The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

The principles and practices in the paper, entitled Business Planning Guide: Practical Application for SMEs, were designed primarily, but not exclusively, for management operating in SMEs and for the small- and medium-sized accounting practices that service them. Click for Press Release (PDF 55k). You can download the paper without charge from IFAC's On-line Store.

The FRP was established under the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 to resolve disputes between the Australian Securities and Investment Commission and a company in relation to the application of accounting standards in its annual financial reports. Click for (PDF 109k).

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

The objective of the convergence project is to reduce differences between the IASB's International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).

The Exposure Draft proposes to require an entity to capitalise borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset as part of the cost of that asset.

The option of immediately recognising those borrowing costs as an expense, which is in the current version of IAS 23, would be removed.

Deadline for comments on the exposure draft is 29 September 2006. Click for IASB Press Release (PDF 57k). The exposure draft may be downloaded without charge from the IASB Website.

 

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

EFRAG identifies the following among its 'most notable accomplishments':

• Enhanced role through entering into the formal 'Working Arrangement' with the European Commission
• An official IASB invitation to meet regularly with IASB Board Members on the convergence project
• Setting up of the 'Pro-active Accounting Activities in Europe' project in partnership with national standard setters

The project will be led jointly by the Spanish Standard Setter (ICAC) and EFRAG. Click for EFRAG Announcement (PDF 48k).

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

Nearly 1,700 accounting firms are registered with the PCAOB, of which about 40% are non-US firms. The proposed rules implement Section 102(d) of the Sarbanes-Oxley Act of 2002, which provides that each registered accounting firm must submit an annual report to the Board, and may also be required to report more frequently. The reporting framework proposed by the PCAOB includes two types of reporting obligations:

• First, the proposal would require each registered firm to provide basic information once a year about the firm and the firm's issuer-related practice over the most recent 12-month period.
• Second, the proposal identifies certain events that, if they occur with respect to a registered firm, must be reported by the firm within 14 days.

In addition, the PCAOB has proposed rules that, in certain circumstances, would allow a successor firm to succeed to the registration status of a predecessor firm following a merger or other change in the registered firm's legal form. Click to download the (PDF 58k). The full text of the proposed rules may be downloaded from http://www.pcaobus.org/Rules/Rulemaking_Docket.aspx. Comments are due 24 July 2006.