February

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IFRS considerations for the shipping industry

20 Feb 2009

The Path to IFRS: Considerations for the Shipping Industry, from Deloitte (United States), includes sections on:

  • Understanding the implications of IFRS for the shipping industry
  • A business case for IFRS
  • Key accounting differences between IFRS and US Generally Accepted Accounting Principles (GAAP) for the shipping industry
  • Evaluating approaches to IFRS conversion
  • Developing an IFRS road map
  • IFRS lessons from the European experience
  • Key action steps for shipping industry executives

Click to view The Path to IFRS: Considerations for the Shipping Industry (PDF 1,106k).

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Notes from day 3 of IASB February 2009 meeting

20 Feb 2009

The International Accounting Standards Board is meeting at its offices in London on Tuesday to Friday, 17-20 February 2009.

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

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Notes from day 2 of IASB February 2009 meeting

19 Feb 2009

The International Accounting Standards Board is meeting at its offices in London on Tuesday to Friday, 17-20 February 2009.

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

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New Standards Advisory Council membership

19 Feb 2009

The Trustees of the IASC Foundation have announced the membership of the reconstituted Standards Advisory Council (SAC) for the three years ending on 31 December 2011. The SAC provides a forum for the IASB to consult a wide range of interested parties affected by the IASB's work.

The SAC meets three times a year and advises the IASB on issues including the IASB's agenda and work programme. The first meeting of the new SAC will be on 23 and 24 February in London. The Trustees also announced two vice-chairmen to serve alongside Paul Cherry, the recently appointed SAC chairman: Charles Macek and Patrice Marteau. The new SAC membership is below (and permanently on our Advisory Council Page). A significant change from the previous SAC structure is that members represent organisations rather than serving as individuals. Click for Press Release (PDF 190k).

SAC Chairman and Vice-Chairmen

SAC Chairman:

  • Paul Cherry, Chairman, Canadian Accounting Standards Board (retiring March 2009)
SAC Vice-Chairmen:
  • Charles Macek Non-Executive Director, Telstra and Wesfarmers, Former Chairman, Australian Financial Reporting Council
  • Patrice Marteau Chairman, ACTEO; Chairman, Accounting Committee, Business Europe

 

Organisation

Individual

Title

Brazilian Association of Listed Companies (ABRASCA)

Geraldo Toffanello

Accounting Director, GERDAU Group

Associated Chambers of Commerce of India/The Stock Exchange, Mumbai (BSE)

Narendra Sarda

Chairman, Deloitte Haskins & Sells

Association of British Insurers/Investment Management Association (IMA)

Liz Murrall

Director of Corporate Governance and Reporting, IMA

Basel Committee on Banking Supervision

Sylvie Matherat

Director, Financial Stability Directorate, Banque de France

BDO International

Andrew Buchanan

IFRS Technical Partner

CFA Institute

Dane Mott

Executive Director, JP Morgan Securities Inc

Committee of European Securities Regulators

Richard Thorpe

Head of Capital Adequacy Policy Department and Accounting and Auditing Sector, UK Financial Services Authority

Corporate Reporting Users' Forum (International)

Norbert Barth

Head of European Chemical Sector Research, WestLB

Council of Institutional Investors (USA)

Gail Hanson

Deputy Executive Director, State of Wisconsin Investment Board

Deloitte

Joel Osnoss

Partner-in-Charge of Global IFRS and Offerings Services

Ernst & Young

Leo van der Tas

Global Technical Director, IFRS

European Central Bank

Mauro Grande

Director, Financial Stability and Supervision, European Central Bank

European Financial Reporting Advisory Group (EFRAG)

Stig Enevoldsen

Chairman, Technical Expert Group, EFRAG

European Insurance and Reinsurance Federation (CEA)

Jacques Le Douit

Accounting Research and Development Director AXA

European Issuers/European Round Table of Industrialists

Christoph Hutten

Chief Accounting Officer, SVP SAP AG

Federation Internationale des Experts-Comptables Francophone

Benoit Atangana Onana

Senior Partner and General Manager, African Consulting Enterprise

Financial Executives International (Canada)

Karyn Brooks

SVP and Controller, Bell Canada Enterprises

Financial Executives International (US)

Jamie Miller

Vice President and Controller General Electric Company

Grant Thornton

April Mackenzie

Global Head of Public Policy

Group of 100 (Australia)

Judith Downes

Chief Financial Officer, Alumina Limited

Group of European national standard-setters (France, Germany, Italy, and UK)

Piero di Salvo, Italy (for 2009)

