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Deloitte guide to IFRS 1 First-time Adoption of IFRSs

26 Aug 2004

We have posted a new Deloitte publication First-time Adoption – A Guide to IFRS 1.

This 104-page bound booklet deals with first-time adoption issues related to the stable platform IFRSs, with focus on 2005 adopters. The booklet includes:
  • A summary of IFRS 1.
  • Specific issues related to first-time adoption.
  • Questions and responses.
  • A disclosure checklist.
  • A large number of illustrative examples.
Click to (PDF 2,506k).
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Interpretations Committee will meet next week in London

25 Aug 2004

The International Financial Reporting Interpretations Committee (IFRIC) will meet on Thursday and Friday, 2 and 3 September 2004, at the offices of the IASB in London.

The agenda:

AGENDA OF THE IFRIC MEETING 2-3 SEPTEMBER 2004

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EFRAG announces its 2005 meeting schedule

24 Aug 2004

The EFRAG Technical Expert Group (TEG) is coordinating the dates of its 2005 meetings with those of the IASB, generally holding meetings (which are open to public observation) during the week preceding the IASB Board meeting, as follows (locations may change from Brussels).

EFRAG's 2004 meeting dates are also shown:

 

2004 Month

IASB Board

SAC

WSS

Location

EFRAG TEG

Location

September

22 to 24

27

London

Wed-Fri 1 to 3

Brussels

October

18 to 22

Norwalk

Wed-Fri 6 to 8

Brussels

November

15 to 17

18/19

London

Wed-Fri 3 to 5

Brussels

December

15 to 17

London

Tue-Thu 7 to 9

Brussels

2005 Month

IASB Board

SAC

WSS

Location

EFRAG TEG

Location

January

17 to 21

London

Wed-Fri 12 to 14

Brussels

February

14 to 18

10/11

London

Mon-Wed 7 to 9

Brussels

March

14 to 18

London

Wed-Fri 9 to 11

Brussels

April

18 to 22

London

Wed-Fri 13 to 15

Brussels

May

16 to 20

London

Wed-Fri 11 to 13

Brussels

June

20 to 24

27/28

London

Wed-Fri 15 to 17

Brussels

July

18 to 22

London

Mon-Wed 11 to 13

Brussels

August

September

19 to 23

26/27

London

Wed-Fri 7 to 9

Brussels

October

17 to 21

Norwalk

Wed-Fri 5 to 7

Brussels

November

14 to 18

10/11

London

Tue-Thu 8 to 10

Brussels

December

12 to 16

London

Wed-Fri 7 to 9

Brussels

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Changes to Australian GAAP from adopting "IFRS equivalents"

24 Aug 2004

The Australian Accounting Standards Board recently issued 40 new or revised accounting standards applicable for all financial years beginning on or after 1 January 2005 (see our news story of 17 July 2004).

Early adoption of the standards is not permitted. Those standards – sometimes referred to as Australian equivalents to International Financial Reporting Standards (A-IFRSs) – will result in some significant changes as compared to practice under current Australian GAAP. Deloitte (Australia) has published a 24-page booklet explaining the major (PDF 2,089k). None of the new A-IFRSs is 100% compatible with the corresponding IFRS for the following reasons:
  • Wording has been amended to accommodate the Australian legislative environment, for example, reference to the Corporations Act 2001 in the application paragraphs.
  • Additional or amended requirements for not-for-profit entities.
  • In some cases the AASB has permitted only one of a number of options available in the corresponding IFRS.
  • Additional disclosures.
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Some stats about www.iasplus.com files

24 Aug 2004

Out of curiosity, we computed a few statistics about the files underlying Deloitte's www.iasplus.com website.

The site is made up of 1,775 files totalling 226mb of information. The 1,775 files include 392 HTML pages; 994 downloadable PDF files; 293 GIF and 78 JPG image files; and 18 other files including ZIP and ICO. The files contain 933 remote links to other sites or pages on the Internet.
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Summary of FASB-IASB decisions on noncontrolling interests

23 Aug 2004

The IASB and the US FASB are developing common exposure drafts of their proposed standards on accounting for business combinations - phase II.

