31 January 2005: Two new IFRS publications from Deloitte Germany
Deloitte (Germany) has developed two IFRS publications in German: model financial statements for 2005 and a guide to applying IFRS 1 First-time Adoption of IFRSs. Both are translations of similar English-language publications that can be found on the Deloitte IFRS Publications Page. Click to download the German-language publications:

• Musterkonzernabschluss (Model Financial Statements) 2005 (PDF 659k, 94 pages)
• IFRS 1 Praxisratgeber 'Erstmalige Anwendung der IFRS' (PDF 735k, 145 pages)

31 January 2005: UK extends IFRSs to all companies
The United Kingdom has adopted a statutory instrument (legislation) that permits publicly traded companies and building societies to use IFRSs in their individual accounts and permits non-publicly traded companies to use IFRSs in both their individual and consolidated accounts.

• Statutory Instrument (PDF 338k)
• Related Draft DTI Guidance (PDF 124k)

30 January 2005: EFRAG appoints financial instruments group
The European Financial Reporting Advisory Group (EFRAG) has appointed a financial instruments working group (FIWG) with the twin goals of addressing current IAS 39 issues (such as potential solutions for the carve-out areas in IAS 39) and wider issues for longer-term revision of IAS 39. FIWG members are:

• Thomas Naumann, Dresdner Bank (Chairman)
• David Bradbery, UBS Investment Bank
• Isabelle Collignon, Credit Agricole SA
• Petri Hofste, KPMG
• Gordong Ireland, PWC
• Victor Jimenez, Banco Bilbao Vizcaya Argentaria
• Ingvar Linse, Swedbank
• Helmut Ortlof, DZ Bank AG
• Massimo Romano, Assicurazioni Generali
• Hugh Shields, Barclays Capital
• Agnes Tardos, PWC

28 January 2005: Steps toward convergence on income taxes

The US Financial Accounting Standards Board has posted its Action Alert Newsletter summarising FASB's recent decisions about convergence of FASB and IASB income tax standards with respect to which tax rate to use in measuring deferred taxes:

• While FAS 109 requires the 'enacted' rate and IAS 12 requires the 'substantively enacted' rate, FASB would amend FAS 109 to clarify that a rate is regarded as enacted if only perfunctory actions are required for a measure to become law.
• If corporate income is taxed at different rates depending on whether that income is distributed to shareholders, FASB would continue to require measurement of deferred tax assets and liabilities using the distributed rate, while IASB agreed at its January meeting to stick with the IAS 12 requirement to use the undistributed rate. However, FASB agreed to require disclosure of the difference in the tax expense (or benefit) for the period that would result from the use of the undistributed rate.

27 January 2005: EU emissions trading - accounting and auditing issues
The European Federation of Accountants (FEE) has published an Alert on financial reporting and auditing issues arising from the European Union's Greenhouse Gas Emissions Trading Scheme, which went into effect on 1 January 2005. The International Financial Reporting Interpretations Committee (IFRIC) recently issued IFRIC 3 Emission Rights, which is discussed in the FEE report. The FEE Alert may be downloaded without charge from the FEE Website (click 'Fee Publications' then 'Sustainability').

27 January 2005: SEC may ease reconciliation for IFRS filers
In a speech at the London School of Economics earlier this week, US SEC Chairman William H. Donaldson said that the Commission is considering easing certain of its rules for non-US companies listed in the United States. He indicated that European companies using IFRSs might be allowed to reconcile only two years of financial statements to US GAAP instead of three:

• Easier rules for foreign registrants to deregister their securities if they do not wish to continue to meet the US requirements.
• A possible delay, for non-US registrants, of the effective date of the requirements to include in their annual reports a report of management on the company's internal control over financial reporting. Currently, a foreign private issuer that files its annual report on Form 20F or Form 40F must begin to comply in its first financial year ending on or after 15 July 2005.

