May

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Comparison of NZ-IFRSs and current NZ GAAP

27 May 2005

Deloitte (New Zealand) has published (PDF 340k).

This guide compares New Zealand 'equivalents' to IFRSs, as adopted by the NZ Financial Reporting Standards Board (FRSB), and New Zealand's current financial reporting standards. In New Zealand, reporting entities are required to adopt NZ-IFRSs at the latest for periods beginning on or after 1 January 2007, and they may elect to do so for periods beginning on or after 1 January 2005. Early adoption before 1 January 2005 is not permitted. When an entity adopts NZ-IFRSs it must do so in their entirety, not piecemeal. There are a number of differences between NZ-IFRSs and IFRSs:
  • wording has been amended to accommodate the New Zealand legislative environment, for example, references to the Financial Reporting Act 1993
  • additional/amended requirements for public benefit entities
  • in some cases the FRSB has permitted only one of a number of options available in the corresponding IFRS
  • additional disclosures.
You will find our other GAAP comparisons Here.
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Namibia adopts IFRSs

27 May 2005

All domestic listed companies in Namibia are required to comply with IFRSs effective 1 January 2005 under the requirements of the Namibian Stock Exchange Act.

Unlisted Namibian companies have the option to use IFRSs or Namibian GAAP. Namibia is working to harmonise national GAAP with IFRSs by 31 December 2007. Here is our complete list of Countries that Use IFRSs.
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Le nouveau monde de l'information financière: IFRS

26 May 2005

The professional accounting body in France – la Compagnie Nationale des Commissaires aux Comptes (CNCC) – has launched www.focusifrs.com, a website for news about IFRSs.

While most of the content is in French, there are some materials, including press articles and IASB and IFRIC Updates, in English. Focus IFRS includes news from the IASB, the European Commission, EFRAG, CNC (the French accounting standard setter), CESR, and others.
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Comparison of IFRSs and Chinese GAAP

26 May 2005

Deloitte (China) has published a comparison of accounting standards in the People's Republic of China and International Financial Reporting Standards as of March 2005. The comparison is available in both English and Chinese.

China has different levels of accounting standards that apply to different classes of entities. The comparison relates to the standards applicable to the largest companies (including all non-financial listed and foreign-invested enterprises) and identifies major accounting recognition and measurement differences. Click to download: We are pleased to grant permission to accounting educators and students to make copies for educational use.
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Agenda project summaries have been updated

25 May 2005

We have updated the following agenda project summaries to reflect discussions and decisions at the IASB's May 2005 meeting: Accounting Standards for Small and Medium-Sized Entities Changes in Contributions to Employee Share Purchase Plans (ESPPs) Conceptual Framework Convergence: IAS 37 Financial Instruments: Disclosures IAS 39 Revisions - Fair Value Option Insurance Contracts Phase II Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment Measurement Performance Reporting .

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EFRAG comment letter on IFRIC D12-13-14

25 May 2005

The European Financial Reporting Advisory Group (EFRAG) has posted its Letter of Comment on IFRIC D12, D13, and D14 (PDF 89k) on accounting for service concession arrangements.

EFRAG's overall conclusion: "We have a number of concerns with the draft interpretations. As a result, we would like to avoid an outcome where final interpretations would be issued along the lines of the draft interpretations."
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SEC Chairman Donaldson speaks about convergence

25 May 2005

In (PDF 51k), US SEC Chairman William H.

Donaldson introduced his comments on the benefits of global financial reporting standards with a quote from the late Walter Wriston: "Capital will always go where it is welcomed, and stay where it is well treated." Chairman Donaldson said:

We are witnessing real progress towards international convergence of accounting and disclosure standards. True convergence will ultimately make it easier for investors to compare competing securities investment opportunities – with little concern about geographical boundaries – and decide which offers the best potential return. Investors will drive the push towards convergence around a transparent system of accounting because the market will penalize investments whose features are not well understood. And if a biotech company in Bangalore offers a better product than a biotech company in Boston, and is transparent in telling its story, common accounting and disclosure standards should make it easier for investors to understand where their capital is likely to be better treated.

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Proposed wording of IFRS audit reports in the UK

25 May 2005

The United Kingdom Auditing Practices Board (APB) has issued for comment a draft bulletin titled Auditor's Reports on Financial Statements.

For all UK companies whose securities are publicly traded in the EU, the APB proposes that the auditor's report refer to conformity with IFRSs adopted for use in the European Union as the primary reporting framework:

In our opinion the group financial statements give a true and fair view, in accordance with those IFRSs adopted for use in the European Union....

The draft bulletin notes that many companies will be in a position of complying with both IFRSs as issued by the IASB and those IFRSs adopted for use in the European Union. If that is the case, and if the entity wants the auditor also to express an opinion about conformity with IFRSs, the draft bulletin proposes that the auditor separately state a second opinion with regards to full IFRSs, as follows:

As explained in Note X, the group in addition to complying with its legal obligation to comply with those IFRSs adopted for use in the European Union, has also complied with the IFRSs as issued by the International Accounting Standards Board. In our opinion the group financial statements give a true and fair view, in accordance with IFRSs....

The draft bulletin may be downloaded from the APB's Website. Comments are requested by 1 August 2005.
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Report from the 20 May 2005 ARC meeting

25 May 2005

At its meeting on 20 May 2005, the Accounting Regulatory Committee, which advises the European Commission on endorsement of individual IFRSs and IFRIC Interpretations for use in Europe, agreed unanimously to recommend endorsement of IFRS 6, IFRIC Interpretations 4 and 5, IFRIC's recent amendment to SIC 12, and the IASB's recent amendment to IAS 19, and related consequential amendments.

ARC members also expressed strong support for the Commission's intention to endorse the IASB's proposed amendments to the Fair Value Option in IAS 39, pending publication of the amendments by the IASB. The Commission intends to seek the ARC's approval of these amendments at the ARC's next meeting on 8 July 2005. With respect to IFRIC 3 Emission Rights, in light of EFRAG's recommendation that the Commission not endorse IFRIC 3 for use in Europe, the Commission has asked the IASB to defer the effective date of IFRIC 3. If the effective date is not deferred, the ARC will be asked to decide on IFRIC 3 at its 8 July 2005 meeting. Click here to download the (PDF 36k). Background papers for the 20 May 2005 ARC meeting may be found at The ARC Website.
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Deloitte Chairman will speak at IFRS conference in Dubai

25 May 2005

Piet Hoogendoorn, chairman of the Deloitte Touche Tohmatsu (DTT) Board of Directors, will speak at the World Accounting Summit being held in Dubai, United Arab Emirates, on 29 May to 1 June 2005. The conference is under the patronage of the United Nations Conference on Trade and Development (UNCTAD).

The event will bring together senior representatives from the global standards setters and major accounting associations as well as principal advisers to multinational companies and key users and preparers of financial statements. A major step in the worldwide convergence of accounting standards, IFRSs present new opportunities for those in professional services – as well as difficulties, particularly with respect to consistent application. As DTT Chairman, Piet will discuss the challenges now being encountered with the adoption of IFRSs and how Deloitte member firms work to address client needs and concerns. Several other partners from Deloitte member firms will also be participating in this conference, including Abbas Ali Mirza, Deloitte Dubai; Stig Enevoldsen, Deloitte Denmark and current chair of EFRAG, Europe; and Asad Ali Shah, Deloitte Pakistan.

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.