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NOVEMBER 2007

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30 November 2007: IASB December 2007 Board meeting agenda
The International Accounting Standards Board will hold its December 2007 meeting at the Board's offices, 30 Cannon Street, London, on Tuesday to Friday, 11-14 December 2007. The agenda for the meeting is set out below.


11-14 December 2007, London

Tuesday 11 December 2007

Wednesday 12 December 2007

  • Agenda Proposals

Thursday 13 December 2007

Friday 14 December 2007 (morning only)

29 November 2007: IVSC moves forward with restructuring
The International Valuation Standards Committee board and membership have approved a comprehensive restructuring that will enable it to become an independent standard setting organisation that can develop International Valuation Standards for assets and liabilities. The IVSC had proposed the restructuring in January 2007 (see our IVSC Page).

Key features of the IVSC restructuring plan are as follows:
  • IVSC remains a non-profit organisation incorporated in United States.
  • IVSC acronym is retained but the name changed to the International Valuation Standards Council.
  • The organisation will have three main bodies:
    • A Board of Trustees responsible for the strategic direction and funding of the IVSC.
    • A Standards Board appointed by the Trustees, but with autonomy over its agenda and the creation and revision of standards.
    • A Professional Board appointed by the Trustees to assist in the development of high quality practices by the world's valuers and development of the profession in developing countries.
  • Membership of the IVSC will be broadened beyond national professional valuation institutes to include valuation companies, government, valuation end-users, and academia.
  • Current IVSC directors remain in post for the transitional period November 2007 to May 2008, with responsibility for day to day management of the IVSC.
  • During the November to May period, an advisory board, to be known as an interim Board of Trustees, will be established to oversee the IVSC restructuring process and business plan. Funds raised will be independently controlled by the group and released in accordance with the IVSC restructuring proposal. Michael Sharpe, former Chairman of the International Accounting Standards Committee, will be a Trustee. Mr Sharpe was also a member of IASC's Strategy Working Party that developed proposals leading to the creation of the IASB.
Click for IVSC Announcement (113k).

28 November 2007: US Treasury advisory committee will consider IFRS impacts
In our news story of 4 October 2007, we reported that the US Treasury Department appointed a 19-member Treasury Advisory Committee on the Auditing Profession. The committee will examine auditing industry concentration, financial soundness, audit quality, employee recruitment and retention, and related topics. The committee is co-chaired by former US SEC Chairman Arthur Levitt and former SEC Chief Accountant Donald Nicolaisen. Paul Volcker, former chairman of the IASCF Trustees, is a member. IASB Chairman Sir David Tweedie is an observer, as is FASB Chairman Robert H Herz. The Committee will hold an open meeting on 3 December 2007. Here is 'Working Discussion Outline' (PDF 82k) for the meeting.

Advisory Committee issues that relate directly to IFRSs include:
  • Consider whether and how training and continuing education relating to IFRSs and international auditing standards need to be enhanced.
  • Consider the impact on the curriculum of the potential acceptance of IFRSs and international auditing standards.
  • Consider the impact of IFRSs and international auditing standards on faculty resources and requirements.
  • Consider how the potential acceptance of IFRSs in the United States and the greater use of fair value and mark-to-model accounting will impact the largest auditing firms' network of affiliates.
  • Consider how the potential acceptance of IFRSs and international auditing standards will impact audit market competition.

28 November 2007: Deloitte comments to IASB on SME exposure draft
We have submitted to the IASB our Comments on the Exposure Draft: IFRS for Small and Medium-sized Entities (284k). The IASB issued the Exposure Draft (ED) for comment on 15 February 2007. We note that there is strong demand globally for the introduction of an IFRS for SMEs. As a global issue, we believe that the resulting ED produced by the IASB is a fair compromise given the competing priorities of different jurisdictions and represents a good starting point from which debate and changes may be made to create an effective standard for SMEs. The key matters raised in our letter are summarised below. We also suggest that, to increase the use of the final standard in different jurisdictions, the IASB consider whether it would be viable to make the final standard available free of charge on the internet.

The key matters raised in the Deloitte letter on the SME ED are:

  • The final Standard should be a fully stand-alone document. We support the objective of a self-contained, comprehensive, set of standards for SMEs and do not agree that the IFRS for SMEs should contain any cross referencing to full IFRS, with the exception of financial instruments, as discussed in Appendix C. We believe that SMEs should be able to find all their financial reporting requirements in the one stand-alone document.
  • The IFRS for SMEs has not addressed the needs of SME subsidiaries where consolidated financial statements are prepared by the parent company in accordance with full IFRS. Such entities are likely to prefer to apply the same recognition and measurement principles as applied by the group but with reduced disclosure. We believe that such an option should be included within the IFRS for SMEs.
  • Further simplification of the recognition and measurement principles is required. The needs of users of SME financial statements are not as sophisticated as those of full IFRS financial statements and therefore the accounting requirements should be simplified. This may include further elimination of options, and/or, alternatively, increasing divergence from full IFRS. The proposals also appear to have unintended consequences that make the ED, in some respects, more onerous than for those applying full IFRS.
  • Further disclosure relief is required. Although we acknowledge that the ED proposes significant disclosure relief when compared to full IFRS, we believe this is a key area where simplification has not gone far enough. Further enhancements are possible without any risk of not satisfying the information need of users.
  • Clarification that the IFRS for SMEs is not part of the IFRS hierarchy is required (possibly via an amendment to IAS 8). We are concerned that in circumstances where full IFRS is silent on a transaction, condition or event, users of full IFRS may be required to analogise to the IFRS for SMEs for guidance.
You will find all past Deloitte letters of comment to the IASB and the IASC Here.

27 November 2007: EU-US cooperation in financial reporting and auditing
Charlie McCreevy, European Commissioner for Internal Market and Services, spoke today on EU-US Cooperation on Reporting Standards, Audit Oversight, and Regulation at the European Federation of Accountants' Conference on Audit Regulation in Brussels. Among other things, Commissioner McCreevy:

  • took a strong stand against future EU 'carve-outs from IFRSs';
  • suggested that further changes in IASB governance and processes are needed, but with those changes there should be no need for the EU to 'endorse' each IFRS for use in Europe;
  • said that the pace of change in IFRSs should be slowed;
  • opposed requiring US GAAP companies trading in EU securities markets to present a reconciliation from US GAAP figures to IFRS amounts; and
  • urged the EU and the US to rely on each other's enforcement, supervision, and inspections of audit firms.
Presented below are several excerpts from Mr McCreevy's remarks. Click to Download the Commissioner's Entire Presentation (PDF 72k).

On whether the SEC should accept IFRSs 'as adopted in the EU'
And still I hear some voices who say this is a poor outcome [SEC dropping the reconciliation for those who use IFRSs as adopted by the IASB]. They think the SEC should have accepted an EU brand of IFRS along with IFRS as adopted by the International Accounting Standards Board or IASB. I am not sure if these critics suffer from amnesia. Let us not forget the facts here. We in Europe have decided to go for IFRS because we rightly believed in the virtues of having a single accounting language. And when I say 'we' I mean all of us, including the Council of Ministers and the European Parliament. We have been preaching this gospel to our US counterparts for the last five years – asking them with indefatigable stamina to accept IFRS. And we have been very successful apostles indeed. Not only has the US decided to accept IFRS for our firms, they even envisage allowing their firms to use them. So let us be serious here. We have got what we have been asking for. One hundred per cent.

On IASB governance and eliminating the need for EU 'endorsement' of IFRSs
I spent the first 18 months in office fighting against those who wanted an EU standards setter because they were so unhappy with the IASB. Members of Parliament were lobbied in order to modify proposed standards. That is how we ended up with the carve-out for IAS 39. Since then, there have been improvements in IASB governance and more is needed.

One of the cornerstones of my strategy is that we must be able to accept any future standards without any serious problems. The endorsement of accounting standards needs to disappear from the political limelight. It should not necessarily be a high profile political issue. Therefore, we must make sure that the new standards reflect the real needs of stakeholders. In more concrete words, we need to have a close look at the standard setting process by the IASB: more transparency, better consultations, impact analyses at an early stage, thorough field-testing of any new standards to avoid unwanted or even unexpected consequences. But above all new standards only where they are really necessary – I shall be very vigilant on that in the future.

On acceptance of US GAAP in EU securities markets without reconciliation to IFRSs
Now it will be Europe's turn to accept accounts in US GAAP. This decision will have to be taken next year. And it is certainly my intention to propose that no reconciliation to IFRS will be needed for companies filing their accounts under US GAAP. This is the only sensible way forward.

27 November 2007: PCAOB policy on international cooperation in inspections
At its upcoming meeting on 5 December 2007, the US Public Company Accounting Oversight Board (PCAOB) will consider issuing for public comment a proposed policy statement concerning its non-US inspections. The policy statement identifies the factors relevant to 'full reliance' by the Board on the inspections systems of its non-US counterparts that are sufficiently rigorous to meet the level of protection for investors that is required by the Sarbanes-Oxley Act. The proposed policy would expand the guidance already in the Board's Rule 4012 Inspections of Foreign Registered Public Accounting Firms, which permits the Board to adjust its reliance on the inspections of auditor oversight entities located in the home countries of registered non-US audit firms based on the independence and rigor of those entities. Click for News Release (PDF 57k). PCAOB Chairman Mark W Olson explained the proposed policy statement during his remarks at the European Federation of Accountants' Conference on Audit Regulation in Brussels on 27 November 2007. Click to Chairman Olson's Remarks (PDF 102k).

