News

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Restructuring of IVSC is proposed

05 Feb 2007

The International Valuation Standards Committee (IVSC) has embarked on a proposed major restructuring process not unlike that undertaken by the International Accounting Standards Committee in the late 1990s that led to the creation of the International Accounting Standards Board.

The restructuring proposals have been developed by a Governance Group established by the IVSC Management Board. The key recommendations of the Group are:

  • That a new International Valuation Standards Board (IVSB) be created as an independent and autonomous decision making body with up to nine compensated (full-time or part-time) members. Concurrently, an International Valuation Standards Interpretations Committee would be created as an arm of the IVSB;
  • That the IVSC be renamed the International Valuation Standards Council. It would remain a membership based organisation but the criteria for membership would be broadened beyond national professional valuation institutes to include valuation companies, national standard setters, users of valuations, academics and others. IVSC members would provide input to the IVSB.
  • That an elected Board of Trustees would have responsibility for oversight of the work of the IVSC and IVSB. Responsibility would include appointment members of the IVSB and Interpretations Committee, ensuring adequate funding and resources, and protecting the Board's independence and integrity.
  • That a new International Valuation Professional Board (IVPB) be created to develop criteria for the education of and professional practices of valuation practitioners.
The IVSC is inviting comments on the proposals by 9 March 2007. A special meeting of the IVSC will be held in San Francisco on 12 April 2007 when member bodies of the IVSC will be asked to approve the restructuring proposals. If accepted, the proposed structure would come into effect on 1 January 2008. Click to download the Proposal for the Restructuring of the IVSC (PDF 579k).
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Comprehensive history of the IASC is published

05 Feb 2007

WoltersKluwer/CCH have published The International Accounting Standards Committee: A Political History, by Robert J. Kirsch, PhD.

The book covers the history of the IASC from its earliest days starting in 1962. It looks at the human side of the organisation's history, its institutional and economic development, administrative policies and practices, and its various constitutions and structures. Additionally, it charts the flow of its technical international accounting standard setting work through its various stages of development. Written in plain English, the book discloses much previously publicly unpublished information.

Title of book: The International Accounting Standards Committee: A Political History Author: Robert J. Kirsch, PhD Number of pages: 465 ISBN: 978-1-84140-608-4 Ordering details:Quote product code: UP/KIRSCH-BI7001

  • By phone: CCH's Customer Service Department in the United Kingdom at +44 (0)870 777 2906; or
  • By email: customerservice@cch.co.uk.

The book's 11 chapters cover:

  1. Introduction
  2. The Formative Period: 1966 to 1973
  3. Challenges, Responses and The First Standards: 1974 to 1977
  4. The Fight to Maintain Autonomy: 1977 to 1982
  5. Towards a Critical Mass of Standards: 1982 to 1985
  6. Building the Foundations for Comparability: April 1985 to June 1990
  7. Improvements: 1990 to 1994
  8. Organizational Issues in the Final Years: 1995 to 2001
  9. Standard Setting from 1995 to 2001
  10. The New Structure
  11. Synthesis

There are 14 appendices covering such topics as IASC officers, biographical notes on the chairmen and secretaries-general, board members, representatives and technical advisers, meetings, standards history, and various constitutional documents.
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EFRAG launches redesigned website

05 Feb 2007

The European Financial Reporting Advisory Group (EFRAG) has launched a redesigned website: www.efrag.org.

Among the improvements:
  • Improved structuring of the home page and menu system.
  • Revised project overview and status views.
  • Ability to upload comment letters via the website directly.
  • New meeting organisation area.
  • A separate section devoted to the Endorsement Status Report.

Click for: EFRAG and www.efrag.org.

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IFRS presentation and disclosure checklist in German

03 Feb 2007

Deloitte (Germany) has published a German-language translation of the 2006 IFRS presentation and disclosure checklist.

