Three Deloitte comment letters to IASB/IFRIC

  • Deloitte Comment Letter Image

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."

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