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Australian Accounting Alert on transition to A-IFRSs

10 Jun 2005

Deloitte (Australia) has published an Australian Accounting Alert covering a new Australian interpretation, Compliance with AASB 1 – SPFRs and Small Proprietary Companies (PDF 40k).

AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards should be applied when an entity prepares its first financial report using A-IFRSs. Many entities in Australia are not required to prepare a financial report (for example, small proprietary companies), and those that do prepare a financial report are often permitted to prepare a special purpose financial report (SPFR) on the basis that the entity is not a reporting entity. However, over time an entity's circumstances may change, requiring compliance with A-IFRSs. For these entities, the question arises as to when they should comply with the transitional provisions of AASB 1. This Accounting Alert addresses:
  • preparation of a SPFR under the Corporations Act
  • change in status from a small proprietary company to a large proprietary company
Links to all past Alerts are Here.
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Model financial statements: Australian IFRSs equivalents

10 Jun 2005

We have posted model financial reports designed by Deloitte (Australia) to assist clients, partners, and staff in preparing financial reports that conform to the Corporations Act 2001 for reporting periods beginning on or after 1 January 2005. Annual, half-year, and concise financial reports prepared in respect of reporting periods beginning on or after 1 January 2005 must be prepared in accordance with Australian equivalents to International Financial Reporting Standards (A-IFRSs).

This model provides an illustrative example of the first annual, half-year, and concise financial reports to be prepared by Australian reporting entities on transition to A-IFRS. The model financial reports include an:

  • Introduction: (PDF 1,397k)
  • Annual report: Illustrative example of a general purpose financial report prepared in accordance with the Corporations Act 2001, AASB Accounting Standards and UIG Interpretations: (PDF 6,004k - large file, be patient)
  • Concise report: Illustrative example of a concise financial report prepared in accordance with the Corporations Act 2001 and Accounting Standard AASB 1039 Concise Financial Reports: (PDF 1,349k)
  • Half-yearly report: Illustrative example of a half-year financial report prepared in accordance with the Corporations Act 2001 and Accounting Standards AASB 1 First-time Adoption of Australian Equivalents to International Financial Reporting Standards and AASB 134 Interim Financial Reporting: (PDF 862k)
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Israel plans to replace national GAAP with IFRSs in 2008

09 Jun 2005

An agreement has been reached among the Israel Accounting Standards Board, the Institute of Certified Public Accountants in Israel, and the Israel Securities Authority to adopt International Financial Reporting Standards in full, in place of national accounting standards, effective in 2008.

In recent years (since 1999) Israeli national accounting standards have been developed on the basis of International Accounting Standards. The change to full IFRS adoption is intended to enhance the worldwide acceptability and understandability of the financial reporting of Israeli companies. In the United States, Israel has more companies registered with the SEC than any foreign country except Canada (over 100 companies). Israel has taken this step in anticipation that non-US companies registered with the SEC will be able to report solely in IFRSs without the US GAAP reconciliation. Many Israeli companies are also listed on European exchanges and, after 2007, those companies will no longer be allowed to use national GAAP for their European regulatory reporting. Additional details will be posted when a formal press release is available.

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2005 bound volume of IFRSs now available

09 Jun 2005

The 2005 Bound Volume of International Financial Reporting Standards is now available for purchase from the IASB On-Line Bookshop.

BV 2005 includes the full text of all International Financial Reporting Standards, International Accounting Standards, Interpretations, and IASB-issued supporting documentation (Bases for Conclusions, Implementation Guidance, and Illustrative Examples) extant at 1 January 2005. This single volume also includes the IASB Framework for the Preparation and Presentation of Financial Statements, the Preface to International Financial Reporting Standards, an updated Glossary of Terms, and a comprehensive index. Price of the printed bound volume is £58. Editorial updates will be posted periodically to the IASB's website. Also available:

  • Electronic International Financial Reporting Standards - eIFRS: An online-only subscription service to all IFRSs, IASs, and Interpretations online in HTML and/or Adobe Acrobat format. Available in English and several other languages.
  • A CD-ROM version: Price is £120 per user, including updates during the year.
Click for Press Release (PDF 56k).
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EFRAG invites comments on three draft letters

09 Jun 2005

The European Financial Reporting Advisory Group (EFRAG) has finalised its preliminary views on three proposals relating to IASB and IFRIC operations.

Comments are requested by 4 July 2005:
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IASB project timetable updated

08 Jun 2005

We have updated our IASB Project Timetable to reflect recent pronouncements and other publications by the IASB and discussions at recent Board meetings. .

We have updated our IASB Project Timetable to reflect recent pronouncements and other publications by the IASB and discussions at recent Board meetings.

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More comment letters posted: mineral exploration

07 Jun 2005

The IASB has posted on its public website the Comment Letters on the ED of Proposed Small Amendments to IFRS 6 and IFRS 1 (comment deadline was 3 June, 16 letters received) .

The IASB has posted on its public website the Comment Letters on the ED of Proposed Small Amendments to IFRS 6 and IFRS 1 (comment deadline was 3 June, 16 letters received)

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IASB will meet in London 22-23 June 2005

07 Jun 2005

The IASB will meet at its offices in London on Wednesday and Thursday, 22-23 June 2005. The announced agenda for the meeting is below.

On Friday 24 June the Board is sponsoring a Convergence Conference.

agenda.gif22-23 June 2005, London Wednesday 22 June 2005

Thursday 23 June 2005
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IFRIC July meeting dates are changed

07 Jun 2005

The meeting of the International Financial Reporting Interpretations Committee (IFRIC) that had been scheduled for Thursday 28 July and Friday 29 July has now been rescheduled to Monday 1 August and Tuesday 2 August 2005, at the IASB's offices in London. .

The meeting of the International Financial Reporting Interpretations Committee (IFRIC) that had been scheduled for Thursday 28 July and Friday 29 July has now been rescheduled to Monday 1 August and Tuesday 2 August 2005, at the IASB's offices in London.

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Recent remarks of SEC Chief Accountant

07 Jun 2005

US SEC Chief Accountant Donald T.

Nicolaisen spoke last week at a conference sponsored by the SEC Financial Reporting Institute of the University of Southern California. His principal themes were:
  • Section 404 of the Sarbanes-Oxley Act – internal controls
  • Reducing the complexity of financial reporting
  • Expected issuance before 30 June 2005 of the 'off-balance sheet report' required by the Sarbanes-Oxley Act
Click for (PDF 49k). An excerpt:

We are now very close to completing the last significant report required of the OCA staff by the Sarbanes-Oxley Act, the so-called 'off-balance sheet report'. We plan to issue that report, addressed to Congress and to the President, later this month. Our work on that report, combined with my prior experiences, confirms for me the need to reduce complexity while at the same time improve both the transparency and usefulness of financial reporting for investors. The report also directly addresses a number of long contentious issues, both on and off-balance sheet, where our current accounting models are sometimes complex and where improvements appear necessary. In addition it describes structured transactions and identifies steps companies can take now to improve the transparency of reporting.

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