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2008

Comparison of Taiwanese GAAP and IFRSs

09 Jan 2008

Deloitte & Touche in Taiwan has published the 2nd edition of Comparisons of Republic of China (ROC) GAAP and IFRSs, which details the differences between ROC Statements of Financial Accounting Standards and IFRSs as of 30 November 2007. This booklet is written in both Chinese and English and provides a quick overview of the differences between ROC GAAP and IFRSs that are commonly found in practice.

Comparisons of ROC GAAP and IFRSs can be purchased by email to Comparison of Taiwanese GAAP and IFRSs or On Line (Chinese).

Taiwan page updated

09 Jan 2008

We have updated our Taiwan Page to include a list of all Taiwanese Statements of Financial Accounting Standards issued as of January 2008. Accounting standards in Taiwan are developed by the Accounting Research and Development Foundation (ARDF).

English language summaries are available at www.ardf.org.tw. On 31 October 2007, the ARDF published its Project Plan Concerning the Convergence with IFRSs (PDF 31k).

 

Deloitte Australia Accounting Alerts – links updated

08 Jan 2008

Deloitte Austraila produces a series of Accounting Alerts to keep clients up-to-date on new financial reporting pronouncements, emerging issues, and uncertainties in interpretation.

Up through June 2006, the Alerts were published as PDF files. Starting in July 2006, the Alerts have been published on-line, some as PDFs and some as web pages. We have updated our Page of Australia Accounting Alerts to include links to view all of the on-line Alerts and to download the earlier PDF Alerts. You can always find a link to these Alerts on our Australia Page.

 

FASB webcast on IFRS convergence this coming Tuesday

06 Jan 2008

On Tuesday 8 January 2008, the US Financial Accounting Standards Board (FASB) will conduct a free live webcast featuring a panel of experts discussing international convergence of accounting standards.

Viewers will have the opportunity to email questions to panelists during the event. The webcast will be archived on the FASB website for access by the public. To register for the live and/or archived webcast, here is the URL: http://w.on24.com/r.htm?e=98883&s=1&k=6E1FE1267FC56B24EDA45AA5C0049702.

FASB webcast on IFRS convergence:

  • Title of Webcast: Towards a Global Reporting System: Where Are We and Where Are We Going?
  • Date and Time: 8 January 2008, 10:30 AM to 11:30 AM US EST (15:30 to 16:30 GMT).
  • Panelists: Robert Herz, Chairman of the FASB; Peter Bridgman, Senior Vice President and Controller of PepsiCo; Greg Jonas, Managing Director of Moody's Investors Service; and Sam Ranzilla, a Partner at KPMG LLC. Moderated by Wall Street Journal reporter David Reilly.
  • Topic: The panel will cover topics that include steps necessary to ensure a successful transition to IFRS; how this transition will provide better information to investors; and progress made by the FASB and the International Accounting Standards Board (IASB) to create a common set of high-quality global accounting standards.
  • Email Notification Service: To subscribe to an email notification service for future FASB webcasts, send an email to Join-fasb-webcast@listserv.lists.fasb.org. (It is not necessary to include any additional information in the subject line or body of your email.)

 

Agenda for 10-11 January 2008 IFRIC meeting

05 Jan 2008

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 10-11 January 2008. The meeting is open to the public and will be webcast.

You can access the agenda on our January 2008 IFRIC meeting page.  We will also post Deloitte observer notes on this page as they are available.

Guía Rápida NIIF 2007 (Colombia)

04 Jan 2008

Deloitte (Colombia) has published Guía Rápida NIIF 2007 – una traducción al español para Latinoamérica de la versión original en inglés de IFRSs in your pocket 2007 (a translation into Spanish for Latin America of the original English version of IFRSs in your Pocket 2007).

It includes a foreword from Ken Wild (Deloitte Global IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; brief summaries of IASB agenda projects; and more.
Click to view Guía Rápida NIIF 2007 (PDF 4,834k, 104 pages).

 

Nominations invited for two IFRIC members

03 Jan 2008

The Trustees of the International Accounting Standards Committee Foundation are seeking candidates to fill two vacancies on the International Financial Reporting Interpretations Committee (IFRIC).

IFRIC develops Interpretations of IASB standards. With the two appointments, IFRIC will consist of 14 voting members under the non-voting chairmanship of IASB member Robert Garnett. The two new appointees will serve for terms expiring on 30 June 2011 and would be eligible for reappointment. Members are expected to attend about six two-day meetings each year held in London. Membership is unpaid, but the IASC Foundation meets members' expenses of travel on IFRIC business. Nominations are due by 7 February 2008. Click for Announcement (PDF 421k).

 

CESR consultation on equivalence of national GAAPs and IFRSs

02 Jan 2008

The Committee of European Securities Regulators (CESR) has launched a consultation on the equivalence of Chinese, Japanese, and US GAAPs to IFRSs.

The Consultation Paper includes CESR's draft conclusions on such equivalence. Responses to the consultation are requested by 25 February 2008. CESR will hold an open hearing on the issue at its offices in Paris on 21 January 2008. CESR will consider the views received in developing its advice to the European Commission, which CESR expects to submit by 31 March 2008. The Commission plans to make its decisions by 1 July 2008 regarding the equivalence of third country (non-EU) GAAPs under the Prospectus and Transparency Directives. Click for:

Overview of CESR's draft conclusions

United States GAAP. CESR believes US GAAP and IFRS are converging and will continue to evolve on a combined basis to an extent where they are effectively equivalent to each other and would therefore recommend that the Commission finds US GAAP equivalent to IFRS for use on EU markets.

Japanese GAAP. CESR does not necessarily believe itself in a position to comment on the [Accounting Standards Board of Japan's work] programme but has no reason to doubt that the ASBJ may well be able to achieve this objective. It is clear that if the ASBJ is successful in achieving its objectives there is no reason that CESR should not agree to Japanese GAAP being considered equivalent as at that stage all the issues identified in its 2005 advice will have been addressed. Consequently, CESR would recommend that, come June 2008, the Commission should consider Japanese GAAP equivalent, unless there is no adequate evidence of the ASBJ achieving to timetable the objectives set out in the Tokyo Agreement.

Chinese GAAP. CESR would recommend that the Commission postpones a final decision on Chinese GAAP until there is more information on the issues outlined above [essentially, assessment of implementation of new Chinese standards in 2007], because CESR believes that evidence of adequate implementation is important in the context of an outcome-based definition of equivalence.

Another record year for IAS Plus

01 Jan 2008

In 2007 IAS Plus had 1,521,000 visitors. Thank you for making us, once again, the #1 source on the Internet for information about international financial reporting.

We wish you a very happy new year. Here are a few more statistics about IAS Plus in 2007:
  • Total page views: 5,520,000
  • Top 10 most visited pages: Home Page, Standards List, Publications, Search, Model Financial Statements, IAS 1, IAS 39, Interpretations, IFRS by Jurisdiction, and IFRS Comparisons to Local GAAP.
  • Total website file size: 693mb
  • Total number of files: 4,561 files, including
    • 647 HTML web pages,
    • 3,036 downloadable PDF and ZIP files, and
    • 855 graphics files.

 

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