30 June 2008: Senate approvals bring SEC up to full strength

The United States Senate has confirmed three nominees to the five-member US Securities and Exchange Commission. The Commission has been operating with three Republican commissioners since February – Chairman Christopher Cox, Paul Atkins and Kathleen Casey. Commissioner Atkins's term expires at the end of this month. Chairman Cox and Commissioner Casey continue. The new Commissioners are: Luis Aguilar, partner in the law firm of McKenna Long & Aldridge (Democrat) Elisse Walter, a senior executive at the Financial Industry Regulatory Authority (Democrat) Troy Paredes, a professor at Washington University School of Law (Republican) Press reports have said that the Commission has delayed its consideration of IFRSs for domestic registrants, among other issues, until the vacancies were filled.

30 June 2008: We have updated our IASB agenda project timetable

We have updated our IASB Agenda Project Summary and Timetable to reflect the IASB's decisions on its work plan made at the Board's June 2008 meeting. The timetable calls for publication by the IASB of 24 consultation documents and 23 final pronouncements between now and 2011, including: 6 Discussion Papers 18 Exposure Drafts 22 Final IFRSs 1 Final Guidance Document

29 June 2008: SEC roundtable on fair value accounting

The US Securities and Exchange Commission will host a public roundtable on fair value accounting standards on 9 July 2008, at the Commission's headquarters in Washington, D.C. The roundtable will be webcast live and later archived on the SEC's Website. The purpose of the roundtable is to facilitate an open discussion of the benefits and potential challenges associated with existing fair value accounting and auditing standards. The roundtable will be organized as two panels with the first panel discussing fair value accounting issues from the perspective of larger financial institutions and the needs of their investors; and the second panel discussing the issues from the perspective of all public companies, including small public companies, and the needs of their investors. The panel discussions will focus on: the usefulness of fair value accounting to investors potential market behavior effects from fair value accounting practical experience and potential challenges in applying fair value accounting standards aspects of the current standards, if any, that can be improved experience with auditors providing assurance regarding fair value accounting Click for SEC Press Release (PDF 36k).

27 June 2008: Heads Up on FASB forum on moving US reporting to IFRSs

The latest issue of the Heads Up newsletter from Deloitte & Touche LLP (United States) summarises issues discussed at the 16 June 2008 FASB forum regarding whether and how to move the US financial reporting system to IFRSs. Click to download How Long Can We Ride Two Horses at Once? FASB Forum on High-Quality Global Accounting Standards: Issues and Implications for US Financial Reporting (PDF 113k). There is an archive of past issues of Heads Up Here.

26 June 2008: New IFRS XBRL taxonomy for 2008

The International Accounting Standards Committee Foundation has announced the release of the IFRS Taxonomy 2008. The IFRS Taxonomy 2008 is a complete translation of International Financial Reporting Standards (IFRSs) as published in the IFRS Bound Volume 2008 into XBRL, an eXtensible Markup Language (XML) that is used to communicate information between businesses. The taxonomy is published in the same languages as the IFRS Bound Volume 2008 and includes support material such as the Taxonomy Architecture Paper and the Taxonomy Extenders Guide. Click for IASCF Press Release (PDF 44k).

25 June 2008: Agenda project pages updated for June 2008 meeting

We have updated the following agenda project pages to reflect the discussions and decisions at the June 2008 meeting of the International Accounting Standards Board. Amendments to IFRS 5 – Discontinued Operations Annual Improvements Project 2008 Conceptual Framework: Phase B Elements and Recognition Extractive Activities – Research Project Fair Value Measurements Financial Instruments - Comprehensive Project Financial Statement Presentation – Phase B IFRIC: Agreements for the Construction of Real Estate (formerly Sales of Real Estate) IFRIC: Hedge of a Net Investment in a Foreign Operation IFRS for Private Entities (formerly IFRS for SMEs)

