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News

SEC (old) Image

US SEC plans roundtable discussion of the 'roadmap'

14 Feb 2007

On 6 March 2007, senior SEC staff members from the Office of the Chief Accountant, the Division of Corporation Finance, and the Office of International Affairs will hold a roundtable discussion on the 'roadmap' regarding IFRSs.

The roadmap is a plan for eliminating the need for non-US SEC registrants that file IFRS financial statements to reconcile to US GAAP. That plan was first articulated by then SEC Chief Accountant Donald Nicolaisen in April 2005. The 6 March 2007 roundtable will be moderated by Conrad Hewitt, the SEC's Chief Accountant, and John W. White, Director of Corporation Finance. It will be held at the SEC's offices in Washington, DC, and will be open to the public.

The roundtable will consist of three panels organised to address each of the following issues with respect to the roadmap:

  • the effect on the capital raising process in the US capital markets;
  • the effect on issuers in the US capital markets; and
  • the effect on investors in the US capital markets.

Click to download:

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG proposes to support IFRIC 12 on service concessions

13 Feb 2007

The European Financial Reporting Advisory Group has invited comment on its draft letter to the European Commission proposing to endorse IFRIC 12 Service Concession Arrangements for use in Europe.

EFRAG reached that decision after discussion that included a special meeting on 23 January 2007. Here is a link to download EFRAG's Draft Comment Letter (DOC 132k). Comments are requested by 28 February 2007. Four EFRAG members have concerns about IFRIC 12 that cause them to believe that EFRAG should not recommend the Interpretation for endorsement. Those members' reasoning is explained in an appendix to the draft letter.
International Auditing (lt green) Image

IAASB survey on plan for 2008-2010

12 Feb 2007

The International Auditing and Assurance Standards Board (IAASB) is developing a strategic plan for its activities for the period 2008-2010. The Board is seeking public comments on key issues for discussion during strategy review forums and meetings planned for 2007.

To obtain those views, the Board is conducting an on-line survey to which responses are invited by 23 February 2007. Here is the link to the On-Line Survey Questionnaire.

SEC (old) Image

SEC Chief Accountant comments on reconciliation

11 Feb 2007

In remarks at a recent conference, US SEC Chief Accountant Conrad W. Hewitt commented on the goal of eliminating the US GAAP reconciliation requirement for IFRS filers by '2009 or possibly sooner'.

Click for Mr Hewitt's Remarks (PDF 66k). An excerpt:

International convergence is another ongoing major project for us, and we are monitoring very closely what is commonly referred to as the 'Roadmap', which my predecessor laid out. The Roadmap sets forth the milestones toward eliminating the need for the US GAAP reconciliation requirement for foreign issuers who list in the US capital markets and who prepare financial statements using International Financial Reporting Standards ('IFRS') by 2009 or possibly sooner. The SEC staff continues to review foreign registrants' IFRS filings to help us better understand the differences and application of IFRS.

European Union (old) Image

ARC recommends endorsement of IFRS 8, IFRICs 10 and 11

10 Feb 2007

At its meeting on 2 February 2007, the European Commission's Accounting Regulatory Committee (ARC) voted to recommend that the EC endorse IFRS 8, IFRIC 10, and IFRIC 11 for use in Europe.

The ARC will consider IFRIC 12 at its 16 March 2007 meeting. Click for Summary Votes at ARC 2 Feb 07 Meeting (PDF 13k).
IFRS for SMEs (mid blue) Image

IASB will publish SME exposure draft next week

10 Feb 2007

The IASB expects to release to its subscribers on Thursday 15 February 2007 the exposure draft of the International Financial Reporting Standard for Small and Medium-sized Entities (SMEs).

Printed copies will be available later. The English text of the document will be freely available on the IASB's Website from Monday 26 February 2007. Spanish, French, and German translations are expected in April 2007. The deadline for comments will be 1 October 2007. The ED will consist of three documents:
  • Exposure Draft (organised by topic, 38 sections)
  • Illustrative Financial Statements and Disclosure Checklist
  • Basis for Conclusions
Click for Project Information.
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

Updated EFRAG endorsement status report

10 Feb 2007

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 5 February 2007 (PDF 34k). The 5 February 2007 update reflects the recent recommendation of the Accounting Regulatory Committee that the EC endorse IFRS 8, IFRIC 10 and IFRIC 11 (see news story below). You can always find a link to the Endorsement Status Report on our EFRAG Page. Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 8 Operating Segments
  • IFRIC 12 Service Concession Arrangements
  • IFRIC 11 IFRS 2: Group and Treasury Share Transactions
  • IFRIC 10 Interim Financial Reporting and Impairment
2007feb.gif Image

Agenda for February 2007 IASB meeting

09 Feb 2007

The International Accounting Standards Board will hold its February 2007 Board meeting at its offices, 30 Cannon Street, London, on Tuesday through Thursday 20-22 February 2007.

Presented below is the agenda for the meeting.

20-22 February 2007, London

Tuesday 20 February 2007(afternoon only)

  • Conceptual Framework– Discussion of:
    • 1. A working definition of a potential element, tentatively called claims, and its implications if used to replace the liabilities and equity elements
    • 2. A staff analysis of comments received on the July 2006 Discussion Paper on objective and qualitative characteristics

Wednesday 21 February 2007

Thursday 22 February 2007

  • IAS 41 Agriculture – Measurement: Whether to remove the prohibition on taking into account 'additional biological transformation' in estimating the fair value of biological assets using discounted cash flows (issue referred from IFRIC)
  • Annual Improvements Process:
    • A perceived conflict in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors regarding the status of Implementation Guidance
    • Whether IFRS 1 should be restructured to make it less complex and more clear
  • Post-employment benefits– Preliminary Views
    • Definition of defined contribution, defined benefit and asset-based benefit promises
    • Introduction to measurement options for cash balance and similar plans
    • Presentation options for defined benefit pension plans.
  • Business Combinations Phase 2 – Redeliberations of proposed revisions to IFRS 3 Business Combinations
  • Financial Statement Presentation
SAC (Standards Advisory Council) (mid blue) Image

Standards Advisory Council meets 26-27 February

09 Feb 2007

The Standards Advisory Council will meet with the International Accounting Standards Board on Monday and Tuesday, 26 and 27 February 2007, at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

Presented below is the agenda for the meeting.

26-27 February 2007, London

Monday, 26 February 2007(afternoon only)

  • Discussion of IASB work plan:
    • Report from IASB Chairman
    • Work plan and staff resources
    • Convergence with US GAAP
    • Feedback on discussions with regions and countries adopting/converging with IFRSs:
  • XBRL: IASC Foundation plans and possible implications for financial reporting

Tuesday 27 February 2007

  • Conceptual Framework
  • Update on Education initiatives
  • Introductory presentation by the new Director of Communications:
  • IFRS for Small and Medium-sized Entities:
    • Presentation
    • Breakout Group discussions
    • Group leaders' summary and plenary debate
2006modelfshk.jpg Image

Hong Kong 2006 model financial statements

08 Feb 2007

Deloitte (China) has published HKFRS Model Financial Statements and Disclosure Checklist 2006.

This 292-page publication (PDF 1,877k) reflects all Hong Kong Financial Reporting Standards (HKFRSs) issued as of 25 January 2007. It includes an illustrative 2006 annual report issued by a fictitious listed company, a presentation and disclosure checklist for 2006, and a section that gives a summary of the key changes to HKFRSs and listing rules during 2006 that affect the disclosure and presentation of information in the financial statements. As of 1 January 2005, HKFRSs became fully harmonised with International Financial Reporting Standards (IFRSs), except for a few minor differences.

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