26 November 2007: Recent changes in financial reporting in Singapore
Changes in Financial Reporting in Singapore, published by Deloitte & Touche (Singapore), is an annual update of the recent changes to Singapore's financial reporting framework. This edition includes a summary of the new and revised Singaporean FRSs (standards) and INT FRSs (interpretations) issued since the previous edition in November 2006 and up to end of September 2007. There is also an updated comparison against IFRSs. To assist entities in considering and disclosing any potential impact arising from FRSs and INT FRSs issued but not effective in current year, the booklet includes a list of FRSs and INT FRSs with their respective issue dates and effective dates. Click to Download the Booklet (PDF 210k, October 2007, 23 pages). Links to this and earlier editions may be found on our Singapore Page. Comparisons of national GAAP with IFRSs for other jurisdictions may be found Here.

26 November 2007: SEC staff comments on dropping IFRS-US GAAP reconciliation
As we reported in our News Story of 16 Nov 2007, on 15 November 2007 the US Securities and Exchange Commission approved a proposal that foreign companies may submit financial statements to the Commission using IFRSs as adopted by the IASB without having to include a reconciliation of the IFRS data to US GAAP. The SEC has made available the remarks of three staff that were made at the meeting recommending that the Commission approve the proposal:

Also, our New Story of 20 Nov 2007 includes a link to a video cast of SEC Chairman Cox's opening remarks on dropping the reconciliation.

24 November 2007: '3L3' consultation on joint work programme
The three 'level three' financial supervisory organisations in Europe (CEBS for banks, CEIOPS for insurance companies, and CESR for securities markets) have jointly published a consultation document on their co-operative work programme through the end of 2010. The joint programme relates to a number of cross-sector matters. The goal is to ensure consistency of regulation, supervision, and enforcement. Several of the matters relate to IFRSs, including valuation of financial instruments and the possibility of an IFRS Q&A database. Click to download the Proposed Work Programme (PDF 100k). Comments are requested by 18 January 2008.

23 November 2007: Deloitte comments to IASB on insurance contracts
We have submitted to the IASB our Comments on the Discssion Paper: Preliminary Views on Insurance Contracts (172k). The IASB issued the Discussion Paper (DP) for comment on 3 May 2007. We generally agree with the DP's main proposal that insurance liabilities should be measured at a current value, on the basis of the 'three building blocks'. However, in looking at the detailed approach outlined in the DP, we express a number of comments and concerns, including the following:

  • Use of market-based data. We agree with an overall principle that all assumptions used should be market consistent, but only to the extent that references to market data are effectively available and relevant to include in the measurement of an insurance liability. If this not the case, the final Standard on insurance contracts should clearly state that an insurer will use 'portfolio-specific' data if available, and otherwise its own entity-specific data, to the extent that market participants would have included this type of data into the measurement of an insurance liability.
  • Risk margins and service margins. We believe that the DP fails to provide a clear view of what are the risk and service margins. In addition, the DP fails to discuss properly the nature of insurance contracts and whether analogies should be made with service contracts.
  • Day-one gains and losses. Once insurance liabilities have been determined using the 'three building blocks' (and taking into account our comments), a proper estimate of the performance obligations associated with the insurance contracts will have been performed. Accordingly, we agree that it is appropriate to recognise in profit or loss any difference that arises at inception of insurance contracts between the measurement obtained (less relevant acquisition costs) and the premiums received.
  • Labelling of the measurement attribute for insurance liabilities. We disagree with labelling the measurement attribute for insurance liabilities as a 'current exit value'. We do not believe that that term appropriately portrays what the goal of the measurement should be, or that there should be a reference to a transfer value. Insurers cannot transfer their insurance liabilities to third parties freely and would generally not wish to do so. ...The usual way of settling an insurance liability is for an insurer to continue to fulfil its commitments until the obligation is extinguished.
  • Unit of account. We consider it important that the final Standard on insurance contracts specifies clearly that the unit of account for estimating both expected future cash flows and the risk margin is the portfolio of insurance contracts.
  • Estimates of future cash flows: policyholders' behaviour and participation. Consideration of policyholders' behaviour is a reality of insurance activities. We support an overall objective for the final Standard on insurance contracts that is to provide relevant information to the users of the financial statements, enabling them to predict the cash flows relating to insurance contracts that will flow to and from the reporting entity.
  • Consistency of the requirements for insurance contracts with other Standards. We ....support pursuing the efforts undertaken so as to produce proposals for insurance contracts – in the not too distant future – that result in sound and relevant financial information for those contracts, enabling the users of the financial statements to better predict the future cash flows that will flow to, or from, the reporting entity. If a treatment is considered to best meet the objective that we indicate, but would create an inconsistency with other parts of the IFRS literature, we do not consider that this treatment should be rejected outright.
You will find all past Deloitte letters of comment to the IASB and the IASC Here.

23 November 2007: Deloitte guide to IFRS reporting in the United Kingdom
iGAAP 2007 A Guide to IFRS Reporting in the UK (2,498 pages, August 2007) sets out comprehensive guidance for UK companies reporting under International Financial Reporting Standards, by expanding the material included in the Global Edition of this Book. The UK tailored edition provides invaluable assistance by:
  • focusing on the practical issues that companies face;
  • explaining clearly the requirements of IFRSs and how they differ from UK GAAP;
  • adding interpretation and commentary where IFRSs are silent, ambiguous or unclear;
  • identifying separately those UK-specific requirements that continue to apply; and
  • providing many illustrative examples.
iGAAP 2007 IFRS Reporting in the UK can be purchased through CCH Online or by phone at +44 (0) 870 777 2906 or by email: customer.services@cch.co.uk (cite ISBN 978-1-84140-929-0)).

23 November 2007: Deloitte guidance for UK 2007/8 financial statements
Deloitte & Touche LLP (United Kingdom) have developed iGAAP 2008 Financial Statements for UK Listed Groups, which has been published by CCH. This publication provides comprehensive guidance on the presentation and disclosure requirements that will apply to listed groups for 2007 and 2008. The first part of the book explains the regulatory framework that underlies the preparation of financial statements. The second part contains model financial statements accompanied by a detailed commentary, to illustrate the typical disclosures that will be required, including requirements of IFRSs, the Reporting Statement on OFRs, company law, the Listing Rules and the Disclosure and Transparency Rules. The model financial statements and commentary are based on the Standards and legislation that apply from 2007 and have been published by 30 September 2007. iGAAP 2008 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 (0) 870 777 2906 or by email: customer.services@cch.co.uk (cite ISBN 978-1-84140-980-1).

23 November 2007: IASCF appoints two XBRL advisory groups
The IASC Foundation, under which the IASB operates, has appointed an XBRL Advisory Council and an XBRL Quality Review Team. Click here for the IASCF Announcement (PDF 17k).

  • The XBRL Advisory Council will provide strategic advice to the Trustees and the Foundation's XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs).
  • The XBRL Quality Review Team will help to assure the quality of XBRL taxonomy by reviewing taxonomies developed by the IASC Foundation.
XBRL (eXtensible Business Reporting Language) is a computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing, and analysis of financial reports, statements, and audit schedules. The XBRL taxonomy for IFRSs is, in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs. It will be maintained in line with the annual Bound Volume of IFRSs. Click for More Information.

22 November 2007: IFRS 8 is officially adopted in Europe
The European Union has published, in the Official Journal of the EU dated 22 November 2007, the Commission Regulation (EC) No 1358/2007 (PDF 85k) amending Regulation (EC) No 1725/2003 as of 21 November 2007 to adopt certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (the IAS Regulation). With that Regulation, IFRS 8 Operating Segments is adopted for use in Europe.  

22 November 2007: New jurisdiction pages for Montenegro, Serbia, Ukraine
We have created new pages describing the accounting frameworks in: All three juriscitions require IFRSs at least for entities whose securities are publicly traded. We have updated our table of Use of IFRSs by Jurisdiction to reflect the status of these jurisdictions. You will find links to all of our jurisdiction pages Here.

21 November 2007: EU Parliament resolution on procedure for endorsing IFRSs
In November 2006, the European Parliament amended the process for endorsing IFRSs for use in Europe by adding a new step that requires the European Commission to submit its endorsement proposals to a Committee of the Parliament, known as the Regulatory Procedure with Scrutiny Committee (click here for Details). At its meeting last week, the Parliament considered whether to give the Commission the authority to decide on the applicability of IFRSs "in exceptional and duly justified cases and on imperative grounds of urgency" without the normal 'regulatory procedure with scrutiny' methodology, that is, to allow IFRS endorsements without involvement of the Parliament itself. The Parliament decided not to give the Commission this authority. Instead, the resolution adopted by the Parliament called on all parties to act expeditiously on endorsements. Here is the Parliament Resolution (PDF 110k). An excerpt:

In view of the fact that the application of the regulatory procedure with scrutiny within the usual deadlines could in certain exceptional situations make it difficult to adopt newly issued accounting standards, amendments to existing accounting standards or interpretations of existing accounting standards in time for them to be applied by companies for the relevant financial year, the Commission, the Council and the European Parliament should act speedily in order to ensure that those standards and interpretations are adopted in a timely manner so as not to undermine investor understanding and thus confidence.

