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November

IFRIC agenda pages are updated

05 Nov 2007

We have updated the following IFRIC agenda issues pages to reflect the discussions and decisions at the meeting of the International Financial Reporting Interpretations Committee on Thursday 1 November 2007:

20% of US companies would consider using IFRSs if allowed

05 Nov 2007

Preliminary results of a new survey by Deloitte & Touche LLP (USA) show that approximately 20 percent of CFOs and senior finance professionals (representing approximately 300 US companies) would consider adopting International Financial Reporting Standards, if given a choice by the US Securities and Exchange Commission.

Approximately two-thirds of those companies would consider adopting IFRSs within the next three years. Survey results also indicate that companies believe their personnel lack sufficient knowledge of IFRSs to make the conversion and to maintain IFRS financial statements, both among domestic and non-US operations. More than half those companies considering IFRS say they lack skilled resources in their US operations, while approximately one-third felt they lacked skilled resources in their non-US operations. Click for Survey Announcement (PDF 23k). A more detailed report on the survey is expected to be available late this month, which we will post on IAS Plus.

 

Staff Q&A on the Insurance Contracts Discussion Paper

04 Nov 2007

In response to many questions received about the service margins section of the Discussion Paper on Preliminary Views on Insurance Contracts, the IASB staff has prepared a set of questions and answers.

There is a link to the Q&A on the Insurance Contracts Project Page on the IASB's website. The Q&A can also be downloaded directly via the following hyperlink: http://media.iasb.org/Service%20margin%20draft%20FAQs%20(2).pdf (PDF 67k).

 

Deloitte's Model IFRS Financial Statements for 2007

03 Nov 2007

We have published our model IFRS financial statements for the year ended 31 December 2007. These statements illustrate the application of the presentation and disclosure requirements of International Financial Reporting Standards (IFRSs) by an entity that is not a first-time adopter of IFRSs.

They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific Standard. Click to download our IFRS Model Financial Statements for 2007 (PDF 700k). You will always find permanent links to these model financial statements and related presentation, disclosure, and compliance checklists on our Model Financial Statements Page.

 

Notes from the November 2007 IFRIC meeting

03 Nov 2007

The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Thursday 1 November 2007. (The meeting had been scheduled to continue on Friday 2 November, but IFRIC completed its work in one day.)

The preliminary and unofficial notes taken by Deloitte observers at the meeting are now available.

IASB November 2007 Board meeting agenda

02 Nov 2007

The International Accounting Standards Board will hold its November 2007 meeting at the Board's offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November 2007.

The full agenda for the meeting can be found here.  We will post any updates to the agenda, and our Deloitte observer notes from the meeting, on this page as they are available.

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