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2001

DTT comments on SIC Draft Interpretations D33 and D34

11 Nov 2001

We are in general agreement with both proposals but have specific concerns on each.

Key provisions of Preface exposure draft

09 Nov 2001

We have posted a summary of the key provisions of the Proposed Preface to IFRS.

 

Key provisions of the proposed Preface

We have maintained these proposals here for historical interest. Please note that these proposals differ in a few respects from the IASB's conclusions in its final Preface to IFRS.

  • IASB Standards will be known as International Financial Reporting Standards (IFRS).
  • IFRS will include IAS issued by IASC from 1973-2000.
  • IFRS will apply to the general purpose financial statements and other financial reporting of all profit-oriented entities regardless of their legal form (corporate, mutual, cooperative, etc.).
  • Other financial reporting includes information provided outside financial statements that assists in the interpretation of a complete set of financial statements or improves users' ability to make efficient economic decisions.
  • IFRS will apply to individual company and consolidated financial statements.
  • A complete set of financial statements includes a balance sheet, an income statement, a statement showing either all changes in equity or changes in equity other than those arising from investments by and distributions to owners, a cash flow statement, and accounting policies and explanatory notes.
  • If an IFRS allows both a 'benchmark' and an 'allowed alternative' treatment, financial statements may be described as conforming to IFRS whichever treatment is followed.
  • IAS issued by IASC distinguished between main principles (printed in bold typeface) and explanation of the main principles (set in plain typeface). IFRS issued by IASB will not make such a distinction.
  • The provision of IAS 1 paragraph 11 that conformity with IAS requires compliance with every applicable IAS and Interpretation requires compliance with all IFRS as well.
  • Due process steps for a Standard will normally include (* means required by IASB Constitution):
    • Staff work to identify and study the issues and existing national standards and practices
    • IASB consults with SAC*
    • IASB forms an advisory group
    • IASB publishes a discussion document for comment
    • IASB considers comments received on the discussion document
    • IASB publishes an exposure draft with at least 8 affirmative votes* (ED will include dissenting opinions and basis for conclusions)
    • IASB considers comments received on the exposure draft
    • IASB considers the desirability of holding a public hearing and of conducting field tests
    • IASB approves the final Standard with at least 8 affirmative votes* (the Standard will include dissenting opinions and basis for conclusions)
  • Interpretations of IFRS will be developed by the International Financial Reporting Interpretations Committee (IFRIC) for approval by IASB
  • Due process steps for an Interpretation will normally include (* means required by IASB Constitution):
    • Staff work to identify and study the issues and existing national standards and practices
    • IFRIC studies national standards and practices
    • IFRIC publishes a draft Interpretation for comment if no more than 3 IFRIC members have voted against the proposal*
    • IFRIC considers comments received on the draft Interpretation within a reasonable period of time
    • IFRIC approves the final Interpretation if no more than 3 IFRIC members have voted against the proposal* and submits it to IASB
    • IASB approves the final Interpretation by at least 8 affirmative votes of IASB*
  • IASB and IFRIC meetings will be open to public observation
  • Each IFRS and Interpretation will set out its own effective date and transition provisions
  • English is the official language of IASB discussion documents, exposure drafts, IFRS, and Interpretations. IASB may approve translations if the process assures the quality of the translation, and IASB may license other translations.

IASB invites comments on revised Preface

08 Nov 2001

IASB is seeking comments on an exposure draft of the Preface to International Financial Reporting Standards.

The Preface to IFRS will replace the existing Preface to IAS, which was last revised in 1982 and reflects the structure and procedures of the former IASC. IASB has posted the exposure draft on its website. Click for: Comment deadline is 15 February 2002. IASB is specifically seeking views on:
  • the proposed scope of IFRSs, which is limited to profit-oriented entities
  • its proposal to discontinue the the 'black letter' distinction for matters of principle
  • whether the due process described in the Preface is appropriate
  • whether there are additional matters that should be addressed in the Preface.
This is IASB's first exposure draft. The Board had approved the ED at its July meeting.

 

Basel, IOSCO, and IAIS issue two key reports

08 Nov 2001

The Basel Committee on Banking Supervision, IOSCO, and the International Association of Insurance Supervisors have published two joint reports.

One covers cross-sectoral comparisons of risk management practices and regulatory capital and the other identifies the core principles developed by the three parent committees for their respective sectors. The reports are available from the websites of IOSCO, BIS, and IAIS.

SIC will consider seven final Interpretations next week

07 Nov 2001

At its meeting 11-12 November at the IASB offices in London, the Standing Interpretations Committee will consider the following as possible final Interpretations: SIC-28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments Quoted in an Active Market SIC-29, Disclosure - Service Concession Arrangements SIC-30, Reporting Currency - Translation from Measurement Currency to Presentation Currency SIC-31, Revenue - Barter Transactions Involving Advertising Services SIC-32, Intangible Assets - Website Costs SIC-33, Consolidation and Equity Method-Potential Voting Rights SIC-34, Financial Instruments-Instruments or Rights Redeemable by the Holder .

At its meeting 11-12 November at the IASB offices in London, the Standing Interpretations Committee will consider the following as possible final Interpretations:

  • SIC-28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments Quoted in an Active Market
  • SIC-29, Disclosure - Service Concession Arrangements
  • SIC-30, Reporting Currency - Translation from Measurement Currency to Presentation Currency
  • SIC-31, Revenue - Barter Transactions Involving Advertising Services
  • SIC-32, Intangible Assets - Website Costs
  • SIC-33, Consolidation and Equity Method-Potential Voting Rights
  • SIC-34, Financial Instruments-Instruments or Rights Redeemable by the Holder

Agenda for 27-30 November IASB meeting announced

02 Nov 2001

IASB's November meeting is extended to four days, 27-30 November, in London.

FASB adds performance reporting to its agenda

01 Nov 2001

The US Financial Accounting Standards Board has added to its agenda a project on Reporting Information about the Financial Performance of Business Enterprises.

Performance Reporting is one of IASB's nine initial agenda projects. FASB is also studying another possible agenda project, Disclosure of Information about Intangible Assets Not Recognized in Financial Statements. Intangible Assets is one of IASB's 16 second-priority agenda topics. FASB has previously agreed to take the lead in a 'partnerhsip' project with IASB on two major components of the second phase of IASB's Business Combinations project – purchase acquisition accounting procedures and new-basis accounting.

DTT comments on SIC Draft Interpretations 28-32

01 Nov 2001

We have posted the Deloitte Touche Tohmatsu (PDF 36k).

Singapore GAAP moves closer to IAS

31 Oct 2001

During the past two years the Institute of Certified Public Accountants of Singapore (ICPAS) has issued over a dozen new and revised accounting standards in their effort to harmonise the Singapore Statements of Accounting Standards (SAS) with IAS.

While SAS is largely equivalent to IAS, some major differences remain. Deloitte Touche Tohmatsu has published a Comprehensive Review of Recent Changes to Singapore Standards (PDF 270k). The book includes a table of remaining differences with IAS. Click here to go to our Singapore Page.

Securities regulation in the global internet economy

30 Oct 2001

The SEC Historical Society in cooperation with the SEC is sponsoring a major issues conference on securities regulation in the global internet economy.

The conference will be held in Washington on 14-15 November. Among the featured speakers are SEC Chairman Harvey Pitt, IASB Chairman Sir David Tweedie, FASB Chairman Edmund Jenkins, French COB Chairman Michel Prada, London Stock Exchange Chairman Donald Cruikshank, NY Stock Exchange Chairman Richard Grasso, and US Senate Banking Committee Chairman Paul Sarbanes. Click for:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.