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2007

IFRS Compliance Questionnaire for 2007

07 Dec 2007

We have posted Deloitte's IFRS Compliance Questionnaire for 2007.

This questionnaire summarises the recognition and measurement requirements in IFRSs including Interpretations. The questionnaire may be used to assist in considering compliance with those pronouncements. It is not a substitute for your understanding of such pronouncements and the exercise of your judgment. Users are presumed to have a thorough understanding of the pronouncements and should refer to the text of the pronouncements, as necessary, in considering particular items in the questionnaire. The items in this questionnaire are referenced to the applicable sections of the IFRSs. The questionnaire addresses the measurement and recognition requirements of IFRSs issued on or before 31 August 2007. It does not address presentation and disclosure requirements (for which we have published a Separate Checklist). Note, however, that IAS 8.30 requires disclosures regarding Standards and Interpretations issued but not yet effective at the date of issue of the financial statements. Therefore, in addition to the contents of the compliance questionnaire, preparers will need to consider any Standards and Interpretations issued between 1 September 2007 and the date of issue of their 2007 financial statements. The questionnaire is 282 pages long. Click below to download it in either MS Word (Zipped) or PDF format: There are permanent links on our Model Financial Statements Page.

 

Stay Tuned Online – IFRS and UK GAAP updates

07 Dec 2007

The Deloitte London IFRS Centre of Excellence is running a series of hour-long Internet-based financial reporting updates, aimed at helping finance teams keep up to speed with IFRS and other financial reporting issues.

Each update lasts no more than an hour, and sessions are held three times a year, at the end of March, July and November. We intend to make a recording of each session available on IAS Plus for a period of at least four months from the date of the presentation. The first in the series was held on 29 November 2007. Topics included in the 29 November 2007 Stay Tuned Online IFRS and UK GAAP Update included:
  • an overview of recent and expected IASB activity
  • a UK GAAP update
  • IFRS 8 Operating Segments
  • recent IFRIC Interpretations (including IFRICs 11 and 13)
The recording is no longer available online.

Accounting Roundup – November 2007

07 Dec 2007

We have posted the November 2007 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • FASB Revises Business Combination and Noncontrolling Interests Accounting
  • FASB, FAF, and AICPA Support Transition of U.S. Public Companies to Accounting Standards Set by One Global Standard Setter
  • FASB Proposes to Delay Effective Date of Interpretation 48, Uncertain Tax Positions, for Private Entities
  • FASB Proposes to Partially Defer Fair Value Statement 157, Considers Implementation Issues
  • FASB Proposes FSP to Exclude Leases From Scope of Fair Value Statement 157 and Revises Lease Accounting's Fair Value Definition
  • FASB Proposes FSP for Indefinite Deferral of SOP 07-1 Affecting Investment Company Accounting
  • FASB Proposes FSP Amending the Factors Considered in Determining an Intangible Asset's Useful Life
  • FASB Issues Proposal to Simplify and Improve Reporting for Financial Instruments With Characteristics of Equity
EITF Developments
  • EITF Issue No. 07-1 Accounting for Collaborative Arrangements
  • EITF Issue No. 07-4 Application of the Two-Class Method Under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships
  • EITF Issue No. 07-5 Determining Whether an Instrument (or an Embedded Feature) Is Indexed to an Entity's Own Stock
  • EITF Issue No. 07-6 Accounting for the Sale of Real Estate Subject to the Requirements of FASB Statement No. 66, Accounting for Sales of Real Estate, When the Agreement Includes a Buy-Sell Clause
  • EITF Discusses FASB's Approach for Updating Issue No. 98-5, Accounting for Convertible Securities With Beneficial Conversion Features or Contingently Adjustable Conversion Ratios
SEC Developments
  • SEC Removes Reconciliation Requirement, Approves Rules for Smaller Public Companies
  • SEC Issues SAB Providing Views About Written Loan Commitments Accounted for at Fair Value
  • SEC Proposes Mandatory Electronic Submission of Certain Investment Company Applications and Filings
  • SEC Approves Amendments to PCAOB Rules Governing Inspection Frequency
  • SEC Seeks Feedback Regarding Web-Based Tools Used to Access Public-Company Disclosures About Business Activities in or With Countries Identified as State Sponsors of Terrorism
  • SEC Appoints Wayne Carnall as Chief Accountant of the Division of Corporation Finance
GASB Developments
  • GASB Issues Statement No. 52 Land and Other Real Estate Held as Investments by Endowments
International Developments
  • IASC Announces Governance Proposals to Enhance Its Public Accountability
Click to view November 2007 Edition of Accounting Roundup (PDF 283k). You will find past issues of Accounting Roundup Here.

 

PCAOB proposes greater reliance on foreign auditor inspections

07 Dec 2007

The US Public Company Accounting Oversight Board (PCAOB) has issued for comment a proposed policy statement that identifies the factors relevant to 'full reliance' by the Board on the inspections programs systems of its non-US counterparts that are sufficiently rigorous to meet the level of protection for investors that is required by the Sarbanes-Oxley Act of 2002. The proposed policy statement provides guidance on the Board's Rule 4012 Inspections of Foreign Registered Public Accounting Firms, which permits the Board to adjust its reliance on the inspections of auditor oversight entities located in the home countries of registered non-US audit firms, based upon the level of independence and rigor of those entities.

