News

SEC (US Securities and Exchange Commission) (dark gray) Image

SEC roundtable on interactive data

09 May 2006

The US Securities and Exchange Commission will host a public forum on ways that interactive data can improve disclosure for ordinary investors.

The roundtable will be held at the SEC's Washington, DC, headquarters on 12 June 2006. Particular emphasis will be placed on disclosures by mutual funds. Interactive data permits Internet users to search for and use individual items of information from financial reports, such as net income, executive compensation, or mutual fund expenses. Topics to be considered at the forum include:
  • What investors and analysts are looking for in the new world of interactive data.
  • How to accelerate the use of new software that permits the dissemination of interactive financial data.
  • How best to design the SEC's requirements for company disclosures to take maximum advantage of the potential of interactive data.
Click for (PDF 34k).
European Union (old) Image

Further steps toward convergence of securities regulation in Europe

08 May 2006

The Council of European Finance Ministers (ECOFIN) has adopted recommendations for further convergence of the supervision of the securities markets in the EU Member States.

ECOFIN noted that "the growing number of cross-border financial groups and the increasing international and cross-sector interlinkages in the financial markets call for further progress in the convergence of supervisory practices and cross-border cooperation among supervisory authorities in the EU. The Council underlines that supervisory convergence needs to be intensified to fully benefit from the FSAP [Financial Services Action Plan] and related measures and thus, to reap the benefits of an integrated financial market." ECOFIN asked the Committee of European Securities Regulators (CESR), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), and the Committee of European Banking Supervisors (CEBS) to further strengthen their co-operation and day-to-day working arrangements. Click for:
Singapore Image

Comparison of Singapore GAAP and IFRSs updated

08 May 2006

We have updated the Comparison of IFRSs and Singapore GAAP on our Singapore page.

You can find other comparisons of local GAAP and IFRSs Here.
News default Image

Guidance on fair value measurements under FAS 123(R)

08 May 2006

Deloitte & Touche (USA) has updated its book of guidance on FASB Statement No.

IASC Foundation (blue) Image

Comments invited on IFRIC due process

07 May 2006

The Trustees of the International Accounting Standards Committee (IASC) Foundation have invited public comment on the Draft Due Process for the International Financial Reporting Interpretations Committee (IFRIC).

Comment deadline is 30 September 2006. To download the consultation document from the IASB's website Click Here (PDF 299k). Click for Press Release (PDF 44k).
Accounting Roundup Image

April 2006 Accounting Roundup posted

07 May 2006

We have posted the (PDF 285k) published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

  • FASB developments including a final FSP on Determining the Variability to Be Considered in Applying Interpretation 46(R).
  • GASB developments including a Preliminary Views Document on Accounting and Financial Reporting for Derivatives.
  • AICPA developments including an AICPA Alert Updating the SEC's Position Regarding Changes to the Statement of Cash Flows Relating to Discontinued Operations; and Technical Practice Aids on Consolidation of Variable Interest Entities.
  • SEC developments including SEC approval of PCAOB's Rules Concerning Independence, Tax Services, and Contingent Fees; Final Report of the SEC Advisory Committee on Smaller Public Companies; and SEC plan for electronic notification of registration statement effectiveness.
  • International developments including IASB's Statement on Its Working Relationship With Other Standard Setters and the IASB Due Process Handbook.
You will find past issues of Accounting Roundup Here.
IASC Foundation (blue) Image

IASC Foundation 2005 annual report is available

06 May 2006

The IASC Foundation has published its report on its activities in 2005. The report also contains audited financial statements and other information, including a report on the IASB's activities.

To download the report from the IASB's website Click Here (PDF 863k).
China Image

Agreement between US SEC and China CSRC

04 May 2006

The United States Securities and Exchange Commission (SEC) and the China Securities Regulatory Commission (CSRC) announced today a new relationship to increase their co-operation and collaboration through an enhanced bilateral dialogue.

Meeting at SEC headquarters in Washington, D.C., SEC Chairman Christopher Cox and CSRC Chairman Shang Fulin presented terms of reference that establish the structure of this enhanced dialogue and discussion subjects for the agenda during 2006. Several aspects of the dialogue relate to financial reporting. The new dialogue has three primary objectives:
  • to identify and discuss securities markets regulatory developments of common interest, particularly those relevant to reporting requirements for public companies listed in one another's markets;
  • to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
  • to continue and expand upon the existing program of training and technical assistance provided by the SEC to the CSRC.
In setting out the areas of dialogue for the agenda in 2006, the following regulatory issues for discussion were identified:
  • corporate governance reforms, including requirements for audit committees, auditor independence and internal controls over financial reporting;
  • convergence of national accounting standards with International Financial Reporting Standards; and
  • the use of information technology, including interactive data tagging systems, to enhance the usefulness of reported of financial information.
Click for Press Release (PDF 39k).
wileybookau.jpg Image

Textbook on Australian accounting standards

04 May 2006

Paul Pacter, a director in Deloitte's IFRS Global Office and webmaster of IASPlus, is co-author of a university textbook released in April 2006 – Australian Accounting Standards, published by John Wiley and Sons, Australia.

The focus of this 1,110-page text is on the application of accounting standards issued by the Australian Accounting Standards Board. The book has been written for intermediate and advanced financial reporting courses, at both undergraduate and postgraduate level. Paul's co-authors are Ruth Picker, Ken Leo, Keith Alfredson, Jeannie Radford, and Victoria Wise. For international orders, email custservice@johnwiley.com.au (cite ISBN-10: 047081148X). Paul is also co-author of another Wiley textbook Applying International Accounting Standards. The second edition of that book will be published later this year, retitled Applying International Financial Reporting Standards.
News default Image

Joint forum report on regulatory and market differences

04 May 2006

The Joint Forum – a consortium of the global associations of bank, securities, and insurance regulators – has published Regulatory and Market Differences: Issues and Observations.

The report presents the findings of a review of differences in the regulatory approaches to risk across banking, securities, and insurance sectors. One section of the report discusses market practices and differences and similarities in regulatory reporting requirements.

The Joint Forum determined that cross-sectoral convergence in both market practice and regulatory approaches is occurring naturally and can be expected to continue as a result of a number of trends and developments highlighted in the paper. At the same time, however, the Joint Forum recognises that cross-sectoral convergence in regulatory approaches is not desirable in every instance. There may be good reasons for sectoral differences in regulatory approaches to the same risk.

Click to download:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.