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31 January 2008: Quarterly update on accounting matters in South Africa

Deloitte (South Africa) publishes a quarterly newsletter Technically Speaking that provides insights, guidance, and summaries of issues that are affecting the accounting, auditing, and regulatory environment in South Africa, as well as other matters of general interest. We have begun posting these to our South Africa Page. Here is the link to download the January 2008 Issue (PDF 433k). Among the IFRS-related points covered are:

• The Accounting Practices Board approved the IASB's exposure draft on IFRS for SMEs as South African Statement of GAAP for SMEs.
• IFRS 7 and Liquidity Risk Disclosures
• IFRS Current Issues

31 January 2008: Questions an audit committee might ask concerning IFRSs

The 4Q 2007 edition of Audit Committee Brief (PDF 292k) from Deloitte & Touche LLP (USA) includes Questions an audit committee might ask concerning the International Financial Reporting Standards – see box below. In addition, the firm will conduct a Dbriefs Webcast on International Financial Reporting Standards: Strategies for Adopting a Single Set of Standards on 20 February 2008, at 2:00 pm EST. The webcast will discuss:

• Key strategies for dealing with the movement toward IFRSs
• Risks and opportunities of converting to IFRSs at the subsidiary-entity level
• Efficient methods for making the transition to IFRSs

31 January 2008: European paper on financial reporting of pensions
EFRAG and several European accounting standard setters have jointly published a discussion paper on The Financial Reporting Of Pensions (PDF 2,849k, 237 pages) as part of EFRAG's Pro-active Accounting Activities in Europe (PAAinE) programme. Work on developing the paper was led by the UK Accounting Standards Board. Comments on the paper are requested by 14 July 2008. The IASB has an Agenda Project on this topic, as does the US Financial Accounting Standards Board (link to FASB website project page). After considering the responses to the proposals in its discussion paper, EFRAG intends to issue a report setting out final recommendations for consideration by the IASB and FASB. Some points about the EFRAG paper:

30 January 2008: PCAOB addresses consistency and US GAAP hierarchy
The US Public Company Accounting Oversight Board (PCAOB) has adopted Auditing Standard 6 Evaluating Consistency of Financial Statements and consequential amendments to other PCAOB auditing standards. The PCAOB adopted AS 6 in light of the FASB's issuance of SFAS 154 Accounting Changes and Error Corrections and impending issuance of SFAS The Hierarchy of Generally Accepted Accounting Principles. AS 6 updates the auditor's responsibilities to evaluate and report on the consistency of a company's financial statements and aligns those responsibilities with SFAS 154. AS 6 also requires an auditor's report to indicate whether an adjustment to previously issued financial statements results from a change in accounting principle or the correction of a misstatement. The PCAOB also removed the hierarchy of GAAP from its auditing standards. The GAAP hierarchy identifies the sources of accounting principles and the framework for selecting principles to be used in preparing financial statements. The PCAOB believes that the GAAP hierarchy is more appropriately located in the accounting standards.

• Click for PCAOB Press Release (PDF 19k).
• The IASB's 'hierarchy' is in paragraphs 7-12 of IAS 8.

29 January 2008: SEC official comments on IFRSs in United States
In two recent speeches, John W White, Director of the Division of Corporation Finance of the US Securities and Exchange Commission, discussed issues relating to the use of IFRSs in the United States and some of the SEC's international initiatives. Here are the two speeches, and below are two excerpts relating to IFRSs:

• Corporation Finance in 2008 – A Focus on Financial Reporting (PDF 196k)
• Corporation Finance in 2008 – International Initiatives (PDF 116k)

29 January 2008: Advisory Council will meet 14-15 February 2008

The Standards Advisory Council will meet with the IASB on Thursday 14 February and Friday 15 February 2008 at the Renaissance Chancery Court Hotel, 252 High Holborn, London. The meeting is open to public observation. The agenda for the meeting is set out below.

14-15 February 2008, London Thursday 14 February 2008 (starts 11:30am) Report from SAC Chairman Presentation by Wang Jun, Ministry of Finance, China: Continuing IFRS convergence in China Report from IASB Chairman: Discussion of IASB work programme – to include comments on Business Combinations, Fair Value Measurement, the subprime crisis and financial reporting, Annual Improvements, and work with the FASB on convergence with US GAAP Proposed IFRS for Small and Medium-sized Entities: Comment letters, field testing, work plan for completion of IFRS Friday 15 February 2008 (starts 9:00am) Distinction between Equity and Liabilities: Forthcoming Discussion Paper on Financial Instruments with Characteristics of Equity Financial Instruments: Forthcoming Discussion Paper on Reducing Complexity in Reporting Financial Instruments Post-employment benefits: Overview of forthcoming Discussion Paper Address by Gerrit Zalm, Chairman of IASC Foundation Trustees

28 January 2008: IAS Plus quarterly newsletter for January 2008

The January 2008 IAS Plus Quarterly Newsletter has been published. The newsletter reports on the 4th quarter 2007 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting: Download the January 2008 Global Edition (PDF 278k) Links to Past IAS Plus Issues Here. Sign up for Free Subscription by Email.

28 January 2008: European paper on liability-equity distinction
EFRAG and several European accounting standard setters have jointly published a discussion paper Distinguishing between Liabilities and Equity as part of EFRAG's Pro-active Accounting Activities in Europe (PAAinE) programme. Comments on the paper are requested by 28 July 2008. The IASB has an Agenda Project on this topic, as does the US Financial Accounting Standards Board (FASB).

• EFRAG's paper. The paper analyses the distinction between equity and liabilities under the existing IASB Framework and current IFRSs. The paper concludes that "the distinction principle used therein has apparent shortcomings. The shortcomings cannot be accommodated by merely 'fixing' bits and pieces or by amending definitions. Rather, a fundamental review of the principle itself is warranted." The paper concludes that participating or sharing in losses is "the decisive factor for distinguishing equity from debt". Therefore, any capital that is available to absorb the reporting entity's losses should be classified as equity. Click to download the Discussion Paper (PDF 1,023k).
• FASB's paper. On 30 November 2007, the FASB published its Preliminary Views (PV) on Financial Instruments with Characteristics of Equity (see IASPlus News Story 5 Dec 2007). FASB favours the 'basic ownership' approach, which limits the instruments that can be classified as equity to the lowest residual interests in an entity. The holders of those instruments are viewed as the owners of the entity. All other instruments represent either liabilities or assets. An instrument that reduces the net assets available to the owners of the entity is a liability; and an instrument that enhances net assets available to the owners is an asset. Under this approach, forward contracts, options, and convertible debt would be classified as liabilities or assets. You can download the paper from FASB's Website (PDF 510k) without charge.
• IASB's paper. At its December 2007 meeting, the IASB decided to issue a Discussion Paper on Financial Instruments with Characteristics of Equity. The IASB's DP is planned for March 2008. It would incorporate FASB's preliminary views document, possibly with additional material or questions, and invite public comments.