21 June 2008: Notes from IASCF constitution roundtable 19 June 2008

The Trustees of the IASC Foundation met with a range of interested parties on 19 June 2008 to discuss their initial proposals to revise the IASC Foundation Constitution. The roundtable was held from approximately 9:30 am to 3:30 pm at the Renaissance Chancery Court Hotel, London. Click here for the Trustees' Draft Proposals (PDF 153k), which served as the basis for the discussions. The two main proposals are whether to: Establish a formal link to key public institutions by creating a 'monitoring group' of representatives of official organisations, including securities regulators, that would approve Trustee appointments and review Trustee oversight activities. Expand the IASB to 16 members from the present 14, and provide for geographical balance. Geographical balance would mean that normally there would be four IASB members from each of North America, Europe, and the Asia/Oceania region, plus four others appointed from any area, subject to maintaining overall geographical balance. Four sessions of discussions were held during the day. At each, between six and eight constituents were invited to give opening remarks; Trustees present responded; and then a more unstructured conversation followed. Participants in each session raised similar issues; consequently, these notes summarise the discussions by topic rather than by session. Notes from IASCF Constitution Review Roundtable 19 June 2008, London Monitoring Group To provide a formal link between public authorities and the IASC Foundation/IASB, the Trustees will propose that a Monitoring Group be established. This Monitoring Group would participate in the Trustees appointment process and approve the appointment of Trustees; and review and provide advice to the Trustees on their fulfilment of the oversight responsibilities set out in the IASCF Constitution. The initial composition of the Monitoring Group is proposed to be: (a) the responsible member of the European Commission, (b) the managing director of the International Monetary Fund, (c) the chair of the IOSCO Emerging Markets Committee, (d) the chair of the IOSCO Technical Committee (or vice chair or designated securities commission chair in cases where either the Chair of an EU securities regulator, Commissioner of the Japan Financial Services Agency or Chair of the US Securities and Exchange Commission is the chair of the IOSCO Technical Committee), (e) the commissioner of the Japan Financial Services Agency, (g) the chair of the US Securities and Exchange Commission, and (f) the president of the World Bank All participants supported establishing the Monitoring Group. Some saw it as an essential safeguard because, when a jurisdiction adopts IFRSs, it essentially surrenders its sovereignty over accounting standards. At the same time, some people expressed concern that there would be an increase in the 'politicisation' of the work of the IASB. Consequently, many commentators addressed the Monitoring Group's terms of reference, and in particular whether it should be permitted to propose candidates for nomination as Trustees. Participants were concerned that Trustees should continue to be independent and not beholden to securities regulators. While agreeing that it is essential that securities regulators be represented on the monitoring group, some commentators expressed concern about the absence of other market regulators such as banking, insurance, and pension supervisors. In addition, some participants noted that the proposed monitoring group does not include a regulator directly involved with non-publicly accountable entities (SMEs) – for which the IASB is developing a separate IFRS. Some commentators suggested that, in assessing the proposal, it would be helpful if the Trustees set out their rationale for the proposed composition of the Monitoring Group. The IASCF Chairman stated in one session that to change the composition of the Monitoring Group 'will lead to quite a few complications, especially if you want to limit the number of people in the Monitoring Group'. Monitoring Group's mandate While supporting the creation of the Monitoring Group, many participants in the roundtables said that it must be clear that the IASCF Trustees are responsible for governance of the IASCF and the IASB. Many felt this should be made explicit in the proposals issued for comment. Almost all participants wanted to ensure that the Monitoring Group did not, in any way, compromise or impair the IASB's independence, especially the ability to set the technical agenda. Some participants felt that the proposals had gone far enough to provide such assurance. In particular, proposed Constitution paragraph 19(c) was singled out for criticism by several participants: ...The Monitoring Group shall have the authority to request meetings with the Trustees or separately with the chairman of the Trustees (with the chairman of the IASB as appropriate) about any area of work of either the Trustees or the IASB. These meetings may include discussion of, and any IASC Foundation or IASB proposed resolution of, issues that the Monitoring Group has referred for timely consideration by the IASC Foundation or the IASB. Some participants were concerned that this could involve the Monitoring Group directly the governance of the Foundation and the IASB. Because some of the agencies represented on the Monitoring Group are political, participants expressed concern that the IASCF and the IASB must not be politicised. Some suggested that the Monitoring Group should be viewed as an 'audit committee', and it must avoid getting involved in operational aspects of the entity and avoid conflicts of interest. In their view, the Monitoring Group should monitor the Trustee appointment process and approve actual appointments, but it should be precluded from nominating Trustees directly. In addition, some commentators expressed concern that the Group's role in providing 'advice' to the Trustees on the discharge of their oversight role could lead to regulatory influence on the IASB and, in particular, the technical agenda. Trustee Appointments Advisory Committee Views were mixed on this issue. Some participants thought that the Appointments Advisory Committee still had an important role (presuming that the Monitoring Group could not nominate Trustees) in identifying and proposing candidates for appointment to the Trustees. Others thought it was unnecessary and that the Trustees' committees could discharge this function. Many were indifferent. Expanding the membership of the IASB and requiring an explicit geographical component Almost all participants expressed concern that an explicit geographical component in the composition of the IASB would compromise the required technical competence and other criteria for Board membership. These fears were made forcefully; in spite of repeated assurances from Trustees present that the Criteria for IASB Membership in the Constitution were not at issue. Many participants expressed concern that requiring an explicit geographical component could lead to Board members being seen to represent constituencies, rather than the global capital market participants, etc. Geographical representation at the Trustee level was necessary and accepted; it was not necessary at the IASB level. The current principle in the IASCF Constitution that the Board not be 'dominated by any particular constituency or geographical interest' was sufficient. With respect to voting requirement, many thought that a supermajority should be required-some wanted a 66% or even higher majority. As to size, many participants were concerned that, at 14 members, the IASB was already at the upper limits of operational effectiveness. Expanding the Board to 16 members could run the risk of slowing down projects and fragmenting the Board, forcing it to work in sub-groups and reaching sub-optimal decisions. The IASCF Chairman did not seem to be concerned, hinting that sub-groups were not a bad thing. This comment was not welcomed by participants and did not build confidence in the outcome. Others supported expanding the Board, noting that it would help in the Board's liaison responsibilities. Other issues raised Several constituents raised significant concerns about the way in which the IASB's agenda, especially with respect to the Memorandum of Understanding was being conducted-in particular that no opportunity for debate on the priorities and timescales set had been afforded constituents at large. One participant called this lack of consultation 'a disgrace'. Next Steps The IASCF Trustees will consider the submissions made at their meeting in Washington DC in July 2008 (public session on 8 July 2008). It is expected that the proposals will be published for public comment in mid-July 2008 with comments due in mid-September 2008. This summary is based on notes taken by observers at the IASCF Roundtable and should not be regarded as an official or final summary.

21 June 2008: Notes from the final day of the June 2008 IASB meeting

The IASB held its June 2008 meeting at its offices, 30 Cannon Street, London, on 17-20 June 2008. Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

20 June 2008: Notes from the third day of the June 2008 IASB meeting

The IASB held its June 2008 meeting at its offices, 30 Cannon Street, London, on 17-20 June 2008. Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

20 June 2008: FASB decides to eliminate QSPEs and modify consolidation model

The US FASB has decided to amend its Statement No. 140 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities and Interpretation No. 46(R) Consolidation of Variable Interest Entities to make the following important changes, among others: Remove the concept of a qualifying special-purpose entity (QSPE) from Statement 140 and the related scope exceptions from Interpretation 46(R) Changes the derecognition provisions in paragraph 9 of Statement 140 Modify the consolidation model in Interpretation 46(R) As a result, if those decisions become final, previously unconsolidated entities may have to be consolidated. Also, because of the potential modifications to the existing Interpretation 46(R) model, enterprises involved with variable interest entities (VIEs) (even VIEs that are not structured finance vehicles) will need to rethink their previous consolidation conclusions. The FASB is expected to issue an Exposure Draft for public comment on the amendments to Statement 140 and Interpretation 46(R) in IQ 2008. All of the details are in Heads Up Newsletter 18 June 2008 (PDF 182k) from Deloitte & Touche LLP (United States).

