
  • Hector Estruga, retired partner and former Professional Practice Director for South America, Ernst & Young; currently consultant to E&Y Member, CENCYA (Special Audit and Accounting Standards Committee), Argentine Federation of Professional Councils in Economic Sciences
  • Hector Vela Dib, Corporate Financing Director, Cemex, Mexico Middle East
  • Adir Inbar, Chairman, Professional Board of the Institute of Certified Public Accountants in Israel; Professional Leader and Senior Audit Partner, Deloitte Israel North America
  • Frank Brod, Corporate Vice President and Controller, The Dow Chemical Company; Immediate Past Chairman, Committee on Corporate Reporting, Financial Executives International
  • Colleen Cunningham, President and CEO, Financial Executives International
  • Trevor Harris, Managing Director of Valuation, Accounting, and Enterprise Risk, Morgan Stanley
  • Patricia McConnell, Senior Managing Director, Bear, Stearns & Co. International organisations (with designated representatives)
  • Basel Committee of Banking Supervisors: Arnold Schilder, Executive Director, De Nederlandsche Bank
  • International Association of Insurance Supervisors: Tomoko Amaya, Chair, IAIS Accounting Subcommittee
  • International Federation of Accountants: Ian Ball, Chief Executive
  • International Monetary Fund: Kenneth Sullivan, Senior Financial Sector Expert
  • International Organization of Securities Commissions: John Carchrae, Chief Accountant, Ontario Securities Commission, Canada, and Christoph Ernst, Head of the Accounting and Auditing Law Division of the Bundesministerium der Justiz, Germany
  • United Nations Conference for Trade and Development: Tatiana Krylova, Head, Investment and Enterprise Competitiveness Branch
  • World Bank: Charles McDonough, Chief Accountant Observers
  • European Commission
  • Financial Services Agency of Japan
  • US Securities and Exchange Commission
News default Image

IASB posts technical corrections comment letters

15 Oct 2005

The IASB has posted on its website the 37 letters of comment the Board received on its proposed policy on technical corrections.

Here is the Link to the Download Page for the comment letters. Click here for Proposed Policy (PDF 39k). You will find Deloitte's letter of comment on the proposed policy Here.
Australia Image

ASIC clarifies impact of IFRSs on dividends

14 Oct 2005

The Australian Securities & Investments Commission (ASIC) has issued guidance on how the adoption of Australian International Financial Reporting Standards (A-IFRSs) affect an entity's ability to use past retained profits to pay dividends.

Under s254T of the Corporations Act 2001, a company can only pay dividends out of profits. The retained profits shown in the last financial report of a company are relevant for this purpose. Upon the adoption of A-IFRSs, the retained profits of some companies will change, sometimes materially. ASIC believes that retained profits previously reported on a pre-A-IFRS basis cease to have relevance for paying dividends after the first half-year financial report of a 'disclosing entity', or full year financial report of a 'non-disclosing entity' prepared under the Act using A-IFRSs, is completed. Only retained profits and current year profits recorded under A-IFRS will be relevant from that time going forward. Click for (PDF 23k).

 

Canada Image

Webcast on Canadian - US GAAP differences

14 Oct 2005

Deloitte & Touche LLP - Canada will conduct a webcast on 15 November 2005 2:00-3:30pm Toronto time on differences between Canadian accounting standards and US GAAP.

Topics to be discussed:
  • Guarantees
  • Classification of liabilities and equities
  • Defined benefit pension plans
  • Temporary impairments
  • Hedging
  • Accounting for joint ventures
  • Start-up costs
  • Research and development
Click for Link to Deloitte Canada Webcast Archines.

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.