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SEC updates Current Accounting and Disclosure Issues

11 Jan 2007

The Division of Corporation Finance of the US Securities and Exchange Commission has updated its publication on Current Accounting and Disclosure Issues.

The first section of the document is a review of recent and proposed rules and interpretations from the Commission. The second section is staff guidance and comments on current accounting and disclosure matters based on the Division's reviews of the filings of the 15,000 SEC registrants. Recent and proposed rules since December 2005 include:
  • Final Rules Regarding Executive Compensation
  • Employee Stock Options – Accounting and Valuation Issues
  • Quantifying Misstatements
  • Final Rules Regarding Use of Form S-8, Form 8-K, and Form 20-F by Public Shell Companies
  • Rules and Concept Release Regarding the Use of Tagged Data and Incentives to Voluntarily Submit XBRL Information
  • Accelerated Filer Definitions and Deadlines for Filing Periodic Reports
  • Management's Report on Internal Control over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports
  • Final Rule Regarding Tender Offer Best-Price Rule
  • Rule Proposal Related to Foreign Private Issuer Deregistration
  • Final Rule regarding IFRS First-time Adopters
  • Rule Proposals Regarding Internet Availability of Proxy Materials
  • Electronic Access to Comment and Response Letters and Notifications of Effectiveness
  • Recent Enforcement Actions Involving GAAP
  • Recent Enforcement Actions Involving MD&A
Click for the detailed table of contents, where there is also a permanent link to download the guidance document.


IPSASB issues standards on budget reporting

11 Jan 2007

The International Public Sector Accounting Standards Board (IPSASB) has released International Public Sector Accounting Standards (IPSASs) that identify disclosures to be made by governments and other public sector entities that make their approved budgets publicly available.

IPSAS 24 Presentation of Budget Information in Financial Statements applies to entities that adopt the accrual basis of financial reporting. In addition, the cash basis IPSAS Financial Reporting under the Cash Basis of Accounting has been updated to include both required and encouraged disclosures that apply to entities that adopt the cash basis of financial reporting. Both standards require that a comparison of budget and actual amounts for the reporting period be included in the financial statements. They also require explanations for material differences between the budget and actual amounts in the notes to the financial statements or in a separate report issued in conjunction with those statements. The two standards can be downloaded without charge from IFAC's Website. Click for Press Release (PDF 53k).

CESR - CEBS - CEIOPS joint work programme for 2007

11 Jan 2007

'Enforcement of IFRSs' is one of the strategic objectives of the three 'level three' regulatory committees of the European Union for 2007. The 3L3 groups are the Committee of European Securities Regulators (CESR), Committee of European Banking Supervisors (CEBS), and Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).

Click for 3L3 Work Programme for 2007 (PDF 49k).

Accounting Roundup – December 2006

10 Jan 2007

We have posted the December 2006 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • FSP on Accounting for Registration Payment Arrangements
  • Exposure Draft on Improving Disclosures for Derivatives and Hedging Activities
  • Proposed FSP on Statement 158
  • FASB Proposes Amendment to Interpretation 39
  • Tentative Guidance on Implementation Issue H17

GASB Developments

  • GASB Statement on Pollution Remediation Obligations
  • Exposure Draft on Accounting for Intangible Assets
  • Exposure Draft on Pension Plan Disclosures

AICPA Developments

  • TPAs on Investment Companies
  • TPA on Liquidated Damages
  • TPA on Income Taxes
  • TPAs on Effective Dates of a New Statement on Auditing Standards
  • Working Draft of TPA on Certain Equity-Related Financial Instruments
  • AICPA Issues Audit Risk Alerts
  • Proposed Statement on Standards for Accounting and Review Services
  • AICPA Hosts Annual Conference on SEC and PCAOB Developments

SEC Developments

  • Extension of Section 404 Compliance for Non-Accelerated Filers and Newly Public Companies
  • Amendment to Executive Compensation Disclosure Rules
  • Proposed Interpretive Guidance for Management to Improve Sarbanes-Oxley 404
  • Deregistration of Foreign Private Issuers
  • E-Proxy Rule Amendments
  • Proposed Rules for Investment Advisers and Accredited Investors
  • Proposed Rules for Implementation of Bank Broker Provisions
  • SEC Seeks Comments on Investment Company Guidance
  • SEC Updates Current Accounting and Disclosure Issues Document

PCAOB Developments

  • PCAOB Proposes New Auditing Standard and Other Related Proposals
  • PCAOB Amends Rule Relating to Inspection Frequency

International Developments

  • IASB and FASB Announce International Working Group on Lease Accounting

Other Developments

  • Revised Guidance Issued on the Allowance for Loan and Lease Losses

Click for December Issue (PDF 479k). You will find past issues of Accounting Roundup Here.