20 June 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 19 June 2008 (PDF 34k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe: IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate 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) IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation 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 Improvements to IFRSs – 2007 (affects various standards)

19 June 2008: iGAAP 2008 Financial Instruments: IAS 32, IAS 39 and IFRS 7

Deloitte & Touche LLP (United Kingdom) has developed iGAAP 2008 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fourth Edition), which has been published by LexisNexis. This publication is the authoritative guide for financial instruments accounting under IFRSs. The 2008 edition expands last year's edition with further interpretations, examples, discussions from the IASB and the IFRIC, and updates on comparisons of IFRSs with US GAAP for financial instruments. It also includes extracts from 2007 annual reports illustrating IFRS 7 Financial Instruments Disclosures. iGAAP 2008 Financial Instruments: IAS 32, IAS 39 and IFRS 7 Explained (Fourth Edition) (851 pages, June 2008) can be purchased through www.lexisnexis.co.uk/deloitte.

19 June 2008: Securities regulators support creation of an IASCF monitoring group

The world's securities authorities – represented by IOSCO, as well as the European Commission, the Japan Financial Services Agency and the US Securities and Exchange Commission, the securities authorities in the world's three largest capital markets – welcome the proposal to create an IASC Foundation Monitoring Group. That proposal is part of the 2008 Constitution Review currently being conducted by the IASCF. A Joint Announcement (PDF 34k) by the securities regulators said: We are pleased at the progress being made in advancing interaction between securities authorities and the IASCF. The increased adoption and use of IFRS in capital markets around the world necessitates strengthening the accountability of the Foundation to the authorities responsible for setting financial disclosure requirements by public companies. In organizing the upcoming roundtable, the Foundation acknowledges the need to create a mechanism for interaction between securities authorities and the IASCF that approximates the historical relationship between securities authorities and national standard setters. This, in turn, will enable securities authorities that allow or mandate the use of IFRS to discharge their mandates relating to investor protection, market integrity and capital formation effectively.

19 June 2008: EU bank regulators report on valuing instruments in illiquid markets

The Committee of European Banking Supervisors (CEBS) has published a report on issues relating to the valuation of complex and illiquid financial instruments. The report puts forward a set of issues that should be addressed by institutions and accounting and auditing standard setters in order to improve the reliability of the values ascribed to these instruments. The analysis focuses on the following valuation related aspects: challenges for the valuation of complex financial instruments or instruments for which no active markets exist; transparency on valuation practices and methodologies as well as related uncertainty; and auditing of fair value estimates. Click for: CEBS Report (PDF 228k) CEBS Press Release (PDF 38k) Related Information on Our Credit Crunch Page

18 June 2008: Notes from the second day of the June 2008 IASB meeting

The IASB held its June 2008 meeting at its offices, 30 Cannon Street, London, on 17-20 June 2008. Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

18 June 2008: AICPA calls for 3 to 5 year timeline for IFRSs in US

Barry C Melancon, president and CEO of the American Institute of Certified Public Accountants, speaking at a forum of accounting and finance authorities on international accounting, called for a reasonable and clear-cut time frame of three to five years for the US accounting profession to adopt International Financial Reporting Standards. Click for AICPA News Release (PDF 48k).

18 June 2008: Notes from the first day of the June 2008 IASB meeting

The IASB held its June 2008 meeting at its offices, 30 Cannon Street, London, on 17-20 June 2008. Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

18 June 2008: EC 'effect studies' on IFRIC 14 and IAS 1

The European Commission has published 'effect studies' of the impact of two IASB pronouncements awaiting endorsement for use in Europe: IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (PDF 59k) IAS 1 (Revised 2007) Presentation of Financial Statements (PDF 81k) The Commission's effect studies relied, in turn, on effect studies undertaken by EFRAG. The Commission Services (EC staff) concluded that both pronouncements will have positive cost-benefits effects and that they should, therefore, be endorsed in the EU without delay.

18 June 2008: Heads Up on IASB-FASB conceptual framework proposals

On 29 May 2008, the IASB and the FASB jointly published similar consultative documents on two of the eight phases of their joint project to develop an improved conceptual framework. The framework will provide a foundation for developing future accounting standards. The two consultative documents are: Exposure Draft: Chapters 1 and 2 of the Conceptual Framework (Objective and Qualitative Characteristics). Exposure Draft (ED). Chapters 1 and 2 of the framework (Objective and Qualitative Characteristics). This ED addresses the objective of financial reporting, the qualitative characteristics of information provided by financial reporting, and constraints on the provision of that information. The draft reflects the boards' updated proposals in the light of comments received on an initial consultation document published in July 2006. Discussion Paper: Preliminary Views - The Reporting Entity. This publication sets out the boards' preliminary views on the reporting entity concept and related issues. Although the reporting entity concept determines some important aspects of financial reporting, the boards' existing frameworks do not address it specifically. Deloitte & Touche LLP (USA) has published a Heads Up Newsletter (PDF 112k) describing the proposals.

17 June 2008: New jurisdiction page for Iraq – IFRSs required

We have created a new Jurisdiction Page for Iraq. Under the Iraq securities markets law, all companies listed for trading on the Iraq Stock Exchange are required to publish financial statements that are prepared in accordance with International Financial Reporting Standards. Those statements must be audited in accordance with International Standards on Auditing. Further, the Iraq banking law (administered by the Central Bank of Iraq) requires all banks to publish IFRS financial statements. We have updated our table of Use of IFRSs by Jurisdiction.

