IASB Chairman Sir David Tweedie was among the speakers on an IFRS panel. The Final Communiqué (PDF 55k) of the conference includes the following summary of the panel:

International Financial Reporting Standards The arrival of IFRS promised a new era of high quality international standards and a better way for investors to assess their investment decisions. In the course of their discussion, the Panel confirmed that within a short time since the adoption of the IFRS, the debate over their implementation has been intense. Although expectations have been high, it was agreed that managing these expectations will play a role in their ultimate success.

IASB Director of Standards for SMEs Paul Pacter briefed the Emerging Markets Committee on the IASB's SME project. The Final Communiqué also reports on progress in developing an International Financial Reporting Standards enforcement database:

International Financial Reporting Standards Database In October 2005, IOSCO approved a Statement of Principle for the development of a database in order to facilitate the sharing by securities regulators of regulatory decisions relating to the enforcement of International Financial Reporting Standards (IFRS). Such a database of information will provide a useful reference source for regulators on IFRS decisions and will facilitate coordination and convergence. IOSCO anticipates that the database will be fully operational during the second half of 2006. IOSCO is liaising with the Committee of European Securities Regulators (CESR) which has developed and implemented a similar database for use in the European Union.

In his remarks on (PDF 77k) at a conference in Dublin yesterday, Charlie McCreevy, the European Commissioner for Internal Market and Services, spoke about the 'competitive edge' that IFRSs bring to European capital markets:

The EU's openness is exemplified in our decision to adhere to high quality global standards. To give just two examples, since the 1st of January 2005, listed companies throughout the EU have been obliged to prepare their financial statements in compliance with IFRS. And next year, the Capital Requirements Directive, which implements the Basel II regime, will enter into force. Being an early mover to such highly regarded international standards can provide a decisive competitive edge in attracting economic activity, as well as in facilitating the expansion of EU companies abroad. And incidentally, the rest of the world is basically following our lead, and adopting IAS or IAS-type standards.

Given our commitment to these stringent global standards, it is only right that the EU, through the European Commission, should continue to play a leading role in international rule-making and standard-setting bodies, in order to ensure that the best interests of European businesses and citizens, who abide by these rules, are rigorously defended.

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications. Past GOs Newsletters are Here.

Mr Danjou graduated from HEC, then qualified as a Chartered Accountant and Registered Statutory Auditor, and rose to be an audit partner with Arthur Andersen & Co. (Paris). He was also Executive Director of the French Ordre des Experts Comptables (OEC) from 1982 until 1986. Mr Danjou was a member of the International Auditing Practices Committee and a technical advisor to the French delegate to the former International Accounting Standards Committee, the predecessor to the IASB. While at the AMF, he has served on the IASB's Standards Advisory Council, as an observer at the Committee on Auditing of the European Commission, as a member of IOSCO's Standing Committee 1 on Multinational Accounting and Disclosure, and the Financial Reporting Committee of the Committee of European Securities Regulators (CESR-Fin). Mr Danjou is appointed for a five-year term ending 30 June 2011. Click for Press Release (PDF 60k).

Bruns

Mr. McGregor

Mr. Yamada

Following a recommendation of their nominating committee, the Trustees of the International Accounting Standards Committee Foundation, under which the IASB operates, voted unanimously to reappoint three members of the International Accounting Standards Board to five-year terms beginning 1 July 2006 and ending 30 June 2011. The three Board members are Hans-Georg Bruns, Warren McGregor, and Tatsumi Yamada. Click for Press Release (PDF 60k). The Trustees had previously announced that IASB Chairman Sir David Tweedie has been reappointed to a five-year term beginning 1 July 2006.

The Accounting Regulatory Committee, which makes recommendations to the European Commission on accounting matters, will meet in Brussels on 7 July 2006. The (PDF 17k) includes the following IASB-related items:

Consistent application of IFRSs IFRIC working procedures and due process Equivalence between IFRS and third country GAAP, in particular US GAAP - "postponement of the equivalence decision" (PDF 28k) and (PDF 30k). IASB financing Consolidation and language revision of endorsed IFRSs Creation of the High Level Group Service concession arrangements Segmental reporting

Prior period adjustments may be required, for instance, for discontinued operations, retrospective application of a change in accounting principle, or the correction of an error in prior-period financial statements. If the prior-period financial statements that require adjustments were audited by a predecessor auditor, which auditor, the predecessor or the successor, should audit the adjustments to prior-period financial statements? Click to (PDF 60k).

A portion of the meeting on Wednesday afternoon is open to public observation:

Agenda, Public Portion of IASCF Meeting, 28 June 2006 14:30-15:00pm Report of the IASB Chairman Board activities Progress on the Memorandum of Understanding Convergence initiatives 15:00-15:30pm Report of the SAC Chairman 15:30-16:45pm Review of the IASB's Work programme and Proposals for new agenda items 16:45-17:45pm Effectiveness of the IASB/IFRIC interpretations process

In June 2005, the IASB published an Exposure Draft proposing to change the conceptual approach to recognising non-financial liabilities. All obligations that satisfy the definition of a liability in the IASB's Framework would be recognised, unless they cannot be measured reliably. Uncertainty about the amount or timing of the cost to settle a liability would be reflected in measuring the liability instead of (as is currently required) affecting whether it is recognised. Thus, some liabilities now only disclosed in the notes will be included in the balance sheet. Moreover, it would make the IASB approach more consistent with US GAAP. Comments were due 28 October 2005. The round-table panels will include constituent representatives and members of the IASB. Each round-table discussion will be open to observation by the press and public and made available on the IASB Website. IAS 37 round-table dates and locations:

• Thursday 30 November 2006, Connecticut, United States
• Friday 8 December 2006, London, United Kingdom
• Wednesday 20 December 2006, Melbourne, Australia

Topics covered in this issue include: FASB Developments

• Proposed FSP on Accounting for Planned Major Maintenance Activities
• Invitation to Comment on Bifurcation of Insurance Contracts by Insurance Companies and Corporate Policyholders
• FASB Announces Appointment of New Board Member

AICPA Developments

• Final SAS on Communicating Internal Control Matters Identified in an Audit
• TPAs Regarding Loan Pool Accounting Under SOP 03-3
• Revised Draft SOP on the Scope of the Audit and Accounting Guide for Investment Companies Sent to FASB for Final Approval
• AICPA Issues Analysis of PCAOB Inspection Reports on Firms
• AICPA Issues Employee Stock Option Financial Reporting Alert

SEC Developments

• SEC and PCAOB Roundtable on Second-Year Experiences With Internal Control Provisions
• SEC and PCAOB Announce Plans to Improve Implementation of Internal Control Reporting Requirements
• SEC, Office of Thrift Supervision, and Other Federal Agencies Issue Proposed Statement on Complex Structured Finance Activities

PCAOB Developments

• PCAOB Issues Statement on 2006 Inspections
• PCAOB Proposes Rules for Periodic Reporting by Accounting Firms
• PCAOB Proposes Rules Regarding Continuation of the Registration Status of Accounting Firms Upon a Merger or Change in Legal Form

International Developments

• Proposed Amendments to Accounting for Borrowing Costs
• Draft IFRIC Due Process Handbook

You will find past issues of Accounting Roundup Here.