Regulation (EC) No 1606/2002 [the EU IAS Regulation] should therefore be amended accordingly,

20 November 2007: Five IFRS e-Learning modules are now available in Chinese
We are translating Deloitte's highly popular comprehensive IFRS e-Learning programme into Chinese. To date, 5 of the 35 modules in the English language programme have been translated into Chinese – the Framework and IASs 1, 2, 10, and 11. There's also a Chinese language module explaining how to use the IFRS e-learning. All are available, without charge in the public interest, on Deloitte's CAS Plus Website. The Chinese IAS 11 module has just been released.

20 November 2007: Update on financial reporting in Pakistan
Deloitte (Pakistan) partner Asad Ali Shah recently presented an update on financial reporting in Pakistan. Pakistan has developed three tiers of financial reporting standards – for public interest entities, medium-sized entities and small entities. The goal of the Institute of Chartered Accountants of Pakistan (ICAP) is that the public interest tier be IFRS compliant by 2009. Currently, the ICAP has not adopted the Pakistani equivalents of IFRS 1 and IFRS 4, and the Securities and Exchange Commission of Pakistan – the governmental body that must approve standards after ICAP adoption – has not yet approved the Pakistani equivalents of IAS 29, IFRS 7, and IFRS 8. Mr Shah's presentation also discusses impediments and problems in implementing IFRSs. Click to download Update on Financial Reporting in Pakistan (PDF 143k).

20 November 2007: Search begins for new IAASB chair
The International Auditing and Assurance Standards Board (IAASB) is seeking candidates for the position of IAASB Chair for a three-year term commencing 1 January 2009. The chair is appointed by the IFAC Board with the approval of the Public Interest Oversight Board (PIOB). Press Release (PDF 57k).

20 November 2007: US PCAOB proposes 2008 budget of $145 million
The US Public Company Accounting Oversight Board (PCAOB) has approved a budget for calendar year 2008 of $144.6 million, compared to $136.4 million for 2007. The majority of the Board's expenses are for auditors who conduct inspections of registered public accounting firms. To date, more than 1,800 public accounting firms have registered with the PCAOB, including approximately 830 firms based outside the United States. Firms with more than 100 public company audit clients must be inspected annually; firms with one to 100 public company audit clients must be inspected at least once every three years. The PCAOB's budget is subject to approval by the US Securities and Exchange Commission. Press Release (PDF 59k).

20 November 2007: NASDAQ proposes rule change to allow IFRSs
The NASDAQ Stock Market (USA) expressed full support for the SEC's decision to allow foreign registrants to use IFRSs without a US GAAP reconciliation and has asked the US Securities and Exchange Commission to approve a rule change to allow NASDAQ to accept IFRS finanical statements. Click for NASDAQ Announcement (PDF 35k).

20 November 2007: Chairman Cox's remarks on the IFRS reconciliation
The US Securities and Exchange Commission has made available a video recording of the remarks of SEC Chairman Christopher Cox, at the Commission's 15 November 2007 meeting, in support of the proposal that foreign companies may submit financial statements to the Commission using IFRSs as adopted by the IASB without having to include a reconciliation of the IFRS data to US GAAP. The Commission approved the proposal at that meeting (see our News Story of 16 Nov 2007. You can download the video of Chairman Cox's remarks in two formats:

19 November 2007: Updated EFRAG endorsement status report
The European Financial Reporting Advisory Group (EFRAG) 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 15 November 2007 (PDF 29k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

  • IFRS 8 Operating Segments
  • IAS 1 Presentation of Financial Statements (revised September 2007)
  • IAS 23 Borrowing Costs (revised March 2007)
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction

19 November 2007: Board agenda project pages updated
We have updated the following agenda project pages to reflect the discussions and decisions at the International Accounting Standards Board's November 2007 meeting:

19 November 2007: Czech language version of IFRSs in Your Pocket
We have posted the Czech Language Version of IFRSs in Your Pocket 2007 (PDF 1,190k) – IFRS do kapsy 2007. This 98 page publication from Deloitte & Touche LLP (Czech Republic) includes a special introduction by Michal Petrman, Office Managing Partner of Deloitte Czech Republic, a comparison of the major differences between IFRS and Czech GAAP, plus all of the information in the English language edition.

18 November 2007: Heads Up on SEC decision to drop IFRS reconciliation
We have posted the 16 November 2007 edition of the Heads Up Newsletter (PDF 112k) from Deloitte & Touche LLP (United States). This issue summarises:

  • the SEC's decision to allow foreign private issuers to prepare financial statements using IFRSs without reconciling to US GAAP, and
  • its approval of proposed rules benefiting smaller public companies.

17 November 2007: Notes from IASB November 2007 meeting day 4
The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

17 November 2007: Notes from IASB November 2007 meeting day 3
The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

16 November 2007: IASC Foundation XBRL Update
The XBRL team of the IASC Foundation has published the November 2007 IASCF XBRL Update (PDF 66k). The newsletter provides an update on the XBRL-enablement of IFRSs around the world. This issue has news about IFRS-XBRL internationally and from a number of countries, including Australia, United States, Belgium, Canada, India, Japan, Netherlands, UK, and France. There is also information about the IFRS XBRL taxonomy and upcoming events.

16 November 2007: SEC hearings on allowing US companies to use IFRSs
The US Securities and Exchange Commission will convene two roundtables, on 13 December 2007 and 17 December 2007, to collect more feedback from the public on the issue of giving US domestic issuers the option to submit financial statements prepared in conformity with IFRSs. Foreign SEC registrants now have that option (see next news story). In July 2007, the SEC issued a Concept Release inviting comment on whether to allow US issuers to prepare IFRS financial statements.

16 November 2007: US SEC votes to drop the IFRS reconciliation
At its public meeting in Washington on Thursday, 15 November 2007, the US Securities and Exchange Commission voted to allow foreign companies to submit financial statements to the Commission using International Financial Reporting Standards (IFRSs) as adopted by the IASB* without having to include a reconciliation of the IFRS data to US Generally Accepted Accounting Principles. The Commission had made this Proposal in July 2007. The rule amendments will take effect 60 days after they are published in the Federal Register and apply to financial statements covering years ended after 15 November 2007. Statements welcoming the SEC's decision were issued by
Below is an excerpt from the SEC's Public Announcement (PDF 30k) on eliminating the reconciliation:

Having considered extensive and informative public comment on its June 2007 proposal, the Commission today approved rule amendments under which financial statements from foreign private issuers in the US will be accepted without reconciliation to US Generally Accepted Accounting Principles only if they are prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The purpose of the requirement to use the IASB-approved version is to encourage the development of IFRS as a uniform global standard, not a divergent set of standards applied differently in every nation. Consistency of application of IFRS will help US investors who own foreign securities to have better comparability.
*The SEC has provided a temporary exception for foreign private issuers that use the version of IFRSs that includes the European Commission's 'carve-out' for IAS 39. Such issuers will be allowed to use that version in preparing their financial statements for a two-year period as long as a reconciliation to the IASB's version of IFRSs is provided. After the two-year period, those issuers will either have to use the IASB's version of IFRSs or provide a reconciliation to US GAAP.

16 November 2007: Notes from IASB November 2007 meeting day 2
The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

15 November 2007: Two items added to Board agenda for 16 November 2007
The International Accounting Standards Board has revised the Meeting Agenda for the final day of its November 2007 Board meeting, Friday 16 November 2007, to add the following two items:

15 November 2007: EU Parliament endorses IFRS 8 for use in Europe
The European Parliament voted on Wednesday 14 November 2007 by show of hands in favour of a Draft Resolution (PDF 98k) endorsing IFRS 8 Operating Segments for use in Europe. While endorsing IFRS 8, the draft resolution expresses a number of concerns, reservations, and regrets. Here is the link to the Report of the Vote.

14 November 2007: We support allowing US issuers to use IFRSs
Deloitte has submitted a letter responding to the SEC's 25 July 2007 Concept Release, Allowing US Issuers to Prepare Financial Statements in Accordance With International Financial Reporting Standards. We strongly support the ultimate goal of having a single set of globally accepted accounting standards that all US issuers could use. To that end, we believe that the SEC should develop a comprehensive plan to eventually transition all US issuers to IFRSs. We believe that in the interim, giving US issuers the option to use IFRSs in preparing their financial statements will facilitate movement toward a single set of standards. We support the SEC's permitting this option as soon as feasible, provided that there is sufficient time for preparers, auditors, and users to be educated and trained on IFRSs. Click for:

14 November 2007: Notes from IASB November 2007 meeting day 1
The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

13 November 2007: IASB holds roundtable on puttable instruments
On Monday 12 November 2007, the IASB conducted a public roundtable on a revised staff draft of an Amendment to IAS 32. The issue is whether financial instruments puttable at fair value and obligations arising on liquidation should be classified as debt or equity. Here is a brief report:

  • Thirty-three individuals and organisations participated in the roundtable, as did eight IASB members and several staff.
  • The revised draft amendment can be downloaded from the IASB's Website (PDF 888k).
  • During the roundtable, the IASB indicated that it does not consider the changes from the June 2006 Exposure Draft significant enough to warrant re-exposure.
  • While most participants agreed that amendment of IAS 32 for puttable instruments is needed, and many spoke in favour of the revised draft amendment, numerous technical issues were raised with respect to the proposal. Staff indicated that it plans to consider whether and how to reflect the views expressed at the roundtable in a revised draft of amendments to IAS 32 that it plans to present at the Board's December 2007 meeting.
  • The IASB is aware of the need to finalise the amendment as soon as it can to allow early adoption for many entities. The Board intends to post a near-final draft of the final amendments on its website when available.