17 June 2008: We disagree with IFRIC's draft decision on effective interest rate

In a letter to IFRIC, Deloitte Touche Tohmatsu disagree with the IFRIC's tentative decision not to take onto the IFRIC's agenda a request for an interpretation on the application of the effective interest rate (EIR) method. Click for our Letter to IFRIC (PDF 136k). Here is an excerpt: In summary, we believe the tentative agenda decision wording does not provide sufficient clarity and that additional interpretive guidance is needed. We believe there are three important interpretative issues that need to be addressed: (i) how to apply the effective interest rate to debt instruments with a market-based reset; (ii) when should an entity apply AG7 compared to AG8; and (iii) for inflation linked debt, is it possible to analogise with IAS 29 in the case when an entity is not applying that standard. The application of the EIR is critical in determining the balance sheet carrying amount and the impact on profit or loss for debt instruments held at amortised cost, as well as the income recognition for those debt instruments classified as available-for-sale. The EIR has widespread application for both vanilla and complex debt instruments, yet the standard is not clear as to how the EIR method applies for instruments with variable cash flows. Our past comment letters to IASB, IFRIC, IASC, and SIC are Here.

16 June 2008: G8 Ministers urge swift IASB action on SPEs and valuation

The Finance Ministers of the G8 countries met on 14 June 2008 in Osaka, Japan, in preparation for the Summit of the G8 Heads of State and Government to be held 7-9 July 2008 in Hokkaido-Toyako. The Communique released by the Finance Ministers (PDF 21k) at the conclusion of the meeting addressed a wide range of issues, including the world economy, commodity prices, climate change, development, and abuses of the financial system. With regard to financial reporting, the communique said: We call on the IASB to accelerate its reviews of accounting issues around off-balance sheet entities and valuation in illiquid markets. Our comprehensive 'credit crunch' page is Here.

15 June 2008: FASB forum and webcast on global standards 16 June 2008

As an initial step toward the creation of a national plan for transition to IFRSs, the US Financial Accounting Standards Board, and its parent the Financial Accounting Foundation, will host a forum High-Quality Global Accounting Standards: Issues and Implications for US Financial Reporting on 16 June 2008, 9:00am to 4:00pm US EDT. The forum will be held in New York City. It will consist of a panel discussion between FASB board members and invited representatives of users of financial statements, small and large companies both public and private, auditors, regulators, educators, and others representing facets of the US economy likely to be affected by a move from US Generally Accepted Accounting Principles to IFRSs. The stated goals of the forum are: to open the dialogue with our constituents about whether and how to move the US financial reporting system to IFRS, and to define the next steps in the process. A list of potential key issues to discuss includes the following: Click for FASB Announcement with hyperlinks for more information (PDF 53k). The forum will be webcast. Click here for Webcast Details. A list of potential key issues to discuss includes the following: Should IFRS and US GAAP ultimately converge? If so, how? If so, when? If so, for whom? Public companies, 'publicly accountable entities', private companies, not-for-profits? If so, how will IFRS be interpreted across borders? What role will the SEC, PCAOB, and the international audit firms have in interpreting IFRS? Do the interpretations have to be the same across borders? How would we prepare the US for the cultural shift to IFRS? Can the US cope with significantly less implementation guidance? How do we assure constituents that their views will be heard and their ongoing needs will be met by an international standard setter? Once converged, should there be only one standard setter? What is the future role of the FASB? Would US GAAP go away? What happens to the SEC guidance on financial reporting? What are the implications for XBRL and the US GAAP Codification? How would we mobilize the educational community to begin teaching IFRS? How and when will the CPA exam change? What are the banking and other regulatory issues that need to be addressed? Do US tax policies and other federal or state laws that interact with US GAAP need to be amended? What other major issues should be considered? What are the next steps in the process?

15 June 2008: SEC to consider use of IFRSs by domestic US registrants in IQ 2008

In a speech at a conference sponsored by the Chartered Financial Analysts Institute, US Securities and Exchange Commission Chairman Christopher Cox announced that the SEC expects to propose rules, some time in the third quarter of 2008, concerning the use of International Financial Reporting Standards by domestic US SEC registrants. Chairman Cox made that comment in an address titled Disclosure from the User's Perspective (PDF 74k). He also announced the Commission's plans to modernise its oil and gas accounting and disclosure requirements, and he enumerated a wide range of issues that the SEC will be considering in the next several months. Here are two excerpts from Chairman Cox's remarks: Use of IFRSs in the United States The support that you've shown for the implementation of interactive data reporting not only in the United States but around the world has been matched by your consistent support for the international convergence of accounting standards, in particular US GAAP and IFRS. You have been supportive of our decision to eliminate the reconciliation to US GAAP for financial statements prepared using IFRS, and you have offered helpful insights on our Concept Release on whether, and under what circumstances, US issuers should be allowed to prepare their financial statements using IFRS. That's a vitally important topic the Commission is scheduled to take up in the form of a proposed rulemaking later this summer. Oil and gas reserve accounting and disclosure Early this summer, we also expect to propose amendments to our oil and gas reserve accounting and disclosure requirements, to reflect technological changes in the substantiation of proven reserves.

15 June 2008: Boletines IAS Plus – ediciones especiales en español

Deloitte (Colombia) has published Spanish language editions of the recent IAS Plus newsletters on improvements to IFRSs and on amendments to IFRS 1 and IAS 27: Mejoramientos a los IFRSs 2008 (Improvements to IFRSs 2008) (PDF 156k) Medición, en la adopción por la primera vez, de las inversiones en subsidieras, entidates controladas conjuntamente y asociadas (Amendments to IFRS 1 and IAS 27) (PDF 112k) Aquí están Nuestros Recursos en Español (our Spanish resources).

