News

elearnsm.jpg Image

Our plan for the remaining IFRS e-learning modules

02 Oct 2004

Deloitte's IFRS e-learning programme, available for download and self-study to all without charge, has proved enormously popular.

So far, 24 modules are available. All of the remaining modules (namely IASs 23, 24, 29, 32/39 Parts 2 and 3, 36, and 38, and IFRSs 2, 3, and 5) are scheduled for release before the end of the year. The table below is a status report with estimated release dates for the remaining modules. Click on the light bulb icon on our home page for access.

Standard

E-learning Available

IAS 1 Presentation of Financial Statements

Now

IAS 2 Inventories

Now

IAS 7 Cash Flow Statements

Now

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Now

IAS 10 Events After the Balance Sheet Date

Now

IAS 11 Construction Contracts

Now

IAS 12 Income Taxes

Now

IAS 14 Segment Reporting

Now

IAS 16 Property, Plant and Equipment

Now

IAS 17 Leases

Now

IAS 18 Revenue

Now

IAS 19 Employee Benefits

Now

IAS 20 Accounting for Government Grants

Standard to be replaced

IAS 21 The Effect of Changes in Foreign Exchanges Rates

Now

IAS 22 Business Combinations

See IFRS 3

IAS 23 Borrowing Costs

31st October 2004

IAS 24 Related Party Disclosures

31st December 2004

IAS 26 Accounting and Reporting by Retirement Benefit Plans

Not required

IAS 27 Consolidated and Separate Financial Statements

Now

IAS 28 Accounting for Investments in Associates

Now

IAS 29 Financial Reporting in Hyperinflationary Economies

31st October 2004

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions

Standard to be replaced

IAS 31 Financial Reporting of Interests in Joint Ventures

Now

IAS 32/39 Part 1 Key Principles

Now

IAS 32/39 Parts 2 and 3 Hedging and Derecognition

31st December 2004

IAS 33 Earnings Per Share

Now

IAS 34 Interim Financial Statements

Now

IAS 35 Discontinuing Operations

See IFRS 5

IAS 36 Impairment of Assets

31st October 2004

IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Now

IAS 38 Intangible Assets

31st October 2004

IAS 40 Investment Property

Now

IAS 41 Agriculture

Now

IFRS 1 First time adoption

Now

IFRS 2 Share Based Payments

31st December 2004

IFRS 3 Business Combinations

31st October 2004

IFRS 4 Insurance

Not Required

IFRS 5 Discontinued Operations

31st December 2004

IFRS 6 Extractive Industries

Not Required

Framework

Now

Using IFRS E-learning

Now

eulic39.gif Image

ARC consideration of all except IAS 39 is deferred

01 Oct 2004

The agenda for the European Commission's Accounting Regulatory Committee meeting of 1 October 2004 had included not only consideration of IAS 39 but also whether to recommend endorsement of the improvements to 14 IASs that were adopted as revised standards in December 2003 (to date, the EC has endorsed only the pre-2003 versions) and IFRSs 2 through 5 (see news story of 20 September).

The final agenda now shows that only IAS 39 will be considered at the 1 October 2004 meeting. The other standards, along with IAS 32 and IFRIC 1, will be considered at ARC's 30 November 2004 meeting.
IVSC (International Valuation Standards Council) (lt green) Image

IVSC newsletter analyses fair value accounting

01 Oct 2004

The growing use of fair value measurements in IFRSs is the focus of the latest edition of IVSC Global Valuation Issues (PDF 281k) published by the International Valuation Standards Committee (IVSC).

