News

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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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Deadline extended for survey on joint ventures

18 Aug 2004

In our News Story of 15 July, we had reported an announcement on the US FASB website that the IASB is conducting a research project that is the first phase of a longer-term effort to improve IAS 31 Interests in Joint Ventures.

Our story noted that the Australian Accounting Standards Board (AASB) is leading a team of standard setters from Hong Kong, Malaysia, and New Zealand in conducting the research project and that responses to the survey were requested by 28 July 2004. The purpose of this survey is to identify and analyse the characteristics of these investments to assist in revising IAS 31. The IASB's own website has now posted an announcement of the survey:

As part of an IASB research project, the Australian Accounting Standards Board is conducting a survey of the accounting for interests in joint venture arrangements. Participation in the survey by entities involved in joint arrangements will provide valuable input, helping the research team and the IASB to understand better the ways in which joint arrangements are structured.

The response request deadline has been extended to 30 September 2004. The survey may be completed on-line or may be downloaded from the AASB Website.
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FASAC survey includes international convergence

18 Aug 2004

The Financial Accounting Standards Advisory Council (FASAC), advisory body to the US FASB, annually conducts a survey of the views of FASAC members and other FASB constituents on what FASB's priorities should be.

The 2004 FASAC survey addresses views on international convergence questions, including:

  • Whether the FASB should, without compelling domestic reasons to do so, necessarily add a project to its agenda because the IASB does.
  • Whether FASB should give higher priority to agenda projects that would lead to international convergence.
  • How FASB should weigh the costs versus the benefits in deciding to add a convergence project to its agenda.
Another group of questions relates to differential accounting standards for certain entities, such as privately held entities or SMEs. Responses are sought by 27 August 2004. Click to Download the Survey (PDF 71k).
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New approaches to three major IASB agenda projects

16 Aug 2004

In "The Chairman's Page–A Personal View" in the July 2004 issue of the IASB's Insight newsletter, IASB Chairman Sir David Tweedie discusses the Board's revised approach to three major agenda projects: Insurance Contracts, Financial Instruments, and Performance Reporting.

In the next several weeks, the IASB will announce the membership of new advisory groups on those projects. Sir David indicated that the Board's next steps on each of the projects will be to issue discussion papers. "In due course exposure drafts will follow, but that may well be several years into the future."

I want to emphasise that we have not reached any decisions on these three projects. The advisory groups will therefore start with a clean slate. The IASB has made no commitment to a full fair value approach on insurance and financial instruments.... The field tests on the IASB's original proposals on performance reporting showed that we needed to develop alternative approaches.

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Latest newsletter from Deloitte's Global Offerings Services

16 Aug 2004

We have posted the July-August 2004 edition of Deloitte's (PDF 411k).

This newsletter is published by Deloitte's Global Offerings Services group, which is a global team of 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. You can find past issues Here.
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ICAEW letter to Commissioner Bolkestein re IAS 39

15 Aug 2004

The Institute of Chartered Accountants in England and Wales has written to EC Internal Market Commissioner Frits Bolkestein urging the European Commission to adopt IAS 39 in its entirety as part of the full suite of International Financial Reporting Standards for use in Europe.

An excerpt from the letter is below. Click for full text of (PDF 354k).

We understand that the Commission is considering deleting certain sections of lAS 39 and proposing the amended standard for endorsement. We are greatly concerned by this development. Introducing differences between IFRS in Europe and IFRS, as set by the International Accounting Standards Board (IASB), is likely to lead to long-term damage to the credibility and quality of financial reporting in Europe. We note that the idea of European financial reporting standards is rejected in the IAS Regulation (No. 1606/2002) itself: Recital 2 states that '... it is important that the financial reporting standards applied by Community companies participating in financial markets are accepted internationally and are truly global standards.'

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IAS Plus newsletters for 3Q 2004 are published

14 Aug 2004

We have posted the July 2004 edition of our quarterly -->IAS Plus --> newsletter in two versions: (PDF 22 pages 316k) (PDF 31 pages 432k) Both editions have the same news about international financial reporting, including updates on IASB projects and Board activities and news about IFRS in Europe, the United States, and elsewhere in the world.

Additionally, the Asia-Pacific edition has updates on accounting standard setting activity in a number of countries in that region. You will find all past issues Here.
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Argentina moves toward International Standards on Auditing

13 Aug 2004

The Board of the Argentina Federation of Professional Councils of Economic Sciences (Federacion Argentina de Consejos Profesionales de Ciencias Economicas - FACPCE) has agreed to consider adopting International Standards on Auditing issued by IFAC's International Auditing and Assurance Standards Board (IAASB) as Argentine auditing standards for periods beginning 1 July 2005. "FACPCE reserves the right to adopt the ISAs in total, or partially, with or without differences." Click for FACPCE Website. .

The Board of the Argentina Federation of Professional Councils of Economic Sciences (Federacion Argentina de Consejos Profesionales de Ciencias Economicas - FACPCE) has agreed to consider adopting International Standards on Auditing issued by IFAC's International Auditing and Assurance Standards Board (IAASB) as Argentine auditing standards for periods beginning 1 July 2005. "FACPCE reserves the right to adopt the ISAs in total, or partially, with or without differences." Click for FACPCE Website.

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