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Challenges to transition to IFRSs in Europe

21 Oct 2005

Charlie McCreevy, EU Commissioner for Internal Markets and Services, spoke about proposed revisions to the Eighth Directive – commonly known as the Auditing Directive – in remarks delivered at the Global Public Policy Symposium on 20 October 2005 in London.

Mr. McCreevy also spoke about global issues, including convergence of IFRSs and US GAAP. Click to (PDF 88k). Here is an excerpt of his comments on convergence:

We have an agreement with the SEC with the objective of removing the burdensome US GAAP reconciliation requirement for EU issuers in the US, as early as 2007, but no later than 2009. The convergence this will entail must be a two way street and it must not destabilise the IFRS platform in Europe. I would like to stress that convergence is not an invitation to standard-setters to try and advance the theoretical frontiers of accounting. I will not take on board any revolutionary new standards. This should be a practical exercise, firmly anchored in business reality, to be undertaken in the interests of users and investors. The main objective is to try and narrow the differences between the existing standards, not to make accounts even more indigestible with a whole set of new standards!

We will not be adding new carriages to the IFRS train, just as it has left the station. We need, first and foremost, to be sure that existing IFRS beds down and that we reap the benefits at home.

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Notes from second day of October Board meeting

21 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.
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Global forum of audit regulators is planned

20 Oct 2005

On 18 October 2005, the United Kingdom Financial Reporting Council hosted a roundtable of 13 independent audit regulators from around the world at which they discussed issues of common concern and arrangements for future mutual cooperation.

The countries represented at the roundtable were Australia, Brazil, Canada, France, Germany, Ireland, Japan, Netherlands, Singapore, Spain, Switzerland, United Kingdom, and USA. Also represented at the meeting were international organisations already engaged in discussion of auditing issues including the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions (IOSCO), the Basel Committee, the Public Interest Oversight Board, and the European Commission. Issues discussed included:
  • Progress in establishing audit regulators independent of the accountancy profession,
  • Arrangements for cross-border exchange of information,
  • Concentration in the audit market,
  • Issues related to the independence of auditors, and
  • Issues raised by the multi-jurisdictional structure both of audit firms and the entities they audit.
There was broad support for the concept of an appropriate international forum of independent audit regulators to facilitate cooperation amongst the national audit regulators. Proposals for an appropriate forum will be prepared for consideration at the next meeting of the regulators to be hosted in Australia in March 2006 by the Australian Securities and Investments Commission.
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IFRS Ghid de Buzunar – IFRS guide in Romanian

19 Oct 2005

Deloitte in Romania (one of our 16 national practices in Central Europe) have published IFRS Ghid de Buzunar, the Romanian language version of our popular booklet, IFRS In Your Pocket 2005.

This 68-page booklet contains background information about the IASB and IFRSs, summaries of all of the standards and interpretations, and details of IASB agenda projects. Click here to (PDF 1,261k). You will find a range of Deloitte publications about IFRSs Here.
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Accounting Roundup third quarter review

19 Oct 2005

We have posted (PDF 506k), a newsletter published by Deloitte & Touche LLP (United States).

During 3Q 2005, accounting standard setters and accounting regulators issued a number of final and proposed FASB Statements, FSPs, EITF Consensuses, SEC rules, PCAOB rules, IFRSs, etc. This newsletter presents brief descriptions of those pronouncements as well as certain other regulatory and professional developments in accounting and financial reporting, drawn primarily from the monthly issues of Accounting Roundup, updated when appropriate. You will find links to all past issues of Accounting Roundup Here.
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'IFRS – No Pain, No Gain?'

19 Oct 2005

The European Union's internal markets Commissioner, Charlie McCreevy, enumerated the benefits of introducing IFRSs for listed companies in Europe in remarks made at the official opening of the new offices of FEE (the Federation of European Accountants) in Brussels.

His speech was titled IFRS – No Pain, No Gain?. Here is an excerpt:

A common accounting standard increases investor transparency and comparability. As users become more familiar and confident with IFRS, the cost of capital for companies using IFRS should fall. It should lead to more efficient capital allocation and greater cross-border investment, thereby promoting growth and employment in Europe.

Furthermore, we are all aware of the challenges that globalisation and a rapidly-industrialising China are bringing. Now more than ever, we need to press on with the Lisbon agenda and increase the efficiency of the European economy. A common accounting standard based on IFRS, rather than a thicket of different national standards, is therefore not a luxury, but rather an absolute necessity.

Commissioner McCreevy cited other benefits, including:
  • Benefits of IFRSs to companies internally, including reduced capital costs, better management reporting, and improved internal control systems.
  • Benefits to European companies listed in the United States, including eliminating the cost of preparing a reconciliation to US GAAP, and convergence of US GAAP and IFRSs.
  • Benefits to European companies globally expected to result from convergence activities in other jurisdictions, including China, Japan, Canada, and India.
Click to (PDF 73k).
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New Global Offerings Services newsletter

19 Oct 2005

We have posted the (PDF 178k).

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.
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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.
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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).
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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.

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