28 January 2008: Study finds adoption of IFRSs is 'good news for investors'

The French Asset Management Association and the French Federation of Insurance Companies have co-sponsored a survey of Investor Perspectives on IFRS Implementation. The two groups had published a similar survey in December 2004 – shortly before IFRSs became required for listed companies in Europe. The new study is a collection of 14 essays based on interviews that took place mainly at the end of 2006 and early in 2007. The overall impression of IFRSs is quite positive, both in terms of perceived benefits and smoothness of the transition. Perhaps the principal concern expressed is the need for more detailed implementation guidance to achieve consistency of application. An introduction to the essays concludes: Adoption of IFRS is a good news for investors, assuming that consistent practices emerge in terms of implementation – a condition which, two years after first-time adoption, has still not really been met. We are grateful to the two sponsoring organisations for giving us permission to post the study. Click to download the English or French version:

• Investor Perspectives on IFRS Implementation (PDF 587k)
• Points de vue d'investisseurs sur la mise en oeuvre des normes IFRS (PDF 584k)

27 January 2008: Deloitte among 17 initial full members of Forum of Firms
Deloitte Touche Tohmatsu is one of 17 international networks of accounting firms that have become the first full members of the IFAC Forum of Firms. These international networks, whose member firms perform transnational audits, have reported that they have implemented a globally coordinated quality assurance program, committed to the use of International Standards on Auditing (ISAs), and met other quality and ethics requirements. Click for:

• Press Release (PDF 53k)
• List of Forum Full Members (PDF 23k)

27 January 2008: Two Special Reports from Deloitte & Touche (USA)
Deloitte & Touche LLP (United States) has published two Special Reports – available via the links below (and on our United States Page). These new publications offer insight into the comments by the staff of the US Securities and Exchange Commission on the financial statements of domestic registrants and foreign registrants using IFRSs. These are the first two reports in a planned series. Click here for Links to All of the Reports in the series.

SEC Comment Letters on Domestic Registrants: A Closer Look (PDF 555k): This Special Report presents examples of the most frequently issued SEC comments. The topics covered in this report include: Business combinations, long-lived assets and impairments Contingencies Discontinued operations and assets held for sale Earnings per share Fair value and the turmoil surrounding the credit market Financial instruments Financial statement classification Management's discussion and analysis Revenue recognition Staff Accounting Bulletin 74 SEC reporting (Regulation S-X misapplication) Segment reporting Share-based payments Uncertain tax positions Use of experts and consents SEC Comment Letters on Foreign Private Issuers Using IFRSs: A Closer Look (PDF 555k). This Special Report is designed to help financial statement preparers understand the items that the SEC staff has focused on during its review process over the past two years. It includes extracts from actual comment letters as well as forward-looking considerations. The main topics covered in the IFRS report include: Financial instruments Income statement presentation Revenue Cash flow statements First-time adoption of IFRS Segment reporting Income taxes Employee benefits Impairment of assets Provisions

25 January 2008: Notes from the third day of the IASB January 2008 meeting

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting was open to public observation and was webcast. Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

24 January 2008: New 'history' page – IASB member bios and terms
We have created a new 'history' page listing the periods of service of all members of the IASB current and past, along with biographies and photographs. Click to go to our Board Member History Page.

24 January 2008: Deloitte Netherlands webcasts on IFRSs

Deloitte Netherlands has published two webcasts (in Dutch) about IFRS 7 and the Top 10 Attention Issues for 2007 Financial Statements. The webcasts can be downloaded free of charge on computer or ipod/mp3-format. In March and May 2008 two more webcasts will follow about collective defined contribution schemes and business combinations. Click here www.deloitte.nl/ifrs to access the Deloitte Netherlands webcasts (30 minutes each).

24 January 2008: 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 23 January 2008 (PDF 122k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

• IFRS 2 Share-based Payment: Vesting Conditions and Cancellations
• IFRS 3 Business Combinations (2008)
• IAS 1 Presentation of Financial Statements (revised September 2007)
• IAS 23 Borrowing Costs (revised March 2007)
• IAS 27 Consolidated and Separate Financial Statements (2008)
• 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

24 January 2008: Notes from the second day of the IASB January 2008 meeting

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting was open to public observation and was webcast. Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

23 January 2008: New Global Offerings Services newsletter

We have posted the December 2008 Edition of the Deloitte Global Offerings Services Newsletter (PDF 224k). Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GOs Newsletters are Here.

23 January 2008: Notes from the first day of the IASB January 2008 meeting

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting is open to public observation and is being webcast. Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

23 January 2008: Deloitte USA Alert on credit risk disclosures
Deloiite & Touche LLP (United States) has published a Financial Reporting Alert on Turmoil in the Credit Markets: The Importance of Comprehensive and Informative Disclosures. This alert underscores the importance of providing comprehensive and informative disclosures about (1) the effects of the current credit environment on financial statements and (2) the potential exposures associated with this environment. In addition, this alert highlights the need for disclosures about many of the concerns expressed by the FASB, SEC, and PCAOB regarding the challenges organisations face in this environment. The alert includes three appendices:

• Appendix A: Recent SEC Comments That Are Relevant to the Current Credit Environment
• Appendix B: Excerpts From Recent Registrant Disclosures
• Appendix C: Sample SEC Letter Emphasizing Disclosures About Off-Balance-Sheet-Entities

22 January 2008: Editorial corrections to IFRSs
The IASB has posted to its website some editorial corrections and changes to the IFRSs Bound Volume 2007, and IAS 23 (issued March 2007), IFRS 3 (issued January 2008), and IAS 27 (issued January 2008). You can click here to Access the Corrections on IASB's website.

22 January 2008: Podcast on changes to IFRS 3

Deloitte (Australia) has published a podcast on the recent amendments made by the IASB to accounting for mergers, acquisitions, and similar transactions under IFRS 3 Business Combinations. Deloitte partners Stephen Ferris and Debbie Hankey discuss the amendments, some of the issues arising, and what executives need to do to prepare for the changes. Click to Access the Deloitte Australia Insights Podcast (12 minutes, MP3 format, free of charge).

