July

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG meeting dates for 2007

03 Jul 2006

The European Financial Reporting Advisory Group (EFRAG) has announced its meeting dates for 2007 (below).

Meeting dates for 2006 and other information may be found on our EFRAG Page.

EFRAG Meeting Dates 2007

  • 10-12 January 2007
  • 14-16 February 2007
  • 14-16 March 2007
  • 24-26 April 2007
  • 30-31 May and 01 June 2007
  • 11-13 July 2007
  • 5-7 September 2007
  • 10-12 October 2007
  • 7-9 November 2007
  • 17-19 December 2007
Korea Image

US SEC and Korea FSC regulatory dialogue

03 Jul 2006

The US Securities and Exchange Commission (SEC) and the Korea Financial Supervisory Commission (FSC) will address accounting and auditing standards as part of an agreed regulatory dialogue between the two agencies.

The SEC-FSC dialogue has two main objectives:
  • To improve cooperation and the exchange of information in cross-border securities enforcement matters; and
  • To identify and discuss regulatory issues of common concern.
The dialogue involves regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and FSC, as well as the Korea Financial Supervisory Service (FSS), the implementing body of the FSC. Given recent developments in both the US and Korean markets, the following topics have been identified for discussion for the dialogue over the coming year:
  • cross-border cooperation and information sharing on enforcement matters;
  • accounting and auditing standards;
  • corporate governance and internal controls; and
  • approaches to regulated entities and market intermediaries.
Click for (PDF 40k).
Heads Up Image

Heads Up newsletter on US insurance accounting

03 Jul 2006

Deloitte & Touche LLP (United States) has published a special edition of the (PDF 83k) summarising the recently issued FASB Invitation to Comment Bifurcation of Insurance and Reinsurance Contracts for Financial Reporting.

This project could significantly affect the accounting for certain insurance contracts in the United States. Though FASB's Invitation is not published jointly with the IASB, the IASB does have an Insurance Accounting Project on its agenda. FASB requests comments by 24 August 2006.

The Heads Up points out that some concepts discussed in the Invitation, if adopted, would have a dramatic impact on buyers and sellers of such kinds of insurance as group accident and health, fleet automobile, and umbrella policies. Effects could include:

  • Requiring the buyers (including non-insurance companies) of many types of insurance to perform extensive analyses to determine whether insurance risk has been transferred, and establish or update their systems to enable them to bifurcate (split) the 'risk' elements of the contracts from the 'financing' elements.
  • Requiring the 'financing' elements to be accounted for as deposits, even if there are no risk-limiting features to the contract. This would significantly change the income statement results, because the financing element would be treated as if that portion of the risk had been self-insured.
  • Changing the tax treatment of insurance and reinsurance contracts.
IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

IFRIC meeting 6-7 July 2006 will be Webcast

02 Jul 2006

For the first time, a meeting of the International Financial Reporting Interpretations Committee (IFRIC) will be Webcast when the IFRIC meets in London on Thursday 6 July and Friday 7 July 2006. There is no charge for the Webcast service.

Registration is required on the IASB's Website. The agenda and running order of the meeting are set out below.

6-7 July 2006, London Thursday 6 July 2006

Friday 7 July 2006

  • IFRS 2 Share-based Payment – Employee benefit trusts in the individual or separate financial statements of the sponsor
  • IAS 39 Financial Instruments: Recognition and Measurement – Criteria for identifying 'portions'
  • Recommendations regarding requests for IFRIC agenda items
    • Valuation of electricity derivatives
    • IAS 32 Financial Instruments: Presentation – Puts and forwards held by minority interests
    • IFRS 3 Business Combinations Are puts or forwards received by minority interests in a business combination contingent consideration
    • IAS 11 Construction Contracts/IAS 18 Revenue – Allocation of profit in unsegmented contracts
    • SIC 12 Consolidation of Special Purpose Entities – Relinquishment of control
    • IAS 39 Financial Instruments: Recognition and Measurement: Definition of a derivative: – Indexation on own EBITDA or own revenue
    • IAS 32 Financial Instruments: Presentation – Foreign currency instruments exchangeable into equity instruments of the parent entity of the issuer
    • IAS 32 Financial Instruments: Presentation – Changes in the contractual terms of an existing equity instrument resulting in it being reclassified to financial liability
    • IAS 1 Presentation of Financial Statements – Whether the liability component of a convertible instrument should be classified as current or non-current
    • IFRS 2 Share-based Payment – Incremental fair value to employees as a result of unexpected capital restructurings
    • IAS 16 Property, Plant and Equipment – Revaluation of investment properties under construction
2006jun Image

Agenda project pages updated for June 2006 meeting

02 Jul 2006

We have updated the following agenda project pages to reflect the Board's deliberations at the May 2006 IASB meeting: Accounting Standards for Small and Medium-sized Entities Conceptual Framework Fair Value Measurement Financial Instruments: Comprehensive Project IAS 33 Amendments - Earnings per Share IAS 37 Amendments - Provisions Insurance Contracts - Phase 2 IAS 34 Interim Financial Reporting: Interaction with IAS 36 and IAS 39 .

Heads Up Image

Heads Up newsletter on recent US proposals

01 Jul 2006

Deloitte & Touche LLP (United States) has published the June 2006 issue of the (PDF 98k) summarising three proposals issued recently by United States standard-setters: FASB and AICPA: Invitation to Comment, Enhancing the Financial Accounting and Reporting Standard-Setting Process for Private Companies FASB: Proposed FASB Staff Position No.

FAS 126-a, Revision to the Definition of a Public Entity to Include an Obligor for Conduit Debt Securities
  • GASB: Preliminary Views, Accounting and Financial Reporting for Derivatives

    • 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.