26 Nov 2005
The Canadian Auditing and Assurance Standards Board (AASB) has issued an invitation to comment on its proposed new standard-setting approach for the period 1 April 2006 to 31 March 2009. The proposed new approach envisions the convergence of Canadian Auditing and Assurance standards with the International Standards on Auditing (ISAs) and pronouncements of the International Auditing and Assurance Standards Board (IAASB) in the medium term.
25 Nov 2005
Deloitte, in conjunction with the Association of Investment Trust Companies (AITC), has developed model consolidated annual IFRS financial statements for 2005 for investment trust company (ITC) groups.
By publication in the Official Journal of the European Union on 24 November 2005, (PDF 123k) of 8 November 2005 has been brought into law.
24 Nov 2005
In remarks at a conference sponsored by the Danish Ministry of Economic and Business Affairs in Copenhagen, US SEC Commissioner Cynthia A.
No speech to an international audience would be complete without a reference to the goal of international convergence of accounting standards. Since October 2002, the Financial Accounting Standards Board, the standard setter for U.S. GAAP, and the International Accounting Standards Board, the standard setter for IFRS, have been engaged in a project to converge U.S. GAAP and IFRS. I support the goals of this project, and was pleased to see a first draft of a joint standard on business combinations published in June.4 Although there will undoubtedly be transition issues, having one standard will be more efficient for issuers and more useful for investors.
Reconciliation is the other critical issue on the international front. As you well know, the Commission requires companies that use IFRS to reconcile their financial statements to U.S. GAAP in their filings with us. Don Nicolaisen, the Commission's former Chief Accountant, proposed a 'roadmap' to achieving the acceptance of IFRS in the U.S. without reconciliation. Under the roadmap, consistent interpretation, application and enforcement of IFRS around the world is a prerequisite to the Commission's consideration of eliminating the reconciliation requirement. Our staff has already begun a survey, but because IFRS is being implemented in many countries for the first time this year, the analysis is in its infancy. The staff will continue, however, to pursue the roadmap towards the elimination of the reconciliation requirement as quickly as possible.
The International Financial Reporting Interpretations Committee has issued Interpretation 7 'Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies'.
IFRIC 7 contains guidance on how an entity would restate its financial statements pursuant to IAS 29 in the first year it identifies the existence of hyperinflation in the economy of its functional currency. The Interpretation is effective for annual periods beginning on or after 1 March 2006. Earlier application is encouraged. Click for:
The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday 1 December 2005 (one day only).
Thursday 1 December 2005
At its meeting last week, the IFAC Council approved, effective immediately, changes to IFAC's Constitution that included changing the name of the Education Committee to the International Accounting Education Standards Board (IAESB).
The Trustees of the International Accounting Standards Committee (IASC) Foundation, under which the IASB operates, have formed a Trustee Appointments Advisory Group to help them in nominating and appointing qualified and interested individuals as Trustees.
23 Nov 2005
We have added to our Australia Page a downloadable model special purpose financial report.
We have posted the (PDF 130k).
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