IFRSs are permitted for listed companies in Morocco

26 Jul 2005

Under a revision to the Stock Exchange Law (Law 52-01), which took effect in May 2004, all companies listed on the Casablanca Stock Exchange with the exception of banks and other financial institutions have a choice of preparing their financial statements using International Financial Reporting Standards or Moroccan GAAP.

Banks and other financial institutions must use Moroccan GAAP.

We have updated our Table Summarising the Use of IFRSs for Reporting by Domestic Listed Companies to reflect the status of IFRSs in Morocco.

Three Deloitte comment letters to IASB/IFRIC

26 Jul 2005

We have posted the Deloitte letters of comment to the IASB and IFRIC on the following draft documents: (PDF 30k)"We are generally supportive of the Draft Memorandum and commend the International Accounting Standards Board for taking the initiative to forge closer links with the various accounting standard-setters around the world, documenting that process, and placing it on the public record." (PDF 47k)"We support the approach outlined in the Draft Handbook and think that it will be a useful document in explaining the approach to standard-setting adopted by the IASB.

However, we are puzzled about what the IASC Foundation Trustees expect to receive from this exposure.... The Draft Handbook should distinguish clearly the components of its due process (i.e., the principles identified in the IASC Foundation Constitution and the steps adopted voluntarily by the IASB and the IASC Foundation Trustees) from operational practices. We think this distinction is vital because much of the document is explanatory, describing the Board's day-to-day operations and how it puts its due process requirements into effect. We think that the Board should have greater freedom to change operational aspects of its due process without extensive consultation – for example to improve efficiency in light of experience."
  • (PDF 72k)

    "We are supportive of the IFRIC seeking external comment on its review of operations, and generally believe that the proposals in the Consultative Document are a significant step in the right direction. However, we do have some concerns about the rigour of the IFRIC's review of its operations, and whether or not the commonly expressed concerns of constituents have genuinely been addressed."

  • Half-yearly presentation and disclosure checklist

    25 Jul 2005

    We have posted a (PDF 86k) developed by Deloitte (Australia).

    This checklist summarises the presentation and disclosure requirements (but not recognition and measurement requirements) set out in Australian Accounting Standards as issued by the AASB and UIG. Because Australian standards are essentially equivalent to IFRSs, they include all disclosures required in IFRSs, though some additional disclosures have been added. The items in the checklist are referenced to the applicable sections of the actual pronouncements as published by the AASB. Users of the checklist should have a thorough understanding of the pronouncements and should refer to the text of the pronouncements, as necessary, in considering particular items in the checklist. Our Australia Page has links to download annual and half-year model Australian financial reports for 2005.

    Australian Accounting Alert on hedge accounting

    25 Jul 2005

    Deloitte (Australia) has published (PDF 101k) on Hedge Accounting Using Non-zero Fair Value Derivatives.

    The Alert discusses scenarios in which an entity designates an existing derivative into a new hedging relationship. The non-zero fair value of the existing derivative may give rise to unexpected ineffectiveness in the hedging relationship, which may result in the derivative being disqualified from hedge accounting. Links to all past Alerts are Here.

    Agenda project pages updated

    25 Jul 2005

    We have updated the following IASB agenda project pages to reflect the discussions and decisions at the Board's meeting on 19 to 21 July 2005: Accounting Standards for Small and Medium-sized Entities Conceptual Framework Control, including Special Purpose Entities (Consolidation) Extractive Industries Financial Instruments Insurance Contracts Phase II Short-term Convergence – Income Taxes .

    IASB insurance working group to meet

    24 Jul 2005

    The IASB's Insurance Working Group will meet in London on 26-27 July 2005. The agenda for the meeting is available on IASB's Website (PDF 17k).

    A group of insurance companies, known as the Group of North American Insurance Enterprises (GNAIE), has submitted to the IASB a draft of proposed principles of accounting for insurance contracts. Click for the GNAIE:

    Special edition of IAS Plus on fair value option

    23 Jul 2005

    Deloitte's Global IFRS Leadership Team has prepared a special edition of our IAS Plus newsletter detailing the (PDF 64k) issued by the IASB on 16 June 2005. The newsletter outlines the categories of financial instruments that may be classified as at fair value through profit or loss, and explains the transitional requirements (both for existing IFRS users and first-time adopters) and the additional disclosure requirements imposed by the amendments to IAS 39. You will find past issues of all IAS Plus Newsletters Here. .

    Notes from IASB meeting 21 July 2005

    22 Jul 2005

    We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page. .

    We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page.

    14 European 'roadshows' completed, 4 upcoming

    21 Jul 2005

    The IASB has organised a series of 'roadshows' jointly with national standard setters in a number of European countries.

    The focus of the discussion is the Board's current and future projects. In June and July 2005, roadshows were held in the Netherlands, Germany, Denmark, Finland, Italy, Greece, Belgium, Lithuania, Austria, Norway, Portugal, Switzerland, United Kingdom, and Spain. Roadshows upcoming in September are:
    • Stockholm, Sweden – 13 September 2005
    • Dublin, Ireland – 16 September 2005
    • Paris, France – 14 September 2005
    • Warsaw, Poland – 29 October 2005

    Notes from IASB meeting 20 July 2005

    21 Jul 2005

    We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page. .

    We have combined all of the notes taken by Deloitte observers at the IASB's July 2005 Board meeting onto a Separate Page.

    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.