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News

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IFRIC meeting dates for 2007

15 Jul 2006

Meeting dates of the International Financial Reporting Interpretations Committee (IFRIC) in 2007 have been announced.

All are in London at the IASB's offices, 30 Cannon Street:

IFRIC MEETINGS 2007

  • Thursday and Friday 11-12 January 2007
  • Thursday and Friday 8-9 March 2007
  • Thursday and Friday 3-4 May 2007
  • Thursday and Friday 12-13 July 2007
  • Thursday and Friday 6-7 September 2007
  • Thursday and Friday 1-2 November 2007
You can always find the dates on our Future IASB Meetings Page.

Mr Cope

Ms O'Malley

Mr Smith

The IASC Foundation (IASCF), under which the IASB operates, has begun its search to fill three Board Member positions effective 1 July 2007. The appointments of two full-time IASB members (Anthony T Cope and Patricia O'Malley) and one part-time IASB member (John T Smith) will end on 30 June 2007. Mr Cope and Ms O'Malley are not eligible for reappointment. Mr Smith is eligible for reappointment and will receive particular consideration from the IASCF Trustees. The Trustees invite applications for both the full-time and part-time positions. Part-time membership means that the member concerned commits most of his or her time in paid employment to the IASCF. The qualifications of candidates will be considered on the basis of the criteria listed in the Annex of the IASC Foundation's Constitution (Excerpted Here). Interested persons are invited to apply by 15 September 2006. Click for Search Announcement (PDF 23k).

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ECOFIN's conclusions on IASB funding

13 Jul 2006

At its meeting on 11 July 2006, the Economic and Financial Affairs Council (ECOFIN) of the European Union discussed the funding of the International Accounting Standards Board and adopted the following conclusions.

Click for (PDF 240k):

The Council emphasises the importance of high quality financial statements for the development of the EU financial markets; and acknowledges the role of the International Accounting Standards Board (IASB) in producing International Financial Re porting Standards (IFRS), as well as interpretations of these standards. The Council notes that the current funding scheme of the IASB expires at the end of 2007, and considers that stable and secure financing must be ensured in order for the IASB to fulfil its function.

The Council welcomes the current private sector efforts to create a broad-based voluntary financing system for the IASB and recognises the need to finalise the financing system in order to prevent any disruption of the operations of the IASB. The Council stresses the importance of the following factors, which must be taken into account in structuring a future financing system of the IASB:

  • the financing system would benefit from a very broad base of contributors and the involvement of stakeholders from all parts of the world so as to avoid possible conflicts of interest;
  • financing allocations should be clearly determined for all categories of contributors taking into account the precise financing need; and they should be based on objective criteria for contributors from different geographical regions or jurisdictions;
  • stakeholders benefiting from the use of IFRS financial statements should be the primary contributors to the financing of the IASB;
  • the relevant parties are urged to co-operate in their jurisdictions in relation to the practical modalities relating to the funding of the IASB. The Commission is invited to monitor this process inside the EU and provide its assistance, if needed;
  • a financing system based on voluntary contributions should be reviewed after three years of operation in order to see if the system has fulfilled its objectives. The possibility of funding the IASB partly through public means remains to be examined;
  • in more general terms, the IASB should continue to:
    • 1. strengthen its governance structure...;
    • 2. strengthen its due process with stakeholders...; as well as
    • 3. ensure that stakeholders are adequately represented in the IASC Foundation, IASB and International Financial Reporting Interpretations Committee (IFRIC) governing bodies, bringing additional technical expertise.
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SEC concept release on internal control reporting

12 Jul 2006

The Securities and Exchange Commission, in another step toward improving the implementation of the Sarbanes-Oxley investor protection law, today published a Concept Release as a prelude to its forthcoming guidance for management in assessing a company's internal controls for financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002. The Commission anticipates that the forthcoming guidance for management will cover at least these areas: Identifying risks to financial statement account and disclosure accuracy and the related internal controls that address the risks, including how management might use company-level controls to address the risks Objectives of the evaluation procedures and methods or approaches available to management to gather evidence to support its assessment Factors management should consider to determine the nature, timing, and extent of its evaluation procedures Documentation requirements, including overall objectives of the documentation and factors that might influence documentation requirements The Concept Release seeks feedback on each of these topics and on whether guidance should be provided in other areas as well.

One of the questions the Release asks is whether there are special issues applicable to foreign private issuers that the Commission should consider in developing guidance to management on how to evaluate the effectiveness of a company's internal control over financial reporting. Responses due 60 days after publication in the Federal Register. Click for:

Effective dates of Section 404 for:

Fiscal years ending on or after:

US domestic reporting companies that are accelerated filers

15 November 2004

Foreign private issuers that are accelerated filers

15 July 2006

Domestic and foreign non-accelerated filers

15 July 2007

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IASB meeting dates for 2007

12 Jul 2006

Dates of the IASB's meetings in 2007, including meetings with the Standards Advisory Council and with World Standard Setters, are as follows.