13 November 2007: EU Parliament will vote on endorsement of IFRS 8
The European Parliament will vote on Wednesday 14 November 2007 on a Draft Resolution (PDF 98k) that would endorse IFRS 8 Operating Segments for use in Europe. While endorsing IFRS 8, the draft resolution expresses a number of concerns, reservations, and regrets.

13 November 2007: EU Parliament will vote on 'equivalence'
The European Parliament will vote on Wednesday 14 November 2007 on a Draft Resolution (PDF 121k) that would amend the European Accounting Regulation to allow a non-European company listed on a European regulated securities market to continue to use its national GAAP ('third country' GAAP) through 2011, rather than IFRSs, in either of the following two cases:

  1. the third country authority responsible for the national accounting standards concerned has made a public commitment before 30 June 2008 to converge those standards with International Financial Reporting Standards before 31 December 2011 and both the following conditions are met:
    • (a) the third country authority responsible for the national accounting standards concerned has established a convergence programme before 31 December 2008 that is comprehensive and capable of being completed before 31 December 2011;
    • (b) the convergence programme is effectively implemented, without delay, and the resources necessary for its completion are allocated to its implementation.
  2. the third country authority responsible for the national accounting standards concerned has made a public commitment before 30 June 2008 to adopt International Financial Reporting Standards before 31 December 2011 and effective measures are taken in the third country to secure the timely and complete transition to International Financial Reporting Standards by that date, or have reached a mutual recognition agreement with the EU before 31 December 2008.
The decision on equivalence of a country's GAAP to IFRSs will be made by the Commission on a country by country basis, but a further condition is imposed: "The decision of the Commission will have to imply in all cases the right for EU issuers to use in any third-country IFRS as adopted in the EU." Thus it would seem, based on this Resolution, that US companies listed in Europe could not continue to use US GAAP unless the US SEC allows European companies to use 'IFRSs as adopted in the EU'. As of March 2007, the equity securities of 102 US companies and the debt securities of 131 US companies traded in European regulated securities markets.

13 November 2007: SEC Chairman comments on dropping IFRS reconciliation
In his Remarks at the IOSCO Technical Committee Conference (PDF 63k) in Tokyo last week, US SEC Chairman Christopher Cox commented on several IFRS issues, including the possibility of eliminating the requirement that foreign registrants using IFRSs reconcile equity and earnings to US GAAP amounts. An excerpt:

Of course, no regulatory standard is perfect; and international standards are no exception. But often the value of a universal language outweighs the potential cost and confusion from many different standards – even though each may have its own reasonable claim to superiority. It is for just this reason that the SEC is getting ready next week to consider a final rule that would allow issuers who use International Financial Reporting Standards in their home countries to also use IFRSs in their filings with the SEC, without any longer having to reconcile that to US Generally Accepted Accounting Principles*. And it's why we're considering the concept of offering that same option to US domestic issuers. Our long standing support for international regulatory harmonization was also the reason that, seven years ago, the SEC conformed our prospectus disclosure requirements for foreign issuers to IOSCO's International Disclosure Standards.
*See IAS Plus news story of 8 November 2007.

12 November 2007: IOSCO task force the 'subprime crisis'
The International Organization of Securities Commissions (IOSCO) has formed a dedicated task force on the subprime crisis to review the issues facing securities regulators following the recent events in the global credit markets. Among other things, the task force will consider valuation of assets and accounting issues, particularly accounting for special purpose entities. Click to download IOSCO Announcement of 'Subprime Task Force' (PDF 53k).

IOSCO Task Force mandate regarding valuation of assets and accounting issues:

Given that investors may have relied on the ratings provided by credit rating agencies as not only an assessment of the probability of default by an entity, but also as an assessment of the product's liquidity, the Task Force will assess whether alternative models of valuation are needed and whether IOSCO should develop valuation principles or best practices in this area.

The Task Force, in order to evaluate potential problems raised by the accounting treatment of structured products, will also consider revisiting last year's the report on special purpose vehicles (SPVs) in order to better analyse the mechanisms whereby SPVs are kept on the balance sheet and the possible implications in terms of risk measurement and information to investors where listed companies are involved.

12 November 2007: IOSCO statement on International Standards on Auditing
The International Organization of Securities Commissions (IOSCO) has issued a statement supporting the work of the International Auditing and Assurance Standards Board (IAASB) and outlining the approach that IOSCO expects to follow in its possible future endorsement of International Standards on Auditing (ISAs) for use for cross-border securities offerings. Click to download IOSCO Statement on ISAs (PDF 44k).

Excerpt from IOSCO Statement on International Standards on Auditing

The process and structure for setting ISAs has been the subject of reform and improvement efforts in recent years. In 2003, IOSCO and other regulatory and international financial organizations worked with the International Federation of Accountants (IFAC), to create a set of reforms for international audit standard setting and other public interest activities of IFAC. These reforms included the establishment of the international Public Interest Oversight Board (PIOB) to carry out independent oversight of the IAASB's standard setting activities and other IFAC public interest activities, as well as other process changes. The reforms also included provisions for a future evaluation of their effectiveness. IOSCO recognizes the importance of the work of both the IAASB and PIOB.

In recent years, the IAASB has developed and issued a number of new and updated standards in the Board's Clarity project. Additional revised standards are expected in 2008. IOSCO is currently evaluating under what conditions IOSCO could endorse ISAs for use for cross border purposes and the form of such an endorsement. The IAASB's responses to public interest concerns in its standards setting will be relevant to such an endorsement.

12 November 2007: Summary of issues not added to IFRIC agenda is updated
We have updated our Summary of Issues Not Added to IFRIC's Agenda to reflect the IFRIC's final decisions at its November 2007 meeting not to add the following two topics to its agenda. Our summary now includes over 125 issues:

  • IAS 19 – Change to a defined benefit plan resulting from action by a government
  • IAS 19 – Treatment of employee contributions

11 November 2007: The role of accounting in a single European market
Charlie McCreevy, the European Commissioner for Internal Market and Services, made a presentation titled Striving for a Single European Market – The Role of Accounting at the Congress of German Public Auditors in Berlin on 7 November 2007. Click to Download Commissioner McCreevy's Remarks (PDF 87k). Here are a few excerpts. With respect to accounting standards Commissioner McCreevy commented:

A cornerstone for building an integrated single European capital market is the system of accounting standards. For companies to be able to raise capital throughout Europe, and for investors to compare company performance across borders, we need a common reporting language. Some years ago the EU set the course for building an integrated European capital market. We had come to a point where our financial reporting practices no longer met the new requirements for integrated markets. We had to rethink our approach. Finally, we decided to move to International Accounting Standards. That move was bold and visionary.

The changeover to IFRS did not come easy. It took a huge effort from our listed companies, auditors and regulators to adapt to the new accounting environment.

Now, more than two years later we can look back and see how it has gone. A number of studies have been carried out on the first year of IFRS implementation. One of them was issued very recently – that undertaken by the Institute of Chartered Accountants of England and Wales (ICAEW) at the request of the Commission. This study concludes that IFRS implementation has been 'challenging but successful'. Other studies, including the one issued by CESR on the first year of enforcement, convey the same message. Research also shows that the overall quality of accounts and disclosures have improved and that the changeover to IFRS has been achieved without disturbance to the market.

With respect to the possible adoption of International Standards on Auditing (ISAs) in Europe, Commissioner McCreevy said:
We are currently considering the merits of introducing ISAs in Europe. Before the end of this year, my services will launch a study on the costs and benefits of introducing ISA's as well as any potential differences with US standards. Once we have some results we shall be able to reassess the situation.

9 November 2007: Request for international education research proposals
The International Association for Accounting Education and Research (IAAER) and the Association of Chartered Certified Accountants (ACCA) have issued a global invitation for research proposals to advance the field of accounting education. Up to five research grants of $25,000, funded by ACCA, will be awarded under the programme, which aims to support the work of IFAC's International Accounting Education Standards Board (IAESB). Click for Press Release (PDF 17k).

