June

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG endorsement status report

11 Jun 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 22 May 2008 (PDF 35k). 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)
  • IAS 32 and IAS 1 Amendments for Puttable Instruments and Obligations Arising on Liquidation
  • 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
  • Improvements to IFRSs – 2007 (affects various standards)
  • IFRS 1 and IAS 27 Cost of an Investment in a Subsidiary, Jointly-Controlled Entity, or Associate

 

SEC (US Securities and Exchange Commission) (dark gray) Image

SEC hosts international roundtable on interactive data

10 Jun 2008

The US Securities and Exchange Commission is hosting an International Roundtable on Interactive Data for Public Financial Reporting on 10 June 2008. The Roundtable follows the issuance of a proposed rule that would require all registered companies to file XBRL data (see our News Story of 16 May 2008).

Click for SEC Press Release about the Roundtable (PDF 47k).

 

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FEI forms IFRS preparers' coalition in United States

10 Jun 2008

Financial Executives International (FEI) has formed a new national coalition, the Corporate Roundtable on International Financial Reporting (CRIFR), to provide a forum for companies of all sizes and funding models to discuss all business issues related to the International Financial Reporting Standards (IFRS) by United States companies.

The goal of CRIFR will be to facilitate dialogue on a broad range of issues surrounding IFRS, including (but not limited to) implementation and transition issues related to systems requirements, training, standards setting, and reporting. Click for the FEI Press Release (PDF 15k).

 

SEC (old) Image

SEC official comments on IFRS and US Companies – A Look Ahead

09 Jun 2008

John W. White, Director of the Division of Corporation Finance of the US Securities and Exchange Commission Financial Executives International spoke about IFRS and US Companies: A Look Ahead at Financial Executives International's Global Financial Reporting Convergence Conference in New York on 5 June 2008.

His remarks focussed on the policy level implications of the possible use of IFRSs by US companies. Click to Download Mr White's Presentation (PDF 102k). Below is an excerpt. Mr White's concluding comment: "I truly believe that the endpoint will be US issuers using IFRS and that it is time to move in this direction. The SEC can provide leadership by planning now for how that result might be brought about, which in turn could provide US issuers with greater clarity in this area."

I think there are a number of policy issues that need to be the subject of public discussion and input. Among the more interesting questions are:

  • Should US companies be permitted to prepare their financial statements using IFRS for purposes of their SEC filings?
  • Should US companies be required to prepare their financial statements using IFRS?
  • And for both of those questions:
    • Should only some subset of US companies be permitted, or required, to use IFRS, or should any movement to IFRS be available or required of all companies?
    • And, if it is desirable to have only a subset go first, then how should that subset be defined?
    • What kind of timeframe and what kind of transition procedures should be involved for either permissive or universal use of IFRS for US companies?
  • And, let us not overlook, what is the SEC's role in answering these questions?
  • More generally, I think it is also a fair question to ask: why is the Commission even considering allowing, much less requiring, US companies to use IFRS?

 

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Deloitte Canada Countdown IFRS transition newsletter

08 Jun 2008

Deloitte Canada has released the fifth issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte.

Among the topics covered in this issue of Countdown are disclosures about the expected effects of first-time adoption of IFRSs, tax considerations in adopting IFRSs, and the impact on the financial institutions sector. As always, there is also an update on current IFRS events. Click below for:

 

IFAC (International Federation of Accountants) (lt gray) Image

IESBA re-exposes two ethics proposals

07 Jun 2008

The International Ethics Standards Board for Accountants (IESBA) has issued a re-exposure draft of proposals to strengthen the independence requirements contained in the IFAC Code of Ethics for Professional Accountants.

The re-exposure draft contains two key proposals:
  • The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems, or financial statements to an audit client that is a public interest entity.
  • The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years.
Comment deadline is 31 August 2008. Click for Press Release (PDF 43k).

 

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Agenda for June 2008 IASB meeting

06 Jun 2008

The International Accounting Standards Board will hold its June 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 17-20 June 2008. The meeting is open to public observation and will be webcast.

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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Advisory Council will meet 23-24 June 2008

06 Jun 2008

The Standards Advisory Council will meet with the IASB on Monday and Tuesday 23-24 June 2008 at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

The meeting is open to public observation. The agenda for the meeting is set out below.

Standards Advisory Council Meeting Agenda
23-24 June 2008, London

Monday 23 June 2008

  • Report from SAC Chairman
  • Recent market events – steps the IASB is taking
  • Off balance sheet concerns – the projects on consolidation and derecognition
  • The IASB-FASB MoU – an update on the significance of progress to be achieved by mid-2011
  • Discussion of IASB and IFRIC work programmes

Tuesday 24 June 2008 (morning only)

  • Agenda proposals
    • Liabilities/equity
    • Derecognition
  • Session with Trustees – Constitution Review

 

Accounting Roundup Image

Accounting Roundup – May 2008

06 Jun 2008

We have posted the May 2008 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • FASB Eliminates Inconsistencies in Financial Guarantee Insurance Contracts
  • FASB Issues Statement Establishing GAAP Hierarchy
  • FASB Tightens Convertible Debt Accounting for Issuers
  • FASB Issues FSP on Consolidation and Equity Method Guidance for Not-for-Profit Organizations
  • FASB and IASB Issue Two Conceptual Framework Documents
  • FASB Proposes FSP on Credit Derivative and Guarantee Disclosures
  • FASB Proposes FSP on Fair Value Accounting for Trading Inventory
  • FASB Seeks Additional Comments on October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions
  • FASB Authors Article About Fair Value
  • Valuation Resource Group Discusses Four New Topics and Status of Prior Issues
SEC Developments
  • SEC Expands the Definition of Eligible Portfolio Companies Under the Investment Company Act of 1940
  • SEC Proposes Rule on Interactive Data
  • SEC Proposes Rule on Cross-Border Transactions
  • SEC Publishes Small Entity Compliance Guide on Internet Availability of Proxy Materials
  • SEC Financial Reporting Advisory Committee Releases Updated Progress Reports
AICPA Developments
  • AICPA Recognizes IASB as Standard Setter
  • AICPA Issues Two Proposed Redrafted Statements on Auditing Standards
GASB Developments
  • GASB Adds New Projects to Agenda
International Development
  • IASB Issues Annual Improvements to International Standards
  • IASB and FASB Issue Two Conceptual Framework Documents
Other Developments
  • CAQ SEC Regulations Committee Meets With SEC Staff
Click to view May 2008 Edition of Accounting Roundup (PDF 340k). You will find past issues of Accounting Roundup Here.

 

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IAS Plus Newsletter on improvements to IFRSs - in Chinese

06 Jun 2008

On 27 May 2008, we posted Deloitte's special edition IAS Plus Newsletter on Improvements to IFRSs 2008.

Click to view IAS Plus Newsletter on Improvements to IFRSs 2008 (PDF 136k, English). Our News Story of 22 May 2008 announced these revisions. Deloitte (China) has published a Chinese Translation of the Newsletter on the Improvements to IFRSs (PDF 213k).

 

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