26 January 2005: Canada adopts financial instruments standards
The Canadian Accounting Standards Board (AcSB) has adopted a new standard on financial instruments that is a hybrid of IAS 39 and US GAAP. The new standard – Financial Instruments: Recognition and Measurement, Hedges, and Comprehensive Income:

• does not adopt either of the 'carve outs' from IAS 39 that were adopted by the European Commission (thus Canadian companies can use the full fair value option and cannot apply hedge accounting to bank core deposits),
• does not include the macro hedging provisions of IAS 39,
• takes the US position (SFAS 115) for available-for-sale financial assets that non-quoted equities are at cost, rather than the IAS 39 position that only those for which fair value cannot be determined are at cost,
• does not address derecognition because the AcSB has previously adopted a derecognition standard that is in line with the US model (SFAS 140),
• is effective for annual and interim periods beginning on or after 1 October 2006 (for most companies this means initial application in calendar years beginning on 1 January 2007), with early adoption permitted.

24 January 2005: US restatements continue to rise
A new study by Huron Consulting Group has found that, after a slight drop in 2003, the number of restatements due to errors in the annual and interim financial statements of public companies filed with the US Securities and Exchange Commission rose to a record 414 in 2004, up from 323 in 2002 and 330 in 2002.

The most common errors in 2004 related to: Revenue recognition (16% of 2004 errors). Equity, including EPS and stock options (16%). Provisions (accruals for liabilities of uncertain amount or timing) and contingencies (14%). Improper capitalisation of assets (8%). Inventories (4%). Click for Press Release (PDF 20k).

23 January 2005: Notes from third day of the IASB's January 2005 meeting
We have combined on a Single Page our notes from the IASB's regular monthly meeting in London on 19-21 January 2005.

22 January 2005: Agenda for February 2005 IFRIC meeting announced

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 3-4 February 2005. The agenda for the meeting is set out below.

21 January 2005: IASB and Japan agree on convergence project
The IASB and the Accounting Standards Board of Japan (ASBJ) will launch a joint project to reduce differences between IFRSs and Japanese accounting standards. Specific elements of the agreement, as noted in the Press Release (PDF 17k) include:

21 January 2005: Notes from day two of the IASB's January 2005 meeting
We have combined on a Single Page our notes from the IASB's regular monthly meeting in London on 19-21 January 2005.

20 January 2005: Summary of ARC December 2004 meeting
The European Commission has released Summary Report (PDF 44k) of the 20 December 2004 meeting of its Accounting Regulatory Committee. The summary includes the following:

• The ARC voted to recommend that the Commission endorse IFRS 2 Share-based Payment for use in Europe, with certain consequential amendments to previously endorsed IFRSs. ARC's weighted voting result (321 total potential votes) was that 23 Member States (302 votes) voted in favour of endorsing IFRS 2; one Member State (12 votes) abstained because of a reservation on the translation; and one Member State (7 votes) was not present.
• An update on possible amendments to IAS 39
• Views of Member States regarding the IASCF Constitution Review – including the comment that "the Chairman said that there is a growing concern in political circles about the IASB's lack of democratic accountability and the way it is carrying out its work".
• The Accounting Regulatory Committee and the Contact Committee of the Accounting Directives would be merged from the beginning of 2005.
• The ARC will next meet on 25 February 2005. Other 2005 meetings are planned for 8 April, 27 May, 8 July, 30 September, 28 October, and 2 December.

20 January 2005: US Senate will monitor IASB-FASB convergence

The Chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, which has responsibility for oversight of the SEC and US financial institutions, has announced that the Committee's tentative agenda for 2005 will include "harmonisation of accounting standards between the FASB and IASB". Click for Press Release (PDF 26k).

20 January 2005: Notes from day one of the IASB's January 2005 meeting
We have combined on a Single Page our notes from the IASB's regular monthly meeting in London on 19-21 January 2005.

20 January 2005: Web-based technical update on IASs 7 and 19, IFRS 5
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 ninth Webcast was run on 20 January 2005 2004 and covered IAS 7 Cash Flow Statements, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, and the recent amendment to IAS 19 Employee Benefits. 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.

18 January 2005: EFRAG recommends adoption of IFRIC 2 in Europe
The European Financial Reporting Advisory Group has recommended that the European Commission adopt IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments for use in Europe. Click for EFRAG Letter (PDF 13k).

