ED 26 proposes updates to 11 IPSASs to converge with the equivalent IFRSs issued by the IASB in December 2003 as part of the IASB's 'improvements project'. ED 26 is part of the IPSASB's program to converge IPSASs, which set out the requirements for financial reporting by governments and other public sector entities, and IFRSs, where the requirements of IFRSs are appropriate for the public sector. The following 11 standards are included in ED 26:

• IPSAS 1 Presentation of Financial Statements
• IPSAS 3 Net Surplus or Deficit for the Period, Fundamental Errors and Changes in Accounting Policies
• IPSAS 4 The Effect of Changes in Foreign Exchange Rates
• IPSAS 6 Consolidated Financial Statements and Accounting for Controlled Entities
• IPSAS 7 Accounting for Investments in Associates
• IPSAS 8 Financial Reporting of Interests in Joint Ventures
• IPSAS 12 Inventories
• IPSAS 13 Leases
• IPSAS 14 Events After the Reporting Date
• IPSAS 16 Investment Property
• IPSAS 17 Property, Plant and Equipment

Click here to Download ED 26 as a single document (PDF 3,552k). Alternatively, Click Here to go to the IPSASB web page where each of the 11 standards in ED 26 can be downloaded separately. Comments are requested by 31 January 2006.

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. Past GOs Newsletters are Here. Among the issues covered in the new edition are:

• Several new FASB Staff Positions
• A proposed interpretation of FAS 109 on uncertain tax positions
• Amendment of SEC delisting and deregistering rules
• Use of Forms S-8, 8-K, and 20-F by shell companies
• Securities offering reform
• Delayed SOX 404 compliance for non-accelerated filers
• A new PCAOB auditing standard on elimination of a material weakness
• New PCAOB ethics and independence rules
• Deloitte publications and webcasts of interest to foreign registrants

The IASB proposals would not only amend IFRS 3 Business Combinations but also amend IAS 27 Consolidated and Separate Financial Statements, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and IAS 19 Employee Benefits. The principal proposals are examined in detail in this newsletter. Several involve quite radical changes. Taken together, the exposure drafts would change the way entities account for business combinations and minority interests. They would also result in recognition of certain contingent assets and liabilities that are currently only required to be disclosed. If accepted, most of the proposed changes would come into effect from 1 January 2007. The IASB has requested comments on all the exposure drafts on or before 28 October 2005. You will find past issues of all IAS Plus Newsletters Here.

Just a gentle reminder that the deadline for commenting on the IASB's Proposed Policy on Technical Corrections is 30 September 2005. The IASB has proposed a 'fast track' process to deal with issues for which it is clear that the words in a standard do not properly convey the IASB's intention, even when considered with the basis for conclusions and any related guidance.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.

The FRC plans have the new regime in place in April 2006. Specifically, the FRC will:

• establish an FRC Board for Actuarial Standards;
• extend the remit of the FRC's Professional Oversight Board for Accountancy to cover the actuarial profession;
• extend the remit of the FRC's Accountancy Investigation and Discipline Board to cover public interest cases involving actuaries.

The cost of the new regime (estimated at £2 million a year) will be funded by contributions from the actuarial profession, insurance companies, and pension funds. Click for (PDF 20k).

A foreign private issuer that is an accelerated filer and that files its annual reports on Form 20-F or Form 40-F must begin its Section 404 reporting in the annual report for its first financial year ending on or after 15 July 2006. Accelerated filers are SEC registrants that have at least $75 million in worldwide public float. The SEC also has proposed to create the class of 'large accelerated filers' – registrants with $700 million or more in worldwide public float. Large accelerated filers would be subject to a 60-day Form 10-K annual report deadline and a 40-day Form 10-Q quarterly report deadline starting in 2006. Other accelerated filers would continue to have a 75-day Form 10-K annual report deadline and 40-day Form 10-Q quarterly report deadline. Click for (PDF 77k).

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.

Click for Original Press Release (PDF 29k).