21 January 2008: Agenda for this week's Board meeting

The International Accounting Standards Board will hold its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting is open to public observation and will be webcast. Here's the agenda:

22-24 January 2008, London Tuesday 22 January 2008 (afternoon only) Revenue Recognition Annual Improvements to IFRSs – 2008 IFRIC Update Wednesday 23 January 2008 Insurance [Education session] Financial Instruments – Comprehensive Project Liabilities and Equity Short-term Convergence: Earnings per Share Thursday 24 January 2008 (morning only) Related Party Disclosures (IAS 24)

19 January 2008: 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 January 2008 meeting not to add the following topics to its agenda. Our summary now includes over 130 issues:

• IAS 19 – Death in service benefits
• IAS 19 – Definition of plan assets
• IAS 19 – Pension promises based on performance hurdles
• IAS 23 – Foreign exchange and capitalisable borrowing costs
• IAS 39 – Scope of IAS 39 paragraph 2(g) (contracts between an acquirer and a vendor in a business combination to buy or sell an acquiree at a future date)

19 January 2008: Heads Up on FASB's codification
In our News Story of 16 January 2008, we reported that the US Financial Accounting Standards Board has begun a one-year verification phase of its codification of US GAAP. That story included a Link to On-Line Codification (free registration is required). Deloitte & Touche LLP (United States) has published the 18 January 2008 edition of the Heads Up Newsletter (PDF 94k) that has more information about the codification project.

18 January 2008: Accountancy interview with Sir David Tweedie

The January 2008 issue of Accountancy magazine includes an interview with IASB Chairman Sir David Tweedie titled Tweedie's Best of Breed. In the interview, Sir David comments on some of the key events relating to IFRSs in 2007, including: eliminating the IFRS reconciliation in the United States US consideration of allowing domestic companies to use IFRSs the recent ICAEW study that found widespread benefits of adoption of IFRSs in Europe progress on convergence with FASB success in engaging stakeholders in IASB's due process efforts to maintain the IASB 'brand' and ensure that assertions of compliance with IFRSs are made only when there is compliance with full uo-to-date IFRSs

Click to download Accountancy's Interview with Sir David (PDF 202k). The article is copyrighted by Wolters Kluwer (UK) Ltd. We are grateful to Accountancy Magazine for giving us permission to post it on IAS Plus. Here's an excerpt:

18 January 2008: Public sector standard on disclosure of external assistance
The International Public Sector Accounting Standards Board has updated the 'cash-basis IPSAS' – Financial Reporting under the Cash Basis of Accounting – to include new requirements for disclosure of international aid, development grants, and other forms of external assistance. The new requirements are effective for reporting periods beginning on or after 1 January 2009. Click for Press Release (PDF 99k).

18 January 2008: 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 10-11 January 2008:

• IAS 18 – Real Estate Sales
• IAS 21 – Hedges of a Net Investment in a Foreign Operation

17 January 2008: IAS Plus Newsletter on revisions to IFRS 2

Deloitte's IFRS Global Office has published a special edition IAS Plus Newsletter on the Amendments to IFRS 2 for Vesting Conditions and Cancellations (PDF 126k). Our news story of Earlier Today also has some information about those revisions. The newsletter explains and illustrates the amendments in detail. You will find all Past IAS Plus Newsletters Here. You can sign up for Free Subscription by Email.

17 January 2008: Deloitte iGAAP Financial Reporting Standards in Singapore

Deloitte (Singapore) has published iGAAP Financial Reporting Standards in Singapore – a practical and comprehensive guide for companies that are based in Singapore and are reporting under the Financial Reporting Standards (FRS). This book Focuses on the practical issues that companies will face in applying FRSs Explains clearly the requirements of FRSs Adds interpretations and commentary where FRSs are silent or unclear Identifies other Singapore-specific requirements

iGAAP Financial Reporting Standards in Singapore (ISBN-13 978-981-4197-89-2 and ISBN-10 981-4197-89-0) is published by CCH Asia Pte Limited and may be ordered from the CCH Singapore Website.

17 January 2008: New from Deloitte – Financial Reporting in Hong Kong

Deloitte (China) has published Financial Reporting in Hong Kong. This book is aimed at professionals engaged in preparing, analysing, and interpreting financial information prepared in accordance with the Hong Kong financial reporting framework. Financial Reporting in Hong Kong: Deals comprehensively with Hong Kong Financial Reporting Standards (HKFRSs) and other pronouncements issued up to 31 August 2007, including those that are not yet mandatory Addresses the legal and regulatory requirements of Hong Kong's financial reporting environment Includes a high-level comparison between HKFRSs and both pre-2007 PRC GAAP and new Chinese Accounting Standards that became effective for listed companies in 2007. Financial Reporting in Hong Kong may be purchased through your contact at Deloitte or through CCH Online or by phone at +852 800 968 667 or by email: support@cch.com.hk (cite product code 1779H).

17 January 2008: IASB amends IFRS 2 for vesting conditions and cancellations

The IASB has amended IFRS 2 Share-based Payment to clarify the terms 'vesting conditions' and 'cancellations' as follows: Vesting conditions are service conditions and performance conditions only. Other features of a share-based payment are not vesting conditions. Under IFRS 2, features of a share-based payment that are not vesting conditions should be included in the grant date fair value of the share-based payment. The fair value also includes market-related vesting conditions. All cancellations, whether by the entity or by other parties, should receive the same accounting treatment. Under IFRS 2, a cancellation of equity instruments is accounted for as an acceleration of the vesting period. Therefore any amount unrecognised that would otherwise have been charged is recognised immediately. Any payments made with the cancellation (up to the fair value of the equity instruments) is accounted for as the repurchase of an equity interest. Any payment in excess of the fair value of the equity instruments granted is recognised as an expense. The Board had proposed the amendment in an exposure draft issued on 2 February 2006. The amendment is effective for annual periods beginning on or after 1 January 2009, with earlier application permitted. Click for Press Release (PDF 47k).

17 January 2008: IFRIC proposal on accounting for customer contributions
The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment a draft Interpretation, IFRIC D24 Customer Contributions. Customer contributions are transactions in which an entity – the 'access provider' – receives an asset it uses to provide access to an ongoing supply of goods or services to a customer or customers. In some cases, the access provider receives cash that it must use to acquire or construct the asset that will provide access.

• Press Release (49k)
• More Information about IFRIC D24

17 January 2008: IFRIC proposal on distributions of non-cash assets to owners
The International Financial Reporting Interpretations Committee (IFRIC) has released for public comment a draft Interpretation, D23 Distributions of Non-cash Assets to Owners. IFRIC D23 would apply to all types of distributions of non-cash assets with one exception. It would not apply to a distribution of an asset to another entity within the same consolidated group. IFRIC D23 proposes that all types of distributions of non-cash assets would be measured at the fair value of the assets distributed. Therefore:

• Press Release (PDF 44k).
• More Information about IFRIC D23

16 January 2008: GAO report on audit firm concentration – 'no adverse impact'

The principal conclusion in a United States Government Accountability Office (GAO) report on audits of public companies is stated in the report's title: Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action. The report, which is addressed to the US Congress with copies to various Federal agencies, examines:

1. concentration in the market for public company audits,
2. the potential for smaller accounting firms' growth to ease market concentration, and
3. proposals that have been offered by others for easing concentration and the barriers facing smaller firms in expanding their market shares.

