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New Global Offerings Services newsletter

12 Feb 2005

We have posted the (PDF 167k), which provides US reporting information for non-US based companies.

This issue covers recent FASB, SEC, Sarbanes-Oxley, and audit matters. There are also links to over 20 recent Deloitte publications. You will find past issues of the GOS Newsletter Here.
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PCAOB to consider IAASB audit report

11 Feb 2005

The Standing Advisory Group of the US Public Company Accounting Oversight Board will meet on 16 February 2005 to consider, among other things, a (PDF 71k).

The report raises seven fundamental questions regarding the current reporting model, including one relating to the IAASB's new standard for the form of an auditor's report.
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EFRAG supports IFRS 6 and two revised IASs

11 Feb 2005

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent letters to the European Commission recommending adoption, for use in Europe, of: Amendments to IAS 39–Transition and Initial Recognition of Financial Assets and Financial Liabilities. Amendments to IAS 19 Employee Benefits–Actuarial Gains and Losses, Group Plans and Disclosures. IFRS 6 Exploration for and Evaluation of Mineral Resources. EFRAG has also completed its due process on IFRIC D10 Liabilities Arising from Participating in a Specific Market–Waste Electrical and Electronic Equipment and has sent its final comments to IFRIC. .

The Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) has sent letters to the European Commission recommending adoption, for use in Europe, of:

  • Amendments to IAS 39–Transition and Initial Recognition of Financial Assets and Financial Liabilities.
  • Amendments to IAS 19 Employee Benefits–Actuarial Gains and Losses, Group Plans and Disclosures.
  • IFRS 6 Exploration for and Evaluation of Mineral Resources.
EFRAG has also completed its due process on IFRIC D10 Liabilities Arising from Participating in a Specific Market–Waste Electrical and Electronic Equipment and has sent its final comments to IFRIC.
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IFRS compliance, presentation/disclosure checklists

11 Feb 2005

Deloitte Touche Tohmatsu is pleased to make publicly available our IFRS Compliance Questionnaire and IFRS Presentation and Disclosure Checklist, both applicable for financial periods commencing 1 January 2005. These checklists complement our Model IFRS Financial Statements for 2005, which we had previously posted.

You will find links to all three of these publications on our IFRS Financial Statements Page.
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Possible delay of SOX Section 404 for foreign issuers

09 Feb 2005

The US Securities and Exchange Commission has announced that it will host a roundtable discussion this spring (tentatively in April) regarding registrants' and accounting firms' experiences implementing the new internal control reporting requirements under Section 404 of the Sarbanes-Oxley Act of 2002. At the same time, SEC Chairman William Donaldson indicated that the Commission is considering a delay in applying the internal control reporting requirements to foreign issuers because "many foreign private issuers are facing regulatory and reporting challenges in addition to internal control reporting.

For example, European companies are moving to prepare reports using international financial reporting standards (IFRS) for the first time in 2005". He said that an appropriate delay might be desirable if, "by waiting for foreign private issuers to work through conversion to IFRS, it achieves more effective implementation of the internal control reporting requirements". Here is the Link to the SEC Announcement.
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Deloitte letter of comment on IFRIC D10

09 Feb 2005

We have posted the Deloitte Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment (PDF 22k).

Our view is quite straightforward: "We agree with the consensus reached by IFRIC." Our letter does make some suggestions for clarifications and for editorial changes. You will find all of Deloitte's past letters of comment to IASC (back to 1995) and IASB Here.
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IOSCO Technical Committee statement on IFRSs

09 Feb 2005

The Technical Committee of the International Organization of Securities Commissions has issued a Statement on the Development and Use of International Financial Reporting Standards in 2005 (PDF 95k).

The statement expresses the Committee's strong endorsement of IFRSs for cross-border securities offerings globally and encourages those countries that permit IFRSs but require a reconciliation to national GAAP to reconsider, on an ongoing basis, whether there is a continuing need for the reconciliation. IOSCO represents over 100 of the world's securities regulators. An excerpt from the Committee's statement:

As numerous countries around the world now engage in the adoption of IFRS in 2005 and beyond, the Technical Committee reaffirms its support for the development and use of IFRS as a set of high quality international standards in cross-border offerings and listings. The Technical Committee recommends that its members allow multinational issuers to use IFRS in cross-border offerings and listings, as supplemented by reconciliation, disclosure and interpretation where necessary to address outstanding substantive issues at a national or regional level. The Technical Committee further encourages members to continually evaluate such supplemental treatments as the implementation of IFRS continues and as the global financial reporting infrastructure is enhanced to encourage the consistent application and enforcement of IFRS. By this approach it is hoped that issuers would be allowed in the foreseeable future to make use of IFRS without reconciliation.

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New Zealand Accounting Alert

08 Feb 2005

We have posted (PDF 190k), which discusses five accounting proposals from the New Zealand Financial Reporting Standards Board (FRSB): Exposure draft proposing an interim framework for differential reporting under the NZ IFRS reporting regime. Exposure draft proposing an amendment to NZ IAS 36 to cater for non-cash generating assets held by public benefit entities Exposure draft of IFRIC 3 on accounting for 'cap and trade' schemes for emission rights IFRIC Draft Interpretation D10 on accounting for the liability that arises in relation to new legislation in Europe for waste electrical equipment IFRIC Draft Interpretation D11 on applying IFRS 2 to certain changes in employee share purchase plans. .

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EC formally endorses IFRS 2 for use in Europe

08 Feb 2005

The European Commission has adopted a Regulation endorsing IFRS 2 Share-based Payment for use in Europe.

The Regulation takes effect retroactively to 1 January 2005. IFRS 2 requires companies to reflect the cost of all share-based payments, including employee stock options, as an expense. The text was supported almost unanimously by the Member States at the Accounting Regulatory Committee meeting on 20 December and by the European Parliament. A similar rule will go into effect in the United States beginning 15 June. EU Internal Market and Services Commissioner Charlie McCreevy said:

Endorsement of IFRS 2 is very much in the interest of European capital markets and European investors. Granting stock options can be a very effective way for companies to motivate managers and staff, but like any other form of remuneration, it has to be considered as an expense. IFRS 2 will improve the quality of financial reporting by giving financial markets a clearer and more complete picture of a company's transactions.

Click for (PDF 76k).
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Agenda for 15-17 February 2005 IASB meeting

08 Feb 2005

The IASB will hold its monthly Board meeting at its offices in London on Tuesday to Thursday, 15-17 February 2005. The Board will not meet on Friday 18 February.

The agenda for the meeting, which is open to public observation, is shown below. See our news story of 3 February 2005 below for the SAC agenda 10-11 February.

IASB Meeting Agenda15-17 February 2005, London

Tuesday 15 February 2005

Wednesday 16 February 2005

Thursday 17 February 2005

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.