We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

The Board of the Committee for Integration of Latino Europe and America (CILEA), a body representing 24 economic and accounting professional organisations of 18 Latin European and American countries, has called on the IASB to develop standards for small and medium-sized entities "to stimulate the creation and the development of a basic entrepreneurial activity" and, at the same time, "assure an effective corporate control system to guarantee the reliability of accounting data." Click for Press Release (PDF 325k).

ASIC sees this as beneficial for Australia because Australian companies listed in the United States would no longer have to prepare the reconciliation. Further, since Australia has adopted IFRS equivalents, "it will also encourage US investment in the Australian capital market and facilitate Australian companies access to US finance if IFRS and US GAAP financial reports are determined to be convergent and provide comparable high quality financial reporting. Click for (PDF 44k).

 

The manual also can be used by securities issuers to develop a better understanding of what investors are looking for in well-governed companies. Specifically, the manual lists what investors and shareowners should consider in terms of board practices, management practices, and shareowner rights as they evaluate whether the company's corporate governance structure creates risks that could affect shareowner wealth. Click to download:

• Corporate Governance Manual* (PDF 379k)
• Press Release (PDF 24k)

*Copyright 2005 CFA Institute. Reproduced and republished from The Corporate Governance of Listed Companies: A Manual for Investors with permission from CFA Institute. All rights reserved.

Allow a few seconds for download. If you think there's no interest in IFRSs in the United States, check this map during US business/evening hours.

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.

EFRAG supports the IASB proposal.

Please visit our new section presenting a Comprehensive Overview of Chinese Accounting Standards (CAS), including:

• History of development of CAS
• China Accounting Law
• English translations of all standards
• English translation of the comprehensive Accounting System for Business Enterprises
• Accounting guidelines for specific industries
• Other accounting pronouncements
• Accounting System for Financial Institutions
• Accounting System for Small Business Enterprises
• China's movement towards convergence with IFRSs and challenges

We will announce additions to this section in the coming months.

Heretofore, under the IASCF constitution, the Chairman of the IASB was also formally the chair of SAC, though one of the SAC members has presided at the meetings. The Trustees are changing this to have an independent SAC chairman. The deadline for applications is 8 June. Click for Press Release (31k).

In August 2004 the had APB published preliminary guidance on issues that may arise when companies make the transition from UK/Irish GAAP to IFRSs. The new Bulletin reflects a number of additional issues, including the auditor's review of interim financial information in the first year of adoption of IFRSs. The Bulletin notes:

In spite of the progress made in resolving many of the legal and regulatory issues there are some remaining uncertainties. In particular, the specific wording to be used in the auditor's report when describing the financial reporting framework is still under debate. The wording used in the draft Bulletin is "those IFRSs adopted for use in the European Union" but there is a continuing discussion within Europe on the best term to use. The APB favours a consistent approach to this matter within Europe and accordingly this Bulletin is being issued as interim guidance and the description of the financial reporting framework used in it may be changed if there is a European consensus for a different description.

Click to download:

• Interim Guidance 2005-3 (PDF 269k).
• Press Release (PDF 25k).