16 January 2008: FASB begins verification phase for its standards codification
The US Financial Accounting Standards Board has begun a one-year verification phase of its codification of US GAAP. During the verification period, constituents are encouraged to use the online Codification Research System free of charge to research accounting issues and provide feedback on whether the Codification content accurately reflects existing US GAAP for nongovernmental entities. The Codification includes all accounting standards issued by a standard-setter within levels A through D of the current US GAAP hierarchy, including FASB, American Institute of Certified Public Accountants (AICPA), Emerging Issues Task Force (EITF), and related literature. Click for:

• Press Release (PDF 25k)
• Link to On-Line Codification (free registration is required)

16 January 2008: Singapore illustrative financial statements for 2007

Deloitte & Touche (Singapore) has published Singapore Illustrative Financial Statements 2007. This publication provides a set of sample financial statements of a typical listed company in Singapore, and includes illustrations of the various disclosures required by the Singapore Companies Act, SGX-ST Listing Manual, and Singapore Financial Reporting Standards (FRSs) and Singapore Interpreations (INT FRSs). Click to download Singapore Illustrative Financial Statements 2007 (PDF 636k, 136 pages).

16 January 2008: IVSC project on valuation of intangible assets under IFRSs

The International Valuation Standards Committee has posted on its Website the comment letters it has received on its August 2007 Discussion Paper (PDF 916k) Determination of Fair Value of Intangible Assets for IFRS Reporting Purposes. The IVSC has begun work to develop an International Valuation Standard on the topic.

16 January 2008: Exposure drafts of two revised International Standards on Auditing
The International Auditing and Assurance Standards Board has released exposure drafts of proposed revisions to two International Standards on Auditing – ISA 210 (Redrafted) Agreeing the Terms of Audit Engagements and ISA 710 (Redrafted) Comparative Information - Corresponding Figures and Comparative Financial Statements. Comment deadline is 15 April 2008. Click for Press Release (PDF 36k).

15 January 2008: Effective date for omitting the US GAAP reconciliation
On 21 December 2007 the US SEC issued its final rule (Release 33-8879) on Eliminating the IFRS Reconciliation to US GAAP (PDF 690k). This rule will become effective on 4 March 2008. Until the effective date, companies are subject to the existing rules regarding the inclusion of US GAAP reconciliation. However, the SEC staff is aware that some foreign private issuers with a fiscal year ending after 15 November 2007 that use IFRSs will want to file their annual report on Form 20-F before 4 March 2008 but also will want to omit US GAAP reconciliation. Because the SEC staff does not want to discourage companies from filing their 20-F before 4 March 2008, these companies are invited to contact the SEC staff to discuss their particular facts or circumstances. Click for SEC Announcement (PDF 34k).

15 January 2008: 'Big-6' joint paper on principles-based accounting standards
The six largest global accounting networks, including Deloitte Touche Tohmatsu, have jointly published a paper on Principles-Based Accounting Standards. The paper was launched to coincide with a global public policy symposium in New York, hosted by the firms. The paper, which sets out six key criteria for principles based standards, was debated in a panel that included IASB Chairman Sir David Tweedie and FASB Chairman Robert Herz at the symposium. The six attributes proposed for principles based standards are:

1. Faithful presentation of economic reality
2. Responsive to users' needs for clarity and transparency
3. Consistency with a clear Conceptual Framework
4. Based on an appropriately defined scope that addresses a broad area of accounting
5. Written in clear, concise, and plain language
6. Allows for the use of reasonable judgment

15 January 2008: Preliminary decisions by SEC's financial reporting review panel
In June 2007, the US Securities and Exchange Commission formed the SEC Advisory Committee on Improvements to Financial Reporting to study the causes of complexity in the US financial reporting system and to recommend ways to make financial reports clearer and more beneficial to investors, reduce costs and unnecessary burdens for preparers, and better utilize advances in technology to enhance all aspects of financial reporting. See our News Story of 28 June 2007. Last week, the Advisory Committee held its third meeting and reached some tentative decisions on changes that it might propose. The Committee's deliberations were based on a Draft Decision Memo (PDF 878k) that sets out the definition and causes of complexity and proposals for reducing complexity. The Committee tentatively agreed to support the following proposals, among others:

15 January 2008: Deloitte guidance on transition to IFRSs in Canada
Canada has announced a plan to fully converge Canadian accounting standards with IFRSs by 2011 (see our Canada Page). To assist Canadian publicly accountable entities in the task of making the transition to IFRSs, Deloitte & Touche (Canada) has published The Conversion of Canadian GAAP to IFRSs: Volume One – Scoping the Effort in both English and French. This guide – the first in a series – focuses on scoping and planning for the journey to IFRSs. Subsequent volumes will address in increasingly greater detail other aspects of the road ahead, with more specific guidance on issues as they become more relevant to the timing of the process. Click to download:

• The conversion of Canadian GAAP to IFRSs: Volume One – Scoping the Effort (PDF 505k)
• La conversion des PCGR du Canada aux IFRS: Volume 1 – Évaluation du travail (PDF 1,091k)

15 January 2008: Over 1.6 million IFRS e-Learning modules downloaded
As of 8 January 2008, 1,662,656 Deloitte IFRS e-learning modules have been downloaded from IAS Plus. Deloitte's IFRS e-learning was launched at the end of January 2004. Many of the modules downloaded have multiple users because organisations are permitted to install them on their own servers for the internal use of their employees or students. In addition, the modules are widely used internally by Deloitte staff throughout the global organisation. You can always access IFRS e-Learning without charge by clicking on the light bulb icon on the IAS Plus home page. Thirty-five modules are now available covering virtually all IFRSs. We update the modules regularly. Updates to the following are currently under development:

• IASs 16, 17, 23, 28, 36, 32/39, and 37
• IFRSs 1 and 2

• IFRS 8
• IFRIC 12

15 January 2008: SEC Chairman Cox sees IFRSs as the single global standard

US SEC Chairman Christopher Cox spoke on International Business – An SEC Perspective (PDF 74k) at the American Institute of Certified Public Accountants' International Issues Conference last week in Washington. Chairman Cox's remarks covered three broad issues arising from the growing integration of the world's capital markets:

• IFRSs as the single, world-wide accounting standard [an excerpt is in the box below]
• the synergies between IFRSs and XBRL in making financial information understandable to investors and creditors globally
• the need for globally coordinated regulation of cross-border activities of broker-dealers and securities markets.

