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News

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13th UK webcast update – interim reporting

21 May 2005

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The thirteenth session was run on Thursday 19 May 2005 and focused on the rules applying to the 2005 interim financial statements of listed UK groups and the requirements of IAS 34 Interim Financial Reporting. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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IFRS financial statements and checklist for 2005

21 May 2005

We have posted Deloitte's comprehensive for the year ended 31 December 2005 (PDF 851k).

These model financial statements were developed to illustrate the typical financial statement presentation and disclosures that are required of a company with subsidiaries and associates presenting its consolidated financial statements under IFRSs for 2005.
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Two draft interpretations on IFRS 2

20 May 2005

The International Financial Reporting Interpretations Committee (IFRIC) has published two draft Interpretations relating to IFRS 2 'Share-based Payment'.

The draft Interpretations relating to IFRS 2 Share-based Payment are:

  • D16 Scope of IFRS 2
  • D17 IFRS 2 Group and Treasury Share Transactions.

D16 clarifies that transactions within the scope of IFRS 2 include those in which the entity cannot specifically identify some or all of the goods or services received.

D17 provides guidance on whether particular types of transactions should be accounted for as cash-settled or equity-settled share-based payment transactions under IFRS 2.

Click for Press Release (PDF 52k).

 

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CESR proposals on alternative performance measures

20 May 2005

The Committee of European Securities Regulators (CESR) has published a consultation paper setting out CESR's draft recommendations on (PDF 101k).

The draft recommendation contains several proposals to encourage European listed companies to provide the financial markets with appropriate and useful performance measures. The recommendations relate primarily to:
  • Clear definitions of alternative performance measures. CESR notes that IFRSs define three basic performance measures – revenue, profit or loss, and earnings per share. Other measures that an entity may choose to report must not be inconsistent with the IFRS measures.
  • The presentation of alternative performance measures – they should be in addition to, not instead of, IFRS performance measures and should be presented with less prominence than the IFRS measures.
  • Auditor's involvement should be considered.
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Notes from Board meeting 18 May 2005

19 May 2005

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

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

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Notes from Board meeting 17 May 2005

18 May 2005

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

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

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SEC statement and report on internal controls

17 May 2005

The US Securities and Exchange Commission has released a statement about the first year's experience in applying the internal control provisions (Section 404) of the Sarbanes-Oxley Act.

The two main conclusions in the Commission's statement are:
  • Compliance with Section 404 is producing benefits, including a heightened focus on internal controls at the top levels of public companies.
  • Implementation in the first year also resulted in significant costs, and the process can be made more effective and efficient.
In April, the Commission asked the SEC staff to consider whether additional guidance and clarification of certain issues was appropriate. The staff has now released a Staff Statement on Management's Report on Internal Control Over Financial Reporting to provide such guidance. In releasing the staff report, the Commission noted that "there is a zone of reasonable conduct by companies that should be recognised as acceptable in the implementation of Section 404." Also, the US Public Company Accounting Oversight Board staff has issued related question-and-answer guidance. Click to download:
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Notes from Board meeting 16 May 2005

17 May 2005

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

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

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CILEA sees a key need for IASB SME standards

17 May 2005

The Board of the Committee for Integration of Latino Europe and America (CILEA), a body representing 24 economic and accounting professional organisations of 18 Latin European and American countries, has called on the IASB to develop standards for small and medium-sized entities "to stimulate the creation and the development of a basic entrepreneurial activity" and, at the same time, "assure an effective corporate control system to guarantee the reliability of accounting data." Click for Press Release (PDF 325k). .

The Board of the Committee for Integration of Latino Europe and America (CILEA), a body representing 24 economic and accounting professional organisations of 18 Latin European and American countries, has called on the IASB to develop standards for small and medium-sized entities "to stimulate the creation and the development of a basic entrepreneurial activity" and, at the same time, "assure an effective corporate control system to guarantee the reliability of accounting data." Click for Press Release (PDF 325k).

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Benefits for Australia in EC-SEC agreement

14 May 2005

The Australian Securities & Investments Commission (ASIC) has expressed support for the agreement between the US Securities and Exchange Commission (SEC) and the European Commission on a 'roadmap' toward eliminating the current SEC reconciliation between IFRSs and US GAAP.

ASIC sees this as beneficial for Australia because Australian companies listed in the United States would no longer have to prepare the reconciliation. Further, since Australia has adopted IFRS equivalents, "it will also encourage US investment in the Australian capital market and facilitate Australian companies access to US finance if IFRS and US GAAP financial reports are determined to be convergent and provide comparable high quality financial reporting. Click for (PDF 44k).

 

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