14 June 2008: EITF Snapshot for June 2008

We have posted the June 2008 edition of EITF Snapshot (PDF 122k) summarising the 12 June 2008 meeting of FASB's Emerging Issues Task Force. EITF Snapshot, published by Deloitte & Touche LLP (USA), enables readers to identify relevant topics and to understand quickly the meeting's outcome. Past issues can be downloaded Here. This EITF Snapshot covers six issues discussed by the EITF at the meeting: Issue 07-5 Determining Whether an Instrument (or an Embedded Feature) Is Indexed to an Entity's Own Stock – consensus reached Issue 08-1 Revenue Recognition for a Single Unit of Accounting – no decision reached Issue 08-2 Lessor Revenue Recognition for Maintenance Services – recommended for removal from the EITF's agenda. Issue 08-3 Accounting by Lessees for Maintenance Deposits Under Lease Arrangements – consensus reached Issue 08-4 Transition Guidance for Conforming Changes to Issue No. 98-5 – consensus reached Issue 08-5 Issuer's Accounting for Liabilities Measured at Fair Value With a Third-Party Guarantee – consensus for exposure

13 June 2008: Proposal regarding 'third country' GAAPs in the EU starting 2009

The European Commission has proposed to amend the European Directive (law) on prospectuses to require that, starting 1 January 2009, 'third country' (non-European) issuers whose securities trade in a European securities market shall present their historical financial information in accordance with one of the following four sets of accounting standards: International Financial Reporting Standards (IFRSs) adopted pursuant to Regulation (EC) No 1606/2002 (known as 'IFRSs as adopted by the European Union'). IFRSs as adopted by the IASB, provided that the notes to the audited financial statements that form part of the historical financial information contain an explicit and unreserved statement that those financial statements comply with IFRSs in accordance with IAS 1 Presentation of Financial Statements. Generally Accepted Accounting Principles of Japan; Generally Accepted Accounting Principles of the United States of America. GAAPs of China, Canada, and South Korea are also acceptable until 2011. The Regulation would be immediately binding in all Member States. Click for Proposed Amendment (PDF 23k).

13 June 2008: EC recommendation on limiting auditor liability

The European Commission has issued a recommendation to limit civil liability for auditors and audit firms carrying out a statutory audit of the consolidated annual accounts of a European company whose securities are admitted to trading on a regulated market in a Member State. The stated aim of the recommendation is to encourage new entrants into the audit market, and to protect European capital markets by ensuring that audit firms remain viable in an environment where there is an increasing trend towards litigation and a lack of sufficient insurance cover. This recommendation identifies three methods of limitation and principles to be followed by Member States when adopting the recommendation. The three methods, all of which are actually used by Member States today, are a statutory monetary cap on liability, proportionate liability, and contractual limitation. Any other equivalent method might also be used. The liability limitation would apply in the case of negligent behaviour but not in the case of intentional misconduct by an auditor. Deloitte responds to European Commission audit liability recommendations: Deloitte Touche Tohmatsu commends the European Commission (EC) for its intensive consideration of the complex issue of limiting civil liability for statutory auditors and audit firms. According to the Commission's statement, the recommendation aims to encourage new entrants into the audit market and to protect European capital markets by ensuring that audit firms remain viable in an environment where there is an increasing trend towards litigation and a lack of sufficient insurance cover in the sector. This recommendation also proposes principles to be followed by member states when adopting the recommendation, including limitations not applying in the case of intentional misconduct on the part of the auditor and a right to fair compensation by damages parties. Deloitte believes the European Commission gave very careful consideration to issuing this recommendation, and it will help achieve the Commission's goals and objectives. Click for the following from the European Commission: Press Release (PDF 85k) Frequently Asked Questions (PDF 73k) Full Test of Recommendation (PDF 19k) Impact Assessment - Full Text (PDF 554k) Impact Assessment - Executive Summary (PDF 38k)

12 June 2008: FASB proposes major changes to hedge accounting

The US Financial Accounting Standards Board has published an exposure draft (ED) on Accounting for Hedging Activities – an amendment of FASB Statement 133. If adopted, the new rules would apply for financial years beginning after 15 June 2009, and interim periods within those fiscal years. Comment deadline is 15 August 2008. Among other things, the ED proposes to: Eliminate (with two exceptions) the ability of an entity to designate individual risks as the hedged risk in a fair value or cash flow hedge. This would mean that the financial statements would reflect information about the risks in the hedged item or transaction whether or not the entity chooses to manage those risks as part of a particular hedging relationship. The two exceptions would be (a) interest rate risk related to the entity's own issued debt (that is, its liability for funds borrowed), if hedged at inception, and (b) foreign currency exchange risk. Eliminate the 'shortcut method' by which hedge effectiveness is presumed if the 'critical terms' of the hedging instrument and hedged item are deemed to match. Modify the effectiveness threshold necessary for applying hedge accounting from highly effective to reasonably effective at offsetting changes in fair value or variability in cash flows. Require an effectiveness evaluation at inception of the hedging relationship but not require ongoing effectiveness testing unless circumstances suggest a hedge is no longer reasonably effective. FASB staff will present the ED to the IASB in an education session at the IASB meeting on 18 June 2008. Click for: FASB News Release (PDF 32k) FASB Exposure Draft (download from FASB website, PDF 341k) IASB Agenda Paper for the Education Session – PowerPoint presentation (PPT 122k)

11 June 2008: New PCAOB reporting framework for audit firms in the USA

The US Public Company Accounting Oversight Board (PCAOB) has adopted rules to establish a reporting framework for registered public accounting firms. The rules require that each firm report certain information annually. The rules also require special reporting regarding certain specified events within 30 days of the event. Annual reporting on Form 2. Beyond basic threshold information about the identity of the firm and the location of its offices, Form 2 requires information in three categories: the firm's issuer-related practice, internal and external resources on which the firm draws in performing audits, and certain new relationships and acquisitions. Form 2 also requires an affirmation related to the firm's statutory obligations to cooperate with the Board. Special Reporting on Form 3. The occurrence of specified non-routine events triggers an obligation to file a special report on Form 3. Examples of the kinds of events that may trigger this reporting are: Withdrawal of an audit report Audit firm moving above or below the 100-public-client threshold, which affects the frequency of PCAOB inspections Involvement in certain lawsuits or bankruptcy proceedings Disciplinary actions Change of name or contact details Click for PCAOB Rules (PDF 289k).