Heads Up newsletter - SEC and PCAOB update

09 Jan 2007

We have now posted a Special Issue of Deloitte's Heads Up Newsletter summarising new and proposed guidance issued in December 2006 by US Securities and Exchange Commission and the US Public Company Accounting Oversight Board.

Heads Upis  published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (United States):

In December, the SEC:

  • Proposed guidance for management to consider in the evaluation of internal control over financial reporting.
  • Postponed the dates by which non-accelerated filers and newly public companies must comply with the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act of 2002.
  • Amended the executive and director compensation disclosures to more closely align them with the requirements of FASB Statement No. 123(R), Share-Based Payment.

The PCAOB issued the following proposed guidance:

  • A proposed auditing standard on auditing internal control over financial reporting, which would replace PCAOB Auditing Standard No. 2.
  • A proposed auditing standard on auditors' considerations regarding using the work of others in an audit.
  • Proposed Rule 3525, Audit Committee Pre-approval of Services Related to Internal Control.
  • Proposed amendments to its interim auditing standards

Click for Special Edition (PDF 338k) and Past Issues.


CEBS work programme includes IFRS matters

06 Jan 2007

The Committee of European Banking Supervisors (CEBS) has adopted a work programme for 2007 that includes two initiatives directly related to IFRSs.

These are identified in the box below. The main orientation of the CEBS will continue to be promoting cooperation and convergence of supervisory practices in the operational implementation of the new framework for capital adequacy introduced by the Capital Requirements Directive (CRD). Click to download CEBS Work Programme 2007 (PDF 195k).

Monitoring of developments in accounting and auditing standards: CEBS will continue to monitor the developments in the area of international accounting and auditing standards and, if deemed necessary, provide input to the standard setting process.

Common reporting frameworks: CEBS will update on an ongoing basis its reporting frameworks and the related XBRL taxonomies, in order to accommodate any developments in international accounting standards changes required by the implementation of the CRD. A web-based facility, accessible to both supervisors and market participants, will be established to collect and address questions emerging in the implementation of the reporting frameworks.

Proposed IFAC guidance on practical experience

05 Jan 2007

The International Accounting Education Standards Board has proposed new guidance to help IFAC member bodies develop practical experience programs for accounting students.

The proposed new International Education Practice Statement (IEPS), Practical Experience Requirements - Initial Professional Development for Professional Accountants provides guidance for implementing International Education Standard (IES) 5 Practical Experience Requirements. It includes an illustrative practical experience framework setting out the areas of professional knowledge and professional skills that the IAESB believes are relevant for all professional accountants.

Comment deadline is 31 March 2007. Click for:


Agenda for 11-12 January 2007 IFRIC meeting

04 Jan 2007

The tentative agenda for the meeting is shown below.11-12 January 2007, London Thursday 11 January 2007.

The tentative agenda for the meeting is shown below.

11-12 January 2007, London Thursday 11 January 2007

Friday 12 January 2007

EU IFRS regulation now applies to Bulgaria, Romania

03 Jan 2007

Bulgaria and Romania became members of the European Union as of 1 January 2007. As a result, the EU regulation requiring the use of IFRSs by all listed companies in their consolidated financial statements became applicable in those two countries.

Bulgaria had already required IFRSs for its listed companies, and Romania had required IFRSs for all large companies.

Survey on use of IFRSs expanded to include unlisted companies

03 Jan 2007

We have updated our table on Global Use of IFRSs by Jurisdiction to include information about whether unlisted companies are required or permitted to use IFRSs.

Previously, the table only covered listed companies. Users of this table should bear several points in mind:
  • It is based on the best information we currently have available. If you find an error, please Send Us an Email. If possible, please include links to, or citations of, documents from which the information can be verified.
  • It is not complete. We have no data at all for some countries, and no data about unlisted companies for other countries. If you can help fill in the blanks, please send us an email.
  • It reports only direct use of IFRSs. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs. Use of local GAAP that is described as 'based on' or 'similar to' or 'converged with' IFRSs is not direct use of IFRSs.

Click for Our IFRS by Jurisdiction 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.