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2001

Insurers, DTT conduct a forum on insurance accounting

18 Oct 2001

A group of insurers (Allianz, AXA, CGNU, Munich Re, Swiss Re, and Zurich Financial Services) with the assistance of Deloitte Touche Tohmatsu, sponsored a forum in Paris on 9 and 10 October to discuss The Insurance Industry and IAS: Challenges and Opportunities.

The forum brought together CEOs and CFOs of major insurance companies, investors, analysts, standard-setters including representatives from the IASB, regulators, actuaries, and auditors to debate the issues surrounding financial reporting by insurance groups, particularly on the accounting for insurance contracts and performance reporting. Click for IASB Project Information. You can download these key conference documents:

DTT comments on JWG financial instruments proposal

16 Oct 2001

We have posted the Deloitte Touche Tohmatsu response to the Joint Working Group Proposal on Financial Instruments.

Our basic position:

  • We support the increased use of fair values for financial instruments in financial statements as part of the evolutionary process that may ultimately result in a full fair value accounting model for financial instruments. However, we will not support the recognition in the income statement of changes in the fair values of financial instruments that are not being held for trading until issues relating to performance reporting and fair value measurement are resolved.
  • We believe that a movement to fair value accounting should be an evolutionary process that is accomplished in stages. IAS 32 started the movement by requiring disclosures of fair values of financial instruments. IAS 39 continued that movement by requiring that all derivatives and most financial instruments be reported at fair value. We believe the next step in the evolution could be a partial increase in the use of fair value accounting.
  • We recommend that the next step in the process of moving to fair value accounting for financial instruments be accomplished by amending IAS 39 to eliminate the use of amortised cost for originated loans, held-to-maturity financial assets and financial liabilities. Enterprises would have a choice of recognising changes in fair value in equity or in the income statement, except that there should be no choice for financial instruments held for trading. Enterprises would continue to be permitted to use hedge accounting.

Click for:

IOSCO creates a 'terrorism' project team

16 Oct 2001

IOSCO has created a special Project Team, chaired by Michel Prada of the French COB, to explore actions that securities regulators should take in view of the events of 11 September and their aftermath.

Click for IOSCO News Release (PDF 88k).

IASB begins six days of meetings on Monday

12 Oct 2001

The schedule for the Washington meetings: Monday 15 October 2001: Trustees meeting Tuesday and Wednesday 16-17 October 2001: IASB meets with Advisory Council Thursday-Saturday 18-20 October 2001: IASB Board meeting Click for Agenda Information. .

The schedule for the Washington meetings:

  • Monday 15 October 2001: Trustees meeting
  • Tuesday and Wednesday 16-17 October 2001: IASB meets with Advisory Council
  • Thursday-Saturday 18-20 October 2001: IASB Board meeting
Click for Agenda Information.

IAS In Your Pocket guide is updated

11 Oct 2001

We have updated the PDF file of our IAS In Your Pocket guide to reflect IASB's initial technical agenda and partnership projects.

The 64-page guide has summaries of the IASs and SICs as well as background information about IASB. You can download a copy from This Page.

Updated model financial statements, disclosure checklist

10 Oct 2001

We have posted updated versions of Deloitte Touche Tohmatsu's Model IAS Financial Statements and Presentation/Disclosure Checklist reflecting Standards and Interpretations that are in effect for financial reporting in 2001. Click: More information Download the (PDF 205k) Download the (PDF 219k) .

We have posted updated versions of Deloitte Touche Tohmatsu's Model IAS Financial Statements and Presentation/Disclosure Checklist reflecting Standards and Interpretations that are in effect for financial reporting in 2001. Click:

Deloitte Touche Tohmatsu comments on extractive industries

09 Oct 2001

We have posted the (PDF 136k).

Click here for Project Information. Our basic position:
  • We strongly support the development of an international accounting standard for mining and oil and gas companies.
  • At the current time, an historical cost concept is more appropriate for accounting for the extractive industries than a model of accounting based on an estimate of the fair values of mineral properties and reserves.
  • Within the context of an historical cost model, there is an urgent need to achieve consistency in recognition, measurement, and subsequent depreciation of extractive industry related assets, particularly pre-production expenditure. We favour the following treatment of pre-production costs:
    • Preacquisition prospecting and exploration: Charge to expense
    • Property acquisition (direct and incidental): Capitalise
    • Post-acquisition exploration: Capitalise
    • Evaluation or appraisal costs: Capitalise
    • Development cost: Capitalise
    • Construction cost: Capitalise
    • All capitalised costs are subject to depreciation and an impairment test based on disposal value of the acquired rights

Eleven Asia-Pacific country updates posted

08 Oct 2001

We have updated the country information pages for Australia, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Pakistan, Singapore, Taiwan, and Thailand. .

We have updated the country information pages for

October 2001 IASPlus newsletter is published

08 Oct 2001

The October 2001 edition of our IASPlus newsletter has 32 pages of news about IASB and International Accounting Standards, including country developments in Asia-Pacific.

Europe-Africa and Americas October editions will be out shortly. Click:

EU to consider requiring International Standards on Auditing

07 Oct 2001

The Committee on Auditing of the European Commission will meet in November to consider a proposal to require that audits of listed companies comply with International Standards on Auditing (IASs).

Correction list for hyphenation

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