Under the proposed policy statement the PCAOB would increase its level of reliance on non-US oversight systems where possible, including in some cases full reliance, if certain essential criteria are met. The Board is seeking public comment by 4 March 2008 on the criteria and the approach described in the policy statement.

Five proposed broad principles that would guide the PCAOB in making a reliance determination:

  • Adequacy and integrity of the oversight system: The Board would weigh whether the non-US system effectively works in the public interest to protect investors by seeking to improve audit quality.
  • Independent operation of the oversight system: The Board would weigh whether the entity and the system within which it operates are free from interference or undue influence by the audit practitioners and/or audit firms under the entity's supervision.
  • Independence of the system's source of funding: The Board would weigh whether the non-US system has the ability to obtain and deploy the financial resources necessary to carry out its mandate without interference or undue influence by the audit practitioners and/or audit firms under its supervision.
  • Transparency of the system: The Board would weigh the extent to which the entity is accountable for the discharge of its duties through a transparent framework. The Board would review whether the entity publicly discloses information on its structure, governance, policies and operations.
  • System's historical performance: The Board would weigh whether the non-US oversight entity or the system within which it operates has a record of adequate disciplinary proceedings and appropriate sanctions.
Click for:

 

EITF Snapshot for November 2007

06 Dec 2007

We have posted the November 2007 edition of EITF Snapshot summarising the 29 November 2007 meeting of FASB's Emerging Issues Task Force.

EITF Snapshot, published by Deloitte & Touche LLP (USA), enables readers to identify relevant topics and to understand quickly the meeting's outcome.

EITF Snapshot explains the three issues on which the EITF reached a consensus at this meeting:

  • Issue 07-1 Accounting for Collaborative Arrangements (for the development and commercialisation of resource-intensive, and generally uncertain, products) – consensus reached
  • Issue 07-4 Application of the Two-Class Method Under FASB Statement No. 128, Earnings per Share, to Master Limited Partnerships – consensus for exposure
  • Issue 07-6 Accounting for the Sale of Real Estate When the Agreement Includes a Buy-Sell Clause – consensus reached

Click to view EITF Snapshot (PDF 133k). Past issues can be downloaded Here.

FASB issues preliminary views on liabilities versus equity

05 Dec 2007

The US Financial Accounting Standards Board published its Preliminary Views (PV) on Financial Instruments with Characteristics of Equity.

The PV describes the FASB's preferred 'basic ownership' approach, which limits the instruments that can be classified as equity to the lowest residual interests in an entity. The holders of those instruments are viewed as the owners of the entity. All other instruments represent either liabilities or assets. An instrument that reduces the net assets available to the owners of the entity is a liability; and an instrument that enhances net assets available to the owners is an asset. Under this approach, forward contracts, options, and convertible debt would be classified as liabilities or assets. Comments are requested by 30 May 2008. Click for More Information on FASB's website, including free download of the PV document. The IASB plans to publish the FASB's Preliminary Views in early 2008 for comment by its constituents.

 

FASB issues revised business combinations standard

05 Dec 2007

The US Financial Accounting Standards Board has issued a revised standard on business combinations and a new standard on noncontrolling interests ('minority intrests').

The standards are effective for financial years beginning after 15 December 2008. The IASB plans to issue its counterpart standards IFRS 3 (revised) Business Combinations and IAS 27 (as revised in 2007) Consolidated and Separate Financial Statements, early next year. The FASB standard on business combinations requires the acquiring entity to recognise all the assets acquired and liabilities assumed in the transaction; establishes the acquisition-date fair value as the measurement objective for all assets acquired and liabilities assumed (including goodwill); and requires the acquirer to disclose information that helps in evaluating and understanding the nature and financial effect of the business combination. The IASB's revised IFRS 3 will permit, but not require, recognition of the full goodwill of the acquired entity. Click for FASB's News Release (PDF 58k). The new standards (SFAS 141(R) and SFAS 160) may be downloaded without charge from the FASB Website.

 

Model IFRS financial statements for 2007 in Slovak language

04 Dec 2007

Deloitte (Slovak Republic) has published Medzinárodné standardy pre finanèné výkazníctvo – Vzorové finanèné výkazy 2007.

Each item in the financial statements is cross-referenced to the relevant source in IFRSs.
Click to view Medzinárodné standardy pre finanèné výkazníctvo – Vzorové finanèné výkazy 2007 (PDF 1,582k, 114 pages).
You will always find all of Deloitte's model IFRS financial statements Here. And here is the link to our Slovak Republic Page.

 

IASB tops global rankings for 'stakeholder participation'

03 Dec 2007

The International Accounting Standards Board has the best developed external stakeholder engagement capabilities amongst 30 of the world's most powerful global organisations and is a high performer in both transparency and evaluation, according to a report on global accountability published today by the One World Trust.

Click for IASB Press Release (PDF 46k).

 

IASB December 2007 Board meeting agenda

30 Nov 2007

The International Accounting Standards Board will hold its December 2007 meeting at the Board's offices, 30 Cannon Street, London, on Tuesday to Friday, 11-14 December 2007.

The agenda to the meeting is available on our December 2007 IASB meeting page.

 

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.