Deloitte letter of comment on IFRIC D10

09 Feb 2005

We have posted the Deloitte Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (PDF 22k).

Our view is quite straightforward: "We agree with the consensus reached by IFRIC." Our letter does make some suggestions for clarifications and for editorial changes. You will find all of Deloitte's past letters of comment to IASC (back to 1995) and IASB Here.

IOSCO Technical Committee statement on IFRSs

09 Feb 2005

The Technical Committee of the International Organization of Securities Commissions has issued a Statement on the Development and Use of International Financial Reporting Standards in 2005 (PDF 95k).

The statement expresses the Committee's strong endorsement of IFRSs for cross-border securities offerings globally and encourages those countries that permit IFRSs but require a reconciliation to national GAAP to reconsider, on an ongoing basis, whether there is a continuing need for the reconciliation. IOSCO represents over 100 of the world's securities regulators. An excerpt from the Committee's statement:

As numerous countries around the world now engage in the adoption of IFRS in 2005 and beyond, the Technical Committee reaffirms its support for the development and use of IFRS as a set of high quality international standards in cross-border offerings and listings. The Technical Committee recommends that its members allow multinational issuers to use IFRS in cross-border offerings and listings, as supplemented by reconciliation, disclosure and interpretation where necessary to address outstanding substantive issues at a national or regional level. The Technical Committee further encourages members to continually evaluate such supplemental treatments as the implementation of IFRS continues and as the global financial reporting infrastructure is enhanced to encourage the consistent application and enforcement of IFRS. By this approach it is hoped that issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.

New Zealand Accounting Alert

08 Feb 2005

We have posted (PDF 190k), which discusses five accounting proposals from the New Zealand Financial Reporting Standards Board (FRSB): Exposure draft proposing an interim framework for differential reporting under the NZ IFRS reporting regime. Exposure draft proposing an amendment to NZ IAS 36 to cater for non-cash generating assets held by public benefit entities Exposure draft of IFRIC 3 on accounting for 'cap and trade' schemes for emission rights IFRIC Draft Interpretation D10 on accounting for the liability that arises in relation to new legislation in Europe for waste electrical equipment IFRIC Draft Interpretation D11 on applying IFRS 2 to certain changes in employee share purchase plans. .

EC formally endorses IFRS 2 for use in Europe

08 Feb 2005

The European Commission has adopted a Regulation endorsing IFRS 2 Share-based Payment for use in Europe.

The Regulation takes effect retroactively to 1 January 2005. IFRS 2 requires companies to reflect the cost of all share-based payments, including employee stock options, as an expense. The text was supported almost unanimously by the Member States at the Accounting Regulatory Committee meeting on 20 December and by the European Parliament. A similar rule will go into effect in the United States beginning 15 June. EU Internal Market and Services Commissioner Charlie McCreevy said:

Endorsement of IFRS 2 is very much in the interest of European capital markets and European investors. Granting stock options can be a very effective way for companies to motivate managers and staff, but like any other form of remuneration, it has to be considered as an expense. IFRS 2 will improve the quality of financial reporting by giving financial markets a clearer and more complete picture of a company's transactions.

Click for (PDF 76k).

Agenda for 15-17 February 2005 IASB meeting

08 Feb 2005

The IASB will hold its monthly Board meeting at its offices in London on Tuesday to Thursday, 15-17 February 2005. The Board will not meet on Friday 18 February.

The agenda for the meeting, which is open to public observation, is shown below. See our news story of 3 February 2005 below for the SAC agenda 10-11 February.

IASB Meeting Agenda15-17 February 2005, London

Tuesday 15 February 2005

Wednesday 16 February 2005

Thursday 17 February 2005

New IFRS textbook

07 Feb 2005

Paul Pacter, a director in Deloitte's IFRS Global Office and webmaster of IASPlus, is co-author of a new university textbook Applying International Accounting Standards, published by John Wiley and Sons.

The focus of this 1,112-page text is on the analysis, illustration, and application of International Financial Reporting Standards. The textbook has been written for intermediate and advanced financial reporting courses, at both undergraduate and postgraduate level, and aligns with the knowledge expectations of the accounting profession. Paul's co-authors are Keith Alfredson, former chairman of the Australian Accounting Standards Board (AASB); Ruth Picker, AASB deputy chairman and a technical partner of Ernst & Young; and Ken Leo and Jeannie Radford, both of Curtin University of Technology in Australia. You will find more information on the Book's Home Page. For international orders, email custservice@johnwiley.com.au (cite ISBN: 0470804947). [Note: A revised (enhanced) edition of this textbook was published in December 2006. Click for Information.]

IFAC 2005 handbook is published

07 Feb 2005

The International Federation of Accountants has released its 2005 Handbook of International Auditing, Assurance, and Ethics Pronouncements.

The handbook includes all pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) and the Ethics Committee through 31 December 2004. A print version may be purchased, and electronic versions may be downloaded, through the IFAC Website.

IOSCO initiative on cross-border cooperation

07 Feb 2005

The International Organization of Securities Commissions (IOSCO) has launched an initiative to raise the standards of cross-border cooperation among securities regulators.

IOSCO's Press Release (PDF 233k) states that the initiative will involve a four-part process:
  • 1. Identifying jurisdictions that appear to be unable or unwilling to cooperate, and prioritising follow-up work with the jurisdictions presenting the greatest risks to IOSCO's objectives of investor protection, maintenance of fair and efficient markets, and financial stability.
  • 2. Entering into a dialogue (initially confidential) with priority jurisdictions to develop a mutual understanding of their ability and willingness to engage in cooperation and to assist them in resolving problems.
  • 3. Assessing progress in meeting IOSCO standards for cooperation.
  • 4. Considering further actions that will achieve conformity with IOSCO standards.

IFRIC project pages updated

06 Feb 2005

We have updated the following project pages for IFRIC projects to reflect decisions at the IFRIC meeting on 3-4 February 2005. IAS 11 Construction Contracts - Combining and Segmenting Contracts IAS 38: Possible Amendments (new project description) IAS 39 Reassessment of Embedded Derivatives IFRS 2 Treasury Share Transactions and Group Transactions IFRS 2: Scope Service Concession Arrangements IFRIC D5 Applying IAS 29 Financial Reporting and Hyperinflationary Economies for the First Time .

Next e-learning releases

05 Feb 2005

Deloitte's IFRS e-Learning programme has proved extremely popular, with well over 150,000 modules downloaded to date through IASPlus.

Three more modules are scheduled for release in the next several months, as follows:
  • IFRS 5 – February 2005
  • IAS 32/39 Parts 2 and 3 – Late March 2005.

Correction list for hyphenation

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