January

Deloitte among 17 initial full members of Forum of Firms

27 Jan 2008

Deloitte Touche Tohmatsu is one of 17 international networks of accounting firms that have become the first full members of the IFAC Forum of Firms.

These international networks, whose member firms perform transnational audits, have reported that they have implemented a globally coordinated quality assurance program, committed to the use of International Standards on Auditing (ISAs), and met other quality and ethics requirements. Click for:

 

Two Special Reports from Deloitte & Touche (USA)

27 Jan 2008

Deloitte & Touche LLP (United States) has published two Special Reports – available via the links below (and on our United States Page).

These new publications offer insight into the comments by the staff of the US Securities and Exchange Commission on the financial statements of domestic registrants and foreign registrants using IFRSs. These are the first two reports in a planned series.

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SEC Comment Letters on Domestic Registrants: A Closer Look (PDF 555k): This Special Report presents examples of the most frequently issued SEC comments. The topics covered in this report include:

  • Business combinations, long-lived assets and impairments
  • Contingencies
  • Discontinued operations and assets held for sale
  • Earnings per share
  • Fair value and the turmoil surrounding the credit market
  • Financial instruments
  • Financial statement classification
  • Management's discussion and analysis
  • Revenue recognition
  • Staff Accounting Bulletin 74
  • SEC reporting (Regulation S-X misapplication)
  • Segment reporting
  • Share-based payments
  • Uncertain tax positions
  • Use of experts and consents

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SEC Comment Letters on Foreign Private Issuers Using IFRSs: A Closer Look (PDF 555k). This Special Report is designed to help financial statement preparers understand the items that the SEC staff has focused on during its review process over the past two years. It includes extracts from actual comment letters as well as forward-looking considerations. The main topics covered in the IFRS report include:

  • Financial instruments
  • Income statement presentation
  • Revenue
  • Cash flow statements
  • First-time adoption of IFRS
  • Segment reporting
  • Income taxes
  • Employee benefits
  • Impairment of assets
  • Provisions

Notes from the third day of the IASB January 2008 meeting

25 Jan 2008

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting was open to public observation and was webcast.

Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

 

Notes from the second day of the IASB January 2008 meeting

24 Jan 2008

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting was open to public observation and was webcast.

Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

 

Deloitte Netherlands webcasts on IFRSs

24 Jan 2008

Deloitte Netherlands has published two webcasts (in Dutch) about IFRS 7 and the Top 10 Attention Issues for 2007 Financial Statements.

The webcasts can be downloaded free of charge on computer or ipod/mp3-format. In March and May 2008 two more webcasts will follow about collective defined contribution schemes and business combinations. Click here www.deloitte.nl/ifrs to access the Deloitte Netherlands webcasts (30 minutes each).

 

Updated EFRAG endorsement status report

24 Jan 2008

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 23 January 2008 (PDF 122k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 2 Share-based Payment: Vesting Conditions and Cancellations
  • IFRS 3 Business Combinations (2008)
  • IAS 1 Presentation of Financial Statements (revised September 2007)
  • IAS 23 Borrowing Costs (revised March 2007)
  • IAS 27 Consolidated and Separate Financial Statements (2008)
  • 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

 

New 'history' page – IASB member bios and terms

24 Jan 2008

We have created a new 'history' page listing the periods of service of all members of the IASB current and past, along with biographies and photographs.

Click to go to our Board Member History Page.

Notes from the first day of the IASB January 2008 meeting

23 Jan 2008

The International Accounting Standards Board held its January 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Thursday 22-24 January 2008. The meeting is open to public observation and is being webcast.

Click here to go to the Preliminary and Unofficial Notes taken by Deloitte Observers at the meeting.

 

Deloitte USA Alert on credit risk disclosures

23 Jan 2008

Deloiite & Touche LLP (United States) has published a Financial Reporting Alert on Turmoil in the Credit Markets: The Importance of Comprehensive and Informative Disclosures.

This alert underscores the importance of providing comprehensive and informative disclosures about (1) the effects of the current credit environment on financial statements and (2) the potential exposures associated with this environment. In addition, this alert highlights the need for disclosures about many of the concerns expressed by the FASB, SEC, and PCAOB regarding the challenges organisations face in this environment. The alert includes three appendices:
  • Appendix A: Recent SEC Comments That Are Relevant to the Current Credit Environment
  • Appendix B: Excerpts From Recent Registrant Disclosures
  • Appendix C: Sample SEC Letter Emphasizing Disclosures About Off-Balance-Sheet-Entities
Click to Download the Financial Reporting Alert (PDF 247k).

 

New Global Offerings Services newsletter

23 Jan 2008

We have posted the December 2008 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 December 2008 Edition of the Deloitte Global Offerings Services Newsletter (PDF 224k). Past GOs Newsletters are Here.

 

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