18 January 2005: NIA urges simplified disclosure of IFRS transition
Australia's National Institute of Accountants has Recommended (PDF 15k) that Australian companies clearly explain the impact of adopting IFRSs to their shareholders. Australia is adopting IFRS 'equivalents' effective in 2005. While Australian accounting standards require companies to explain the impact of moving to IFRSs in their financial statements, based on a review of disclosures made by companies whose financial years ended in mid-2004, the NIA believes that "most shareholders would have some difficulty understanding what the changes mean."

17 January 2005: European insurers favour IAS 39 full fair value option
In a Press Release Dated 17 January 2005 (PDF 279k), the Comité Européen des Assurances (the European Insurance Association) has expressed its support for allowing European companies following IFRSs to measure financial assets and liabilities at fair value with the fair value changes recognised in measuring profit or loss (the IAS 39 'fair value option'). Currently, IAS 39 as adopted by the European Commission prohibits European companies from applying the fair value option to liabilities. The CEA press release notes that "most European insurers make frequent use of this option for both financial assets and liabilities as a tool for providing more relevant information and simplifying the processes. They have been preparing for IAS 39 in the version including the unlimited fair value option."

16 January 2005: 'Q4 in Review' Accounting Roundup is posted
We have posted Accounting Roundup: 4th Quarter 2004 in Review (PDF 1,136k) – a quarterly edition of the Accounting Roundup newsletter from Deloitte & Touche LLP (USA) that summarizes 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 fourth quarter of 2004, and have been updated where appropriate.

15 January 2005: EFRAG to study venture capital investments
The European Financial Reporting Advisory Group (EFRAG) has Announced its intention to form a working party to examine issues relating to accounting for venture capital investments. The working party will consider whether a limited exception to current IFRSs should be suggested. Among the current relevant IFRSs are IAS 27, which requires a venture capital investor to consolidate any entities over which it has the power of control, and IASs 28 and 31, which require a venture capital investor in associates or joint ventures to measure such investments at fair value through profit or loss if the investments are held for trading. Click to download the Terms of Reference (PDF 25k) for the proposed working party.

15 January 2005: IAASB withdraws four IT-related IAPSs
The International Auditing and Assurance Standards Board has withdrawn the following four International Auditing Practice Statements (IAPSs) effective 31 December 2004:

• IAPS 1001, IT Environments - Stand-Alone Computers
• IAPS 1002, IT Environments - On-Line Computer Systems
• IAPS 1003, Environments - Database Systems
• IAPS 1009, Computer-Assisted Audit Techniques

14 January 2005: Two new Australian Accounting Alerts

Deloitte (Australia) has published the first two Australian Accounting Alerts for 2005: Alert 2005/01 - AASB Issues Revised Standard on Employee Benefits (PDF 81k) Alert 2005/02 - AASB Issues Two More Omnibus Standards (PDF 73k) Links to all past Alerts are Here.

13 January 2005: Agenda for IASB's January 2005 meeting

The IASB will hold its regular monthly meeting at its offices, 30 Cannon Street, London on Wednesday to Friday, 19-21 January 2005. The Board will not meet on Monday or Tuesday. Agenda topics for the meeting are set out below. IASB Meeting Agenda, 19-21 January 2005, London Wednesday 19 January 2005 Insurance Contracts [Education Session] Amendment to IAS 39 - Cash Flow Hedge Accounting of Forecast Intra-group Transactions [Education Session] Insurance Contracts Amendments to IAS 39 and IFRS 4 - Financial Guarantees and Credit Insurance Accounting Standards for Small and Medium-sized Entities Thursday 20 January 2005 (afternoon only) Segment Reporting Convergence - Income Tax Conceptual Framework - Initial Communications Document Friday 21 January 2005 (morning only) Amendment to IAS 39 - Fair Value Option ED 7 Financial Instruments: Disclosures

11 January 2005: IFRS advisory board proposed in Australia

The National Institute of Accountants (NIA) in Australia has recommended that the Australian Accounting Standards Board (Australia's accounting standard setter) create a technical advisory panel to help identify implementation and interpretation problems emerging out of the move to Australian equivalents of International Financial Reporting Standards. The NIA, one of three professionally recognised accounting bodies in Australia, believes a technical advisory panel could provide the standard setter regular feedback on implementation concerns and emerging trends. Click for Press Release (PDF 42k).

