News

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Heads Up newsletter on stock options

29 Sep 2006

In our news story of 20 September 2006 we reported on a letter sent to the FEI and the AICPA by the Office of the Chief Accountant (OCA) of the US SEC.

That letter stated OCA's views on the application of the stock option accounting literature in the historical financial statements of public companies when an award of stock or stock options is 'back-dated' before the actual award date, and related circumstances, Deloitte & Touche LLP (United States) has published a special issue of the (PDF 119k) explaining the SEC letter, with an appendix of illustrative examples.
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Heads Up newsletter on fair value measurements

28 Sep 2006

Deloitte & Touche LLP (United States) has published a special issue of the (PDF 218k) summarising FASB Statement No 157 Fair Value Measurements.

FAS 157, released on 15 September 2006, provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require or permit assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. (PDF 19k). FAS 157 may be Downloaded from FASB's Website without charge. As part of its Fair Value Measurements Project, the IASB intends to issue a Discussion Paper before the end of 2006 that will invite comments on FAS 157 and on the IASB's preliminary views on the principles in FAS 157.

 

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EC will assess economic impact of IFRSs

28 Sep 2006

In 2007, the European Commission will begin a comprehensive evaluation of the economic impact of its Financial Services Action Plan (FSAP).

The FSAP includes the adoption of International Financial Reporting Standards for listed companies throughout Europe. To plan the impact assessment, the Commission will convene a workshop on methodology on 25 October 2006 in Brussels. "Economic experts representing the financial services industry, supervisors, consumers, and the academic world have been invited to present their views on how best to carry out the evaluation of such a complex programme." Background documents for the workshop include:
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EFRAG advisory forum on revenue recognition

28 Sep 2006

The European Financial Reporting Advisory Group will hold an Advisory Forum on Revenue Recognition on 18 October 2006 in Brussels.

The objective of the Forum is to "debate and obtain input from high-level representatives of key stakeholders". A few seats are still available. More information, including a list of speakers and agenda, is on the EFRAG Website.
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SEC will make its electronic database interactive

26 Sep 2006

US Securities and Exchange Commission has awarded three separate contracts totaling US$54 million to "transform the agency's 1980s-vintage public company disclosure system from a form-based electronic filing cabinet to a dynamic real-time search tool with interactive capabilities".

By moving to interactive data using the XBRL computer language, the SEC will be joining the US FDIC, the Federal Reserve, and the Comptroller of the Currency, which already require banks to use it. For the last year, approximately 8,200 US financial institutions have been using XBRL to submit quarterly reports to US banking regulators. To SEC's current electronic - nicknamed EDGAR - cannot yet utilise the extra capabilities of XBRL. The three contracts announced today will close that gap, paving the way for universal XBRL filings by companies, which are currently voluntary. Click for (PDF 42k). The SEC will hold an (PDF 39k) at its offices on 3 October 2006.
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Board agenda project pages updated

25 Sep 2006

We have updated the following Board agenda project pages to reflect the discussions and decisions at the International Accounting Standards Board's September 2006 meeting: Amendments to IAS 14 Segment Reporting Amendments to IAS 37 Non-Financial Liabilities Business Combinations Phase II Conceptual Framework Consolidations (including Special Purpose Entities) Fair Value Measurements Financial Instruments – Comprehensive Project Financial Statement Presentation IAS 39 Financial Instruments: Recognition and Measurement – Derecognition Issues IFRS 1 – Cost of a subsidiary in the separate financial statements of a parent on first-time adoption of IFRSs IFRS for Small and Medium-sized Entities Insurance Contracts - Phase 2 Measurement Bases for Financial Reporting Related Party Disclosures Revenue Recognition .

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Updated EFRAG endorsement status report

24 Sep 2006

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 15 September 2006 (PDF 25k). (You can always find it on our EFRAG Page.) Currently, the following IASB pronouncement has not yet been endorsed for use in Europe:
  • IFRIC 10 Interim Financial Reporting and Impairment
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Notes from the fifth day of the IASB meeting

23 Sep 2006

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting. .

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting.

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Reminder about two comment deadlines next week

23 Sep 2006

We remind you of deadlines for responding to the following documents: Amendment to IAS 23 Borrowing Costs – comments due 29 September 2006 Draft Due Process for the International Financial Reporting Interpretations Committee – comments due 30 September 2006: Consultation Document (PDF 299k). Press Release (PDF 44k). .

We remind you of deadlines for responding to the following documents:

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Notes from the fourth day of the IASB meeting

22 Sep 2006

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting. .

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting.

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