9 November 2007: FASB response to SEC on use of IFRSs in the United States
In a Letter to the US Securities and Exchange Commission (PDF 146k) signed jointly by the Chairmen of the FASB and its oversight Foundation, the two bodies have recommended that the SEC wait on removing the requirement that foreign companies using IFRSs submit a reconciliation of earnings and equity to US GAAP figures until two things have happened:

  • Agreement in the United States on a 'blueprint' for allowing US domestic companies to use IFRSs, and
  • Commitment by key international parties to undertake the steps necessary to strengthen and sustain the IASB as the independent body responsible for establishing high-quality international standards.
They also expressed support for:
  • Requiring all US public companies to use 'an improved version of International Financial Reporting Standards' rather than allowing a choice of US GAAP and IFRSs.
  • Removing the reconciliation requirement only for companies applying IFRS as adopted by the IASB, rather than jurisdictional variations.
An excerpt:
The views contained in our letter can be summarized in the following four main points:
  1. Investors would be better served if all US public companies used accounting standards promulgated by a single global standard setter as the basis for preparing their financial reports. This would be best accomplished by moving US public companies to an improved version of International Financial Reporting Standards (IFRS). We believe permitting extended periods of choice between US Generally Accepted Accounting Principles (GAAP) and IFRS results in a two-GAAP system that creates unnecessary complexity for investors and other users of financial information. Permitting choice would add to the overall complexity of our reporting system.
  2. We, the SEC, and other affected parties should work together to develop a transition plan or 'blueprint' for moving US public companies to IFRS. As noted in the Concept Release, a move to IFRS by all US public companies would be a complex, multi-year endeavor. The US needs a blueprint that provides an orderly move to IFRS that minimizes the disruptions and costs to capital market participants and to other US entities that use FASB standards.
    • The blueprint should identify a target date or dates for completing the transition to IFRS along with interim milestones. The target date should allow adequate time to make the many necessary changes to the various elements of the US financial reporting infrastructure (auditing standards, GAAP-based regulations, education systems, licensing requirements, etc).
    • The blueprint should identify the areas of IFRS that should be improved during the period of transition to IFRS by US public companies. We believe the best way to make those improvements would be through the continued joint development of common standards by the International Accounting Standards Board (IASB) and the FASB. To complete the move to IFRS, the blueprint should outline the process by which we would adopt IASB standards in other areas 'as is'.
  3. The SEC should seek international cooperation to identify and implement changes we believe are necessary to sustain the IASB and to secure it as the independent global body that establishes high-quality international accounting standards. In particular:
    • Mechanisms should be established to provide the IASB with sufficient and stable funding and staffing levels, thereby ensuring its sustainability as an independent setter of high-quality accounting standards.
    • Agreements are needed to eliminate the separate review and endorsement processes that various jurisdictions apply to each IFRS after it is issued by the IASB. These after-the-fact jurisdictional processes are inconsistent with the objective of a single set of high-quality international accounting standards, as evidenced by the local variants of IFRS that have developed in some jurisdictions. Jurisdictions, including the US, need to make their views known as part of the IASB's due process rather than after the standards are issued.
    International cooperation in these two areas is needed to foster the sustainability of the IASB as a global standard setter and to ensure that IFRS, as promulgated by the IASB, becomes and continues to be a single set of high-quality international accounting standards. If the recommended changes in these two areas are not made, we believe the benefits from transitioning US public companies from our well-established financial reporting system to IFRS could decrease dramatically.
  4. The removal of the requirement that foreign private issuers reconcile their reported results to US GAAP is a difficult and sensitive issue that could have important implications for the continued development of a truly international financial reporting system. We suggest the timing of any removal of this requirement should coincide with the following:
    • Development of and commitment to the blueprint by key parties in the US; and
    • Commitment by key international parties to undertake the steps necessary to strengthen and sustain the IASB as the independent body responsible for establishing high-quality international standards.
We strongly agree with the SEC that the reconciliation requirement would be removed only for companies applying IFRS as adopted by the IASB.

9 November 2007: Proposal to delay tax interpretation for nonpublic entities
The US Financial Accounting Standards Board has proposed a one-year delay of the effective date of Interpretation 48, on accounting for uncertainty in income taxes, for nonpublic entities that have not already applied the Interpretation's provisions. Proposed effective date of the delay would be for periods beginning after 15 December 2007. The proposal will have a 30-day comment period. FASB's decision responds to a request from the Private Company Financial Reporting Committee, which is concerned about a lack of awareness of Interpretation 48 among nonpublic entities. The Interpretation will continue to be effective for public companies for fiscal years beginning after 15 December 2006.

Information about FASB Interpretation 48

Deloitte & Touche LLP (United States) published Uncertainty in Income Taxes: A Roadmap to Applying Interpretation 48 (PDF 416k, 75 pages, March 2007). The Interpretation introduces a new approach that significantly changes how entities recognise and measure tax benefits associated with tax positions and disclose related uncertainties in their financial statements.

Principles in FASB Interpretation 48

  • A tax position is a filing position that an entity has taken or expects to take on its tax return. Examples include a decision not to file a tax return, an allocation of income between jurisdictions, and a decision to exclude income from a tax return.
  • An entity cannot recognise a tax benefit in its financial statements unless it concludes that it is 'more likely than not' that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. In that evaluation, the entity must assume that the position:
    • will be examined by a taxing authority that has full knowledge of all relevant information, and
    • will be resolved in the court of last resort.

Comparison with IFRSs

While convergence of US GAAP and IFRSs is a high priority of both FASB and the IASB, the requirements of FIN 48 differ in several respects from those of IFRSs, including differences in when a tax liability is recognised and how it is measured. Deloitte's book on Interpretation 48 includes a comparison of the requirements of the Interpretation and IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

8 November 2007: US SEC will vote on dropping the IFRS reconciliation
At its public meeting in Washington on Thursday, 15 November 2007, the US Securities and Exchange Commission will vote on whether to allow foreign companies to submit financial statements to the Commission using International Financial Reporting Standards (IFRSs), without reconciling the data to US Generally Accepted Accounting Principles. The Commission had made this Proposal in July 2007. Here is an excerpt from the Commission's Meeting Notice:

The Commission will consider whether to adopt amendments to Form 20-F, Rules 1-02, 3-10 and 4-01 of Regulation S-X, Forms F-4 and S-4, and Rule 701 under the Securities Act to accept financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board without reconciliation to generally accepted accounting principles as used in the United States when contained in the filings of foreign private issuers with the Commission.

8 November 2007: We comment on and support two IAASB proposals
Deloitte has recently submitted letters of comment to the International Auditing and Assurance Standards Board (IAASB) on two proposed International Standards on Auditing:

In both cases, we are supportive of the proposed guidance and believe that the overall drafting was completed in accordance with the clarity conventions and criteria adopted by IAASB. You will find our past comments to the IAASB Here.

7 November 2007: Proposed new body to monitor the IASCF and IASB
The European Commission, the Financial Services Agency of Japan, the International Organization of Securities Commissions (IOSCO), and the US Securities and Exchange Commission have proposed the creation of a new monitoring body within the governance structure of the IASC Foundation. This body would meet regularly with the IASCF Trustees to:

  • Review and comment on the IASB's work programme.
  • Participate in – and have final approval in the selection of – IASCF Trustees.
  • Review the Trustees' oversight activities.
Click to download the Joint Statement (PDF 72k). An excerpt:

Excerpt from the Joint IOSCO, EC, SEC, and FSAJ Statement

The IASB, which is overseen by the IASC Foundation Trustees, is an independent standard setter committed to developing, in the public interest, a single set of high quality, understandable, and enforceable global accounting standards. The IASC Foundation Trustees have scheduled a review of the Foundation's Constitution to begin in 2008. The authorities responsible for capital market regulation propose to utilize the opportunity of the Constitution Review to put forward, in collaboration with the IASC Foundation, certain changes to strengthen the Foundation's governance framework, while emphasizing the continued importance of an independent standard-setting process.

Central to this effort is the establishment of a new monitoring body within the governance structure of the IASC Foundation to reinforce the existing public interest oversight function of the IASC Foundation Trustees. The creation of such a monitoring body would serve to complement the Trustees in its representation of the interest of the global investor community, thereby enhancing public confidence in IFRS.

One key objective is to have the monitoring body meet regularly with IASC Foundation Trustees to discuss, review and comment on the IASB's work program. We expect the IASC Foundation and IASB Chairmen will also engage with relevant public authorities. The monitoring body would, together with the IASC Foundation Trustees and in consultation with the trustee appointments advisory group, participate in the selection of Trustees. The monitoring body would also be responsible for the final approval of Trustee nominees and would have the opportunity to review the Trustees' procedures for overseeing the standard-setting process and ensuring the IASB's proper funding.

7 November 2007: IASCF Trustees announce strategy to enhance governance
The Trustees of the International Accounting Standards Committee Foundation (IASCF), the oversight body of the IASB, have announced proposals to enhance the organisation's governance arrangements and reinforce the organisation's public accountability. The Trustees will begin a series of consultations with key stakeholders on these proposals in the build up to the Constitution Review, which is scheduled to start in 2008. Click for IASCF News Release (PDF 55k).

