News

European Union (old) Image

Updated news story on amendment of EU 8th Directive

09 Oct 2005

In a news story of 29 September 2005, we reported that a revision to the EU 8th Company Law Directive (the "auditing directive") approved by the European Parliament would adopt International Standards on Auditing (ISAs) for use in Europe.

News default Image

SEC planning for interactive financial data

08 Oct 2005

With the objective of making financial disclosure more useful and accessible to investors, the US Securities and Exchange Commission has issued a Request for Information (RFI) concerning interactive financial data.

The SEC said that "interactive data holds the promise of transforming the static, text-only documents companies file with the SEC into dynamic financial reports that can be quickly and easily accessed and analysed." The RFI seeks information from the software industry to assist the Commission's staff in identifying ways to receive, store, view, and analyse interactive financial data. Click for:
iasplcs.gif Image

Special edition of IAS Plus on IFRS 7

08 Oct 2005

Deloitte's Global IFRS Leadership Team has prepared a special edition of our IAS Plus Newsletter providing an overview of IFRS 7 Financial Instruments: Disclosures.

IFRS 7:
  • adds new disclosures about financial instruments to those currently required by IAS 32 Financial Instruments: Disclosure and Presentation;
  • replaces the disclosure requirements currently imposed on financial institutions by IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions; and
  • puts all of those financial instruments disclosures together in a new combined Standard.
We have also prepared a disclosure checklist for IFRS 7 that supplements our general IFRS presentation and disclosure checklist for 2005. Click to:
Deloitte Comment Letter Image

We comment on consistent application of IFRSs in EU

07 Oct 2005

Deloitte Touche Tohmatsu has submitted our (PDF 441k).

While we have some reservations about certain detailed aspects of the discussion paper, we support the EFRAG in taking a pro-active role in addressing the issues arising in Europe as a result of the introduction of IFRSs. We do not support the establishment of a European interpretations group or European urgent issues group. However, we do support the establishment of a European IFRIC support mechanism along the lines proposed in EFRAG's discussion paper. We agree with EFRAG that such a mechanism could be of substantial assistance to IFRIC.
Accounting Roundup Image

New Accounting Roundup is available

07 Oct 2005

We have posted (PDF 231k).

This newsletter, published by Deloitte & Touche LLP (United States), summarises recent accounting and financial reporting developments and provides Internet links to related content. This edition includes:
  • FASB developments, including convergence ED on earnings per share; invitation to comment on assets and liabilities with uncertainties; three proposed FASB Staff Positions; and summaries of recent FASB meetings.
  • AICPA developments, including a proposed auditing standard on communication of internal control matters; and Technical Practice Aids on employee benefit disclosures and losses from natural disasters.
  • SEC developments, including amendments to filing deadlines and Sarbanes-Oxley compliance; a statement on valuing employee stock options; and regulatory relief for Hurricane Katrina victims.
  • International developments, including IFRIC 6; Draft Technical Corrections 1; and summaries of recent IASB and IFRIC meetings.
You will find links to all past issues Here.
2005oct.gif Image

IASB will meet in London 18-20 October 2005

07 Oct 2005

The IASB will meet at its offices in London on Tuesday to Thursday, 18-20 October 2005. The announced agenda for the meeting is below.

The Board will also meet in Norwalk, CT, USA with the US Financial Accounting Standards Board on 24 and 25 October 2005.

agenda.gif18-20 October 2005, London Tuesday, 18 October 2005

  • Insurance contracts: continuation, cancellation and renewal options (Education Session)
  • IFRIC update on concessions (Education Session)
  • IFRIC update
Wednesday, 19 October 2005
  • Potential technical correction: IFRS 1 and IAS 12 – deferred tax relating to goodwill in a business combination
  • Business combinations II
  • Short-term convergence: borrowing costs
  • Conceptual Framework – Objectives and qualitative characteristics
  • Revenue recognition
    • The definition of revenue (specifically the meaning of 'customer')
    • Examples illustrating the application of the proposed approach to different types of revenue transactions.
  • Financial instruments – Discussion of:
    • Objectives and the nature and status of the current and possible future work program for financial instruments.
    • Issues related to the disaggregation of changes in fair value.
Thursday, 20 October 2005
  • Performance reporting
  • Consolidation
IOSCO (International Organization of Securities Commissions) (dark gray) Image

IOSCO consultation on disclosure principles

06 Oct 2005

The International Organization of Securities Commissions (IOSCO) has published a Consultation Report on the International Disclosure Principles for Cross-Border Offerings and Listings of Debt Securities by Foreign Issuers.

Comments are due by 22 December 2005. The Consultation Report sets forth substantive disclosure principles for documents used in public offerings and listings of 'plain vanilla' corporate debt securities. The principles are intended as guidance to securities regulators who are developing or reviewing their regulatory disclosure regimes for cross-border offerings and listings of debt securities. Click for IOSCO Press Release (PDF 163k).
News default Image

EFRAG comments on corrections policy

06 Oct 2005

The European Financial Reporting Advisory Group has submitted to the IASB EFRAG's Views on IASB Technical Corrections Policy (PDF 25k).

While agreeing with some aspects of the proposed policy, EFRAG suggests that the IASB may be "focusing its Policy on Technical Corrections on the wrong category of issues".
IOSCO (International Organization of Securities Commissions) (dark gray) Image

Regulators to share information on IFRSs

06 Oct 2005

The International Organization of Securities Commissions (IOSCO) is establishing a system for participating IOSCO members and other independent enforcement organizations to share information and consult in order to maximize co-ordination and convergence of the transition to and implementation of IFRSs.

While each national regulator will retain the right to deal with an issue on its own, the system will facilitate consistency by cataloguing, in a database, decisions made by regulators concerning application of IFRSs. This will provide a reference source for input to future regulatory decisions. Participating regulators will also contact each other to discuss particular decisions. IOSCO's announcement said:

On an ongoing basis, IOSCO will monitor issues related to the implementation of IFRS for indicators of issues that should be referred to the International Accounting Standards Board or the International Financial Reporting Interpretations Committee for consideration. IOSCO anticipates that the database will be operational by the second half of 2006. At this stage it is not intended for the catalogue of decisions to be publicly accessible.

Click for IOSCO Press Release (PDF 123k).
News default Image

IASB seeks comments on Draft Technical Correction

05 Oct 2005

The IASB has invited comments on Draft Technical Correction (DTC) 1 Proposed Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates–Net Investment in a Foreign Operation.

Comments are due 31 October 2005. If confirmed, these amendments would be the first to be issued under the Board's proposed new IASB Proposed Policy on Technical Corrections. DTC 1 provides that if a monetary item that forms part of a reporting entity's net investment in a foreign operation is denominated in the functional currency of the foreign operation, an exchange difference arises in the reporting entity's separate financial statements and in the foreign operation's individual financial statements. That exchange difference is reclassified to the separate component of equity in the financial statements in which the foreign operation is consolidated, proportionately consolidated, or accounted for using the equity method. DTC 1 can be downloaded from the IASB's Website.

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.