11 June 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 22 May 2008 (PDF 35k). 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) IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation 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 Improvements to IFRSs – 2007 (affects various standards) IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate

10 June 2008: FEI forms IFRS preparers' coalition in United States

Financial Executives International (FEI) has formed a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR), to provide a forum for companies of all sizes and funding models to discuss all business issues related to the International Financial Reporting Standards (IFRS) by United States companies. The goal of CRIFR will be to facilitate dialogue on a broad range of issues surrounding IFRS, including (but not limited to) implementation and transition issues related to systems requirements, training, standards setting, and reporting. Click for the FEI Press Release (PDF 15k).

10 June 2008: SEC hosts international roundtable on interactive data

The US Securities and Exchange Commission is hosting an International Roundtable on Interactive Data for Public Financial Reporting on 10 June 2008. The Roundtable follows the issuance of a proposed rule that would require all registered companies to file XBRL data (see our News Story of 16 May 2008). Click for SEC Press Release about the Roundtable (PDF 47k).

9 June 2008: SEC official comments on IFRS and US Companies – A Look Ahead

John W. White, Director of the Division of Corporation Finance of the US Securities and Exchange Commission Financial Executives International spoke about IFRS and US Companies: A Look Ahead at Financial Executives International's Global Financial Reporting Convergence Conference in New York on 5 June 2008. His remarks focussed on the policy level implications of the possible use of IFRSs by US companies. Click to Download Mr White's Presentation (PDF 102k). Below is an excerpt. Mr White's concluding comment: "I truly believe that the endpoint will be US issuers using IFRS and that it is time to move in this direction. The SEC can provide leadership by planning now for how that result might be brought about, which in turn could provide US issuers with greater clarity in this area." I think there are a number of policy issues that need to be the subject of public discussion and input. Among the more interesting questions are: Should US companies be permitted to prepare their financial statements using IFRS for purposes of their SEC filings? Should US companies be required to prepare their financial statements using IFRS? And for both of those questions: Should only some subset of US companies be permitted, or required, to use IFRS, or should any movement to IFRS be available or required of all companies? And, if it is desirable to have only a subset go first, then how should that subset be defined? What kind of timeframe and what kind of transition procedures should be involved for either permissive or universal use of IFRS for US companies? And, let us not overlook, what is the SEC's role in answering these questions? More generally, I think it is also a fair question to ask: why is the Commission even considering allowing, much less requiring, US companies to use IFRS?

8 June 2008: Deloitte Canada Countdown IFRS transition newsletter

Deloitte Canada has released the fifth issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte. Among the topics covered in this issue of Countdown are disclosures about the expected effects of first-time adoption of IFRSs, tax considerations in adopting IFRSs, and the impact on the financial institutions sector. As always, there is also an update on current IFRS events. Click below for: June 2008 Edition Countdown Newsletter - English (PDF 444k) June 2008 Edition Countdown Newsletter - French (Compte à Rebours) (PDF 424k) Background on Transition to IFRSs in Canada including past issues of Countdown.

7 June 2008: IESBA re-exposes two ethics proposals

The International Ethics Standards Board for Accountants (IESBA) has issued a re-exposure draft of proposals to strengthen the independence requirements contained in the IFAC Code of Ethics for Professional Accountants. The re-exposure draft contains two key proposals: The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems, or financial statements to an audit client that is a public interest entity. The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years. Comment deadline is 31 August 2008. Click for Press Release (PDF 43k).

6 June 2008: IAS Plus Newsletter on improvements to IFRSs - in Chinese

On 27 May 2008, we posted Deloitte's special edition IAS Plus Newsletter on Improvements to IFRSs 2008 (PDF 136k, English). Our News Story of 22 May 2008 announced these revisions. Deloitte (China) has published a Chinese Translation of the Newsletter on the Improvements to IFRSs (PDF 213k).

6 June 2008: The 2008 IFRSs CD-ROM is now available

The CD-ROM of 2008 IFRSs is now available for purchase from the IASC Foundation for £80 plus shipping. There are discounts for academics/students, middle income and low income countries, and multiple orders. The CD includes all IFRSs, IASs, and IFRIC and SIC Interpretations approved at January 2008, as well as all the latest IASB Exposure Drafts, IFRIC draft Interpretations, and Discussion Papers issued at 31 March 2008. You can order online at http://buy.iasb.org or send an Order Form by fax or mail.

6 June 2008: Accounting Roundup – May 2008

We have posted the May 2008 Edition of Accounting Roundup (PDF 340k) published by Deloitte & Touche LLP (USA). Topics covered in this issue include: FASB Developments FASB Eliminates Inconsistencies in Financial Guarantee Insurance Contracts FASB Issues Statement Establishing GAAP Hierarchy FASB Tightens Convertible Debt Accounting for Issuers FASB Issues FSP on Consolidation and Equity Method Guidance for Not-for-Profit Organizations FASB and IASB Issue Two Conceptual Framework Documents FASB Proposes FSP on Credit Derivative and Guarantee Disclosures FASB Proposes FSP on Fair Value Accounting for Trading Inventory FASB Seeks Additional Comments on October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions FASB Authors Article About Fair Value Valuation Resource Group Discusses Four New Topics and Status of Prior Issues SEC Developments SEC Expands the Definition of Eligible Portfolio Companies Under the Investment Company Act of 1940 SEC Proposes Rule on Interactive Data SEC Proposes Rule on Cross-Border Transactions SEC Publishes Small Entity Compliance Guide on Internet Availability of Proxy Materials SEC Financial Reporting Advisory Committee Releases Updated Progress Reports AICPA Developments AICPA Recognizes IASB as Standard Setter AICPA Issues Two Proposed Redrafted Statements on Auditing Standards GASB Developments GASB Adds New Projects to Agenda International Development IASB Issues Annual Improvements to International Standards IASB and FASB Issue Two Conceptual Framework Documents Other Developments CAQ SEC Regulations Committee Meets With SEC Staff You will find past issues of Accounting Roundup Here.

