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News

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Special IAS Plus newsletter on financial guarantees

21 Dec 2005

In August 2005, the IASB amended the scope of IAS 39 Financial Instruments: Recognition and Measurement to include financial guarantee contracts issued by the entity.

If an issuer of financial guarantee contracts has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts, the issuer may elect to apply either IAS 39 or IFRS 4 Insurance Contracts to such financial guarantee contracts. Deloitte has published a (PDF 48k) explaining the IASB's amendments to IAS 39 and IFRS 4. You will find links to all past IAS Plus newsletters Here.
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Key considerations in preparing 2005 IFRS reports

20 Dec 2005

Deloitte has published a new IAS Plus guide: IFRS Financial Statements 2005: Key Considerations for Preparers.

The objective of this 56-page guide is to provide assistance with the process of drafting those financial statements. It is not a disclosure checklist, nor a comprehensive illustration of a set of financial statements. Those tools are already available on the IAS Plus website and from Deloitte offices globally. Rather, this publication draws on our experience of the presentation and disclosure requirements of the new and revised Standards and, in particular, of the understanding that we have gained by closely monitoring the drafting process. It deals with issues that we have faced, and overcome - in the hope that we can help readers to avoid those pitfalls.

The guide is relevant not only to entities adopting IFRSs for the first time in 2005 but also to entities already applying IFRSs. For continuing IFRS users, 2005 will be the first accounting period for which they will need to comply with the requirements of the Standards revised in the IASB's Improvements Project, as well as major revisions to the Standards on financial instruments, intangibles, and impairment. Also IFRSs 1 to 7 are new for 2005 (1 to 5 required for 2005 year ends, the other two elective). The cumulative effect of these revisions and new Standards is that entities are being required to rewrite substantially their financial statements in 2005. We prepared this guide to help companies in that endeavour.

Click to download (PDF 1,110k).
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SEC and CESR chairmen meet

18 Dec 2005

US Securities and Exchange Commission Chairman Christopher Cox met with Chairman Arthur Docters van Leeuwen of the Committee of European Securities Regulators (CESR) to discuss International Financial Reporting Standards and other potential agenda items for collaborative efforts in 2006. The chairmen expressed their support for continued close interaction to maintain and promote investor protection and market integrity in the transatlantic capital markets.

Chairman Cox also informed Chairman Docters van Leeuwen of the SEC's (PDF 56k), which the Commission earlier in the day had voted to publish for public comment. The on the meeting between the two chairmen states (PDF 33k):

In addition to reviewing IFRS reporting in their respective jurisdictions, potential collaborative efforts in 2006 include a review of the practical application of risk-based anti-money laundering procedures by securities firms and engaging relevant parties to consider the development of a common licensing exam for individuals who work in the international capital markets industry. The SEC and CESR staff also will exchange experiences regarding the use of IT systems to facilitate disclosure to investors and will focus on the use of interactive data in meeting disclosure requirements.

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Updated EFRAG endorsement status report

17 Dec 2005

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status as of 14 December 2005 (PDF 26k).
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Final day of December 2005 IASB meeting

17 Dec 2005

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page. .

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page.

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Third day of December 2005 IASB meeting

16 Dec 2005

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page. .

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page.

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Second day of December 2005 IASB meeting

15 Dec 2005

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page. .

The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page.

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IASB amends standard on foreign exchange

15 Dec 2005

The IASB has issued a limited amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates.

The amendment responds to concerns expressed by the IASB's constituents earlier this year that IAS 21 as amended in December 2003 required different accounting depending on the currency in which a monetary item was denominated where such an item was regarded as part of an entity's investment in a foreign operation. Secondly, IAS 21 was not clear on whether any member of a consolidated group could enter into the monetary transaction with the foreign operation. In response to those concerns, the IASB reviewed IAS 21 and reached the following decisions, which are reflected in the amendment:
  • As regards a monetary item that forms part of an entity's investment in a foreign operation, the IASB concluded that the accounting treatment in consolidated financial statements should not be dependent on the currency of the monetary item.
  • Also, the accounting should not depend on which entity within the group conducts a transaction with the foreign operation.
The amendment is available for adoption with immediate effect. Click for IASB Press Release (PDF 52k).
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Google search added to IAS Plus Germany

14 Dec 2005

Deloitte & Touche GmbH (Germany) maintains the German language version of the IAS Plus Website: www.iasplus.de.

Google search capability has now been added to that site. Click to go directly to the Search Page on IAS Plus Germany.

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