An excerpt:

The EU's aim has always been to move towards full reliance on the audit inspections of the public oversight bodies in these third countries. In practice, this would mean that audit firms from these countries would no longer have to be inspected by European public oversight bodies, as we in the EU could rely on the audit inspections that were carried out by their counterparts in these countries. In return, of course, EU oversight bodies would expect the same treatment for EU audit firms. Putting in place this model of cooperation would go a long way towards restoring the confidence of investors. But of course, it has to be based upon mutual trust. Whilst some of our trading partners, notably Canada and Japan, seem to be open towards such an agenda, the same is not true for the United States. As things stand at the moment, the EU will commit itself to facilitate United States' inspections but we currently have no guarantee that the United States will do the same for us. This is not good for the confidence of our investors here in the EU. Nor does it send the right signal for the EU's own oversight bodies which we here in the EU have worked hard to put in place.

Click to view Audit Working papers — Statement Charlie McCreevy Commissioner for the Internal Market and Services (PDF 17k).

More than 40 percent of 1,700 finance professionals, mostly from private companies, responded to a set of polling questions during a Deloitte webcast by stating that their companies would take positive action when the IASB completes its project on private entity reporting. Almost 14 percent said they will consider adopting IASB's new standard in the near term, while 26 percent reported they will assess the costs and benefits of adoption. Nearly 85 percent found something appealing about the project, including more than 33 percent that liked having a simplified, self-contained set of accounting standards that are appropriate for private entities. Close to 30 percent believed these standards will reduce their financial reporting burden, and just over 21 percent cited better comparability for users of private company financial information. Click for Deloitte News Release (PDF 24k).

 

Brazil will require IFRS consolidated financial statements for all listed companies and all banks, both domestic and foreign owned, starting with years ending 31 December 2010. The three new Brazilian IFRS publications are:

• IFRS ao seu alcançe 2009 (IFRS in your Pocket in Portuguese) (PDF 355k) – based on the English version of IFRSs in your Pocket 2008.
• O Brasil na convergência – um guia prático para adoção do IFRS (PDF 488k) – Brazil Converging: A Practical Guide to Adopting IFRS. This is a guide to implementing IFRS from the Brazilian point of view, including a summary of the Brazilian requirements and deadlines, business implications of IFRSs, suggested actions, and a readiness checklist.
• IFRS no Setor Imobiliário - Além da contabilidade e dos Relatórios Financeiros (PDF 360k) – IFRS in the Real Estate Industry in Brazil. This publications identifies accounting differences with current Brazilian GAAP as well as business implications and suggested actions.

 

Instead, NASBA believes that the Commission should encourage convergence of US GAAP and IFRSs.

• Click for NASBA Letter to the SEC (PDF 50k).

NASBA is the association of the 55 government boards of accountancy in US states and territories. The individual boards examine candidates and license CPAs. NASBA itself administers an International Qualification Examination (IQEX) for non-US candidates seeking a receiprocal US CPA designation.

 

The tentative agenda is available on our meeting page for the meeting.

 

The Path to IFRS Conversion – Considerations for the Banking and Capital Markets Industry (PDF 267k), from Deloitte United States, addresses these issues and includes useful sections on:

• Understanding the implications of IFRS for the banking and capital markets industry for accounting and finance, systems, and tax
• Reviewing key differences between IFRSs and US GAAP
• Evaluating approaches to IFRS conversion
• Developing an IFRS road map
• IFRS lessons from the European experience

 

• Chinese Translation of the Newsletter (PDF 150k)
• English Version of the Newsletter (PDF 107k)

 

• Annual Improvements 2008-2009
• Annual Improvements 2009-2010
• Derecognition
• Fair Value Measurement
• IAS 34 Interim Financial Reporting Issues
• IAS 39: Amendments Relating to Embedded Derivatives
• IFRS for Non-publicly Accountable Entities (formerly SMEs and Private Entities)
• Insurance Contracts
• Post-employment Benefits
• Rate-regulated Activities

 

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

• Understanding the implications of IFRS (in accounting and beyond) for the aerospace and defense industry
• Key technical accounting differences between IFRS and US Generally Accepted Accounting Principles
• Evaluating approaches to IFRS conversion
• Developing an IFRS roadmap
• IFRS lessons from the European experience

Click to view IFRS in the Aerospace and Defense Industry (PDF 226k).