8 January 2005: New from Deloitte – IFRS in your Pocket 2005

Deloitte has published the fourth edition of our popular quick reference guide to international financial reporting – IFRS in your Pocket 2005 (PDF 776k). This 76-page guide includes information about: IASB structure and contact details. Use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada. Summaries of each IASB Standard (through IFRS 6) and Interpretation (through IFRIC 5), as well as the Framework and the Preface to IFRSs. Background and tentative decisions on all current IASB projects. IASC and IASB chronology. Other useful IASB-related information. Please contact your local Deloitte practice office to request a printed copy. We are pleased to grant permission for accounting educators and students to print copies of the PDF file for educational purposes.

7 January 2005: 40% of audit firms registered with PCAOB are non-US

As of 5 January 2005, 1,415 public accounting firms have registered with the US Public Company Accounting Oversight Board (PCAOB) to be allowed to audit the financial statements of US public companies. Of those, approximately 540 (nearly 40%) are non-US audit firms from more than 70 countries. The Board has approved a budget of US$136.1 million for calendar 2005. The budget projects a 50% staff increase by the end of 2005 over the 261 staff at the end of 2004. Click for: List of Registered Firms. PCAOB Budget Announcement.

7 January 2005: EFRAG recommends adoption of SIC 12 amendments

In a Letter to the European Commission, the European Financial Reporting Advisory Group (EFRAG) has recommended that the Commission endorse the recent changes to SIC 12 Consolidation–Special Purpose Entities that were adopted by the International Financial Reporting Interpretations Committee last November.

7 January 2005: 150,000 e-learning downloads in 2004

During 2004, 150,000 IFRS e-learning modules were downloaded from IASPlus by people in over 150 countries. Deloitte's e-learning was launched at the end of January 2004. Many of the downloaded modules have multiple users because organisations are permitted to install them on their own servers for the internal use of their employees or students. In addition, tens of thousands of additional modules have been completed online and offline by Deloitte staff. You can always access IFRS e-learning without charge by clicking on the light bulb icon on the IASPlus home page. Thirty-two modules are now available.

7 January 2005: The most influential person in the accounting profession

IASB Chairman Sir David Tweedie heads the list of the 50 Most Influential Figures in the Accounting Profession in the UK in Accountancy Age, 6 January 2005. Sir David has chaired the IASB since its inception in 2001. Before that he chaired the UK Accounting Standards Board (1990-2000) and was a UK representative on the International Accounting Standards Committee, predecessor of the IASB. He was also a university lecturer and KPMG technical partner in his native Scotland.

6 January 2005: IASC-IASB chronology is updated
We have updated our Chronology of the IASC and IASB to reflect events that transpired during 2004. The chronology covers events from 1966 to date.

6 January 2005: FEI top 10 financial reporting issues for 2005

Financial Executives International has compiled a list of the Top 10 Financial Reporting Challenges for 2005. While the list is written primarily in a US reporting context, nearly all of the challenges on the list relate to IASB projects as well: Stock Options (SFAS 123 and IFRS 2). Internal Controls. Revenue recognition (a joint IASB-FASB project). Uncertain tax positions (FASB and IASB are working to converge their income tax standards). Unremitted foreign earnings (FASB and IASB are working to converge their income tax standards). Business Combinations (a joint IASB-FASB project). Inventory costs (FASB has issued Statement 151 in late 2004 to converge with IAS 2). Off-balance-sheet arrangements disclosures. XBRL (an IFRS Taxonomy has been developed). MD&A guidance (an IASB research project).

