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. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications. Past GOs Newsletters are Here.

The goals of the Forum are:

• To share knowledge of the audit market environment and practical experience of independent audit regulatory activity;
• To promote collaboration in regulatory activity; and
• To provide a focus for contacts with other international organisations that have an interest in audit quality.

 

We have posted the European Commission's (PDF 52k) of 8 September 2006, as published in the Official Journal of the European Union, adopting the following two Interpretations for use in Europe:

• IFRIC 8 Scope of IFRS 2
• IFRIC 9 Reassessment of Embedded Derivatives

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 232k), which includes a detailed programme and registration form. This registration form includes a special 25% discount and a 3-for-2 guest offer for Deloitte IAS Plus visitors. The number of available places is limited.

The IASB has released a revised agenda removing IFRS 2 Vesting Conditions and Cancellations from the Tuesday agenda.

The current project plan envisages, as a first step, the publication of a joint discussion paper. The boards plan to appoint a single international working group to advise both boards on the project. The working group will comprise individuals from a variety of backgrounds, including preparers, auditors, and users of financial statements, leasing experts, and others. Click for Joint IASB-FASB Announcement on the Leasing Working Group (PDF 37k). The announcement includes information about submitting nominations.

Professor Whittington had served as a member of the ASB from 1994 to 2001. Click for (PDF 16k).

The (PDF 16k) includes:

• Roundtable on Consistent Application of IFRSs (report on 20 September 2006 roundtable)
• IFRIC working procedures and due process (draft EC comment letter)
• Equivalence between IFRS and third country GAAP, in particular US GAAP (discussion of (PDF 34k) amd (PDF 36k))
• Relationship between the IAS Regulation and the 4th and 7th company law Directives (meaning of 'annual accounts in accordance with adopted IASs')
• IFRIC 10 Interim Financial Reporting and Impairment (endorsement)
• Standards Advice Review Group
• Project of consolidation and language revision of endorsed IFRSs

The publication compares IFRSs with:

• current Chinese Accounting Standards effective for 2006 and earlier, 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.

We had posted the Chinese version on 23 July 2006. The English version includes a foreword by IASB Chairman Sir David Tweedie.

Click here to download the English language publication (PDF 348k).

The IASB-FASB Joint International Group on Financial Statement Presentation will meet on Friday 15 September 2006 at the Millennium Gloucester Hotel in London from 09:00 to 16:30. The agenda includes:

• Decisions to date
  • Working principles and working format
  • Financing liabilities and treasury assets
• Open issues in the 'Business' section
  • Strategic investments
  • Operating assets and liabilities and liquidity information
• Additional sections and categories
  • Income taxes
  • Discontinued operations
• Remaining working principles, issues
  • Measurement of assets and liabilities
  • Net income, other comprehensive income, and recycling
  • Disaggregation
• Phase A comment letters, next steps
• Wrap up, next steps