News

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Reducing Financial Reporting Risk

11 Feb 2010

Deloitte United States has published Reducing Financial Reporting Risk: It's More than Fixing Financial Controls.

This 'white paper' distills the evaluation of financial reporting risk into three major components:
  • People and organisational considerations
  • Process and policy considerations
  • Systems and information considerations
By posing probing questions to those with oversight of these areas, a CFO can develop a clearer view of the organization's current state of financial reporting risks and can champion improvements designed to reduce reporting risk as well as improve the effectiveness of the process. Click to download Reducing Financial Reporting Risk: It's More than Fixing Financial Controls (PDF 1,292k).

 

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Notes from Special 10 Feb 2010 meeting

11 Feb 2010

The IASB and FASB held a special joint meeting on 10 February 2010 at the IASB's offices in London.

Click to view the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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IFRS insurance accounting newsletter

11 Feb 2010

Deloitte (United Kingdom) has published the February 2010 issue of Insurance Accounting Newsletter.

This issue is titled Road to Convergence and focuses on the discussions held in the three hour long joint IASB-FASB meeting of 19 January and the subsequent FASB meeting on 27 January. The long awaited exposure draft is finally taking shape and although a few issues remain unresolved, the road to convergence for insurance accounting is in sight. The expected publication date of the Exposure Draft is May 2010 with a comment period until September 2010. Click to download Issue 11 of the Insurance Accounting Newsletter (PDF 105k).

 

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IFRS presentation and disclosure checklist in German

10 Feb 2010

We have posted the IFRS Checkliste zu Ausweis- und Angabevorschriften 2009, published by Deloitte & Touche GmbH (Germany).

It is the German translation of the 2009 IFRS Presentation and Disclosure Checklist. Click to view IFRS Checkliste zu Ausweis- und Angabevorschriften 2009 (PDF 1,683k, 180 pages).

 

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Azerbaijan extends use of IFRSs

10 Feb 2010

The President of Azerbaijan has signed into law the 'non-bank credit organisations' act, which requires, among other things, that such organisations must prepare financial statements using International Financial Reporting Standards and implement corporate governance standards.

Azerbaijani banks and major state-owned enterprises were already required to report under IFRSs.

 

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Michel Barnier approved as EU Internal Market Commissioner

10 Feb 2010

The European Parliament has voted to approve the new European Commission – one Commissioner from each of the 27 EU Member States.

The new Commissioners take office on 10 February 2010 for terms that end 31 October 2014. By that vote, Michel Barnier of France was approved as Commissioner for Internal Market and Services. Among other things, his responsibilities will cover accounting and auditing matters, including liaison with the International Accounting Standards Board and the IASC Foundation. Mr Barnier replaces Charlie McCreevy. Click for Mr Barnier's CV (PDF 76k).
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European Commission conference on accounting and auditing

10 Feb 2010

On 8 February 2010, the European Commission hosted a one-day conference on international developments in accounting and auditing.

The morning session focused on accounting issues, and the afternoon on auditing. In the morning session, the first panel discussed national experiences in implementing IFRSs. The second panel discussed the progress made towards the adoption of IFRSs. Click for:
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Agenda for February 2010 IASB meeting

09 Feb 2010

The IASB will hold its February 2010 regular monthly meeting at its offices in London on Monday to Friday 15-19 February 2010. The portion of the meeting on 16 February and afternoons of 17 and 18 February are joint meetings with FASB.

The meeting will be open to public observation and will be webcast. You can access the agenda on our February 2010 IASB meeting page.  We will also post Deloitte observer notes on this page as they are available.
The Standards Advisory Council will meet on 22-23 February. We previously posted the Agenda for the SAC Meeting.
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Trinidad and Tobago adopts the IFRS for SMEs

09 Feb 2010

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has adopted the IFRS for Small and Medium-sized Entities, as issued by the IASB, for use in Trinidad and Tobago for financial statements effective immediately, which includes 2009 and prior periods.

ICATT's announcement said that "the adoption of this Standard impacts the majority of the entities in Trinidad and Tobago and would simplify the level of accounting and auditing requirements for qualifying entities choosing to implement the Standard." Prior to adoption of the IFRS for SMEs, SMEs in Trinidad and Tobago used full IFRSs. Now, SMEs may choose either the IFRS for SMEs or full IFRSs. Click for Adoption Notice (PDF 336k).

 

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Deloitte IFRS newsletter in Chinese

09 Feb 2010

Deloitte China has published the Chinese translation of the following IAS Plus Update newsletter:

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.