15 January 2008: Deloitte Australia Accounting Alerts on business combinations

Deloitte Austraila has published Accounting Alert 2008/01 IASB Revises IFRS 3 and IAS 27. The Alert explores:

• the key changes and issues arising as a result of the revised Standards
• why it is important to understand the new requirements well before their mandatory application from 2009
• action points in planning for implementation

15 January 2008: IASCF Trustees will meet 29-30 January 2008

The Trustees of the IASC Foundation, the IASB's oversight body, will meet in Rome on Tuesday and Wednesday, 29 and 30 January 2008. The public portion of the meeting is the morning of 29 January. Here is the agenda for that portion of the meeting:

• IASCF Chairman's Report
• Report of the Due Process Oversight Committee
  • Assessment of Trustees' effectiveness in oversight
  • Review of Feedback Statement and Impact Assessment Process
  • March Meeting with IASB
  • Priorities for 2008
• Report of the IASB Chairman
• Report of the SAC Chairman
• XBRL Update

14 January 2008: We comment on the IASB's joint venture proposal

Deloitte has submitted comments to the IASB on Exposure Draft ED 9 Joint Arrangements, which the IASB published on 13 September 2007. If finalised, the ED would replace IAS 31. The ED proposes that a party to a joint arrangement should:

• recognise both the individual assets to which they have rights and the liabilities for which they are responsible, even if the joint arrangement operates in a separate legal entity; and
• recognise an interest in a share of the outcome generated by the activities of a group of assets and liabilities subject to joint control using the equity method. Proportionate consolidation would not be permitted.

14 January 2008: We comment on IASB's Improvements Exposure Draft
Deloitte has submitted to the IASB a letter of Comments on the IASB Exposure Draft of Proposed Improvements to IFRSs (224k). The ED was issued on 11 October 2007 proposing miscellaneous amendments to 25 IFRSs. Our letter expresses concern that "it is not clear what are regarded by the Board as minor amendments and how such amendments are distinguished from 'major' amendments. We are concerned that this lack of clarity might lead to changes to IFRSs that would better be dealt with as part of the normal due process, i.e. separate exposure of the amendments. Although we acknowledge that the Annual Improvements document is subject to due process as set out in the IASB's Due Process Handbook we are concerned that the level of scrutiny may be less for Annual Improvements than it would be for amendments exposed on a stand-alone basis." Click for More Information about the ED. Here is an excerpt from our letter:

14 January 2008: IASB's Financial Instruments Working Group will meet
The IASB's Financial Instruments Working Group will meet at the Crowne Plaza London–The City Hotel, 19 New Bridge Street, London, on Thursday, 17 January 2008. The agenda for the meeting centres around two draft IASB Discussion Papers. Topics to be discussed:

13 January 2008: Guide de référence sur les IFRS 2007

Deloitte & Touche (Canada) has published Guide de référence sur les IFRS 2007 (PDF 588k, 98 pages) – a French translation of IFRSs in your Pocket 2007. It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; table on use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; overviews of all IASB agenda projects; and more. Click here to go to our page listing this and many other Deloitte IFRS Publications.

12 January 2008: Notes from the January 2008 IFRIC meeting

The International Financial Reporting Interpretations Committee (IFRIC) is meeting at the IASB's offices in London on Thursday 10 January 2008 and Friday 11 January 2008. Presented below are the preliminary and unofficial notes taken by Deloitte observers at the meeting.