6 January 2005: ASBJ issues stock options exposure draft

On 28 December 2004, the Accounting Standards Board of Japan issued Exposure Draft No.3 Accounting Standard for Stock Options and Others. Like IFRS 2 Share-based Payment, ED3 proposes to require an entity to recognise compensation expense for stock options issued to employees based on grant-date fair value, spread over the vesting period as consideration for receiving goods or services. ED3 also proposes to require an entity to account for its grant of stock options to non-employees based on the fair value of either the stock options or the goods or services acquired. In the balance sheet, stock options would be presented as 'stock acquisition rights' classified as 'mezzanine' between liability and equity until exercised. ED3 covers equity-settled share-based payment transactions but does not cover cash-settled share-based payment transactions. In addition, ED3 proposes to allow unlisted companies to measure options at their intrinsic value if they cannot reliably estimate fair value. The standard would be effective for financial years beginning on or after 1 April 2006. Comment deadline is 28 February 2005. Here is the Link to the ED in Japanese.

6 January 2005: Newsletter from Deloitte Global Offerings Services

We have posted the November-December 2004 edition of the Deloitte Global Offerings Services Newsletter – a US reporting newsletter for non-US based companies (PDF 323k). Deloitte's Global Offerings Services group comprises a global team of practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (i.e., US GAAP and IFRS) and in complying with the SEC's financial reporting rules. Links to past GOs Newsletters are Here.

5 January 2005: ASBJ comments on CESR 'equivalence' assessment

The Accounting Standards Board of Japan has submitted its Response (PDF 205k) to the Committee of European Securities Regulators' October 2004 Concept Paper on Equivalence of Certain Third Country GAAP and on Description of Certain Third Countries' Mechanisms for Enforcement of Financial Information. CESR had developed the paper in response to a request from the European Commission for advice on equivalence of Canadian, Japanese, and United States GAAPs with IFRSs. The ASBJ's response suggests that: The global assessment of the equivalence of third country GAAP should not be conducted on a basis of whether third country GAAP is identical to IAS/IFRS or not. Rather than that, the rationality underlying the differences should be considered. You will find EFRAG's response in our news story of 4 January 2005.

5 January 2005: EU publishes endorsed IFRSs

The European Union has published the following Commission Regulations in the Official Journal of the European Union on 31 December 2004, thereby formally making certain improved IASs and new IFRSs part of European law: Commission Regulation (EC) No 2238/2004 of 29 December 2004 amending Regulation (EC) No 1725/2003 adopting certain IFRSs (the ones revised in the IASB's Improvements Project) in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council, as regards IASs IFRS 1, IASs Nos 1 to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC Nos 1 to 7, 11 to 14, 18 to 27, and 30 to 33. The regulation includes the Full Text of the Following Standards (PDF 1,410k): IASs 1, 2, 8, 10, 16, 17, 21, 24, 27, 28, 31, 33, and 40. Commission Regulation (EC) No 2237/2004 of 29 December 2004 amending Regulation (EC) No 1725/2003 adopting certain IFRSs in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council, as regards IAS No 32 and IFRIC 1. The regulation includes the Full Text of the Following Standard and Interpretation (PDF 323k): IAS 32 and IFRIC 1. Commission Regulation (EC) No 2236/2004 of 29 December 2004 amending Regulation (EC) No 1725/2003 adopting certain IFRSs in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standards (IFRSs) Nos 1, 3 to 5, International Accounting Standards (IASs) Nos 1, 10, 12, 14, 16 to 19, 22, 27, 28, 31 to 41 and the SIC Nos 9, 22, 28 and 32. The regulation includes the Full Text of the following Standards and Interpretations (PDF 1,028k): IFRSs 3, 4, and 5 and IASs 36 and 38. Please note that 'full text' means the body of the standard and does not include the introduction, implementation guidance, or basis for conclusions. Here is the Link to Standards and Interpretations Previously Adopted by the EC. All of the standards and interpretations are available in all of the official EU languages in the Official Journal. We have also put on our IFRS in Europe page a Permanent Link to the Full Text of the Endorsed IFRSs.

