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

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.

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 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).

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.

• Sir David Tweedie, Chairman of the IASB
• Robert H Herz, Chairman of the FASB
• Ken Wild, Deloitte's Global IFRS Leader

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 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:
  • IASB-FASB Press Release on the Discussion Paper (PDF 37k).
  • (PDF 66k)
  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:
    • (PDF 60k)
    • (PDF 146k)