10-11 January 2008 Thursday 10 January 2008 Revenue Recognition - Sales of Real Estate The IFRIC discussed comments received on the draft Interpretation D21 Real Estate Sales. Of the 52 comment letters received 35 supported IFRIC's proposal to develop an Interpretation. However, many comment letters expressed concern regarding the current wording of D21. The discussion focussed on the following aspects (the discussion overlapped): The need to clarify paragraphs 8 to 10 of D21 and their interaction Other clarifications on applying IAS 11 Construction Contracts or IAS 18 Revenue The need to clarify paragraphs 8 to 10 of D21 and their interaction The main issues raised by constituents were: Many constituents pointed out that the interaction between the indicators in paragraph 9 and 10 is not sufficiently clear. In particular clarification was requested regarding the hierarchy of the indicators, that is, how to account for contracts that have features of both paragraph 9 and 10. Regarding the indicator in paragraph 9(a), some constituents pointed out that 'construction services to the buyer's specification' is not articulated as a concept in IAS 11 and therefore did not support this indicator as an indicator of a construction contract. Accordingly, the concern was raised that applying this indicator will result in introducing a different revenue recognition principle. One respondent expressed a different understanding of the term construction contract in IAS 11. This constituent took the view that the term construction contract means that construction only takes place because of a sales agreement in place and that it relates to long-term contracts. Regarding the indicator in paragraph 9(b), some respondents felt that the indicator goes beyond the requirements of IAS 11. The IFRIC had a thorough debate on the structure of the consensus and acknowledged that the consensus does not clearly articulate an underlying principle. IFRIC decided to restructure and clarify the consensus as follows: The first question needs to be: 'What has been sold under the real estate sales agreement? That is, a distinction needs to be made between (i) a right to acquire, use and sell the completed real estate at a later date and (ii) a right to control the underlying real estate in its existing partially-constructed state. In the first case IAS 18 is the applicable standard and in the latter case IAS 11 is the applicable standard. In a next step indicators should be given to help in assessing 'what has been sold' and in determining whether IAS 11 or IAS 18 is the appropriate standard. There seemed to be a consensus that the indicators currently in paragraphs 9(a) and 9(b) of D21 are not different approaches but follow the same principle. In this context the IFRIC noted that if the legal title does not pass as construction progresses (for instance, legal titles passes only after construction is finalised), this by itself does not exclude the application of IAS 11. On the other hand construction activities taking place may fail to meet the requirements of IAS 11. The assessment needs to be made for each component of a multiple-element sale agreement. The IFRIC tentatively decided that in these cases the consideration should be allocated to the components with reference to the relative fair values and that a reference to IFRIC 12 Service Concession Arrangements should be included in the basis for conclusions. The consensus should be summarised in a flow chart. Other clarifications on applying IAS 11 or IAS 18 Add the 'ability to sell or pledge the underlying asset' as a feature in paragraph 9(b) Some respondents recommended adding the ability to sell or pledge an asset to the list of indicators in paragraph 9(b). Without detailed discussion the IFRIC agreed to the staff's view that this indicator might not be understood properly and could lead to diversity in practice. It was agreed to add 'something' to the basis for conclusion to address this issue. Applying IAS 18 – Continuing involvement Some constituents suggested that the guidance in paragraph 13 of D21 should be clarified by an illustrative example. The IFRIC decided that paragraph 13 of D21 should be amended to focus on the requirement of IAS 18, i.e. that revenue recognition is not permitted if the seller contains continuing involvement, and that any further guidance should be included in an illustrative example. Way forward The staff was asked to redraft D21 taking into account the decisions made at this meeting. A revised draft will be discussed at the March 2008 meeting. Review of Tentative Agenda Decision published in September IFRIC Update IAS 19 Employee Benefits - Death-in-service benefits In November the IFRIC discussed a comment letter disagreeing with the wording in the tentative agenda decision that stated that when death in service benefits are provided as part of a defined benefit plan, they must be attributed to periods of service. At this meeting the IFRIC discussed the following views on when death in services should be attributed to periods of service: View 1: Benefits should be attributed to periods of service if they are dependent on the length of service of an employee. Under this view paragraph 130 of IAS 19 would be applied in analogy to death in service benefits. View 2: Benefits should be attributed to periods of service if they form part of a defined benefit plan. Under this view death in service benefits that are provided through a plan should be considered to be service related and be attributed to periods of service regardless of whether the benefit itself would be considered to be service related. The IFRIC did not reach a conclusion but stated that the guidance in IAS 19 is ambiguous. It was decided to reissue a tentative agenda decision on the initial request on how to attribute these services to periods of service and to note that there is ambiguity in IAS 19 on when to attribute such services. Review of Tentative Agenda Decisions published in November IFRIC Update The IFRIC confirmed the decisions not to take the following items to the Agenda: IAS 19 Employee Benefits-Pension promises based on performance hurdles IAS 23 Borrowing Costs-Foreign exchange and capitalisable borrowing costs IAS 19 Employee Benefits-Definition of plan assets IAS 39 Financial Instruments: Recognition and Measurement-Scope of IAS 39 paragraph 2(g) In doing so, the IFRIC had suggestions on the wording of the Agenda Decision notices. A final agenda decision will be published in the January 2008 issue of IFRIC Update. IAS 37 Provisions, Contingent Liabilities and Contingent Assets-Deposits on returnable containers The IFRIC received a comment letter disagreeing with the wording in the tentative agenda decision that stated that the obligation to refund deposits on returnable containers is not within the scope of IAS 39 Financial Instruments: Recognition and Measurement. The comment letter noted that the obligation to refund the deposit is not an executory contract but a financial instrument payable on demand if the containers remain part of the property, plant and equipment of the supplier. The IFRIC reaffirmed its decision not to add this issue to the agenda but did not reach a consensus on whether the obligation to refund the deposit is within the scope of IAS 39. The staff was asked to further explore this issue for discussion at a future meeting. Staff Recommendations for Tentative Agenda Decisions IAS 19 Employee Benefits-Settlement The IFRIC considered a request to clarify the treatment of lump-sum payments when a defined benefit plan gives plan members the option to receive a lump sum payment at retirement instead of ongoing payments. The following views were discussed View A: The lump-sum payment is not a settlement, that is, any gain or loss arising because actual experience differs from the best estimate will be treated as an actuarial gain or loss. Supporters of this view consider settlements to be special events, not just part of the normal running of the plan. Hence, if the payments were part of the expected running of the plan, they would not be regarded as settlements. The staff pointed out that this view is also supported by guidance from two of the manuals published by the large accounting firms. View B: The lump-sum payment is a settlement, that is, any gain or loss arising because actual experience differs from the best estimate will be recognised immediately in profit or loss. Supporters of this view note that the wording in paragraph 112 of IAS 19 does not require special event but that 'a settlement occurs when the entity enters into a transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan'. There seemed to be a majority for View B. The IFRIC tentatively agreed not to add the issue to the agenda but asked the staff to further investigate the current accounting practice for lump-sum payments and to bring back a revised tentative agenda decision for discussion at a future meeting. IAS 7 Statement of Cash Flows-Classification of Expenditures The IFRIC discussed a request to provide guidance on whether exploration and evaluation expenditure in extractive industries should be classified as arising from operating or investing activities in the statement of cash flows. The staff analysis also included similar types of expenditures (such as advertising and promotional activities, research and development activities, staff training) and pointed out: In all such cases, the expenditure is intended to enhance entities' future income or cash flows but does not give rise to an asset that meets the recognition criteria in IFRSs. The expenditure is therefore recognised in profit or loss as an expense when it is incurred. IAS 7 appears to require the classification of expenditure that must be charged to expense when incurred as operating activities. However, IAS 7 does not specifically prohibit the classification of such expenditure as investing activities if it can be argued that it gives rise to an asset that it not recognised. The issue could most efficiently be resolved by recommending that the Board amend IAS 7 to clarify that only expenditures that result in recognised assets can be classified as investing activities. The IFRIC agreed with the staff analysis not to add the issue to the agenda. The staff suggested that the agenda decision should address not only exploration and evaluation expenditure but all similar types of expenditures. The IFRIC asked the staff to redraft the tentative agenda decision for discussion at a future meeting. IFRIC Work in Progress The IFRIC was asked to confirm the IFRIC's work in progress table as provided in Agenda Paper 5 (to be found on the IASB's website). The IFRIC coordinator noted that all of the active issues on the list had been discussed at this meeting with the exception of three items: The draft interpretations on IAS 18 Revenue-Customer Contributions and IAS 27 Consolidated and Separate Financial Statements-Accounting for distributions of non-cash assets to owners will be published on 17 January 2008 with comment periods ending by the end of April 2008. The comment letter analysis on the two draft interpretations is expected to take place at the July 2008 meeting. An issue relating to derecognition is awaiting the allocation of staff resources Friday 11 January 2008 D22 Hedges of a Net Investment in a Foreign Operation The staff presented to the IFRIC their analysis of comment letters received on the IFRIC's draft Interpretation D22 Hedges of a Net Investment in a Foreign Operation. The staff noted that the majority of the comments received welcomed that IFRIC deals with this issue. It also noted that the areas of concern in the comment letters where the same as the ones the IFRIC aimed to address: Which parent entity can hedge its net investment risk? What can be hedged, that is, what is the amount eligible for hedge accounting and how it is determined? Where the hedging instrument can be held and whether its location affects hedge effectiveness? The staff pointed out that the fundamental issues have to be addressed firstly and after that minor and drafting issues could be dealt with. On the first issue the IFRIC agreed that no further deliberation is necessary. One IFRIC member noted that the final Interpretation must be clear, why an entity can hedge twice from a risk management perspective, but not achieve hedge accounting treatment. Another IFRIC member pointed out that the words in the Interpretation must make clear that a foreign operation can be hedged for the same risk twice or more with two or more parents provided different net assets are hedged by these parents. On the second issue, one commentator has raised the issue if the amount of net assets to be eligible for hedge accounting can be determined either on a 'sum of net assets of the individual foreign operations' basis or if it could be determined on a sub-consolidated net assets basis. The IFRIC had a lengthy discussion on the topic and concluded that many concerns could be addressed by looking at a detailed example (to be drafted by the staff on the basis of an example from one of the comment letters). One IFRIC member noted that such an example must be clear about the reporting entity looked at and whether the focus is its separate financial statements or consolidated financial statements. It was also highlighted that the terminology must be consistent to avoid confusion. One IFRIC member noted that the principles that have already been agreed on must be revisited and probably be revised in the light of the conclusions drawn from such a detailed example. The IFRIC agreed with the staff, and some IFRIC members highlighted again that all designations must be in accordance with the risk management policies and that the final Interpretation should not force entities to change their hedging strategies. The IFRIC then discussed the third issue on the location of the hedging instrument. Some commentators expressed concern about the IFRIC's tentative conclusion that the location of the hedging instrument should not have influence on the effectiveness of the hedging relationship. This conclusion was based on a reference made to the Implementation Guidance on IAS 39 (IAS 39 IG F.2.14). The staff noted that they believe the conclusion made is correct but believe a more compelling rationale for this conclusion seems to be appropriate. It argued that the rationale rests on the purpose of net investment hedging and that this purpose should not be affected by the location of the hedging instrument. The IFRIC members seemed to have a general sentiment that it should not matter where the hedging instrument is located. One IFRIC member expressed some concern about the recycling of the deferred gains or losses. Some IFRIC members also expressed the view that no matter what kind of hedging strategy an entity employs for risk management purposes, in the consolidated financial statements of the ultimate parent it should not make a difference. The IFRIC agreed that these issues should also be addressed in the detailed example to be drafted by the staff as proposed in the discussion on the previous issue. One IFRIC member highlighted that the focus of the example should not be solely on the hedged item but the example should explicitly deal with hedging instrument. The next steps are that the staff will draft the detailed example and seek early input and feedback from the IFRIC members. This example will then be discussed at the March IFRIC meeting with the goal to reach final agreement on the principles of the draft Interpretation. This summary is based on notes taken by observers at the IFRIC meeting and should not be regarded as an official or final summary.

