The new model will apply from 1 July 2006. Under the new model, the AASB will have direct responsibility for Interpretations, replacing the existing Urgent Issues Group. Under the new model:

• An Interpretations Agenda Committee (IAC) will consider issue proposals and recommend that either AASB do nothing or AASB refer the issue to IFRIC.
• For all issues dealt with by the IFRIC, the AASB will decide whether to adopt IFRIC's interpretation locally.
• If AASB refers an issue to IFRIC but IFRIC declines to address the issue, the AASB will decide whether to add the issue to the AASB's own work programme.
• For each issue that the AASB takes on, the AASB will form an Advisory Panel. The panel will prepare alternative views and, where appropriate, recommendations for consideration by the AASB.
• The AASB's due process will include publishing the recommendations of a panel on the AASB's website, followed by public exposure of a proposed AASB Interpretation, before the AASB considers it for formal adoption.

Click to download (PDF 34k).

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

Olson has been appointed Chairman of the five-member US Public Company Accounting Oversight Board until 2010. Mr. Olson, 63, joined the Federal Reserve on Dec. 7, 2001. In addition to his policy-making duties as a Fed Governor, he has served as Administrative Governor since August 2002, responsible for management of the Federal Reserve Board. Before joining the Federal Reserve Board, Mr. Olson had a 35-year career in banking and was president of the American Bankers Association. Click for:

• (PDF 34k)
• More Information about the PCAOB

The proposals would amend IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements.

The ED would require:

• An obligation to redeem or repurchase a financial instrument puttable at fair value would be classified as equity provided that specified criteria are met, particularly that all financial instruments in the most subordinated class of instruments with a claim to the assets of the entity are financial instruments puttable at fair value.
• An instrument that imposes an obligation to deliver to another entity a pro rata share of the net assets of the entity upon its liquidation to be classified as equity, provided specified criteria are met. Thus, for example, ordinary shares of limited life entities and partners' interests in a partnership that must liquidate upon exit of a partner (e.g. on retirement or death) would be equity.

Comments are due by 23 October 2006. The ED will be available on the IASB's website on 3 July 2006.

Click for Press Release (PDF 67k).

 

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

The IVSC is proposing to update IVS 2 "in the light of the debates on the use of value in financial statements, and the evolution of other parts of the International Valuation Standards". The ED is available on the IVSC Website. comments are due 31 August 2006. Click for IVSC News Alert (PDF 271k). The IVSC has also issued an exposure draft of a proposed revised International Valuation Application 2 Valuation for Lending Purposes.

As a first step towards the goal, both parties are preparing to seek greater convergence of the Uniform Standards of Professional Appraisal Practice (USPAP) and the International Valuation Standards (IVS), and have appointed small working groups to identify current differences between the two sets of standards and to report by September 2006. Both organisations will then use their best efforts to progress towards the elimination of identified differences working within the due process procedures of each organisation. Click for:

• News Alert (PDF 72k).
• IVSC-TAF Memorandum of Understanding (PDF 49k).

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

You will find links to this and all past iGAAP Alerts and Newsletters Here.

OIA promotes investor protection in the global capital market by advancing international regulatory and enforcement cooperation, promoting the adoption of high regulatory standards worldwide, and facilitating technical assistance programs to strengthen the regulatory infrastructure in emerging market countries. The office also seeks to facilitate cross-border securities transactions, while working to minimise the extent to which international borders can be used to avoid regulatory compliance or escape detection and prosecution of fraudulent securities activities. Using OIA staff's specialised knowledge of international markets and foreign law and regulations, the office provides the Commission and staff with advice and assistance in international enforcement and regulatory matters. On the OIA website there is information about the SEC's various international program activities, including in the areas of SEC rulemaking, multilateral policy initiatives, international enforcement cooperation, and technical assistance. There is also find information about the SEC's cooperative arrangements with foreign regulators.