The checklist reflects IFRSs issued through 30 June 2006. Click to download Checkliste zu Ausweis-und Angabevorschriften (Presentation and Disclosure Checklist) 2006 (PDF 1,862k, 230 pages).
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Leases Working Group will meet 15 February 2007

01 Feb 2007

The IASB Working Group on Lease Accounting will meet on 15 February 2007 at the Crowne Plaza London - St James, 45-51 Buckingham Gate, London.

The meeting is open to public observation. For more information go to the Working Group Meeting Page on the IASB website. Click here for Project Information including a list of Working Group members.
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Center for Audit Quality formed in the United States

01 Feb 2007

The American Institute of CPAs (AICPA) and eight public company auditing firms – including Deloitte & Touche – have formed a new organisation aimed at improving audit quality in the United States.

The Center for Audit Quality (CAQ) will work to increase confidence in the audit process and make public company audits even more reliable and relevant by advancing constructive suggestions for change. To this end, the Center will convene a national public dialogue through scheduled events with key stakeholders across the country. It will also conduct research on these topics and ultimately make recommendations that will foster confidence in the capital markets. CAQ membership is open to any US auditing firm registered with the PCAOB. Associate membership is available for US audit firms not registered with the PCAOB. The CAQ will be led by a governing board comprising the CEOs of the AICPA and the six largest audit firms plus two rotating firms, and leaders from the investor and issuer communities. For more information:
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IASCF conferences in Zurich and Singapore

31 Jan 2007

The IASC Foundation will hold conferences on IFRSs in Zurich and Singapore.

  • Wednesday 23 and Thursday 24 May 2007 at the Swissotel Zurich, Switzerland
  • Wednesday 29 and Thursday 30 August 2007 at the Grand Hyatt, Singapore
Special interest workshops will be held on the first day of each conference. They will cover US market Update, IFRSs teaching and research. insurance contracts, IFRS for SMEs, IFRIC Update (Singapore only), and EU Market Update (Zurich only).
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EFRAG tentatively agrees to endorse IFRIC 12

30 Jan 2007

The European Financial Reporting Advisory Group (EFRAG) held a special meeting on 23 January 2007 at which it discussed its draft endorsement advice on IFRIC 12 Service Concession Arrangements.

At the end of the discussion, EFRAG members voted 5 to 4, with 3 abstentions, in favour of issuing a positive draft endorsement advice. A draft endorsement letter, with a basis for conclusions and views from the dissenters, will be published for comment in the next week, with a comment deadline around the end of February.
Click for IAS Plus IFRIC 12 page.
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Updated EFRAG endorsement status report

30 Jan 2007

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 Report as of 19 January 2007 (PDF 35k). You can always find a link on our EFRAG Page. Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 8 Operating Segments
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 11 IFRS 2: Group and Treasury Share Transactions
  • IFRIC 10 Interim Financial Reporting and Impairment
The EC Accounting Regulatory Committee (ARC) is expected to vote on endorsement of IFRS 8 and IFRICs 10 and 11 at its meeting on 2 February 2007, with EC endorsement expected in May or June 2007. The ARC will vote on IFRIC 12 at its meeting on 16 March 2007, with EC endorsement expected in June or July 2007.
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Survey on accrual accounting by European governments

30 Jan 2007

The European Federation of Accountants (FEE) has published a study reporting on the progress made by European countries in implementing accrual accounting in the public sector.

The three major findings are:
  • Approximately 80% of the countries that responded have adopted some form of accrual accounting across the full range and size of public bodies.
  • While some countries have made rapid progress in implementing accrual accounting, some others are currently in transition and a smaller group are still using cash accounting.
  • Most commonly, the transition is made first at the local level and only later at the national government level.
The study cites the following benefits of accrual accounting:

Accrual accounting facilitates better planning, management and decision making as well as providing a means with which to assess financial resilience. It can also assist better performance measurement and therefore performance management. So accrual accounting provides scope for organisations to manage their finances more effectively. It can permit more effective comparisons of some aspects of financial performance between different government departments and agencies as well as international comparisons. Comparison between government services for the purposes of competitive tendering as well as pre and post privatisation can also be made more readily if both sets of financial statements are prepared on the same basis.
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