11 January 2008: Agenda for January 2008 IASB meeting

The International Accounting Standards Board will hold its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting is open to public observation and will be webcast. The tentative agenda is shown below.

22-24 January 2008, London Tuesday 22 January 2008 (afternoon only) Revenue Recognition Annual Improvements to IFRSs – 2008 IFRIC Update Wednesday 23 January 2008 Insurance [Education session] Financial Instruments – Comprehensive Project Liabilities and Equity Short-term Convergence: Earnings per Share Thursday 24 January 2008 (morning only) Related Party Disclosures (IAS 24)

11 January 2008: SEC letter on accounting effects of subprime loan crisis
Deloitte & Touche LLP (USA) has published Financial Reporting Alert 08-1 (PDF 62k) that discusses a Letter to the FEI and AICPA (PDF 902k) from US SEC Chief Accountant Conrad Hewitt addressing the accounting implications of the American Securitization Forum's Streamlined Foreclosure and Loss Avoidance Framework (PDF 692k). The ASF, coordinating with the US Department of the Treasury, developed the Framework to encourage mortgage loan servicers to refinance or modify classes of adjustable-rate subprime mortgage loans with certain risk characteristics that make them susceptible to default. However, a potential hurdle has been whether the modifications of mortgage loans violate qualifying special-purpose entity (QSPE) status under FASB Statement 140 (see August 29, 2007 Heads Up (PDF 119k) for further background). The SEC's letter indicates that the Commission "will not object to continued status as a QSPE if Segment 2 subprime ARM loans are modified pursuant to the specific screening criteria in the ASF Framework". The letter also states that the "OCA believes that it would be reasonable to conclude that Segment 2 subprime ARM loans are 'reasonably foreseeable' of default in absence of a modification based upon a qualitative consideration of the expectation of defaults".

11 January 2008: IAS Plus Newsletter on revisions to IFRS 3 and IAS 27

Deloitte's IFRS Global Office has published a special edition IAS Plus Newsletter on the Revisions to IFRS 3 and IAS 27 (PDF 122k). Our news story immediately below this one has information about those revisions. The newsletter includes a table of the major differences remaining between IFRSs and US GAAP for business combinations and related transactions and another table comparing the new IFRS requirements with the existing ones. You will find all Past IAS Plus Newsletters Here. You can sign up for Free Subscription by Email.

10 January 2008: IASB issues a revised standard on business combinations

The IASB has published a revised IFRS 3 Business Combinations and related revisions to IAS 27 Consolidated and Separate Financial Statements. There are also consequential amendments to other standards, most notably IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures. The amendments result from proposals that were in an Exposure Draft published by the Board in June 2005. The amendments are Effective for annual periods beginning on or after 1 July 2009. Earlier application is permitted but only back to an annual reporting period that begins on or after 30 June 2007. Click for IASB Press Release (PDF 60k).

The revised IFRS 3 resulted from a joint project with the US Financial Accounting Standards Board. FASB issued a similar standard in December 2007 (SFAS 141(R)) – see our News Story of 5 December 2007. The revisions will result in a high degree of convergence between IFRSs and US GAAP in these areas, although some potentially significant differences remain. Among the differences: the FASB standard requires (rather than permits) the full goodwill method. There are also differences in scope, the definition of control, and how fair values, contingencies, and employee benefit obligations are measured, as well as several disclosure differences. A booklet of illustrative examples issued along with the revised IFRS 3 and IAS 27 includes a comparison with SFAS 141(R).

10 January 2008: EC adopts an 'equivalence mechanism' to assess non-EU GAAPs
Following a favourable opinion of the European Parliament, the European Commission has adopted Regulation (EC) No 1569/2007 that sets out the way in which the Commission will assess the equilvalency of 'third-country' (non-EU) GAAPs to IFRSs as adopted by the EU. If a non-EU GAAP is deemed equivalent, then foreign companies whose securities trade in EU markets would be permitted to use that GAAP in Europe without providing a reconciliation to IFRSs as adopted by the EU. The regulation adopts the following definition of 'equivalence':

• Equivalence Regulation (EC) No 1569/2007 as Adopted (PDF 45k)
• Press Release (PDF 83k)
• Frequently Asked Questions about Equivalence (from the EC) (PDF 103k)

9 January 2008: SEC and SEBI will cooperate on accounting and auditing

	The United States Securities and Exchange Commission and the Securities and Exchange Board of India (SEBI) have announced terms for increased cooperation and collaboration. The topics identified for discussion in the dialogue over the coming year include accounting and auditing standards. Here's the complete list:

• Oversight of dually regulated entities
• Regulatory and compliance issues relating to outsourcing
• Accounting and auditing standards
• Corporate governance standards and internal controls
• Areas for continued capacity-building and technical cooperation
• Cross-border cooperation and information sharing in securities enforcement matters

• Identify and discuss regulatory issues of common concern
• Continue and expand upon the existing program of capacity-building and technical cooperation between the SEC and the SEBI
• Improve cooperation and the exchange of information in cross-border securities enforcement matters

9 January 2008: Comparison of Taiwanese GAAP and IFRSs

Deloitte & Touche in Taiwan has published the 2nd edition of Comparisons of Republic of China (ROC) GAAP and IFRSs, which details the differences between ROC Statements of Financial Accounting Standards and IFRSs as of 30 November 2007. This booklet is written in both Chinese and English and provides a quick overview of the differences between ROC GAAP and IFRSs that are commonly found in practice. Comparisons of ROC GAAP and IFRSs can be purchased by email to or On Line (Chinese). You will find links to comparisons of IFRSs and various local GAAPs Here.

