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UK will adopt six International Standards on Auditing

08 Mar 2004

The Auditing Practices Board of the United Kingdom and Ireland has Announced its intention to adopt six recent International Standards on Auditing as UK auditing standards effective for 2005.

The six standards relate to risk assessment, audit evidence, fraud, and quality control.

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PCAOB to vote on new registration deadline for non-US firms

07 Mar 2004

At its upcoming meeting on 9 March 2004, the US Public Company Accounting Oversight Board will consider a final vote on changing the registration deadline for non-US auditing firms.

The deadline under the existing rule is 19 April 2004. The PCAOB will vote on extending that to 19 July 2004. At the same meeting, the PCAOB will vote on an auditing standard for audits of internal control over financial reporting. More Info.
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Study on the future of the accounting profession

06 Mar 2004

Two years ago, The American Assembly, an arm of Columbia University in New York, began a project to determine whether America's current accounting model was able to deal effectively with contemporary business practices.

Members of the project steering committee include IASC Foundation Chairman Paul Volcker and IASB Chairman Sir David Tweedie. The project included numerous commissioned research papers and a national meeting from 13-15 November 2003 in which Mr. Volcker and IASB Vice Chairman Tom Jones participated. The report of that project, titled The Future of the Accounting Profession, has now been published. Click to Download the Report (PDF 836k) from the American Assembly website.
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Acceptability of IFRS for tax purposes in UK

05 Mar 2004

In our news story of 11 December 2003, we reported that UK Chancellor Gordon Brown told the House of Commons that "firms applying IAS will not have to submit a second and separate set of accounts to the Inland Revenue".

The Inland Revenue's Website now has details about what will be proposed. "Finance Bill 2004 will include measures to ensure that companies choosing to adopt International Accounting Standards (IAS) to draw up their accounts will receive broadly equivalent tax treatment to companies that continue to use UK GAAP." The website has a table comparing IAS and UK GAAP and "background on IAS/UK GAAP and why it is important for tax. This section gives details on why tax departs from the accounts and where IAS may lead to changes in the way items are accounted for, in particular the increased use of fair value accounting."
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Analysis of ED 6 on exploration and evaluation costs

05 Mar 2004

The latest Deloitte Australian Accounting Alert, (PDF 126k), provides an overview of the requirements and practical implications of IASB ED 6 Exploration for and Evaluation of Mineral Resources.

Click for IASB Project Info.
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SEC commissioner speaks about IFRS-US GAAP convergence

04 Mar 2004

In a Speech to the Institute of International Bankers, SEC Commissioner Cynthia A.

Glassman provided an update on "our views on progress towards international accounting standards". An excerpt:

On the subject of international accounting standards, our goal is clearly convergence. The IASB has grown in stature and credibility, and its International Financial Reporting Standards ('IFRS') will become mandatory in the EU in 2005. Our Chief Accountant, Don Nicolaisen, tells me that his staff is spending a lot of time gearing up on IFRS and that all the large accounting firms are developing IFRS training programs in anticipation of the 2005 goal.

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The European Commission's strategy on accounting and auditing

04 Mar 2004

In an address to the Institute of Chartered Accountants in England and Wales in London earlier this week, Frits Bolkestein, Member of the European Commission in charge of the Internal Market, Taxation and Customs, spoke about The European Commission's Strategy on Accounting and Auditing.

His presentation covered use of IFRS in Europe, EU measures on statutory audits, and EU/US relations in this area. Download the (PDF 71k). An excerpt:

The Commission has promoted a strategy based on a principles-based approach to financial reporting, designed to reflect economic reality and give a true and fair view of the financial position and the performance of a company. At the heart of our strategy is the application, from 1 January 2005, of International Accounting Standards. I remain firmly committed to this strategy.... Nonetheless, as regards adoption and application of IAS a few stubborn issues remain to be resolved: in particular hedging of core deposits in the context of IAS 39 and the so-called 'insurance mismatch'. A European Consultative Group was recently set up to address these issues. Personally, I am still convinced that acceptable temporary solutions can be found in the short term, pending longer term work by the IASB. I have urged Sir David Tweedie to continue working in the short term with technical experts - around the clock if necessary - to try to find such appropriate solutions. One of the problems we have, unfortunately, is a lack of trust between the interested parties. Due process has not been optimal so far and must improve in future.

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Global accounting standards as a tool for promoting democracy

04 Mar 2004

US Secretary of State Colin Powell took the opportunity of a recent Speech on democratic political development in Asia to urge the adoption of global accounting standards as a tool for promoting Asian democracy: "Private American business can help by promoting universal 'best practice' accounting and auditing standards.

Perhaps by teaching others, we can raise our own standards as well."
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EFRAG endorses the 'improved' IASs

04 Mar 2004

The European Financial Reporting Advisory Group (EFRAG) has concluded that the revised IASs resulting from IASB's Improvements Project "meet the requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards" and, in a Letter to the European Commission (PDF 68k), said: "We believe that it is in the European interest to adopt the revised IASs and, accordingly, we recommend their adoption." .

The European Financial Reporting Advisory Group (EFRAG) has concluded that the revised IASs resulting from IASB's Improvements Project "meet the requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards" and, in a Letter to the European Commission (PDF 68k), said: "We believe that it is in the European interest to adopt the revised IASs and, accordingly, we recommend their adoption."

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Update on Deloitte's IFRS e-learning

03 Mar 2004

We launched Deloitte's IFRS e-learning on 22 January 2004. We are making this education system available in the public interest without charge.

To date, over 12,000 modules have been downloaded by over 1,600 individual users from 115 countries – all in just six weeks. Click for Review. Here's an update on content:

  • On 1 March 2004 we posted the new IAS 16 module.
  • All modules are now based on the final IASs as revised in the Improvements Project (modules affected are IASs 1, 2, 8, 17, 21, 27, 28, 31, and 40)
  • Next modules due for release (planned for the end of March 2004) are IAS 7 and IAS 10

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