6 June 2008: Agenda for June 2008 IASB meeting

The International Accounting Standards Board will hold its June 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 17-20 June 2008. The meeting is open to public observation and will be webcast. The tentative agenda is shown below. The IASB will also meet with the Standards Advisory Council on Monday and Tuesday, 23-24 June 2008, at the Renaissance Chancery Court Hotel, 252 High Holborn, London. The SAC agenda is Here. 17-20 June 2008, London Tuesday 17 June 2008 IFRS for Private Entities (formerly IFRS for SMEs) Technical Plan Wednesday 18 June 2008 Fair Value Measurements – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update Fair Value Measurements FASB Hedge Accounting Project – Education session Thursday 19 June 2008 Annual Improvements Project 2008 – Three issues: IAS 7 Statement of Cash Flows - Classification of expenditures IAS 36 Impairment of Assets - Unit of accounting for goodwill impairment test IFRS 2 Share-based Payment - Scope of IFRS 2 and revised IFRS 3 IFRIC - Approval of Final Interpretations IFRIC X Agreements for the Construction of Real Estate IFRIC X Hedges of a Net Investment in a Foreign Operation Amendments to IFRS 5 – Discontinued Operations Financial Statement Presentation – Phase B Friday 20 June 2008 Extractive Activities – Research Project Meeting Sweep Issues – Possible additional Board consideration of issues deliberated earlier in the week Conceptual Framework: Phase B Elements and Recognition – Definition of a Liability

6 June 2008: Advisory Council will meet 23-24 June 2008

The Standards Advisory Council will meet with the IASB on Monday and Tuesday 23-24 June 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. Standards Advisory Council Meeting Agenda 23-24 June 2008, London Monday 23 June 2008 Report from SAC Chairman Recent market events – steps the IASB is taking Off balance sheet concerns – the projects on consolidation and derecognition The IASB-FASB MoU – an update on the significance of progress to be achieved by mid-2011 Discussion of IASB and IFRIC work programmes Tuesday 24 June 2008 (morning only) Agenda proposals Liabilities/equity Derecognition Session with Trustees – Constitution Review

5 June 2008: FASB may consider replacing FAS 109 with IAS 12 Revised

In an interview published by BNA, FASB Director of Planning and Support Sue Bielstein said that the FASB staff plans to ask FASB to consider issuing an IASB-drafted rewrite of IAS 12 Income Taxes rather than proposing revisions to the US standard – FAS 109 Accounting for Income Taxes. Ms Bielstein suggested that FASB may discuss this proposal before the end of this month.

5 June 2008: New IASB panel of valuation of financial instruments

The IASB has formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF). The new panel will assist the IASB in:

• reviewing best practices in the area of valuation techniques, and
• formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.

4 June 2008: IOSCO to review audit services issues

The Audit Services Task Force of the IOSCO Technical Committee will expand the scope of its work over the next year to include a number of audit services-related issues. Specifically, the Task Force will focus on the following audit related issues:

• Transparency and governance of audit firms, including the intersection of governance with both firm viability and audit quality.
• The scope of audit reports, including varying levels of assurance in different circumstances, the possibility of enhanced disclosure of the bases for different levels of assurance, and the potential role of joint audits.
• Potential expansion of allowable organisational structures and forms to allow for greater firm viability and industry competition.

4 June 2008: IOSCO communique

The International Organization of Securities Commissions (IOSCO) has released the Final Communique of its 33rd Annual Conference (PDF 86k) held 26-29 May 2008 in Paris. At the Conference, Christopher Cox, Chairman of the US Securities and Exchange Commission, was elected as Chairman of IOSCO's Technical Committee. The Technical Committee comprises 15 IOSCO members that regulate some of the world's larger, more developed and internationalised markets. A key objective of the Committee is to develop practical responses to major regulatory issues relating to the operation of securities markets and to establish principles and set standards. The Technical Committee oversees IOSCO's activities in the area of accounting.

4 June 2008: IOSCO publishes recommendations to address 'subprime crisis'

The International Organization of Securities Commissions (IOSCO) has published the final report of its Technical Committee's Task Force on the Subprime Crisis. The report contains an analysis of the underlying causes of the crisis, the implications for international capital markets, and recommendations that address the issues facing securities regulators. The report includes recommendations by the Technical Committee for future IOSCO work to counter these issues in three areas, including accounting. These are: Issuer transparency and investor due diligence. Firm risk management and prudential supervision. Valuation and accounting issues. You will find additional information about the 'subprime crisis' on our Credit Crunch Page.

4 June 2008: FASB announces changes to technical staff leadership

The US Financial Accounting Standards Board has announced the following changes to its technical staff leadership. The changes are effective immediately: Russ Golden, formerly FASB Director of Technical Application & Implementation Activities, is the Technical Director with overall responsibility for staff work on all standards-level projects, including both major projects and implementation activities. He will continue to chair the EITF. Ron Lott, formerly a Senior Technical Advisor for the FASB, is assuming the newly created position of Research Director. He has overall responsibility for the Conceptual Framework project and for research activities, including FASB's new Financial Accounting Standards Research Initiative. Sue Bielstein, formerly the FASB Director of Major Projects and Technical Activities, is the Director of Planning and Support. Click for FASB Announcement (PDF 36k).