IASCF Governance Proposals
  • Establish a formal reporting link to official organisations: The Trustees should establish a link to a representative group of official organisations, including securities regulators. This body would approve Trustee appointments and review Trustee oversight activities, including the adequacy of the annual funding arrangements as well as the overall budget.
  • Develop a multi-layered, multi-faceted approach to accountability beyond the formal link to official organisations: The Trustees should intensify and deepen their engagement with key stakeholder groups and develop mechanisms for the Trustees to receive input outside formalised procedures. This would necessarily include mechanisms for meeting with official organisations and policymakers and private sector institutions. Furthermore, such accountability would require consideration of the role and structure of the Standards Advisory Council in the organisation's accountability.
  • Create a mechanism for public input to the Trustees outside regularly scheduled meetings with specific stakeholder groups: The Trustees should establish enhanced mechanisms for input from interested parties who wish to comment on the IASC Foundation's and the IASB's policies, processes, and procedures.
  • Continue efforts towards a sustained, broad-based funding regime: Having already significantly broadened the funding base through the new approach adopted in 2006, the Trustees should continue their work to broaden the funding base further.

7 November 2007: IASCF Trustees agree to expand IFRIC to 14 members
At their meeting in New York last week, the Trustees of the IASC Foundation approved a proposal to expand the membership of the International Financial Reporting Interpretations Committee (IFRIC) from 12 to 14 members in order to broaden IFRS expertise on the committee. The Trustees will publish the revised Constitutional language and an advertisement for new members shortly.

7 November 2007: IASCF Trustee appointments and vacancies
At their meeting in New York last week, the Trustees of the IASC Foundation approved certain changes in their membership and leadership:

  • Philip Laskawy, the current Chairman of the Trustees of the IASC Foundation, will become Vice Chairman of the Trustees when Gerrit Zalm assumes the chairmanship in January 2008. As previously agreed, Bertrand Collomb will stand down as Vice Chairman at year end and will remain as a Trustee.
  • Jeffrey Lucy, former Chairman of the Australian Securities and Investments Commission and incoming Chairman of the Australian Financial Reporting Council, will join the Trustees for a three-year term, beginning January 2008.
  • Kees Storm, former Chairman of AEGON, will resign from the Trustees at the end of the year due to other commitments. The Trustees will initiate a public search for his successor shortly.
  • The Trustees will consult the Trustees Appointments Advisory Group as part of the Trustees' efforts to fill the two other Trustee vacancies, created by the retirements of Roberto Teixeira da Costa and William McDonough.
Click here for a complete List of IASCF Trustees. Regarding the current vacancy in membership of the IASB, the Trustees' Nominating Committee announced that they will begin a new search to fill the vacancy.

7 November 2007: Questions about use of IFRSs in the United States
We have posted an article titled If IFRS Offer the Answer, They Sure Raise a Lot of Questions by Glenn Cheney in the November 2007 issue of Financial Executive magazine. The article presents issues and perspectives relating to whether the US Securities and Exchange Commission should allow foreign registrants to use IFRSs without a reconciliation to US GAAP and, possibly, allow domestic registrants to use IFRSs instead of US GAAP. Click to Download the Article (PDF 335k), which is copyright by Financial Executives International and posted here with their kind permission.

6 November 2007: Heads Up on AICPA meeting with SEC staff
We have posted the 5 November 2007 Edition of the Heads Up Newsletter (PDF 131k) published by Deloitte & Touche LLP (United States). This issue of Heads Up summarises the discussions at a meeting on 11 October 2007 between the AICPA SEC Regulations Committee and the SEC staff. Those discussions covered, among other things:

  • Eligibility criteria to determine the age of the financial statements of an acquired business that must be provided in a registration statement
  • Disclosure requirements in registration statements for proposed FSP APB 14-a regarding convertible debt securities
  • Financial statements a registrant should use in determining the significance of an acquired business that is a successor to a predecessor company
  • What guarantor financial statements a registrant must provide in an automatic shelf registration statement at the time of filing
  • How a registrant should determine whether separate financial statements or summarised financial information is required when an investment is accounted for under the FASB Statement 159 fair value option rather than under the equity method
  • Financial statements that an issuer of asset-backed securities must provide for entities providing credit enhancements in certain periodic reports
  • Registrant's requirement to update its financial statements in a Form S-8 when subsequent events (such as discontinued operations or changes in segments) have occurred
The Regulations Committee is composed of representatives from various public accounting firms, industry, and academia, and meets periodically with the SEC staff to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations.

6 November 2007: Accounting Roundup – October 2007
We have posted the October 2007 Edition of Accounting Roundup (PDF 323k) published by Deloitte & Touche LLP (USA). Topics covered in this issue include:

FASB Developments
  • FASB Decides No Deferral of Fair Value Statements 157 and 159; Proposal to Indefinitely Defer SOP 07-1 Affecting Investment Company Accounting Expected
  • FASB Meets With Accounting Standards Board of Japan to Discuss Global Convergence
AICPA Developments
  • AICPA Proposes Revisions to Accounting and Review Services Guidance
  • AICPA Begins Project to Redraft Standards to Achieve Greater Clarity
SEC Developments
  • SEC Feedback on Executive Compensation Disclosures: 'Where's the Analysis?'
  • SEC Approves the Use of Surrogate to Value Employee Share Options
PCAOB Developments
  • PCAOB Issues Draft Guidance for Auditors of Smaller Public Companies
  • PCAOB Approves Amendments to Inspection Frequency for Firms That Do Not Regularly Issue Audit Reports
  • PCAOB Issues Inspection Report on Small U.S. Audit Firms
International Developments
  • IASB and Accounting Standards Board of Japan Make Progress Toward Goal of Convergence in Accounting Standards by 2011
  • IASB Extends the Deadline for Comments on Proposed IFRS for Small and Medium-Sized Entities
  • IASB Publishes Proposals for Amendments to IFRSs Under the First Annual Improvements Project
  • International Accounting Standards Committee Foundation Appoints Gerrit Zalm as Chairman of the Trustees
You will find past issues of Accounting Roundup Here.

6 November 2007: Comment deadline on SEC IFRS Concept Release
We remind IAS Plus visitors that the comment deadline is 13 November 2007 for responding to the US Securities and Exchange Commission's Concept Release on Allowing US Issuers to Prepare Financial Statements in Accordance with IFRSs (PDF 571k). The SEC voted unanimously to publish the release on 25 July 2007. Broadly stated, the release invites comment on whether to allow US issuers, including investment companies, to prepare their financial statements using IFRSs as published in English by the International Accounting Standards Board. Under the SEC's current rules, US issuers are required to follow US GAAP.

6 November 2007: IFRSs adopted in Fiji for a broad range of entities
The Fiji Institute of Accountants (FIA), which is a member body of the International Federation of Accountants, has adopted International Financial Reporting Standards for all accounting periods beginning from 1 January 2007 for all entities that fall within the following categories:

  • Public companies, as defined in the Companies Act;
  • Government majority owned entities;
  • Banking and financial institutions;
  • Superannuation, insurance, and insurance broking entities;
  • Government entities established under their own statute;
  • Entities with annual group turnover of at least F$20m (US$13m) or with assets exceeding F$20m (US$13m);
  • Entities that are publicly accountable (which have debt or equity instruments on public issue or have coercive power to tax, rate, or levy to obtain public funds); and
  • Entities where any of the above listed entities have significant influence (through more than 20 percent ownership), as equity accounting would be applicable for the parent company reporting.
Moreover, the FIA has ruled that the members must follow IFRSs extant as at January each year with an option to adopt earlier any subsequent new standards or updates. The chairman of the FIA Standards Committee summarised the new requirements, and also provided an update on standards to be followed by non-IFRS entities and on auditing standards, in the Institute's Journal August 2007 (PDF 23k). We have created a new Fiji Page.

5 November 2007: New IFRS publications from Deloitte Korea
In March 2007, the Korean Financial Supervisory Commission and the Korea Accounting Institute announced a plan for adopting Korean equivalents of International Financial Reporting Standards (K-IFRSs). All listed companies will be required to prepare their annual financial statements under K-IFRSs beginning in 2011. Listed companies other than financial institutions will be permitted to do so beginning in 2009. Unlisted companies will be allowed to use K-IFRSs. To help clients and staff in the transition to K-IFRSs, Deloitte Korea has just issued four IFRS publications in the Korean language, as follows:

Also, Deloitte Korea manages a Korean Language IFRS Website.

5 November 2007: FASB codification nears public release for testing
The US Financial Accounting Standards Board (FASB) will release the FASB Accounting Standards Codification™ (Codification) for verification by constituents in late 2007 or early 2008. During the one-year verification period, the FASB will make the Codification available through a new web-based research system to solicit feedback from constituents to confirm that the Codification accurately reflects existing US GAAP for nongovernmental entities.

The goal of the Codification is to simplify the organisation of thousands of authoritative US accounting pronouncements issued by multiple standard-setters, including FASB, the American Institute of Certified Public Accountants (AICPA), and the Emerging Issues Task Force (EITF). Once approved by the FASB, the Codification will become the single source of authoritative US GAAP and will supersede existing FASB, AICPA, EITF, and related literature. At that time, only one level of authoritative GAAP will exist. All other literature will be nonauthoritative. The Codification reorganises the thousands of US GAAP pronouncements into roughly 90 accounting topics, and displays all topics using a consistent structure. Also to be included is relevant Securities and Exchange Commission (SEC) guidance that will follow the same topical structure in separate sections in the Codification.
Click for FASB News Release (PDF 63k).

