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SOX 404 delayed for non-accelerated filers

22 Sep 2005

The US Securities and Exchange Commission has decided to postpone, until financial years ending on or after 15 July 2007, the initial compliance date for filing internal control reports under Section 404 of the Sarbanes-Oxley Act of 2002 by companies not designated as accelerated filers, including foreign private issuers that are not accelerated filers.

A foreign private issuer that is an accelerated filer and that files its annual reports on Form 20-F or Form 40-F must begin its Section 404 reporting in the annual report for its first financial year ending on or after 15 July 2006. Accelerated filers are SEC registrants that have at least $75 million in worldwide public float. The SEC also has proposed to create the class of 'large accelerated filers' – registrants with $700 million or more in worldwide public float. Large accelerated filers would be subject to a 60-day Form 10-K annual report deadline and a 40-day Form 10-Q quarterly report deadline starting in 2006. Other accelerated filers would continue to have a 75-day Form 10-K annual report deadline and 40-day Form 10-Q quarterly report deadline. Click for (PDF 77k).
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Notes from the Sept. 2005 meeting day two

22 Sep 2005

The IASB held its monthly Board meeting on 20-22 September 2005 at its offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.
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Notes from the Sept. 2005 meeting day one

21 Sep 2005

The IASB held its monthly Board meeting on 20-22 September 2005 at its offices in London.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the meeting in a Separate September 2005 Meeting Notes Page.
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Trustees extend deadline for trustee applications

20 Sep 2005

In July, the IASC Foundation, under which the IASB operates, solicited applications and nominations of candidates for nine IASCF Trustee positions for three-year terms 2006-2008. The deadline for applications and nominations has been extended to 10 October 2005 to provide additional time for submissions and consultation.

Click for Original Press Release (PDF 29k).
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SEC may give another extension for SOX 404

20 Sep 2005

The (PDF 65k) for the meeting of the US Securities and Exchange Commission for Wednesday, 21 September 3005, includes a proposal to give smaller public companies an additional one-year deferral for compliance with Section 404 of the Sarbanes-Oxley Act of 2002. Section 404 requires that companies and their auditors file reports on the strength of their internal controls over financial reporting.

The new compliance date would be a company's first financial year ending on or after 15 July 2007. In March of this year, the SEC gave foreign private issuers and non-accelerated filers a deferral until 15 July 2006 (see our News Story of 3 March 2005). At that time, the SEC noted that one reason for the deferral is that "many foreign companies are facing regulatory and reporting challenges in addition to internal control reporting as companies incorporated in a European Union member country are required to prepare their financial statements for 2005 in accordance with new International Financial Reporting Standards."
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Insurance Working Group Meeting

20 Sep 2005

The IASB's Insurance Working Group will meet on Wednesday and Thursday, 28-29 September 2005, at the Crowne Plaza London City Hotel, London.

The meeting is open to public observation. The agenda is available on the IASB's website. Here is a summary:

Insurance Working Group Meeting Agenda

Wednesday 28 September 2005, 10:00-17:30

  • Unit-linked contracts
  • Universal life insurance
  • Embedded derivatives (including embedded options and guarantees)
  • European embedded value
  • Life insurance
    • Overview of possible accounting approaches
    • Accounting approaches: summary
    • Illustrations of accounting approaches
    • Explanation of illustrations
    • Assumptions
    • Acquisition costs
Thursday 29 September 2005, 09:00-16:00
  • Life insurance (continued)
  • Risk margins
  • Unbundling
  • Reinsurance
    • Reinsurance assumed
    • Reinsurance ceded
  • Premium recognition
  • Update on other relevant projects
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September 2005 edition of EITF Flash

19 Sep 2005

We have posted the (PDF 76k).

This inaugural issue of EITF Flash reports on the 15 September 2005, meeting of FASB's Emerging Issues Task Force within a day of the meeting, to enable readers to spot relevant topics and to understand quickly the meeting's outcome. Deloitte & Touche LLP's EITF Roundup, published within a week of the EITF meeting, will provide more in-depth information on each of the issues. You will find past issues of EITF Roundup and EITF Flash Here.
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BIS study on accounting and prudential regulation

19 Sep 2005

The Bank for International Settlements has published a working paper on Accounting, Prudential Regulation and Financial Stability: Elements of a Synthesis (PDF 263k).

The fundamental issue addressed is "What information about the financial condition of firms is conducive to efficient and stable operation of the financial system and of the economy more broadly?" With regard to company-specific information, the paper identifies significant differences in perspective between accounting standard setters and prudential supervisors:

We examine the reasons for these differences and propose ways in which they could be reconciled. We propose a strategy based on two principles: first, in the long term, the 'decoupling' of the objective of accurate financial reporting about the firm from that of instilling the desired degree of prudence in its behaviour; and second, a 'parallel' process towards that objective so that at all points the prudential authorities can neutralise any undesirable implications for financial stability of changes in financial reporting standards. We stress that close cooperation between accounting standard setters and supervisory authorities is called for both in developing the final set of information and in implementing it.

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Unlisted Belgian banks must use IFRSs

15 Sep 2005

Under a Royal Decree dated 5 December 2004, unlisted banks and other credit institutions in Belgium will be required to use IFRSs in their consolidated financial statements starting in 2006. Listed Belgian companies, including credit institutions, must prepare their consolidated financial statements using IFRSs starting in 2005 under the EU Accounting Regulation.

If an unlisted credit institution is a wholly-owned subsidiary of a foreign parent, preparation IFRS consolidated statements may not be required if certain conditions are met, including the filing of consolidated financial statements of the foreign group in French or Dutch in Belgium. Belgium does not permit IFRSs to be used in separate financial statements.

 

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Statistics database updated

15 Sep 2005

We have updated our Database of Statistics that, we believe, provide clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards. .

We have updated our Database of Statistics that, we believe, provide clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards.

Correction list for hyphenation

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