"With the introduction of International Financial Reporting Standards in many parts of the world, including for all publicly listed companies in the European Union in 2005, the correct application of Fair Value on a consistent and transparent basis is vitally important," the IVSC notes. The newsletter examines the differences between "fair value" as used in IASB and FASB literature and "market value" as used in IVSC standards. Also in the newsletter is an analysis of fair values under IFRS 3 and IFRS 5 and a summary of the FASB's Fair Value Measurements exposure draft.
Clock (green) Image

Reminder of three comment deadlines next week

01 Oct 2004

The comment periods on three IASB exposure drafts of amendments to IAS 39 end on 8 October 2004: Exposure Draft: IAS 39 – Financial Guarantee Contracts and Credit Insurance Exposure Draft: IAS 39 – Cash Flow Hedge Accounting of Forecast Intragroup Transactions Exposure Draft: IAS 39 – Transition and Initial Recognition of Financial Assets and Financial Liabilities .

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

European standard setters' meeting

01 Oct 2004

On 6 October 2004, the European Financial Reporting Advisory Group (EFRAG) will hold a meeting of representatives of all European national standard setters in Brussels.

The main agenda items will be the IASB projects on measurement and concession arrangements, and EFRAG's letter of comment on the IASB's proposed amendments to IAS 39. The EFRAG Technical Experts Group will then meet on 7-8 October 2004. Click for More Information on EFRAG website.
New Zealand Image

Latest New Zealand Accounting Alert posted

30 Sep 2004

The (PDF 152k) summarises recent exposure drafts issued by the Financial Reporting Standards Board as part of the convergence process with IFRSs.

Also included is an overview of a discussion paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities and a list of the latest New Zealand Pending Accounting Standards. Click for Past Issues.
igaap2005.jpg Image

iGAAP 2005 Financial Instruments: IASs 32/39

30 Sep 2004

Deloitte has published iGAAP 2005 Financial Instruments: IAS 32 and 39 Explained, an authoritative guide to applying those two standards.

The publication is relevant to current IAS reporters that are adopting both of the revised standards, as well for first time adopters of IFRSs. The publication includes:
  • Classification of financial assets and liabilities, derivatives and embedded derivatives, measurement, derecognition, extensive guidance on hedge accounting, as well as specific guidance on how to apply both of these complex standards if you are a first time reporter using IFRS.
  • Detailed application guidance, illustrative examples, and interpretations of the standards.
iGAAP 2005 Financial Instruments: IAS 32 and 39 Explained can be purchased through CCH Online or by phone at +44 (0) 870 777 2906. iGAAP 2005 Financial Statements for UK Listed Groups is also available, and the complete iGAAP 2005 Manual will be available from November 2004.
gos.gif Image

Latest Global Offerings Services newsletter

30 Sep 2004

We have posted the September 2004 edition of Deloitte's (PDF 138k).

This newsletter is published by Deloitte's Global Offerings Services group, which is a global team of 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. You can find past issues Here.
elearn.jpg Image

Now available – IAS 32 and IAS 39 modules

30 Sep 2004

We are pleased to make available without charge the first of three Deloitte e-learning modules on IAS 32 Financial Instruments: Presentation and Disclosure and IAS 39 Financial Instruments: Recognition and Measurement.

In this module, you will learn about the content of IASs 32 and 39 and how to apply those standards in practice. Several case studies are included. This module reflects both the December 2003 revisions to IAS 32 and IAS 39 and the March 2004 macro hedging revisions to IAS 39. Subsequent to those revisions, the IASB has issued four exposure drafts of further changes to IAS 39 as well as a new financial instruments disclosure exposure draft that would replace and expand the disclosures now in IAS 32. The e-learning module does not address these proposed changes.
eulic39.gif Image

EC's revised IAS 39 "carve-out" proposal

29 Sep 2004

The European Commission has posted to its Internal Markets Website its revised proposal to adopt IAS 39 for use in Europe with two significant modifications that would (1) remove the IAS 39 fair value option as it applies to liabilities, and (2) facilitate the use of fair value hedge accounting for the interest rate hedges for core deposits on a portfolio basis.

The proposal will be considered by the EC's Accounting Regulatory Committee at a meeting on 1 October 2004. 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.