April

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CGA-Canada concerned about IASB's SME direction

23 Apr 2006

While expressing strong support for a global set of financial reporting standards for small and medium-sized entities (SMEs), Canada's Certified General Accountants has issued a Press Release (PDF 18k) expressing concern that the decisions made to date by the IASB in its Project to Develop Standards for SMEs do not go far enough toward achieving the goal of simplification.

CGA-Canada chairman Dany Girard, who serves on the IASB's SME Working Group, said:

There has been broad agreement in recent years that a set of stringent standards tailored to the unique needs of SMEs is necessary. Progress has been made by international standard setters toward reaching that goal. But recently, the International Accounting Standards Board (IASB) has wavered in its commitment to address the needs of the SME sector. The IASB's current direction is not acceptable to the users of SME financial statements.

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New PCAOB ethics and independence rules

22 Apr 2006

On 19 April 2006, the US Securities and Exchange Commission approved the rules on auditor ethics, independence, and tax services that had been adopted by the Public Company Accounting Oversight Board (PCAOB).

The rules establish a general obligation requiring a registered public accounting firm and its associated persons to be independent of the firm's audit clients throughout the audit and professional engagement period. The rules identify circumstances in which the provision of tax services impairs an auditor's independence, including services related to marketing, planning, or opining in favor of the tax treatment of, among other things, transactions that are based on aggressive interpretations of applicable tax laws and regulations. Click for:
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Public Sector Accounting Standards Board update

21 Apr 2006

We have posted the April 2006 issue of IPSASB Update.

The newsletter reports the decisions made at the meeting of the International Public Sector Accounting Standards Board (IPSASB) in late March 2006. The IPSASB develops standards for accounting and financial reporting by national, regional, and local governments and related governmental agencies. Those standards are generally based on IFRSs, and profit-oriented government business enterprises are required to comply directly with IFRSs. The IPSASB's current work programme includes an ongoing project on 'Convergence with International Financial Reporting Standards (IFRSs) issued by the IASB':
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New IASB Due Process Handbook

20 Apr 2006

The Trustees of the International Accounting Standards Committee Foundation have published a new Due Process Handbook for the IASB.

The Handbook describes the IASB's consultative procedures. Those procedures require that all decisions are made in public meetings and that proposals receive appropriate public scrutiny. The Due Process Handbook does not mark a significant change in existing IASB practice and is meant to provide interested parties and the general public with a better understanding of the IASB's operations. The Trustees had finalised the handbook at their March 2006 meeting. Click for Press Release (PDF 57k). Click here to download the Due Process Handbook from IASCF Website.
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Comment deadline on management commentary paper

18 Apr 2006

We remind you that the deadline is 28 April 2006 for commenting on the Management Commentary Discussion Paper that was published by the IASB on 27 October 2005. The paper considers the role the IASB could play in improving the quality of the management commentary that accompanies financial statements.

It was prepared for the IASB by staff of its partner standard-setters from Canada, Germany, New Zealand, and the United Kingdom. The paper reviews existing national requirements or principles on management commentary and offers recommendations on how the IASB might promote the wider adoption of best practice in the interests of investors and others who use financial reports. While the IASB has discussed the paper, it has not yet developed tentative views on the authors' recommendations.
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Accounting Roundup –first quarter 2006 review

17 Apr 2006

We have posted the (PDF 382k), prepared by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (USA).

During the first quarter of 2006, accounting standard-setters and accounting regulators issued a number of final and proposed FASB Interpretations, FSPs, EITF consensuses, SEC rules, PCAOB rules, IFRSs, etc. affecting accounting, financial reporting, and corporate governance. Accounting Roundup: 1st Quarter in Review–2006, presents brief descriptions of those pronouncements, as well as certain other regulatory and professional developments in accounting and financial reporting. The articles included derive from issues of the Accounting Roundup newsletters published in the first quarter of 2006, with updates added where appropriate. You will find past issues Here.
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Standard setting activity in Asia-Pacific region

17 Apr 2006

We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region: Australia Hong Kong SAR Japan Malaysia New Zealand Philippines Singapore Taiwan .

We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region:

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IAS Plus Newsletters for April 2006 are posted

16 Apr 2006

The April 2006 IAS Plus Quarterly Newsletter has been published.

The newsletter reports on the 1st quarter 2006 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same 30-page news content as the Global Edition plus 8 more pages of accounting standards updates for the Asia-Pacific region. You will find all Past IAS Plus Issues Here. Sign up for Free Subscription by Email.
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Agenda for IASB-FASB joint meeting

13 Apr 2006

The International Accounting Standards Board and the US Financial Accounting Standards Board will hold a joint meeting in London on Thursday and Friday 27 and 28 April 2006. The meeting, which is open to public observation, will be held at the Crowne Plaza St James Hotel.

The agenda for the meeting is below.

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Joint Meeting of the IASB and the FASB28-29 April 2006, London

Thursday 27 April 2006 (from 11:15am)

  • Financial Instruments – hedge accounting
  • Business Combinations II – three issues:
    • Fair value
    • Accounting for acquisition related costs
    • Disclosures for non-controlling interests associated with business combinations
  • Revenue Recognition

Friday 28 April 2006 (morning only)

  • Leasing – agenda proposal for a joint leasing project
  • Conceptual Framework – definitions of assets and liabilities
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Deloitte 2005 survey of pension assumptions

12 Apr 2006

Deloitte Consulting LLP's Human Capital practice has published its survey of year-end pension and postretirement benefit plan assumptions.

The survey provides insights to publicly traded corporations and their chief financial officers about the economic assumptions used in preparing the 2004 year-end pension (Statement of Financial Accounting Standards No. 87) and other postretirement employee benefit plan (SFAS No.106) accruals and disclosures of 291 Fortune 500 companies. Click to (PDF 618k).

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