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News

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14 European 'roadshows' completed, 4 upcoming

21 Jul 2005

The IASB has organised a series of 'roadshows' jointly with national standard setters in a number of European countries.

The focus of the discussion is the Board's current and future projects. In June and July 2005, roadshows were held in the Netherlands, Germany, Denmark, Finland, Italy, Greece, Belgium, Lithuania, Austria, Norway, Portugal, Switzerland, United Kingdom, and Spain. Roadshows upcoming in September are:
  • Stockholm, Sweden – 13 September 2005
  • Dublin, Ireland – 16 September 2005
  • Paris, France – 14 September 2005
  • Warsaw, Poland – 29 October 2005
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Notes from IASB meeting 20 July 2005

21 Jul 2005

We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page. .

We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page.

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Reminder about upcoming comment deadlines

21 Jul 2005

We remind IAS Plus visitors that the deadlines are nearing for submitting comments on the following documents: IASC Foundation Consultation Documents on: Due Process of IASB: Draft Handbook of Consultative Arrangements. IFRIC - Review of Operations: Consultative Document. Issued 27 April 2005. Comment deadline 31 July 2005. Draft Memorandum of Understanding on the Role of National and Regional Accounting Standard-Setting Bodies and their Future Relationships with the IASB.

Issued 2 March 2005. Comment deadline 29 July 2005.
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Commissioner McCreevy talks about reconciliation

20 Jul 2005

In a speech on (PDF 87k) in Brussels on 18 July 2005, Charlie McCreevy, the European Commissioner for Internal Market and Services, spoke about opportunities for easing regulatory burdens in Europe.

In that context, he commented on the potential benefits of the current efforts by both the US SEC and the EC to assess the equivalence of IFRSs and US, Japanese, and Canadian GAAPs and, if deemed equivalent, to eliminate the costs and burdens of reconciliations:

The Commission is analysing the issue of US-GAAP, Japanese and Canadian GAAPs as equivalent to IFRS in the European Union. We are carefully examining CESR's advice on this issue at the moment. There are estimates that for each of the 250 or so European issuers in the US reconciliation imposes a yearly burden of between $5 and $10 million. Dropping the reconciliation requirements on both sides of the Atlantic would mean great reductions in costs for business. Certainly gains in the low billions of euros per year. I will work with the US and with other partners to achieve similar success in the areas of deregistration, insurance, corporate governance, supervisory cooperation and others.

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Notes from IASB meeting 19 July 2005

20 Jul 2005

We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page. .

We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page.

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IASCF seeks nominations for nine trustees

19 Jul 2005

The IASC Foundation, under which the IASB operates, is seeking to fill nine IASCF trustee positions.

Three are newly created positions resulting from the recent Expansion of the board of trustees from 19 to 22 members. The six other vacancies arise from the departure of existing trustees who are either ineligible for or do not seek reappointment. Four of the nine appointments will be from the Asia/Oceania region, one from Europe, three from North America, and one from any area of the world. The Foundation is seeking indications of interest by 14 September 2005. All appointments would be for renewable three-year terms ending on 31 December 2008. One of the newly appointed trustees may be asked to serve as chairman. Click for Press Release (PDF 29k).

 

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Deloitte comment letters on IFRIC D16 and D17

19 Jul 2005

We have posted the following two Deloitte comment letters on IFRIC Draft Interpretations D16 and D17: (31k).

"We support the issuance of an IFRIC Interpretation clarifying that share-based payments may exist in scenarios where goods and services provided in exchange for the equity instruments may not be readily identifiable." We agree with the main approach in the draft interpretation and offer some suggestions for changes.
  • (33k). "We concur with the consensuses reached by the IFRIC on the issues set out in paragraph 6(a) and (b) of D17. Our concerns with the consensus on the issue set out in paragraph 6(c) are detailed in the Appendix to [our] letter."
  • You will find all past comment letters Here.
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    Accounting Roundup second quarter 2005 review

    19 Jul 2005

    We have posted (PDF 1,082k), a quarterly newsletter that summarises selected recent accounting and financial reporting developments and provides Internet links to related content.

    The articles included in this edition were drawn primarily from issues of Accounting Roundup published in the second quarter of 2005, and have been updated where appropriate. Accounting Roundup is published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (United States). You will find links to all past issues Here.
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    Nelson Carvalho named independent SAC chairman

    18 Jul 2005

    The Trustees of the IASC Foundation, under which the IASB operates, have appointed L Nelson Carvalho, Professor of Accounting and Finance, University of Sao Paulo, Brazil, as Chairman of the Standards Advisory Council (SAC).

    The SAC is a forum for organisations and business leaders to advise the IASB on the Board's work programme and priorities. The recent Revision of the IASCF's Constitution created the position of an independent chairman of the SAC. In addition to his role at the University of Sao Paulo, Nelson Carvalho serves on the boards of several Brazilian corporations and as an arbitrator for two the International Courts of Arbitration. Professor Carvalho has served as the Head of Banking Supervision of the Central Bank of Brazil (1991-1993) and a Commissioner of the Brazilian Securities and Exchange Commission (1990-1991). Prior to joining public sector, he was an auditor and financial consultant for 25 years. He has served as a member of the SAC since its formation in 2001 and is also a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board. He also was a board representative on the IASC, the IASB's predecessor. Professor Carvalho's term as chairman of the SAC expires 31 December 2008. Click for Press Release (PDF 28k).

     

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    EFRAG comments on IFRIC D16 and D17

    18 Jul 2005

    The European Financial Reporting Advisory Group (EFRAG) has submitted its comments on the following two IFRIC Draft Interpretations, both of which EFRAG supports but with recommendations for changes: EFRAG Letter (PDF 14k) on IFRIC Draft Interpretation D16 Scope of IFRS 2 EFRAG Letter (PDF 16k) on IFRIC Draft Interpretation D17 IFRS 2 - Group and Treasury Share Transactions .

    The European Financial Reporting Advisory Group (EFRAG) has submitted its comments on the following two IFRIC Draft Interpretations, both of which EFRAG supports but with recommendations for changes:

    • EFRAG Letter (PDF 14k) on IFRIC Draft Interpretation D16 Scope of IFRS 2
    • EFRAG Letter (PDF 16k) on IFRIC Draft Interpretation D17 IFRS 2 - Group and Treasury Share Transactions

    Correction list for hyphenation

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