Print copies may also be ordered. The handbook features all International Public Sector Accounting Standards (IPSASs) issued as of 31 December 2004, including two new standards issued in 2004 dealing with cash-basis reports and impairment of non-cash-generating assets. The standards were developed by IFAC's International Public Sector Accounting Standards Board (IPSASB).

This publication consists of three parts:

• A survey on corporate interim reporting by listed companies to review progress compared to a 2002 Deloitte publication and to assess present UK practice against current and future reporting requirements for interim reports.
• Model interim financial statements to illustrate the typical content and disclosures expected of a UK listed company that chooses, in its 2005 interim report, to follow IAS 34 Interim Financial Reporting.
• A checklist for interim reporting covering the requirements of the UKLA Listing Rules, IAS 34, the Transparency Directive, and additional recommendations by the Statement on Interim Reporting by the Accounting Standards Board.

While focussed on interim reporting by UK listed companies, this publication should be of use to all IFRS adopters that prepare half-yearly or quarterly reports.

The recommendations published in a report by Deloitte's global oil and gas group seek to work with the industry to improve information available to markets and restore investor confidence in reserves reporting. Click for:

• Full Report (PDF 190k)
• Press Release (PDF 28k)

This issue covers recent FASB, SEC, Sarbanes-Oxley, and audit matters. There are also links to over 20 recent Deloitte publications. You will find past issues of the GOS Newsletter Here.

The report raises seven fundamental questions regarding the current reporting model, including one relating to the IAASB's new standard for the form of an auditor's report.

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent letters to the European Commission recommending adoption, for use in Europe, of:

• Amendments to IAS 39–Transition and Initial Recognition of Financial Assets and Financial Liabilities.
• Amendments to IAS 19 Employee Benefits–Actuarial Gains and Losses, Group Plans and Disclosures.
• IFRS 6 Exploration for and Evaluation of Mineral Resources.

EFRAG has also completed its due process on IFRIC D10 Liabilities Arising from Participating in a Specific Market–Waste Electrical and Electronic Equipment and has sent its final comments to IFRIC.

You will find links to all three of these publications on our IFRS Financial Statements Page.

For example, European companies are moving to prepare reports using international financial reporting standards (IFRS) for the first time in 2005". He said that an appropriate delay might be desirable if, "by waiting for foreign private issuers to work through conversion to IFRS, it achieves more effective implementation of the internal control reporting requirements". Here is the Link to the SEC Announcement.

Our view is quite straightforward: "We agree with the consensus reached by IFRIC." Our letter does make some suggestions for clarifications and for editorial changes. You will find all of Deloitte's past letters of comment to IASC (back to 1995) and IASB Here.

The statement expresses the Committee's strong endorsement of IFRSs for cross-border securities offerings globally and encourages those countries that permit IFRSs but require a reconciliation to national GAAP to reconsider, on an ongoing basis, whether there is a continuing need for the reconciliation. IOSCO represents over 100 of the world's securities regulators. An excerpt from the Committee's statement:

As numerous countries around the world now engage in the adoption of IFRS in 2005 and beyond, the Technical Committee reaffirms its support for the development and use of IFRS as a set of high quality international standards in cross-border offerings and listings. The Technical Committee recommends that its members allow multinational issuers to use IFRS in cross-border offerings and listings, as supplemented by reconciliation, disclosure and interpretation where necessary to address outstanding substantive issues at a national or regional level. The Technical Committee further encourages members to continually evaluate such supplemental treatments as the implementation of IFRS continues and as the global financial reporting infrastructure is enhanced to encourage the consistent application and enforcement of IFRS. By this approach it is hoped that issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.