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RFP for development of small practice management guide

31 Aug 2007

The International Federation of Accountants is requesting proposals for the development of a practice management guide for use by small and medium accounting practices (SMPs).

The purpose of the guide is to assist SMPs in managing their practices in an efficient, profitable, and professional manner. It will cover a range of topics, such as strategic planning, management structure, client relationships, managing finances and risk, partnership issues, networking, and succession planning. The deadline for submitting proposals is 19 October 2007. Click to download the Request for Proposal (PDF 204k).


Accounting consequences of subprime loan modifications

30 Aug 2007

We have posted the 29 August 2007 Edition of the Heads Up Newsletter published by Deloitte & Touche LLP (United States).

This issue of Heads Up, titled Accounting Consequences of Subprime Loan Modifications, summarises a letter written by US Senator Charles Schumer wrote to the CEOs of the Big Four accounting firms, urging them to "assist this country's mortgage crisis by ensuring that your clients are aware of the recent SEC and FASB guidance on FAS 140, and by otherwise encouraging them to modify subprime loans at risk of default." Senator Schumer's letter refers to a June educational forum hosted by the FASB and a follow-up letter from SEC Chairman Christopher Cox to House Financial Services Committee Chairman Barney Frank. These are discussed in the newsletter.
Click here to view 29 August 2007 Edition of the Heads Up Newsletter (PDF 119k).


Financial statement presentation working group to meet

30 Aug 2007

The Joint International Group on Financial Statement Presentation will meet at the offices of the US Financial Accounting Standards Board (FASB), Norwalk, Connecticut, USA on Friday, 14 September 2007. The group was set up in November 2004 to advise the IASB and FASB in their joint project to establish standards for the presentation information about the financial performance of a business enterprise.

Click for Project Information.

New Global Offerings Services newsletter

29 Aug 2007

We have posted the July 2007 Edition of the Deloitte Global Offerings Services Newsletter.

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, with hyperlinks to source material.
Click to view July 2007 Edition of the Deloitte Global Offerings Services Newsletter (PDF 150k). Past GOs Newsletters are Here.


Agenda for 6-7 September 2007 IFRIC meeting

28 Aug 2007

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 6-7 September 2007. The meeting is open to the public and will be webcast.

The tentative agenda is available on our September 2007 IFRIC meeting page.

IASC Foundation conference 29-30 August in Singapore

27 Aug 2007

The IASC Foundation's annual IFRS Conference will take place later this week on Wednesday 29 August 2007 and Thursday 30 August 2007 at the Grand Hyatt Hotel in Singapore.

IASB Chairman Sir David Tweedie will chair the conference. On Wednesday afternoon, speakers will discuss IFRS financial statements from the perspectives of financial analysts, preparers, and regulators. Thursday's session will include a comprehensive technical update on IASB and IFRIC activities from three members of the IASB, plus technical breakout sessions. Considerable time is allowed on both days for audience comments and questions. Also,on Wednesday morning 29 August there will be five intensive half-day special-interest workshops for which conference participants can sign up. These will cover:
  • IFRIC Update
  • Insurance Contracts
  • IFRS for SMEs
  • IFRSs Teaching and Research
  • US Market Update
Click for Conference Brochure (PDF 1,135k).


Sri Lanka will move to full IFRS compliance by 2011

27 Aug 2007

The board of the Institute of Chartered Accountants of Sri Lanka (ICASL) has approved a policy that Sri Lankan Financial Reporting Standards will be fully compliant with International Financial Reporting Standards by 2011, meaning that a company that asserts compliance with Sri Lankan standards could also assert compliance with IFRSs.

The policy was announced by Yohan Perera, President of the ICASL, at an international conference on 'Fair Value – A Paragigm Shift' sponsored by the South Asian Federation of Accountants in Colombo, Sri Lanka, on 25 August 2007. Currently, Sri Lanka has adopted many, but not all, of the latest IFRSs. Mr Perera also announced that Sri Lanka expects to adopt IAS 32 and IAS 39 in September 2007, to be effective in 2009.


ACCA detailed summary of proposed IFRS for SMEs

26 Aug 2007

The Association of Chartered Certified Accountants (ACCA) has published a 32-page booklet summarising the proposals for an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

It covers each of the 38 sections in the proposed IFRS for SMEs. The ACCA booklet includes a foreword by Paul Pacter, Director of Standards for SMEs at the IASB. The booklet was published in cooperation with the Eastern, Central and Southern African Federation of Accountants. To encourage consideration of the IASB's proposed standard in Africa, the ACCA is distributing 10,000 printed copies of the booklet throughout Africa. Click here to download the ACCA Summary of the Proposed IFRS for SMEs (PDF 356k). Posted with kind permission of the ACCA, a global professional accountancy body with 296,000 students and 115,000 members in 170 countries.


Musterkonzernabschluss 2006 (German IFRS statements)

25 Aug 2007

Deloitte (Germany) has published Musterkonzernabschluss 2006, the German Language Model IFRS Financial Statements for 2006.

Each item in the financial statements is cross-referenced to the relevant source. On our Model Financial Statements Page you will find permanent links to the English, German, and Danish model IFRS financial statements as well as disclosure and compliance checklists.
Click to view the German Language Model IFRS Financial Statements for 2006 (PDF 2,036k, 133 pages).


Update on XBRL-enablement of IFRSs

24 Aug 2007

The IASC Foundation (IASCF), under which the IASB operates, has published an electronic newsletter with an update on developments in the XBRL-enablement of IFRSs.

XBRL (eXtensible Business Reporting Language) is a royalty-free computer software language that labels companies' financial and other data with codes from standard lists (taxonomies) so that investors and analysts can more easily locate and analyze desired information. Click to Download the XBRL Update (PDF 105k). The newsletter includes hyperlinks to various XBRL resources. We have some information on our XBRL Page.


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