5 November 2007: 20% of US companies would consider using IFRSs if allowed
Preliminary results of a new survey by Deloitte & Touche LLP (USA) show that approximately 20 percent of CFOs and senior finance professionals (representing approximately 300 US companies) would consider adopting International Financial Reporting Standards, if given a choice by the US Securities and Exchange Commission. Approximately two-thirds of those companies would consider adopting IFRSs within the next three years. Survey results also indicate that companies believe their personnel lack sufficient knowledge of IFRSs to make the conversion and to maintain IFRS financial statements, both among domestic and non-US operations. More than half those companies considering IFRS say they lack skilled resources in their US operations, while approximately one-third felt they lacked skilled resources in their non-US operations. Click for Survey Announcement (PDF 23k). A more detailed report on the survey is expected to be available late this month, which we will post on IAS Plus.

5 November 2007: IFRIC agenda pages are updated
We have updated the following IFRIC agenda issues pages to reflect the discussions and decisions at the meeting of the International Financial Reporting Interpretations Committee on Thursday 1 November 2007:

4 November 2007: Staff Q&A on the Insurance Contracts Discussion Paper
In response to many questions received about the service margins section of the Discussion Paper on Preliminary Views on Insurance Contracts, the IASB staff has prepared a set of questions and answers. There is a link to the Q&A on the Insurance Contracts Project Page on the IASB's website. The Q&A can also be downloaded directly via the following hyperlink: http://media.iasb.org/Service%20margin%20draft%20FAQs%20(2).pdf (PDF 67k).

3 November 2007: Deloitte's Model IFRS Financial Statements for 2007
We have published our model IFRS financial statements for the year ended 31 December 2007. These statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. Click to download our IFRS Model Financial Statements for 2007 (PDF 700k). You will always find permanent links to these model financial statements and related presentation, disclosure, and compliance checklists on our Model Financial Statements Page.

3 November 2007: Notes from the November 2007 IFRIC meeting
The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday 1 November 2007. (The meeting had been scheduled to continue on Friday 2 November, but IFRIC completed its work in one day.) Presented below are the preliminary and unofficial notes taken by Deloitte observers at the meeting.


1 November 2007

Thursday 1 November 2007

IAS 27 – Accounting for Distributions of Non-cash Assets to Owners

The IFRIC continued its deliberations of a proposed Draft Interpretation on the accounting treatment of non-cash distributions to owners. Much of the discussion focussed on the accounting for the assets to be distributed and whether and how and valuation adjustments should be reflected in the financial statements. The IFRIC confirmed the decisions it reached at its last meeting. These included:

  • A distribution is defined as an unconditional non-reciprocal transfer of an asset by an entity to its owners acting in their capacity as owners.
  • The Draft Interpretation should address all non-cash asset distributions with one exception (the distribution of an asset that is ultimately controlled by the same parent entity before and after the distribution), from the point of view of the financial statements of the entity that makes the distribution.
  • The measurement of all dividends/ distributions payable (cash and non-cash) should be addressed by a single standard: IAS 37 Provisions, Contingent Liabilities and Contingent Assets. In accordance with IAS 37, the liability is measured at the best estimate of the expenditure required to settle the obligation at the balance sheet date.
  • At the time an entity distributes the assets to its owners (i.e. settles the distribution obligation), any difference between the carrying amount of the assets distributed and the carrying amount of the dividends payable should be recognised in comprehensive income (not an owner change in equity). [The issue of where in comprehensive income is discussed below.]
  • Where within comprehensive income should the difference between carrying value of the asset and the IAS 37measure of the distribution obligation be recognised?

The IFRIC staff presented their arguments supporting the view that the difference between the carrying value of the asset and the settlement value of the distribution obligation should be recognised in profit and loss, rather than as a component of other comprehensive income. They noted, in addition, that the staff did not think that the difference met the definition of an owner change in equity and had, for this reason, concluded that the difference could not be recognised directly in equity.

IFRIC members were split on this issue. Some supported the staff position unreservedly; some wanted the difference recognised in other comprehensive income at the time the distribution was irrevocable and recycled to profit and loss on the distribution date (it was not clear what the rationale for this treatment was). Others wanted to avoid comprehensive income entirely. Those who supported this treatment supported the liability measurement proposal but thought that the other component (the unrecognised valuation difference on the asset to be distributed) failed the definition of 'income' in the IASB Framework and should be therefore be excluded from comprehensive income.

A long and difficult debate ensued at the end of which the Chairman proposed a compromise. The Draft Interpretation would be drafted on the basis proposed by the staff (that is, any difference between the carrying amount of the asset and the IAS 37 measure of the distribution obligation should be recognised in profit and loss). The Basis for Conclusions would present an Alternative View in which the difference would be recognised directly in equity. The Invitation to Comment would direct constituents to consider both views when commenting on the Draft Interpretation. The IFRIC agreed to proceed on this basis.

Is an amendment of IFRS 5 required?

The IFRIC agreed to propose an amendment of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to require assets held for distribution to owners to be measured initially (that is, at the date the entity is irrevocably committed to the distribution) in accordance with IFRS 5. This was to prevent the possibility for accounting arbitrage between two different approaches to asset disposals.

IFRS 5 disclosures would be required for assets to be disposed of through a non-cash distribution.

A minority of IFRIC members thought that it was unnecessary to amend IFRIC 5, but this view did not carry support.

Dividend reinvestment plans

The IFRIC agreed that the Draft Interpretation should not address dividend reinvestment plans. The IFRIC agreed with the staff that the choice offered to shareholders by dividend reinvestment plans was not relevant to non-cash distributions.

Next steps

The IFRIC staff will prepare a revised draft of the Draft Interpretation, including a revised Basis for Conclusions that includes the Alternative View on the treatment of the difference between the carrying amount of the asset to be distributed and the IAS 37 measure of the distribution obligation). This will be reviewed by IFRIC members out of session. If IFRIC members concur that the staff has rendered correctly its decisions, that draft will be sent to the December 2007 IASB meeting for a positive vote (the positive vote is required because of the proposed amendment to IFRS 5).

If the IASB approves the Draft Interpretation, it is likely to be published in early January 2008.

IAS 39 Financial Instruments: Recognition and Measurement - Scope of IAS 39 Paragraph 11A and AG 33(d)(iii)

In May 2007 the IFRIC published in the IFRIC Update tentative agenda decisions regarding the application of two paragraphs in IAS 39:

  • AG33(d)(iii) - The issue relates to assessing the economic environment in which the transaction takes place in the context of determining whether a currency is commonly used in contracts to buy or sell non-financial items and thus is not an embedded foreign currency derivative requiring separation.
  • Paragraph 11A - The issue relates to whether the fair value option in this paragraph can be applied to all contractual arrangements with one or more embedded derivatives, including contractual arrangements with hosts outside the scope of IAS 39.
The IFRIC then concluded that further analysis is needed and that the staff should provide such an analysis including a recommendation on the action to be taken by IFRIC.

At the September IFRIC meeting it was concluded that both IAS 39.11A and IAS 39.AG33(d) need clarification and that both issues will be referred to the Board. The staff has been asked to provide suitable revisions to IAS 39.

As a result the following four alternatives were presented to the IFRIC:

  • Alternative A - Extend the scope of IAS 39 to include all contracts that have the characteristics of a derivative (as set out in paragraph 9 of IAS 39).
  • Alternative B - Extend the scope of IAS 39 to include, in their entirety, all contracts to buy or sell a non-financial item that could either be settled net, or that are not in accordance with the entity's expected purchase, sale or usage requirements
  • Alternative C - Extend the scope of the Fair Value Option (FVO) in IAS 39. (the staff presented two sub-alternatives: permission of application of the fair value option to (a) some or all non-financial contracts or (b) non-financial non-contractual asses and liabilities)
  • Alternative D - Clarify paragraph 11A and paragraph AG33(d).

The IFRIC members agreed to pursue alternative D, which would result in minor amendments to IAS 39, that could possibly be implemented via the Annual Improvements Process. The staff was asked to prepare draft clarification that, after IFRIC's consent, can be presented to the Board. It was pointed out by one IFRIC member that regarding AG33(d)(iii) the term 'commonly used' needs clarification.

IAS 18 Revenue – Customer Contributions

Cash contributions

In September 2007 the IFRIC agreed to extend the scope of its customer contributions project to include cash contributions. Such contributions arise when a customer contributes cash to a supplier. As a result of receiving the cash, the supplier is required to construct or acquire an item of property, plant and equipment that is then used to supply goods or services to the customer. The property, plant and equipment is an asset of the supplier. However, the ongoing service arrangement may contain a lease of the asset to the customer.

In deciding to include cash contributions in its project on customer contributions, the IFRIC agreed that the contribution of cash has a similar economic effect to the contribution of an item of property, plant and equipment. The two should therefore result in similar accounting consequences.

