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IASB plans 2005 'roadshows' in Europe

01 Mar 2005

The IASB has announced that in 2005 it will be organising a series of 'roadshows' jointly with national standard setters in Europe.

Each roadshow will typically consist of a series of 3-hour meetings with 20 or so CFOs and CAOs at a time, as well as a press briefing. The purpose of the roadshows will be "to engage in a high-level, interactive, and convivial discussion about the Board's current and future projects". Roadshows are currently being planned for Belgium, France, Germany, Ireland, Italy, Spain, Sweden, Switzerland, The Netherlands, and the United Kingdom. A second group of roadshows will take place later in 2005 in Austria, Denmark, Finland, Greece, Hungary, Norway, Poland, Portugal, and Romania.
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New Accounting Roundup newsletter posted

01 Mar 2005

We have posted the (PDF 349k) from Deloitte & Touche (United States).

This issue covers FASB developments (including FSP FAS 19-a on suspended well costs); AICPA developments (including a Technical Practice Aid on property and casualty insurance arrangements and a proposed Practice Aid on disclosures of derivative loan commitments); SEC developments (including clarifications on statements of cash flows and lease accounting); and IASB developments. All past issues of Accounting Roundup are Here.
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IFRS 5 e-learning module is now available

28 Feb 2005

Our IFRS e-learning module for IFRS 5 Non-current Assets Held for Sale and Discontinued Operations is now available.

Click on the light bulb icon on our home page to access. This brings the total available modules to 33. Modules for IAS 32/39 Parts 2 and 3 are planned for late March 2005.
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Are IFRSs in Canada's future? New developments

28 Feb 2005

In our News Story of 9 September 2004 titled Are IFRSs in Canada's future?, we reported on an invitation to comment that was issued by the Accounting Standards Board of Canada (AcSB) as part of the AcSB's development of a five-year standard-setting plan.

Possible outcomes of that plan, set out in the invitation to comment, are to maintain separate Canadian GAAP or to adopt either US GAAP or IFRSs for use in Canada. Canadian companies publicly traded in the United States are already permitted to use US GAAP for Canadian reporting purposes. On 10 February 2005, the AcSB made a presentation to its oversight body, the Accounting Standards Oversight Council, outlining its vision of the future of accounting standards in Canada. Broadly described, AcSB's proposal – which must be considered by the AcSB's constituents and by Canadian regulators – would involve adopting IFRSs in full as Canadian GAAP while allowing those entities that want to do so to use US GAAP. The transition to IFRSs would be made over a five-year period. The AcSB proposals would be set out in a new invitation to comment that is expected to be published by 31 March 2005.
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Australia to modify IFRS figures for bank regulation

27 Feb 2005

The Australian Prudential Regulation Authority has released the first of two discussion papers setting out its proposed regulatory response to the adoption of International Financial Reporting Standards by APRA-regulated institutions.

APRA is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, and insurance companies, among others. Australia has adopted national GAAP that starting in 2005 is virtually equivalent to IFRSs. The APRA noted that its objective is to "align its prudential and reporting standards with Australian accounting standards and principles to the extent practicable.... In certain circumstances, however, APRA's prudential framework will depart from accounting standards." Among the areas of departure cited in the discussion paper are:

  • Fair value measurement
  • Non-accrual loans and deferred acquisition costs
  • Treatment of hedges
  • Available for sale financial assets
  • Property
  • Excess of market value over net assets
  • Loan loss provisioning
  • Defined benefit pension plans
APRA also states that it will wait until after implementation of A-IFRSs to assess other areas, including leases, impairment, business combinations, share-based payment, joint ventures, and provisions. Click to download:
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SOX 404 compliance challenges for foreign private issuers

27 Feb 2005

In the United States, public companies large and small have labored over the requirements of section 404 of the Sarbanes-Oxley Act.

Accelerated filers with international operations are now finalising their assessment of internal control over financial reporting. Foreign Private Issuers (FPIs), beginning with year-ends on or after 15 July 2005, are required to include an internal control report from management in their annual report. Although the SEC has delayed the effective date of section 404 several times, Deloitte highly recommends that FPIs do not change the timing or scope of their section 404 work. Deloitte's new publication, (PDF 287k), summarises the experiences of FPIs and highlights key challenges that your company may face as part of your section 404 readiness activities.
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IASCF Chairman Volcker's remarks to ARC

26 Feb 2005

IASC Foundation Chairman Paul A.

Volcker spoke to the European Commission's Accounting Regulatory Committee about the Trustees' current Review of the Constitution under which the Foundation and the Board operate. Among the points that Mr. Volcker made:

  • The underlying reality in my view is that good progress is being made toward achieving a common set of respected accounting standards applicable in all significant markets. That is the grand prize that should not be lost.
  • The only way to do that is to achieve a high degree of confidence in the process by which the IASB reaches agreement on internally consistent, effective, realistic and, I hope, simpler standards.
  • In the constitution review, it has not been the Trustees' intent to revisit the entire debate five years ago about the organisation of the IASB and our Constitution. The central idea that emerged from that debate, and will remain, is to foster the independence of judgement of a highly professional, decision-making Board, appropriately protected from particular national or special interest pleading.
  • The IASCF proposals released in November directly addressed a large number of the concerns raised by various commentators, in particular those in Europe, including more Board consultation with representative groups, the process for agenda decisions, Board appointments, and Board voting requirements.
  • The decision of the European Union to enforce IFRSs by law provided bold and constructive leadership toward the concept of international, rather than national or regional, standards. It does not, however, logically lead to a decision to overweight European representation on the Board or the Trustees. The 'end game', after all, is the acceptability of international standards right around the world.
Click to download the IASC Foundation Press Release (PDF 45k) and the Text of Mr. Volcker's Remarks (PDF 21k).
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IFAC seeks two public members for the IAASB

26 Feb 2005

The International Federation of Accountants (IFAC) is seeking two public members for the International Auditing and Assurance Standards Board (IAASB).

Individuals and organisations may submit nominations for these public member positions by 15 April 2005. Click for More Information.
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Ya está disponible la nueva Guía Rápida de IFRS

25 Feb 2005

Deloitte (Spain) has published (PDF 261k, 112 pages).

This is the third edition of the Spanish language equivalent of (PDF 810k).

Esta tercera edición de Gu�a Rápida IFRS considera los cambios y nueva normativa que se han incorporado a las NIIF durante 2004, constituye una excelente herramienta que le servirá para conocer y comprender las NIIF, facilitar su implantación y saber cómo se están aplicando estas normas de información en todo el mundo.

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SEC implications outside the United States

25 Feb 2005

US SEC Commissioner Cynthia A.

Glassman's remarks before the ninth annual conference on The Practical Implications of SEC Regulation Outside the United States (24 February 2005, London) may be of interest to IAS Plus visitors.

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