News

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The SEC holds two roundtables on IFRSs

19 Dec 2007

On 13 and 17 December 2007, the SEC hosted two roundtable discussions on the potential use of IFRSs in the United States.

The roundtables were in response to:

The roundtable participants comprised various constituents, including financial intermediaries, investors, and issuers. The roundtables addressed the effect of giving US issuers the choice of using IFRSs or US GAAP on the capital markets and on competition. Practical issues concerning the possible use of IFRSs by US issuers and the impact on investor protection also were addressed. Issues were addressed from both the US market's perspective and the global perspective.

The 18 December 2007 edition of the Heads Up Newsletter (PDF 114k) from Deloitte & Touche LLP (United States) has the details.

 

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New IFAC guide to audits of SMEs

18 Dec 2007

The International Federation of Accountants has published a Guide to Using International Standards on Auditing (ISAs) in the Audit of Small- and Medium-sized Entities.

IFAC's Small and Medium Practices (SMP) Committee commissioned this guide to assist SMPs and others in applying ISAs in SME audits. The guide provides a detailed analysis of the standards and their requirements in the context of an SME audit. The guide may be Downloaded from IFAC's website (PDF 7,071k).
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CESR publishes summaries of IFRS enforcement decisions

18 Dec 2007

The Committee of European Securities Regulators (CESR) has published its second batch of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. From time to time, CESR publishes extracts of selected decisions as a source of information to foster appropriate and consistent application of IFRSs in the EU.

Topics covered in batch #2 of CESR's extracts:

  • Amortisation of intangible assets with finite lives included in goodwill
  • Excise tax on fuel
  • Recognition of negative goodwill
  • Deferred tax asset
  • Valuation of offshore rigs at the transition date
  • Use of the fair value option
  • Segment reporting
  • Method of amortising intangible assets
  • Change in accounting for employee benefits
  • Identification of the acquirer in a business combination
  • Real estate projects

Click to download:

 

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New IFAC translations database

18 Dec 2007

The International Federation of Accountants (IFAC) has developed a database that enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages.

The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. To facilitate translation and reproduction of its pronouncements, IFAC has released the following two updated policy statements:
  • Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants; and
  • Permission to State that the International Federation of Accountants has Considered a Translating Body's Process for Translating Standards and Guidance.
The translations database and the policy statements can be accessed on the IFAC website at www.ifac.org/translations. Click for Press Release (PDF 56k).

 

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We comment to IASB on risks eligible for hedge accounting

18 Dec 2007

We have submitted to the IASB our Comments on the Exposure Draft: IAS 39 Exposures Qualifying for Hedge Accounting.

Overall we are supportive of the proposals.

We support the Board's intention to clarify IAS 39 Financial Instruments: Recognition and Measurement in the areas of what risks are eligible for hedge accounting and what portion can be designated as a hedged item. As the amendments' objective is to provide clarity in what is a qualifying hedge accounting relationship it is important that the finalisation of the amendments on risks and portions is very clear. We currently have concerns that some of the drafting is not clear enough and also that the amendments may have unintended consequences for other hedge accounting designations beyond the intended scope of the amendments. We draw this to your attention as well as our proposals to make the amendments clearer and other drafting comments in the answers to the questions in the Appendix to this comment letter.

Click to view Comments on the Exposure Draft: IAS 39 Exposures Qualifying for Hedge Accounting (139k). You will find all past Deloitte letters of comment to the IASB and the IASC Here.

 

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Agenda project pages updated

18 Dec 2007

We have updated the following IASB agenda project pages to reflect the discussions and decisions at the IASB's meeting on 11-14 December 2007.

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Notes from fourth day of December 2007 Board meeting

17 Dec 2007

The International Accounting Standards Board held its December 2007 meeting at the Board's offices, 30 Cannon Street, London, on Tuesday to Friday, 11-14 December 2007.

Click here to go to the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

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New Global Offerings Services newsletter

15 Dec 2007

We have posted the November 2007 Edition of the Deloitte Global Offerings Services Newsletter.

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. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications, with hyperlinks to source material. Click to view November 2007 Edition of the Deloitte Global Offerings Services Newsletter (PDF 147k). Past GOs Newsletters are Here.

 

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Guía Rápida NIC/NIIF 2007 (Spain)

14 Dec 2007

Deloitte (Spain) has published Guía Rápida NIC/NIIF 2007 – a Spanish translation of IFRSs in your Pocket 2007.

It includes forewords from Ken Wild (Deloitte Global IFRS Leader) and Manual Arranz (Deloitte Spain IFRS Leader); a description of the IASB structure; biographies of IASB members; an IASC/IASB chronology; use of IFRSs around the world; summaries of all IFRSs including Interpretations up through 30 June 2007; brief summaries of IASB agenda projects; and more.

Click to view Guía Rápida NIC/NIIF 2007 (PDF 692k, 116 pages).

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FASB webcast on IFRS convergence

14 Dec 2007

The US Financial Accounting Standards Board (FASB) is launching a series of periodic webcasts focusing on topics of importance to its constituents.

The first is scheduled for Tuesday, 8 January 2008, and will feature a panel of experts discussing international convergence of accounting standards. The live webcast is offered free of charge. Viewers will have the opportunity to email questions to panelists during the event. The webcast will be archived on the FASB website for access by the public.

FASB webcast on IFRS convergence:

  • Title of Webcast: Towards a Global Reporting System: Where Are We and Where Are We Going?
  • Date and Time: 8 January 2008, 10:30 AM to 11:30 AM US EST
  • Panelists: Robert Herz, Chairman of the FASB; Peter Bridgman, Senior Vice President and Controller of PepsiCo; Greg Jonas, Managing Director of Moody's Investors Service; and Sam Ranzilla, a Partner at KPMG LLC. Moderated by Wall Street Journal reporter David Reilly.
  • Topic: The panel will cover topics that include steps necessary to ensure a successful transition to IFRS; how this transition will provide better information to investors; and progress made by the FASB and the International Accounting Standards Board (IASB) to create a common set of high-quality global accounting standards.
  • Email Notification Service: To subscribe to an email notification service for future FASB webcasts, send an email to Join-fasb-webcast@listserv.lists.fasb.org. (It is not necessary to include any additional information in the subject line or body of your email.)

 

Correction list for hyphenation

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