We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

The two main conclusions in the Commission's statement are:

• Compliance with Section 404 is producing benefits, including a heightened focus on internal controls at the top levels of public companies.
• Implementation in the first year also resulted in significant costs, and the process can be made more effective and efficient.

In April, the Commission asked the SEC staff to consider whether additional guidance and clarification of certain issues was appropriate. The staff has now released a Staff Statement on Management's Report on Internal Control Over Financial Reporting to provide such guidance. In releasing the staff report, the Commission noted that "there is a zone of reasonable conduct by companies that should be recognised as acceptable in the implementation of Section 404." Also, the US Public Company Accounting Oversight Board staff has issued related question-and-answer guidance. Click to download:

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We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

The Board of the Committee for Integration of Latino Europe and America (CILEA), a body representing 24 economic and accounting professional organisations of 18 Latin European and American countries, has called on the IASB to develop standards for small and medium-sized entities "to stimulate the creation and the development of a basic entrepreneurial activity" and, at the same time, "assure an effective corporate control system to guarantee the reliability of accounting data." Click for Press Release (PDF 325k).

ASIC sees this as beneficial for Australia because Australian companies listed in the United States would no longer have to prepare the reconciliation. Further, since Australia has adopted IFRS equivalents, "it will also encourage US investment in the Australian capital market and facilitate Australian companies access to US finance if IFRS and US GAAP financial reports are determined to be convergent and provide comparable high quality financial reporting. Click for (PDF 44k).

 

The manual also can be used by securities issuers to develop a better understanding of what investors are looking for in well-governed companies. Specifically, the manual lists what investors and shareowners should consider in terms of board practices, management practices, and shareowner rights as they evaluate whether the company's corporate governance structure creates risks that could affect shareowner wealth. Click to download:

• Corporate Governance Manual* (PDF 379k)
• Press Release (PDF 24k)

*Copyright 2005 CFA Institute. Reproduced and republished from The Corporate Governance of Listed Companies: A Manual for Investors with permission from CFA Institute. All rights reserved.

Allow a few seconds for download. If you think there's no interest in IFRSs in the United States, check this map during US business/evening hours.

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. Past GOs Newsletters are Here.

EFRAG supports the IASB proposal.