The EDs will be similar in both wording and style (including the IASB style of highlighting principles in bold type). The expected issuance date of the EDs is now the fourth quarter of 2004. The FASB has posted on its website two summaries of tentative decisions reached. Our news story of 10 August 2004 has a link to a 156-page staff summary of tentative decisions reached relating to purchase method procedures. The FASB has just posted a second decision summary, this one (67 pages) relating to noncontrolling (minority) interests. Because there is no comparable summary on the IASB's website and the Boards are working toward issuing nearly identical standards, the FASB summary should be of interest to those who are following the IASB project as well. Click to Download the FASB Summary (PDF 563k). Among the key conclusions re noncontrolling interests:

  • The equity interests of noncontrolling shareholders in subsidiaries would be presented in equity (IAS 27 already requires this).
  • Net income or loss and each component of other comprehensive income would be attributed to the controlling and noncontrolling interests based on relative ownership interests unless the controlling and noncontrolling interests have entered into an arrangement that requires a different attribution.
  • Losses attributable to the noncontrolling interest in excess of the noncontrolling interest in the equity capital of the subsidiary would be attributed to the noncontrolling interest rather than to the controlling interest.
  • Changes in ownership interests in the subsidiary after control is obtained that do not result in a loss of control of the subsidiary would be accounted for as capital transactions. The difference between the amount by which the noncontrolling interest is adjusted and the consideration paid or received, if any, would be recognised as additional paid-in capital (no gain or loss). Thus, the acquisition of some or all of the noncontrolling interests in a subsidiary would not be accounted for by the purchase method as in current practice.
  • At the time the parent obtains control of the subsidiary, the assets (including goodwill) and liabilities of the subsidiary would be recorded at their fair values.
  • On the date control of a subsidiary is lost, any retained noncontrolling investment in a former subsidiary would be remeasured to its fair value and a gain or loss, if any, would be recognized in consolidated income.
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August 2004 Accounting Roundup newsletter

21 Aug 2004

We have posted the of Accounting Roundup (PDF 207k), a newsletter published by Deloitte & Touche (USA).

Accounting Roundup summarises recent accounting and financial reporting developments and provides Internet links to related content. This issue has information about developments at FASB (including proposed FSP on mutual fund fees), GASB (new standard on other post-employment benefits), AICPA (ethics proposal on outsourcing disclosure), SEC (Form 8-K disclosures), and IASB (Deloitte guide on applying IFRS 3 Business Combinations). You will find all Past Issues Here.
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Web-based technical update on IASs 16, 17, 23, and 40

20 Aug 2004

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The fourth Webcast was run on 19 August 2004 and addressed leasing and issues relating to tangible fixed assets. Specifically the Webcast covered IAS 16 Property, Plant and Equipment, IAS 17 Leases, IAS 23 Borrowing Costs, and IAS 40 Investment Property. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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Differences between Japanese GAAP and IFRSs

20 Aug 2004

A study group appointed by the Japanese Ministry of Economy, Trade and Industry, and comprising predominantly representatives of Japanese industrial companies, has published a report that compares Japanese accounting standards and International Financial Reporting Standards.

The report recommends that the European Commission accept Japanese GAAP as equivalent to IFRSs. European law requires all European companies listed on European exchanges (about 9,000 companies in all) to start using IFRSs in 2005. For non-European companies listed in Europe, IFRSs are deferred to 2007 pending a study of which national GAAPs should be deemed equivalent to IFRSs and therefore permitted in lieu of IFRSs. The report expresses support for the position of the Japanese government and the Accounting Standards Board of Japan that Japanese GAAP is equivalent to IFRSs and urges adoption of "mutual acceptance" by the EC and Japan of each other's standards. The report includes a 29-page tabular comparison of Japanese standards, IFRSs, and US GAAP. Currently, around 250 Japanese companies list their shares or bonds on EU exchanges. Most prepare their financial statements under Japanese accounting rules. Around 10 companies from IFRS countries are listed in Japan.
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Deloitte IFRS e-learning – 53,000 downloads to date

19 Aug 2004

Since we first made available our IFRS e-learning system on 22 January 2004, a total of 8,436 unique users have downloaded 53,005 modules.

Those figures do not reflect the very substantial further usage and distribution of content once downloaded, since many organisations have chosen to make the content available through their own intranet site, rather then having individual employees do their own downloading and installation. Downloaders came from 151 different countries. Top-six highest usage by country has been:

United Kingdom

7,834 downloads

Australia

3,697

Germany

3,376

France

2,300

Italy

2,167

Pakistan

2,129

Currently, 23 modules are available. Each is a 3mb to 5mb zip file. You can access them by clicking the IFRS e-Learning 'light bulb' on the IASPlus home page or by clicking Here. Deloitte is making our IFRS e-Learning programme available in the public interest without charge.

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