4 January 2005: Deloitte member-firm revenue is US$16.4 billion in 2004

Composite revenue results of the member firms of Deloitte Touche Tohmatsu for fiscal 2004 show an 8.6 percent increase over 2003. After excluding divested practices, revenue growth for the continuing businesses was 11.1 percent. Composite revenue reported was US$16.4 billion compared with US$15.1 billion in FY03. For the first time ever, member firms from Europe/Middle East/Africa and Asia-Pacific/Japan contributed half of this, and member firm tax practices led the way with 60 percent growth in the last two years. Click for Press Release.

4 January 2005: EFRAG comments on CESR 'equivalence' assessment

The European Financial Reporting Advisory Group (EFRAG) has submitted its letter to the Committee of European Securities Regulators (CESR) in response to CESR's October 2004 Concept Paper on Equivalence of Certain Third Country GAAP and on Description of Certain Third Countries' Mechanisms for Enforcement of Financial Information. CESR had developed the paper in response to a request from the European Commission for advice on equivalence of Canadian, Japanese, and United States GAAPs with IFRSs. The EC also asked CESR to describe the mechanisms existing in those countries and others for the enforcement of standards for financial information. The concept paper sets out the basis on which CESR will approach its analysis. EFRAG's response expresses support for CESR's objectives but also notes that: The meaning of 'significant differences' in accounting standards could be clarified by improving the definition in the concept paper. We believe it is important to find and evaluate all existing differences between IAS/IFRS and third country GAAP, to be able to conclude whether these can result in 'significant differences'. Differences may have very different impacts on different entities within one industry and may also have different impacts on entities in different industries. We understand the practical difficulties, but we are concerned that equivalence may be assessed at a too high level and therefore differences that might lead to significant differences may not be assessed at all. We therefore recommend a more thorough analysis of the differences. Click to Download: The CESR Concept Paper (PDF 289k). EFRAG's Response (PDF 38k).

3 January 2005: IAASB revises audit report effective for 2006

The International Auditing and Assurance Standards Board (IAASB) has updated International Standard on Auditing 700 The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements including a new form of the auditor's report. The revised ISA 700: Provides guidance for an audit conducted in accordance with both ISAs and the auditing standards of a specific jurisdiction, including how the auditor's report should be worded. Adds guidance on the auditor's consideration of whether an accounting framework is acceptable, and on the need for the auditor to consider whether the financial statements are misleading even when they comply in all respects with that framework. Separates audit reporting in connection with an ISA audit from additional supplementary reporting responsibilities required in some jurisdictions. Under ISA 700 revised, the auditor's report must contain: Title indicating that it is the report of an independent auditor. Addressee. Introductory paragraph that identifies the financial statements covered by the audit and refers to the summary of accounting policies and explanatory notes. Explanation of management's responsibility for the financial statements, including responsibility for internal controls, for selecting and applying accounting policies, and for making reasonable estimates. Explanation of the auditor's responsibilities, including description of what an audit involves. Auditor's opinion, including reference to conformity with IFRSs or International Public Sector Accounting Standards (IPSASs) or with another reporting framework. Other reporting responsibilities as required by individual jurisdictions. Auditor's signature. Date of the auditor's report. Auditor's address. The revised IAS 700 is effective for auditor's reports dated on or after 31 December 2006. The full text of ISA 700 may be downloaded without charge from IFAC's Website. Click here for Press Release (PDF 134k).

3 January 2005: UK ASB guidance on applying 'carved out' IAS 39
Following the 'carve outs' in the version of IAS 39 adopted by the European Commission in November 2004, the Accounting Standards Board has issued Guidance on the Application of IAS 39 by Entities Preparing their Financial Statements in Accordance with EU-Adopted IFRSs. The guidance is intended for entities in the UK and the Republic of Ireland, though many of the issues addressed have EU-wide application. The guidance covers hedge accounting, fair valuing financial assets, fair valuing financial liabilities, and transition. Commenting on the guidance Ian Mackintosh, Chairman of the ASB said:

• Text of Guidance (PDF 150k)
• Related Press Release (PDF 20k)

1 January 2005: Another record year for IAS Plus

In 2004 – nearly a 100% increase in visitors over 2003! Thank you for making us the #1 source on the Internet for information about international financial reporting.