2007

NASDAQ proposes rule change to allow IFRSs

20 Nov 2007

The NASDAQ Stock Market (USA) expressed full support for the SEC's decision to allow foreign registrants to use IFRSs without a US GAAP reconciliation and has asked the US Securities and Exchange Commission to approve a rule change to allow NASDAQ to accept IFRS finanical statements.

Click for NASDAQ announcement (PDF 35k).

 

Updated EFRAG endorsement status report

19 Nov 2007

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 15 November 2007 (PDF 29k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 8 Operating Segments
  • IAS 1 Presentation of Financial Statements (revised September 2007)
  • IAS 23 Borrowing Costs (revised March 2007)
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 13 Customer Loyalty Programmes
  • IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements, and their Interaction

 

Czech language version of IFRSs in Your Pocket

19 Nov 2007

We have posted the Czech Language Version of IFRSs in Your Pocket 2007 – IFRS do kapsy 2007.

This 98 page publication from Deloitte & Touche LLP (Czech Republic) includes a special introduction by Michal Petrman, Office Managing Partner of Deloitte Czech Republic, a comparison of the major differences between IFRS and Czech GAAP, plus all of the information in the English language edition.
Click to view IFRS do kapsy 2007 (PDF 1,190k).

 

Heads Up on SEC decision to drop IFRS reconciliation

18 Nov 2007

We have posted the 16 November 2007 edition of the Heads Up Newsletter from Deloitte & Touche LLP (United States).

This issue summarises:
  • the SEC's decision to allow foreign private issuers to prepare financial statements using IFRSs without reconciling to US GAAP, and
  • its approval of proposed rules benefiting smaller public companies.

Click to view this edition of the Heads Up newsletter (PDF 112k).

 

Notes from IASB November 2007 meeting day 3

17 Nov 2007

The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November.

Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

 

Notes from IASB November 2007 meeting day 4

17 Nov 2007

The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November.

Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

 

US SEC votes to drop the IFRS reconciliation

16 Nov 2007

At its public meeting in Washington on Thursday, 15 November 2007, the US Securities and Exchange Commission voted to allow foreign companies to submit financial statements to the Commission using International Financial Reporting Standards (IFRSs) as adopted by the IASB* without having to include a reconciliation of the IFRS data to US Generally Accepted Accounting Principles.

The Commission had made this Proposal in July 2007. The rule amendments will take effect 60 days after they are published in the Federal Register and apply to financial statements covering years ended after 15 November 2007. Statements welcoming the SEC's decision were issued by

Below is an excerpt from the SEC's Public Announcement (PDF 30k) on eliminating the reconciliation:

 

Having considered extensive and informative public comment on its June 2007 proposal, the Commission today approved rule amendments under which financial statements from foreign private issuers in the US will be accepted without reconciliation to US Generally Accepted Accounting Principles only if they are prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The purpose of the requirement to use the IASB-approved version is to encourage the development of IFRS as a uniform global standard, not a divergent set of standards applied differently in every nation. Consistency of application of IFRS will help US investors who own foreign securities to have better comparability.

*The SEC has provided a temporary exception for foreign private issuers that use the version of IFRSs that includes the European Commission's 'carve-out' for IAS 39. Such issuers will be allowed to use that version in preparing their financial statements for a two-year period as long as a reconciliation to the IASB's version of IFRSs is provided. After the two-year period, those issuers will either have to use the IASB's version of IFRSs or provide a reconciliation to US GAAP.

 

Notes from IASB November 2007 meeting day 2

16 Nov 2007

The International Accounting Standards Board is holding its November 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday to Friday, 13-16 November.

Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the meeting.

 

IASC Foundation XBRL Update

16 Nov 2007

The XBRL team of the IASC Foundation has published the November 2007 IASCF XBRL Update.

The newsletter provides an update on the XBRL-enablement of IFRSs around the world. This issue has news about IFRS-XBRL internationally and from a number of countries, including Australia, United States, Belgium, Canada, India, Japan, Netherlands, UK, and France. There is also information about the IFRS XBRL taxonomy and upcoming events.
Click to view November 2007 IASCF XBRL Update (PDF 66k).

 

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