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Annual reports of UK FRC, IFAC, and US SEC

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28 May 2009

IAS Plus visitors may find the following recently-issued annual reports of interest (with links to source on other websites):

Annual report of the United Kingdom Financial Reporting Council for 2008-2009 (UK FRC). An excerpt:

We note with concern the recent increase in political pressure on both the IASB and FASB. Whilst we remain open to identifying improvements in how fair value accounting is applied, we are of the view that, in those limited areas to which it applies, it is more appropriate than any alternative so far identified....

We continue to have significant concerns that the EU might adopt its own version of IFRS rather than the standards as published by the IASB. In November 2008, an ASB coordinated letter, signed by UK constituents representing a range of interests, was published in the Financial Times, stressing the importance of the EU not adopting its own version of IFRS.

  • Annual report of the International Federation of Accountants (IFAC) for 2008. An excerpt:
  • A key feature of the report is its Service Delivery section, which compares IFAC's planned services with those delivered in five areas:

    • Standards and Guidance
    • Promoting Quality
    • International Collaboration Activities
    • Representation of the Accountancy Profession in the Public Interest
    • Information Services
    This section of the annual report-which comprehensively describes the services delivered by IFAC in 2008-is critical in demonstrating IFAC's accountability to its stakeholders. For this reason, we have sought and received assurance from our independent auditors about the reliability of this information.
  • Annual report of the US Securities and Exchange Commission for 2008. An excerpt:
  • In the midst of the 2008 global market crisis, the strong international partnerships the Commission has built in recent years proved invaluable. Over the past few years, the SEC has signed and implemented information sharing arrangements for enforcement and regulatory cooperation with securities regulators around the world, including supervisory arrangements in 2007 related to the oversight of NYSE-Euronext and ISE Eurex and arrangements in 2008 for sharing non-public issuer specific information relating to the application of International Financial Reporting Standards.

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