This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

July

IFRS-Chinese GAAP comparison in Chinese

23 Jul 2006

Deloitte (China) has published a comparison of IFRSs and the new Chinese Accounting Standards adopted by the Ministry of Finance of the People's Republic of China that are effective in 2007 for listed companies.

You can download the Chinese language version of the comparison. The comparison will be available shortly in English on our China page.

Notes from the fourth day of the July 2006 IASB meeting

22 Jul 2006

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting. .

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting.

Notes from the third day of the July 2006 IASB meeting

22 Jul 2006

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting. .

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting.

Notes from the second day of the July 2006 IASB meeting

21 Jul 2006

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting. .

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting.

IFRIC Interpretation on interim reporting

20 Jul 2006

The International Financial Reporting Interpretations Committee (IFRIC) has issued Interpretation 10 'Interim Financial Reporting and Impairment'.

 

The Interpretation addresses an apparent conflict between the requirements of IAS 34 Interim Financial Reporting and those in other standards on the recognition and reversal in financial statements of impairment losses on goodwill and certain financial assets.

IFRIC 10 concludes that:

  • An entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost.
  • An entity shall not extend this consensus by analogy to other areas of potential conflict between IAS 34 and other standards.

IFRIC 10 is effective for annual periods beginning on or after 1 November 2006. Earlier application is encouraged.

Click for Press Release (PDF 63k).

 

Notes from the first day of the July 2006 IASB meeting

20 Jul 2006

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting. .

The International Accounting Standards Board held its July 2006 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 18-21 July 2006. Click here to go to our Notes Taken by Deloitte Observers at the July 2006 Board Meeting.

Deloitte sponsors IFRS 2006/7 conference

19 Jul 2006

Deloitte is sponsoring IFRS 2006/7, a conference that will focus on the Current Practical Interpretation and Future Strategic Direction of IFRSs.

IFRS 2006/7 will be held on 10 October 2006 in London. Speakers include:
  • Sir David Tweedie, Chairman of the IASB
  • Robert H Herz, Chairman of the FASB
  • Ken Wild, Deloitte's Global IFRS Leader
Click to download the (PDF 234k), which includes a detailed programme and registration form.

IASC Foundation seeks four Trustees

18 Jul 2006

The IASC Foundation has begun a search to fill four vacancies for Trustees.

Two of the four appointments will be from North America, one from Europe, and one from any area of the world. In selecting a Trustee from any area of the world, the Trustees have expressed a preference for candidates from Africa. The appointments will be for three years, commencing on 1 January 2007 and ending on 31 December 2009. Terms may be renewed for a further three years. Click for IASCF Announcement (PDF 25k).

Two changes to agenda for July 2006 IASB meeting

18 Jul 2006

The IASB has announced two changes to the Agenda of its July 2006 Board Meeting: The following topic previously scheduled for Friday morning has been removed from the agenda: Proposed Amendments to IFRS 1 – Cost of investment in a subsidiary Discussion and possible agenda decision for Related Party Disclosures has been moved from last agenda item on Thursday to Friday morning. .

The IASB has announced two changes to the Agenda of its July 2006 Board Meeting:

Concerns about the conceptual framework proposals

17 Jul 2006

The United Kingdom Accounting Standards Board (ASB) has recently published two press releases relating to the IASB's new Discussion Paper on the objectives and qualitative characteristics components of the Conceptual Framework of Financial Reporting One of the ASB's releases expresses concerns about the proposals in the Discussion Paper in general.

Those concerns relate to:
  • the proposal that the objective of financial reporting should focus only on decision-usefulness, with stewardship being subsumed within this rather than a specific part of the objective, or a separate objective.
  • the focus on financial reporting, not just the financial statements – can the same framework be more widely applied?
  • the widening of the definition of the primary users of financial reports to cover 'present and potential investors and creditors, and their advisors' – does this mean that the focus will move even further away from meeting the needs of the existing shareholders?
  • the proposal to drop 'reliability' as a qualitative characteristic and to replace it with 'faithful representation'; and
  • the introduction of verifiability as a component of faithful representation. Click to download: The ASB's second release relates to work that the ASB is doing jointly with the accounting standard setters in Australia, Canada, and New Zealand on the applicability of the concepts in the Discussion Paper to not-for-profit entities in the private and public sector. The chairs and senior staff of the four boards have jointly published a background paper that highlights three issues relating to the objective of financial reporting:
    • an insufficient emphasis on accountability/stewardship;
    • a need to broaden the identified users and establish an alternative primary user group; and
    • the inappropriateness of the pervasive cash flow focus. Click to download:

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.