The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

Minutes will be released publicly after approval by the SAC at its subsequent meeting. Portions relating to 'closed sessions' will be excluded. A new Page for SAC Minutes has been created on the IASB's Website.

Comments are invited before 31 August 2006. Click for:

• ED on Valuation of Public Sector Assets (PDF 294k)
• ED on Valuation of Historic Property (PDF 194k)
• Press Release (PDF 274k)

The roundtable will be held on 24 April 2006 and will be chaired by ASB Chairman Ian Mackintosh. It will include brief presentations followed by general discussion and comments. To provide a context for the roundtable, the ASB has prepared a background paper discussing some of the issues. Also, the staff of the Accounting Standards Board of Canada (AcSB) have provided an article on the Discussion Paper Measurement Basis for Financial Accounting–Measurement on Initial Recognition, which was prepared by the AcSB staff. Click for:

• (PDF 46k)
• (PDF 50k)
• (PDF 12k)

Click to download the Endorsement Status as of 23 March 2006 (PDF 23k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

• IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
• IFRIC 8 Scope of IFRS 2
• IFRIC 9 Reassessment of Embedded Derivatives
• Amendments to IAS 21

The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the US Senate Committee on Financial Services will hold a hearing entitled Fostering Accuracy and Transparency in Financial Reporting on Wednesday, 29 March 2006. Scheduled to testify:

Panel I

• Willis Gradison, Acting Chairman, Public Company Accounting Oversight Board
• Robert H. Herz, Chairman, Financial Accounting Standards Board
• Scott Taub, Acting Chief Accountant, Securities and Exchange Commission

Panel II

• David Hirschmann, Senior Vice President, U.S. Chamber of Commerce
• Marc E. Lackritz, President, Securities Industry Association
• Colleen Cunningham, President, Financial Executives International
• Barry Melancon, President, The American Institute of Certified Public Accountants
• Rebecca McEnally, Director of Capital Markets Policy, Center for Financial Markets Integrity, CFA Institute

Click for (PDF 66k). Click here for Links to Prepared Testimony for the hearing.

Following earlier consultations, the IAASB has modified the proposals and reissued the ED. The primary issues revolve around the extent to which the group auditor needs to be involved in the audits of components that are audited by other auditors, whether these auditors are independent of the group auditor (unrelated) or belong to the group auditor's national or international firm or network of firms (related auditors). Click for IAASB Press Release (PDF 84k), which includes a hyperlink to download the exposure draft. Comments are requested by 31 July 2006.

FEE notes that "the only way for Europe to make a real input to global convergence in standards is to be co-ordinated in its approach.... It is only through substantive European input to the IASB work programme, enhanced coordination and greater transparency and consultation that real progress can be achieved." In launching this paper, FEE President David Devlin said:

The time is right for the acceptance of IFRSs as truly global financial reporting standards. The European accountancy profession welcomes the recent confirmation of the European Commission's and the SEC's commitment to global accounting convergence and to eliminating reconciliation requirements. It is of crucial importance that a specific level of convergence is not needed for mutual recognition of IFRS and US GAAP.

Click to download:

• (PDF 134k)
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The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

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.