9 January 2008: Taiwan page updated
We have updated our Taiwan Page to include a list of all Taiwanese Statements of Financial Accounting Standards issued as of January 2008. Accounting standards in Taiwan are developed by the Accounting Research and Development Foundation (ARDF). English language summaries are available at www.ardf.org.tw. On 31 October 2007, the ARDF published its Project Plan Concerning the Convergence with IFRSs (PDF 31k).

9 January 2008: We comment on eight IAASB proposals

Deloitte has recently submitted letters of comment to the International Auditing and Assurance Standards Board (IAASB) on seven proposed International Standards on Auditing (ISAs) and on the IAASB's proposed strategy for 2009-2011, as listed below. You will find all of our past comments to the IAASB since 2004 Here.

9 January 2008: Accounting Roundup – 2007 Year in Review

We have posted the 2007 Year in Review Special Edition of Accounting Roundup (PDF 1,215k) published by Deloitte & Touche LLP (USA). This 63-page newsletter summarises the final accounting, auditing, and regulatory guidance issued by the FASB, IASB, FASAB, GASB, EITF, SEC, PCAOB, and AICPA throughout the year. This includes hot topics such as the current credit environment and Statement 158 pension adoption issues. Also discussed are the issuance of FASB statements on fair value and business combinations, as well as three proposed FSPs that, if finalised by the FASB, will affect accounting or disclosures for this year's reporting season. Links to all issues of Accounting Roundup are Here.

8 January 2008: Deloitte Australia Accounting Alerts – links updated
Deloitte Austraila produces a series of Accounting Alerts to keep clients up-to-date on new financial reporting pronouncements, emerging issues, and uncertainties in interpretation. Up through June 2006, the Alerts were published as PDF files. Starting in July 2006, the Alerts have been published on-line, some as PDFs and some as web pages. We have updated our Page of Australia Accounting Alerts to include links to view all of the on-line Alerts and to download the earlier PDF Alerts. You can always find a link to these Alerts on our Australia Page.

6 January 2008: FASB webcast on IFRS convergence this coming Tuesday

On Tuesday 8 January 2008, the US Financial Accounting Standards Board (FASB) will conduct a free live webcast featuring a panel of experts discussing international convergence of accounting standards. Viewers will have the opportunity to email questions to panelists during the event. The webcast will be archived on the FASB website for access by the public. To register for the live and/or archived webcast, here is the URL: http://w.on24.com/r.htm?e=98883&s=1&k=6E1FE1267FC56B24EDA45AA5C0049702.

5 January 2008: Agenda for 10-11 January 2008 IFRIC meeting

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 10-11 January 2008. The meeting is open to the public and will be webcast. The tentative agenda is shown below.

10-11 January 2008, London Thursday 10 January Opening remarks and administrative matters Revenue Recognition - Sales of Real Estate Analysis of comment letters on IFRIC D21 and first redeliberations Review of Tentative Agenda Decision published in September IFRIC Update IAS 19 Employee Benefits - Death-in-service benefits Review of Tentative Agenda Decisions published in November IFRIC Update IAS 19 Employee Benefits - Pension promises based on performance hurdles IAS 37 Provisions, Contingent Liabilities and Contingent Assets - Deposits on returnable containers IAS 23 Borrowing Costs - Foreign exchange and capitalisable borrowing costs IAS 19 Employee Benefits - Definition of plan assets IAS 39 Financial Instruments: Recognition and Measurement - Scope of IAS 39 paragraph 2(g) Staff Recommendations for Tentative Agenda Decisions IAS 19 Employee Benefits - Settlements IAS 7 Statement of Cash Flows - Classification of Expenditures Friday 11 January (morning only) Hedges of a Net Investment in a Foreign Operation Analysis of comment letters on IFRIC D22 and first redeliberations Administrative Session – partly closed to public observation

4 January 2008: Guía Rápida NIIF 2007 (Colombia)

Deloitte (Colombia) has published Guía Rápida NIIF 2007 (PDF 4,834k, 104 pages) – una traducción al español para Latinoamérica de la versión original en inglés de IFRSs in your pocket 2007 (a translation into Spanish for Latin America of the original English version of IFRSs in your Pocket 2007). It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; brief summaries of IASB agenda projects; and more.

3 January 2008: Nominations invited for two IFRIC members
The Trustees of the International Accounting Standards Committee Foundation are seeking candidates to fill two vacancies on the International Financial Reporting Interpretations Committee (IFRIC). IFRIC develops Interpretations of IASB standards. With the two appointments, IFRIC will consist of 14 voting members under the non-voting chairmanship of IASB member Robert Garnett. The two new appointees will serve for terms expiring on 30 June 2011 and would be eligible for reappointment. Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Nominations are due by 7 February 2008. Click for Announcement (PDF 421k).

2 January 2008: CESR consultation on equivalence of national GAAPs and IFRSs
The Committee of European Securities Regulators (CESR) has launched a consultation on the equivalence of Chinese, Japanese, and US GAAPs to IFRSs. The Consultation Paper includes CESR's draft conclusions on such equivalence. Responses to the consultation are requested by 25 February 2008. CESR will hold an open hearing on the issue at its offices in Paris on 21 January 2008. CESR will consider the views received in developing its advice to the European Commission, which CESR expects to submit by 31 March 2008. The Commission plans to make its decisions by 1 July 2008 regarding the equivalence of third country (non-EU) GAAPs under the Prospectus and Transparency Directives. Click for:

• Consultation Paper (PDF 558k)
• Press Release (PDF 81k)

1 January 2008: Another record year for IAS Plus

In 2007 IAS Plus had 1,521,000 visitors. Thank you for making us, once again, the #1 source on the Internet for information about international financial reporting. We wish you a very happy new year. Here are a few more statistics about IAS Plus in 2007: Total page views: 5,520,000 Top 10 most visited pages: Home Page, Standards List, Publications, Search, Model Financial Statements, IAS 1, IAS 39, Interpretations, IFRS by Jurisdiction, and IFRS Comparisons to Local GAAP. Total website file size: 693mb Total number of files: 4,561 files, including 647 HTML web pages, 3,036 downloadable PDF and ZIP files, and 855 graphics files.