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July

EC consults on International Standards on Auditing

03 Jul 2009

The European Commission (EC) has launched a public consultation to determine whether International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) should be adopted in the European Union for the statutory audits of EU private entities.

In the EU, the conduct of statutory audits is governed by Directive 2006/43/EC (the 'Audit Directive'). The objective of the Audit Directive is to enhance the quality of statutory audits in the European Union. The Directive empowers the Commission to adopt implementing rules at European level by regulation. Introduction of a common set of auditing standards could, therefore, be done by regulation. As part of its consideration of adopting ISAs in the EU, the EC commissioned the University of Duisburg-Essen to conduct an independent study of the costs and benefits that would result from an adoption of ISAs in the EU. The study, Evaluation of the Possible Adoption of ISAs in the EU, analyses the impact such an adoption may have on audit firms, their clients, investors and audit regulators. The study concludes that, on balance, adoption of the ISAs in the EU would result in quantitative and qualitative benefits for companies, investors and regulators and that the benefits would outweigh increases in audit costs. Click to download: The Commission invites responses to the consultation by 15 September 2009.

 

Chinese translation of newsletter on IFRIC 14 amendments

03 Jul 2009

Deloitte China has published the Chinese translation of the IAS Plus Update newsletter IASB Proposes Amendments to IFRIC 14: (PDF 155k). Here is the (PDF 73k) You will find links to these and many other IFRS materials in Chinese on our China Page. .

You will find links to these and many other IFRS materials in Chinese on our China Page.

 

Another step toward IFRSs in Japan

03 Jul 2009

Four key Japanese accounting and business groups have jointly proposed to create an IFRS Council that would work to implement a plan for adopting IFRSs for listed companies in Japan.

The plan was published in an Interim Report of the BAC. The four groups are the Accounting Standards Board of Japan and its oversight foundation; Japanese Institute of CPAs; Tokyo Stock Exchange; and Japan Business Federation (Nippon Keidanren). The IFRS Council would be responsible for identifying the various issues involved in implementation of IFRSs in Japan and for establishing overall policies and strategies. It would have the following committees:
  • Strategic Committee for IASB Assuming that Japan moves towards IFRS adoption in the near future, this committee would deliberate upon a 'strategy and specific actions as to how best to influence developments of major accounting standards'.
  • Education and Training Committee Establish and implement an education and training system for IFRSs mainly for accounting practitioners.
  • Translation Committee Establish a system to promote an accurate Japanese translation of IFRSs.
  • Committee for Separate Financial Statements Deliberate on how separate financial statements can be simplified, given the current focus on consolidated financial statements.
  • Public Relations Committee Oversee communications to a wide range of stakeholders, including investors, company executives, analysts, and the media.
Click for:

 

Heads Up newsletter of FASB credit disclosures

02 Jul 2009

The 2 July 2009 Issue of the Heads Up Newsletter discusses FASB's 24 June 2009 exposure draft of a proposed Statement Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

The ED is in response to concerns from financial statement users that the current disclosure framework for financing receivables and the allowance for credit losses is inadequate and lacks sufficient transparency. Comments on the ED are due by 24 August 2009. Heads Up, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (United States), provides in-depth summaries of recent accounting and financial reporting developments. This newsletter is published periodically as developments warrant, and is intended for a general audience of financial professionals, including CFOs, controllers, and internal audit and accounting professionals.
Click for: Heads Up Newsletter: FASB Proposes Expanding Disclosures About the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

 

IFRS Insights newsletter

02 Jul 2009

We have posted the IFRS Insights Newsletter for June 2009 from Deloitte & Touche LLP (United States).

IFRS Insights provides news on the latest developments on IFRSs, practical suggestions for companies addressing IFRSs, updates on the regulatory environment, and references to relevant tools and resources. This issue includes:
  • IASB announces IFRS for Small and Medium-sized Entities
  • Survey results: IFRS Survey 2009 for private companies
  • Industry view: IFRS for insurance companies
  • Technical Corner: IAS 19 – Accounting for employee benefits
We have Permanent Links to all IFRS Insights on our USA country page.

 

Improvements proposed to public sector standards

02 Jul 2009

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants has launched an improvements project with the release of Exposure Draft (ED) 42 Improvements to IPSASs.

This ED is the first of a proposed series of annual improvements to the IPSASs and is modeled on the successful annual improvements program developed by the International Accounting Standards Board (IASB). The proposed amendments in the ED are related primarily to the recognition, measurement, or disclosure requirements but do not represent substantive revisions to the content of existing standards. They reflect changes made by the IASB to related International Financial Reporting Standards. Comments on ED 42 are requested by 30 September 2009. The ED may be downloaded Here.

 

IAS Plus Newsletter on credit risk

02 Jul 2009

On 18 June 2009, the IASB published a discussion paper on the role of an entity's own credit risk in liability measurement.

The discussion paper (DP/2009/2 Credit Risk in Liability Measurement) is accompanied by a staff paper that describes the most common arguments for and against including credit risk in measuring liabilities. Comments are due by 1 September 2009. Deloitte's IFRS Global Office has published an IAS Plus Update Newsletter – IASB Seeks Views on the Role of Credit Risk in Liability Measurement (PDF 72k) explaining the issues in the discussion paper. Click to go to the IAS Plus Project Page. Past issues of all IAS Plus newsletters are Here.

 

Heads Up newsletter on IASB fair value proposals

02 Jul 2009

The 30 June 2009 Issue of the Heads Up Newsletter discusses the IASB's recently issued exposure draft (ED) Fair Value Measurement.

The ED, whose guidance is intended to be equivalent to that in FASB Statement No 157 Fair Value Measurements under US GAAP, defines fair value and explains how to determine it, but does not introduce any new or revised requirements regarding which items should be measured or disclosed at fair value. Heads Up, published by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (United States), provides in-depth summaries of recent accounting and financial reporting developments. This newsletter is published periodically as developments warrant, and is intended for a general audience of financial professionals, including CFOs, controllers, and internal audit and accounting professionals.
Click for Heads Up Newsletter: IASB's Exposure Draft Proposes Expanded Guidance on Fair Value Measurement.

 

Deloitte Canada Countdown IFRS transition newsletters

02 Jul 2009

Deloitte Canada has published the June 2009 issue of their Countdown IFRS transition newsletter, to discuss practical issues Canadian companies are facing in IFRS transition as well as to provide an update on recent IFRS events.

Articles in this issue include:
  • Using Technology to Manage Accounting and Control Changes Driven by IFRS Changeover
  • 'The Real Deal' – real issues and solutions on IFRS transition relating to dual year reporting and reconciliation requirements in 2011
  • Private Enterprise Strategy – IFRS or Private Company GAAP
  • Deloitte Publications and Events and How to Access Them
  • An Update on Current IFRS events – including various important EDs and Discussion Papers
Click below for: You will find more information about financial reporting in Canada on our Canada Page.

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