There were nine sessions of roundtable discussions, each with a different group of constituents. However, all of the discussions covered similar topic areas and the issues raised in each session generally were similar, with the exception of the last two sessions, which were dedicated to discussion of issues related to insurance companies. Click to download our Unofficial Summary of the 10-13 March Discussions (PDF 52k).

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

Douglas Room at SEC headquarters, 450 Fifth Street, N.W., Washington, DC, USA. The meeting will be open to the public and available by webcast. SEC Commissioners will attend. Details at SEC Website.

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

The 16 March 2003 edition of the Accounting Roundup newsletter from Deloitte & Touche (USA) covers, among other topics, FASB's new projects on stock compensation and pensions; FASB EDs on liabilities and equity and on amendment of SFAS 133; summary of significant issues raised during recent reviews of Fortune 500 company filings by the SEC Division of Corporation Finance; and updates on AcSEC, IASB, and PCAOB activities.

The report notes deficiencies in a number of accounting areas, including accounting policy disclosures, reporting of non-GAAP financial information, revenue recognition, restructuring charges, impairment charges, pension assumptions, segment reporting, securitisations and off-balance sheet arrangements, and environmental and product liability disclosures. The SEC noted that as a result of these reviews, they have sent comment letters to 350 of the 500 companies.

While intangibles occur in virtually all industries, the publishing industry is particularly affected because publishing rights and titles form an important element of most publishing companies' financial statements. In some instances they are a highly significant portion of the net asset position (often more than 100 percent). You may (PDF 280k) without charge. In recent exposure drafts, the IASB has proposed to draw an accounting distinction between intangibles with finite useful lives and those with indefinite lives, with amortisation plus impairment testing for the former and non-amortisation plus impairment testing for the latter. Revaluation would be permitted for all, but only if fair value can be determined by reference to prices in an active market. Click for a Summary of the IASB Exposure Drafts.

The conference will address the transition to reporting under IFRS primarily from a strategic point of view. It will also cover financial reporting issues and IT-systems impacts. Click for the Programme (PDF 279k, in Danish). Meet among others John T. Smith, IASB Board Member and co-author of IAS 39 on 6 May 2003. This whole day is devoted to the most complex issue in making the transition to IFRS – financial instruments. The fee for the entire conference is 2,500 DKK excluding VAT per person to cover the direct costs. Register using this Registration Form (PDF 56k, in Danish), or by phoning Marianne Lund at +45 35-25-25-66, or by email at malund@deloitte.dk.

The letters of comment received by the IASC Foundation Trustees on their Proposal for a testing and certification programme have been posted on the IASB website.

The PCAOB has published (PDF 294k) that do not contain an exemption for non-US public accounting firms. PCAOB has identified certain questions to be discussed at the roundtable, including these:

• Should foreign firms be given an extended deadline for their initial registration?
• Are there any portions of PCAOB's draft registration form that are inapplicable, or that should be modified or supplemented, for non-US applicants?
• Do any of the PCAOB's registration requirements conflict with national laws?
• In the case of non-US firms that must register because they play a 'substantial role' in the audit of a US issuer, how should 'substantial role' be defined?
• Should registered foreign public accounting firms be subject to PCAOB inspection, or could the PCAOB, in some cases, rely on home-country regulation in lieu of inspection?

Links to PCAOB's New Website and Our New PCAOB Page.