The IFRIC considered how cash contributions should be accounted for by the entity receiving them. In determining how an entity should account for the receipt of a cash contribution, the IFRIC considered 5 possible approaches:

  • Approach 1: the construction or acquisition of the property, plant and equipment is not a service to the customer.
  • Approach 2: the cash contribution should be allocated between the construction or acquisition of the asset and the ongoing service based on fair value.
  • Approach 3: Recognition of the cash contribution as revenue immediately.
  • Approach 4: The construction or acquisition of an item of property, plant and equipment is a service to the customer but no revenue should be allocated to it.
  • Approach 5: Two transactions take place. The construction or acquisition of an asset in return for a cash contribution and the provision of access to a supply of goods or services in return for contribution of that asset.
A number of IFRIC members expressed concern with the double recognition of revenue in Approach 5 and queried how customer contributions could be conceptually distinguished from the requirements of IFRIC 12. One IFRIC member noted that the distinction was that when a customer contribution occurs it is the operator that ends up with the asset.

The IFRIC noted that the treatment of customer contributions ultimately will be dependent on specific facts and circumstances.

The IFRIC tentatively agreed (none objected) to support Approach 1.

Draft Interpretation

In September 2007 the IFRIC asked the staff to develop a draft Interpretation on customer contributions. The staff presented the draft Interpretation to the IFRIC.

The IFRIC considered the following issues as outlined in Agenda Paper 4A:

  • Whether guidance on the accounting for contributions of property, plant, and equipment is appropriate: Tentatively agreed, subject to some redrafting, that the guidance was appropriate.
  • Whether the Draft Interpretation should contain an exclusion from the principle in IAS 8 that a change in policy should be applied retrospectively: Tentatively agreed that the draft Interpretation should prescribe prospective application.
  • Whether to develop further guidance on the measurement of fair value in the draft Interpretation: Tentatively agreed no further guidance would be provided.
Finally, the IFRIC considered a letter commenting on the current status of the project which disagreed with some of the tentative decision made to date. The IFRIC tentatively agreed not to make any further changes to the Draft Interpretation as a result of this letter.

The IFRIC directed staff to redraft the Draft Interpretation to reflect the decisions made and other editorial comments and re-circulate to IFRIC prior to release. The Draft Interpretation will not be discussed at another meeting prior to its release.

Review of Tentative Agenda Decisions Published in the September IFRIC Update

The IFRIC discussed the following items:

  • IAS 19 Employee Benefits - Treatment of employee contributions
  • IAS 19 Employee Benefits - Changes to a plan caused by government
  • IAS 19 Employee Benefits - Death in service benefits

On all three items a comment letter was received and the items were discussed in the light of these comment letters.

The tentative agenda decision on treatment of employee contributions was confirmed by IFRIC. The staff was asked to incorporate some editorial changes, especially to clarify that increases in employee contributions should be taken into account when measuring the obligation if those increases reduce or eliminate an existing deficit. The agenda decision will then be published in the November 2007 IFRIC Update.

On the topic of changes to a plan caused by government the IFRIC decided to include the proposed wording from the comment letter received but to keep the first sentence of the last paragraph in the tentative agenda decision (ie option 3 as set out in Agenda Paper 6B, which is available on the IASB's website). The agenda decision will then be published in the November 2007 IFRIC Update.

The IFRIC then proceeded to the accounting treatment for death in service benefits. The IFRIC had a considerable discussion on the definition, identification and accounting treatment of 'service related' death in service benefits and how the comment letter received on this issue should be reflected in the tentative agenda decision wording. The IFRIC could not reach final agreement on this point. The Chairman proposed to ask the staff to provide a redrafted wording. If the IFRIC members would accept it, it would be published in the November 2007 IFRIC Update. If the concerns that some members expressed were so that they would object, the whole agenda decision must be revisited and rewritten (possibly leading to bring the issue still on the agenda). That would defer a final agenda decision for at least two more IFRIC meetings.

Staff Recommendations for Tentative Agenda Decisions

The IFRIC reached tentative decisions not to add the following items to its agenda. The tentative agenda decisions will be published in the November issue of the IFRIC Update.

IAS 19 Employee benefits - Pension promises based on performance hurdles

The IFRIC received a request that concerned with the measurement of the defined benefit obligation in respect of pension promises based on a performance hurdle. Performance hurdles may take various forms ranging from straightforward bonuses to more complex arrangements relating to additional sponsor contributions or years of deemed service. The issue is how such non salary compensation in defined benefit plans should be accounted for in accordance with IAS 19.

The IFRIC concluded that IAS 19 provides sufficient guidance how to treat such hurdles and agreed to the staff recommendation not to add this item on IFRIC's agenda. Except for editorial changes it also agreed on the proposed wording for the tentative agenda decision.

IAS 37 Provision, Contingent Liabilities and Contingent Assets - Deposits on returnable containers

In some industries, eg brewers, heating gas, entities distribute their products in returnable containers. These entities often collect a deposit for each container delivered and have an obligation to refund this deposit when containers are returned by the customer. The issue is how the entity's obligation to refund the deposit for returned containers should be accounted for.

During the discussion it emerged that different scenarios could be subsumed under amounts that are repayable on the return of an item. To avoid providing application guidance on IAS 18 Revenue the IFRIC agreed on the staff recommendation (ie apply IAS 37 instead of IAS 39), but asked the staff to delete paragraph three of the proposed wording for rejection except for the second part of the last sentence.

IAS 23 Borrowing Costs - Foreign exchange and capitalisable borrowing costs

In August 2007, the IFRIC received a request for it to issue guidance on the accounting for foreign exchange differences associated with capitalised borrowing costs. Such foreign exchange differences may result in gains or losses for an entity. The request asked for guidance on two questions. Firstly, to what extent should foreign exchange differences be regarded as an adjustment to interest costs? Secondly, when an entity hedges its exposure to foreign exchange movements, to what extent should costs associated with the hedging instrument be considered to be part of the borrowing costs that may be capitalised? At this meeting, the IFRIC will consider whether to add a project to its agenda to develop guidance on the accounting for such foreign exchange gains and losses.

The IFRIC emphasised that the major reason for not picking up this issue is the latest revision to IAS 23 Borrowing Costs, where the Board did not provide guidance on that topic. However, the IFRIC Coordinator proposed that two possible amendments should be brought to the Board's attention to clarify accounting for such gains and losses:

  • Only the interest component of the foreign exchange gains or losses should be taken into account
  • Gains and losses should be treated symmetrically
It was also noted that this could be done in the next Annual Improvements Process.

The IFRIC decided not to take the item on its agenda and that staff make editorial changes to the proposed rejection wording.

IAS 19 Employee Benefits - Definition of plan assets

In April 2005, the IFRIC received a request for it to issue guidance on the accounting for insurance and investment policies issued to a pension plan by an entity that employs the staff included in the plan (or by a subsidiary that is consolidated in the same group as that entity). The submission asked how such contracts should be accounted for when determining plan assets in accordance with IAS 19. At this meeting, the IFRIC will consider whether to take a project onto its agenda to develop guidance on the accounting for such policies.

The IFRIC agreed on the staff recommendation not to add this item to the IFRIC's agenda.

IAS 39 Financial Instruments: Recognition and Measurement - Scope of IAS 39 paragraph 2(g)

In September 2007 the IFRIC received a request for it to provide guidance on the appropriate interpretation of IAS 39 paragraph 2(g). This paragraph exempts from the scope of IAS 39 'contracts between the acquirer and a vendor in a business combination to buy or sell an acquiree at a future date'. The submitter requested guidance on the following questions:

  • Does this scope exception apply only to binding contracts to acquire shares that constitute a controlling interest in another entity, or does it apply more widely to options that, if exercised, would result in the acquisition of such a controlling interest?
  • If the exception applies only to binding contracts to acquire shares that constitute a controlling interest in another entity, does it apply to any binding contract, or only to contracts that cover the period necessary to complete a business combination once its principal terms have been agreed?

The IFRIC had a lively discussion on what type of contracts qualify for the exception in IAS 39.2(g), if analogies can be drawn to other scenarios and how conditionality should be considered. The IFRIC asked the staff to redraft the rejection wording to reflect the discussions. If the IFRIC members give their consent to the redrafted version the tentative agenda decision will be published in the November 2007 IFRIC Update. Otherwise it will be on the agenda for the next IFRIC meeting again.

Other Matters

The IFRIC was asked to confirm the IFRIC's work in progress table as provided in Agenda Paper 8 (to be found on the IASB's website). Besides minor request for corrections the IFRIC agreed to delete items that have been referred to the Board and where the Board has taken the items on its agenda

Friday 2 November 2007

The meeting had been scheduled to continue on Friday 2 November, but IFRIC completed its work in one day.

This summary is based on notes taken by observers at the IFRIC meeting and should not be regarded as an official or final summary.

2 November 2007: IASB November 2007 Board meeting agenda
The International Accounting Standards Board will hold its November 2007 meeting at the Board's offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November 2007. The agenda for the meeting is set out below. On Monday 12 November 2007, the IASB will also hold a public round-table discussion on the proposed amendment to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements: Puttable Financial Instruments and Obligations Arising on Liquidation. The round-table will be held at Crowne Plaza City Hotel (Bridewell Suite), 19 New Bridge Street, London.


12-16 November 2007, London

Monday 12 November 2007 (at Crowne Plaza City Hotel)

Tuesday 13 November 2007 (afternoon only)

Wednesday 14 November 2007 (afternoon only)

Thursday 15 November 2007

Friday 16 November 2007 (morning only)

*These items were added to the agenda on 14 November 2007.

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