By law, registered firms with more than 100 public company audit clients must be inspected annually; firms with fewer public company audit clients must be inspected at least once every three years. This information is included in the PCAOB's announcement (PDF 17k) of its approved budget for 2009 of $157.6 million.

The newsletter (PDF 147k) is developed by Deloitte's Global IFRS and Offerings Services (GIOS) team – Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US GAAP and IFRSs and in complying with the SEC's financial reporting rules. The GIOS Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Past GIOS Newsletters are here.

In this issue of the GIOS newsletter:

IFRS Matters

• SEC Issues Proposed Roadmap for Use of IFRS by US Issuers
• IASB Reveals Steps in Response to Credit Crisis
• FASB and IASB Issue Discussion Paper on Financial Statement Presentation
• IASB Permits Reclassification of Certain Financial Instruments
• IASB Proposes Amendments to Financial Instrument Disclosure Requirements
• IASB Issued Educational Guidance on Fair value Measurements

Regulatory Matters

• SEC Clarifies Guidance on Impairment of Perpetual Preferred Securities
• SEC Comments on Executive Compensation Disclosures
• SEC Holds Roundtable on Transparent Disclosures
• SEC Begins Study of Mark-to-Market Accounting

US GAAP Matters

• FASB's Valuation Resource Group Discusses Nine Fair Value Topics

PCAOB Matters

• PCAOB Proposes Seven Auditing Standards on Risk Assessment

Other Matters

• FASB and IASB Announce Joint Response on Credit Crisis

IFRS 1 was first issued in June 2003, and since then it has been amended frequently. As a result, the IFRS became more complex and less clear. In 2007, therefore, the Board proposed, as part of its annual improvements project, to change IFRS 1 to make it easier for the reader to understand and to design it to better accommodate future changes. The new version of IFRS 1 just issued retains the substance of the previous version, but within a changed structure. It replaces the previous version and is effective for entities applying IFRSs for the first time for annual periods beginning on or after 1 January 2009. Earlier application is permitted. Subscribers can download it from the IASB's website.

 

• Clemens Boersig, Chairman of the Supervisory Board, Deutsche Bank AG, Germany
• Noriaki Shimazaki, Executive Vice President, Sumitomo Corporation, Japan

The appointments fill vacancies that will arise at the end of the year when Max Dietrich Kley and Junichi Ujiie retire as Trustees. The Trustees expect to announce a successor from the investment community for David Shedlarz, a retiring US-based Trustee, in due course. Six current Trustees have been reappointed for a second three-year term: Marvin Cheung, Sam DiPiazza, Robert Glauber, Liu Zhongli, Sir Bryan Nicholson, and Mohandas Pai. Click for IASCF press release (PDF 72k).

The report notes that, in some markets, IFRSs will likely contribute to substantial changes in:

• Insurance product design, price and offerings
• Investment strategy
• Risk management practices
• Securitisation
• Merger and acquisition (M&A) activity

Click to download:

• El tránsito hacia los IFRS en seguros (PDF 247k)
• The IFRS Journey in Insurance: A Look Beyond the Accounting Changes (PDF 428k)

This book has:

• Highlights of and discussions on Malaysia-specific requirements compared to IFRS
• Practical examples and illustrative applications of IFRS
• Guidance on the practical issues encountered by users and preparers of IFRS financial statements
• Suggestions and discussions on the areas in the standards where formal guidance is ambiguous
• Commentaries and updates on development up to August 2008 of IFRS and Interpretations as of December 31, 2007 as discussed in the book

iGAAP Financial reporting in Malaysia (ISBN-13 978-981-4228-56-5 and ISBN-10 981-4228-56-7) is published by CCH Asia Pte Limited and may be ordered from the CCH Malaysia Website.

 

The FSP will increase disclosure requirements for public companies for reporting periods that end after 15 December 2008 (that is, including calendar year 2008). Click for press release (PDF 17k).

• Conceptual Framework Phase C – Measurement
• Conceptual Framework Phase D – Reporting Entity
• Consolidation
• Derecognition of Financial Instruments
• Fair Value Measurements
• Financial Instruments – Comprehensive Project
• Financial Instruments with Characteristics of Equity (Liabilities and Equity)
• IFRIC D23 – Non-cash Distributions to Owners
• Leases
• Post-employment Benefits including Pensions
• IFRS for Private Entities (formerly IFRS for SMEs)
• Related Party Disclosures

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.