Rotating annually among the standard-setters of France, Germany, Italy, UK

Group of North American Insurance Enterprises

Jerry de St. Paer

Executive Chairman GNAIE – Group of North American Insurance Enterprises

Hong Kong Institute of Certified Public Accountants

P M Kam

Group Financial Controller, Jardine Matheson Ltd

Institute of International Finance

Will Widdowson

Head of Group Accounting Policy and Group SOX Officer, UBS AG

International Association for Accounting Education & Research

Hollis Ashbaugh Skaife

Associate Professor of Accounting Wisconsin School of Business

International Actuarial Association

Francis Ruygt

Deputy Chief Insurance Risk Officer and Group Actuary, ING Group

International Association of Insurance Supervisors

Henning Goebel

Economic Advisor, Federal Financial Supervisory Authority

International Corporate Governance Network

Gerben Everts

Compliance Officer, APG Investments

International Federation of Accountants

James Sylph

Executive Director, Professional Standards

International Monetary Fund

Kenneth Sullivan

Senior Financial Sector Expert

International Organization of Securities Commissions (IOSCO)

One member each from a developed and emerging economy:Developed economy:Rotating between Sophie Baranger, Director of Accounting and Finance Division, AMF, France; Christoph Ernst, Head of Accounting and Auditing Law Division, Federal Ministry of Justice, Germany Emerging economy: To be confirmed

Investment Company Institute (USA)

Donald J. Boteler

Vice President, Operations

Investors' Technical Advisory Committee (USA)

Neri Bukspan

Chief Quality Officer and Chief Accountant, Standard & Poor's

Korea Accounting Standards Board

Chanhong Kim

Vice Chairman

KPMG

Mark Vaessen

Head of IFRS, KPMG Europe LLP

Ministry of Finance, People's Republic of China, China Accounting Standards Committee

Liu Yuting

Director-General, CASC

Nippon Keidanren (Japan)

Shozo Yoneya

Corporate Auditor, Itochu Corporation

PricewaterhouseCoopers

Richard Keys

Leader – Global Accounting Consulting Services

Securities Analysts Association of Japan

Sei-Ichi Kaneko

Executive Vice President and Member of the Board

South Africa Accounting Practices Board

Moses Kgosana

Chairman

World Bank

Charles McDonough

Deputy Controller and Director of Accounting

Observer organisations:

  • European Commission
  • Japan Financial Services Agency
  • US Securities and Exchange Commission

 
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Notes from day 1 of IASB February 2009 meeting

18 Feb 2009

The International Accounting Standards Board is meeting at its offices in London on Tuesday to Friday, 17-20 February 2009.

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

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FASB begins two fair value measurement projects

18 Feb 2009

The US Financial Accounting Standards Board (FASB) has added to its agenda two projects intended to improve:

  • the application guidance used to determine fair values and
  • disclosure of fair value estimates.

The projects were added in response to recommendations contained in the Securities and Exchange Commission's recent study on mark-to-market accounting, as well as input provided by the FASB's Valuation Resource Group.

Click for Press Release (PDF 80k).

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Two Deloitte IFRS newsletters in Spanish

18 Feb 2009

Deloitte (Colombia) has published the Spanish translations of the following two IAS Plus Update newsletters:

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Accounting implications of the credit crisis

18 Feb 2009

At a conference in Dubai on 15 February 2009, Syed Asad Ali Shah, President of the Institute of Chartered Accountants of Pakistan and a partner in Deloitte (Pakistan), made a presentation on Global Financial Crisis – Accounting and Audit Considerations.

Mr Shah discusses the origin of the crisis, current state, complex financial instruments, impact on the global economy, changes in standards, dealing with the crisis, and accounting and audit considerations. Click to Download Mr Shah's Presentation (PDF 299k).
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Ecuador will phase in IFRSs starting 2010

18 Feb 2009

Pursuant to Resolution No. 08.G.DSC (PDF 67k) issued by the Superintendent of Companies, Ecuador will require IFRSs for all companies, phased in as follows:

  • Starting 1 January 2010: All companies subject to the regulations of the stock market and all external auditors.
  • Starting 1 January 2011: All companies with assets greater than US$ 4,000,000 at 31 December 2007; holding companies and consolidated groups; state-owned entities; and foreign-invested entities.
  • Starting 1 January 2012: All other companies.
These dates replace a requirement, adopted in 2007, for all companies to begin using IFRSs in 2008. Click for our Ecuador country page.

Click to view Resolution No. 08.G.DSC (PDF 67k).

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Analyst Representative Group will meet 25 February

17 Feb 2009

The IASB will meet with the Analyst Representative Group on 25 February 2009, 9:00am to 4:30pm at the IASB Offices, 30 Cannon Street, London.

The meeting is open to public observation. Topics on the agenda are:
  • Current reporting issues
  • Earnings per share: Next steps following the ED
  • Post-employment benefits: Improvements to disclosures
  • Revenue recognition: Overview of changes to current practice proposed in the December 2008 DP
  • Update on work programme
  • Financial statement presentation: Direct method cash flows and the reconciliation statement plus overall impressions of the DP
  • Emission rights: Consideration of alternative accounting models

 

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