4 June 2008: Heads Up on proposed FASB credit derivatives disclosures

The US FASB has issued a proposed FASB Staff Position (FSP) to amend disclosure requirements for entities that sell credit derivatives or financial guarantees. Comments are requested by 30 June 2008. The disclosures would be effective for financial years and interim periods ending after 15 November 2008. Deloitte &Touche LLP (USA) has published a Heads Up Newsletter (PDF 89k) describing the proposal. You can Download the Proposed FSP (PDF 38k) from FASB's website. Regarding convergence with IFRSs, the proposed FSP states: In August 2005, the IASB issued IFRS 7, Financial Instruments: Disclosures. The scope of IFRS 7 includes all financial instruments, not just derivative instruments. The FASB decided to limit the scope of this proposed FSP to credit derivatives because of the near-term need to address the lack of disclosures about the potential exposure and cash flow effects associated with those derivatives. The FASB may consider in the future a longer term project to improve disclosures about all financial instruments and to achieve greater convergence with IFRS 7.

3 June 2008: New data on foreign companies registered with the US SEC

We have updated our Database of Statistics that, we believe, provide clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards. The latest updates reflect 2007 US SEC data on foreign registrants: Number of non-US companies registered with the US Securities and Exchange Commission: 1,058 companies from 52 jurisdictions at 31 December 2007 1,145 companies from 53 jurisdictions at 31 December 2006 1,236 companies from 53 jurisdictions at 31 December 2005 1,240 companies from 55 jurisdictions at 31 December 2004 Detailed 31 December 2007 data: Alphabetical Listing of Companies (PDF 847k) Geographic Listing of Companies (PDF 827k) Listing by US Trading Market (PDF 95k) Geographic Summary by Jurisdiction of Incorporation (27k) Additionally, 684 foreign companies whose securities trade in the US claim exemption from SEC registration because they are registered in, and file comparable information in, their home jurisdiction or another jurisdiction. Here is the latest data available: List at 21 June 2005 (PDF 399k).

2 June 2008: SEC Chairman Cox addresses IOSCO on IFRSs

At the 33rd annual meeting of the International Organization of Securities Commissions (IOSCO) US SEC Chairman Christopher Cox spoke on International Financial Reporting Standards: The Promise of Transparency and Comparability for the Benefit of Investors Around the Globe. In his comments, Chairman Cox discussed the benefits of a single global set of financial reporting standards and identified five critical qualities for success of IFRSs (see box below). Click to Download Chairman Cox's Remarks (PDF 57k). In order for IFRS to fulfill the promise it holds to be a uniter of the world's capital markets and a powerful tool for investors everywhere, there are a handful of principles that are critical to its success. Every one of us here today needs to see to it that these principles are applied: The first key success factor for IFRS is that the standards be crafted in the interest of investors. That has to be their overarching purpose. The second is that the standard setting process be transparent. That is essential not only to maintain investor confidence, but to ensure the integrity and quality of the standards. The third is that the standard setter must be independent. That means independent from special pleaders, from the political process, from favored industries or industry players, and from national or regional biases. Fourth, the standard setter must be accountable. This means ensuring that IFRS actually meet the needs of investors and other stakeholders, and that they are updated in a timely way. And fifth and finally, it is vitally important that all of the stakeholders themselves participate in the standard setting process in order to ensure the continued success of IFRS.

2 June 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. You can find links to them on our South Africa Page. Here is the link to download the May 2008 Issue (PDF 515k). Among the IFRS-related points covered are: Latest Exposure Drafts issued by the IASB Amendments proposed to IFRS 2 and IFRIC 11 – Group and Treasury Share Transactions Revisions to IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements IFRS 7 and its liquidity risk disclosure requirements IFRS Issues: Can a condensed interim financial report be described as 'complying with IFRSs'? Inclusion of bank overdrafts within cash equivalents Wave farewell to the US GAAP reconciliation

2 June 2008: Report from last week's meeting of FASB and ASBJ

Representatives of the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) met last week in Tokyo to discuss global convergence. This was the fifth such FASB-ASBJ meeting. Among other things, representatives of the two boards discussed the recent international credit crisis, and the current status of their work on their projects on consolidation and special purpose entities, revenue recognition, financial statement presentation, and liabilities and equity. Click for News Release (PDF 18k).

2 June 2008: IASCF constitution roundtable set for 19 June 2008

The Trustees of the IASC Foundation will meet with a range of interested parties on 19 June 2008 to discuss their initial proposals to revise the IASC Foundation Constitution. The roundtable will be held from approximately 9:30 am to 3:30 pm at the Renaissance Chancery Court Hotel, London. Click here for the Trustees' Draft Proposals (PDF 153k), which will serve as the basis for the discussions. The two main proposals are whether to: Establish a formal link to key public institutions by creating a 'monitoring group' of representatives of official organisations, including securities regulators, that would approve Trustee appointments and review Trustee oversight activities. Expand the IASB to 16 members from the present 14, and provide for geographical balance. Geographical balance would mean that normally there would be four IASB members from each of North America, Europe, and the Asia/Oceania region, plus four others appointed from any area, subject to maintaining overall geographical balance. Individuals or organisations that want to participate in the 19 June roundtable are asked to email their expressions of interest to Tamara Oyre, IASCF Assistant Corporate Secretary, at toyre@iasb.org by Friday 13 June 2008. Those who cannot participate in the roundtable are invited to send written submissions by 9 June 2008. Here on IAS Plus we have complete Information about the 2008 Constitution Review.

1 June 2008: IAS Plus Newsletter on amendments to IFRS 1 and IAS 27

Deloitte's IFRS Global Office has published a special edition IAS Plus Newsletter on Amendments to IFRS 1 and IAS 27 (PDF 102k). The amendments provide relief for first-time adopters when measuring the cost of investments in subsidiaries, associates, and jointly controlled entities. IAS 27 has been amended to change the rules for recognition of dividend revenue from subsidiaries, associates, and jointly controlled entities, and for measuring the cost of investments arising in certain group reorganisations. Our News Story of 22 May 2008 announced these revisions. You will find all Past IAS Plus Newsletters Here. You can sign up for Free Subscription by Email.