May

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Comparison of IFRSs and Dutch GAAP

20 May 2008

The Deloitte IFRS Centre of Excellence in The Netherlands has published IFRSs and NL GAAP: A Pocket Comparison.

This 19-page booklet sets out some of the key differences between IFRSs and Dutch GAAP for annual periods beginning on or after 1 January 2008. It also includes new and revised IFRSs issued before 31 March 2008 that are not yet effective for annual periods beginning on or after 1 January 2008. Click to download IFRSs and NL GAAP: A Pocket Comparison (PDF 302k).

 

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CESR publishes summaries of IFRS enforcement decisions

20 May 2008

The Committee of European Securities Regulators (CESR) has published its third batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information.

From time to time, CESR publishes extracts of selected decisions as a source of information to foster appropriate and consistent application of IFRSs in the EU.

Topics covered in batch #3 of CESR's extracts:

  • Consolidation of subsidiary
  • Step acquisition
  • Consolidation of special purpose entities
  • Application of the pooling of interest method in a business combination under common control
  • Identification of the acquirer in a business combination
  • Partial reimbursement and modifications of the term of the contract of a borrowing
  • Impairment of an investment
  • Disclosure of the effect of discontinued operations
  • Definition of key management personnel
  • Internally generated intangible assets
  • Allocation of the costs of an acquisition
  • Scope of IAS 11
  • Barter transaction
  • Half-yearly financial statements
Click to download:

 

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Deloitte's IFRS University Consortium

20 May 2008

Deloitte has announced that it is forming an IFRS University Consortium, through which it will contribute its time, experience, and resources as an investment in education to help bring IFRS curricula into college classrooms.

Through the Consortium, Deloitte is contributing resources to Ohio State and Virginia Tech universities to assist those schools in developing IFRS curricula. The contributions include drafting course materials such as classroom guides and case studies and providing Deloitte professionals as lecturers. The classroom guides and course materials will be made available to other interested universities. Ohio State and Virginia Tech will discuss their IFRS course materials at the American Accounting Association's annual meeting taking place August 3-6 in Anaheim, California. Deloitte IFRS Consortium details can be accessed here: www.deloitte.com/us/ifrs/consortium. Click for Press Release (PDF 57k).

 

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Updated EFRAG endorsement status report

20 May 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 19 May 2008 (PDF 33k). 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

 

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Australia illustrative A-IFRS financial reports for 2008

19 May 2008

Deloitte (Australia) has published illustrative financial reports in conformity with Australian equivalents of IFRSs for companies with annual reporting obligations at 30 June 2008. These reports include new requirements such as AASB 7 Financial Instruments: Disclosures.

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New Global Offerings Services newsletter

19 May 2008

We have posted the April-May 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 April-May 2008 Edition of the Deloitte Global Offerings Services Newsletter (PDF 211k).

 

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We comment on two IAASB proposals

18 May 2008

Deloitte has recently submitted letters of comment to the International Auditing and Assurance Standards Board (IAASB) on two proposed International Standards on Auditing (ISAs), as listed below.

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IFRIC agenda pages are updated

18 May 2008

We have updated the following IFRIC agenda issues pages to reflect the discussions and decisions at the meeting of the International Financial Reporting Interpretations Committee on 8 May 2008:

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IASB meeting dates for 2009

18 May 2008

Here is a list of the dates of the International Accounting Standards Board meetings in 2009, including joint meetings with the FASB and meetings with the Standards Advisory Council.

All are in London except the October 2009 joint meeting with FASB.

IASB:

Monday-Friday 19-23 January 2009

IASB:

Monday-Friday 16-20 February 2009

Standards Advisory Council:

Monday and Tuesday 23-24 February 2009

IASB:

Monday-Friday 16-20 March 2009

Joint IASB/FASB Meeting:

Monday-Wednesday 23-25 March 2009

IASB:

Monday-Friday 20-24 April 2009

IASB:

Monday-Friday 18-22 May 2009

IASB:

Monday-Friday 15-19 June 2009

Standards Advisory Council:

Monday and Tuesday 22-23 June 2009

IASB:

Monday-Friday 20-24 July 2009

IASB Meeting with World Standard Setters:

Thursday-Friday 10-11 September 2009

IASB:

Monday-Friday 14-18 September 2009

IASB:

Monday-Friday 19-23 October 2009

Joint IASB/FASB MeetingNorwalk, CT, USA:

Monday-Wednesday 26-28 October 2009

IASB:

Monday-Friday 16-20 November 2009

Standards Advisory Council:

Thursday and Friday 12-13 November 2009

 

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Summary of issues not added to IFRIC agenda is updated

16 May 2008

We have updated our Summary of Issues Not Added to IFRIC's Agenda to reflect the IFRIC's final decision at its May 2008 meeting not to add the following topics to its agenda.

Our summary now includes over 135 issues:
  • IAS 19: Employee benefits – settlements
  • IAS 37: Deposits on returnable containers

 

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