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October

Deloitte Touche Tohmatsu comment letter on first-time application

31 Oct 2002

We have posted the (PDF 63k) of Deloitte Touche Tohmatsu to IASB on IASB Exposure Draft 1, First-Time Application of IFRS.

Overall, we support the opening balance sheet approach of ED1. We believe the approach addresses the practical problems of applying the previous requirements under SIC-8, First-Time Application of IASs as the Primary Basis of Accounting, and the IASB has accomplished its objective of ensuring that an entity's first IFRS financial statements contain high quality information. Nonetheless, our review of ED1 identified a number of issues that arise from applying the different options and exemptions under the opening balance sheet approach that we believe should be addressed by the IASB. You will find all of our past comment letters Here.

IASB and FASB agreement on convergence

30 Oct 2002

The International Accounting Standards Board and the US Financial Accounting Standards Board have jointly issued a memorandum of understanding, marking a significant step toward formalising their commitment to the convergence of US and international accounting standards.

The IASB and the FASB presented the agreement to the chairs of leading national standard setters at a two-day meeting in London on 28-29 October. Click for:

 

EFRAG comment letter posted

30 Oct 2002

We have posted the EFRAG Comment Letter to IASB on proposed amendments to IAS 32 and IAS 39 .

We have posted the EFRAG Comment Letter to IASB on proposed amendments to IAS 32 and IAS 39

New Australian Accounting Alert posted

29 Oct 2002

We have posted the 28 October 2002 edition of Accounting Alert from Deloitte Touche Tohmatsu (Australia).

It deals with the accounting implications of Australia's new business tax system (tax consolidation). Earlier editions are also available for downloading.

New Accounting Roundup newsletter is published

28 Oct 2002

We have posted the 28 October 2002 edition of Accounting Roundup, a newsletter published by Deloitte & Touche (USA).

This issue covers special purpose entities, amendment to SFAS 133 (derivatives and hedging), principles-based approach to US standards, implementation of the Sarbanes-Oxley Act, appointment of PCAOB members, EDGAR filings for foreign issuers, our book on implementing IAS 32 and IAS 39, and the IASB's exposure draft on first-time application of IFRS.

Project pages updated to reflect October Board decisions

27 Oct 2002

We have updated the following project pages in the Agenda section of this website to reflect IASB discussion and decisions at the Board's October meeting: Business Combinations Phase II Consolidation, Including SPEs Convergence Topics Insurance Contracts Phase I Liabilities and Revenue Recognition Performance Reporting .

We have updated the following project pages in the Agenda section of this website to reflect IASB discussion and decisions at the Board's October meeting:

IFAC task force to address confidence in financial reporting

27 Oct 2002

The International Federation of Accountants has appointed a Task Force to address Rebuilding Public Confidence in Financial Reporting.

Task force will identify and analyse the causes of the loss of credibility, and consider alternative courses of action to restore credibility. These may include recommendations on principles of best practice in the areas of financial and business reporting, corporate governance, and auditor performance. The task force will be chaired by John Crow, former Governor of the Bank of Canada, and includes representatives from company management, boards of directors, the investment community, and the accountancy profession. They expect to issue their report in mid-2003. Click for IFAC Press Release (PDF 21k).

Notes from the third (final) day of the October IASB meeting

26 Oct 2002

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page. .

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

SEC appoints members of new US oversight board

26 Oct 2002

In a vote divided largely along party lines, the US Securities and Exchange Commission approved the following members of the new Public Company Accounting Oversight Board: Judge William H.

Webster, PCAOB chairman, former US court judge and director of the FBI; Kayla J. Gillan, pension fund attorney; Daniel L. Goelzer, former SEC general counsel; Willis D. Gradison Jr., former Congressman; and Charles D. Niemeier, SEC Enforcement Division Chief Accountant. Want more information? Click for:

Notes from the second day of the October IASB meeting

25 Oct 2002

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page. .

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

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