All are in London except the October 2007 Joint Meeting with the FASB, which is at the FASB's offices in Norwalk, Connecticut, USA:

IASB MEETINGS 2007

  • Monday 22 January - Friday 26 January 2007
  • Monday 19 February - Friday 23 February 2007, and 26-27 February 2007 Standards Advisory Council
  • Monday 19 March - Friday 23 March 2007
  • Monday 16 April - Friday 20 April 2007
  • Monday 23 April - Tuesday 24 April 2007 – Joint IASB/FASB Meeting
  • Monday 14 May - Friday 18 May 2007
  • Monday 18 June - Friday 22 June 2007, and 25-26 June 2007 Standards Advisory Council
  • Monday 16 July - Friday 20 July 2007
  • Monday 17 September - Friday 21 September 2007
  • Monday 24 September - Tuesday 25 September 2007 – World Standard Setters Meeting
  • Monday 15 October - Friday 19 October 2007
  • Monday 22 October - Tuesday 23 October 2007 – Joint IASB/FASB Meeting
  • Monday 12 November - Friday 16 November 2007, and 8-9 November 2007 Standards Advisory Council
  • Monday 10 December - Friday 14 December 2007
You can always find the dates on our Future IASB Meetings Page.
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Canada's plan to move toward IFRSs for public companies

12 Jul 2006

An article titled Going Global in the June 2006 issue of CA Magazine (published by the Canadian Institute of Chartered Accountants) explains Canada's new plan to converge Canadian GAAP with IFRSs over a transitional period of five years.

During that time, the Accounting Standards Board of Canada will focus its efforts on removing the differences between Canadian GAAP and IFRSs by replacing individual Canadian standards with IFRSs. The article presents views on the Canadian convergence plan from the perspectives of financial executives, auditors, regulators, and standard setters. Click here for a Link to the Article on the CICA Website.
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IASB funding is on ECOFIN's agenda

11 Jul 2006

At its meeting on 11 July 2006, the Economic and Financial Affairs Council (ECOFIN) of the European Union will discuss changes to the funding of the International Accounting Standards Board – in particular how the IASB might be made less dependent on major accounting firms for funding.

EU Finance Ministers are expected to address how to widen the IASB's base of financial support, and also whether public funding could be used if a broadened voluntary scheme proves unpopular. From the agenda:

Continuation of the current system of funding after 2007, relying on only a small number of voluntary contributions, is not sustainable in the light of increasing global application. This would not enable the international standard setting body to be independent and sufficiently resourced to conduct its work in a timely fashion. Therefore, a new system is needed with a broader base and better allocation between geographical areas.

Click for (PDF 98k). Incidentally, this is the first meeting of ECOFIN that is being Webcast by the EU - available in five languages.
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June 2006 Accounting Roundup posted

11 Jul 2006

We have posted the (PDF 301k) published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • Proposed FSP on Modifications or Exchanges of Share-Based Payment Awards in Connection With an Equity Restructuring or a Business Combination
  • Proposed FSP on the Definition of a Public Entity
  • Proposal to Enhance Standard Setting for Private Companies
EITF Developments
  • EITF June 2006 Meeting
GASB Developments
  • Final Technical Bulletin Clarifies Reporting of Medicare Part D Payments
AICPA Developments
  • TPA on Consolidated Financial Statements
  • Deferral of Guidance on Reporting on a Nonissuer's Internal Control Over Financial Reporting
SEC Developments
  • SEC Adopts Final Rules on Funds That Invest in Funds
  • SEC Seeks Comments on Investment Company Governance
PCAOB Developments
  • PCAOB Issues Q&As; on Adjustments to Prior-Period Financials Audited by a Predecessor Auditor
  • Highlights of the PCAOB's June 2006 Standing Advisory Group Meeting
  • SEC Announces Appointment of New PCAOB Chairman
International Developments
  • Proposed Amendments to Financial Instruments Presentation
You will find past issues of Accounting Roundup Here.
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Editorial corrections to 2006 Bound Volume of IFRSs

11 Jul 2006

The IASB has posted to its website a list of Editorial Corrections to the 2006 Bound Volume of IFRSs.

There are 15 minor corrections.

The 2006 Bound Volume of International Financial Reporting Standards includes all IFRSs, IASs, Interpretations, and the supporting documents published by the IASB – Bases for Conclusions, Implementation Guidance, and Illustrative Examples – as approved at 1 January 2006. Copies of BV2006 are available at £60 each from the IASB's Website (then click on IASCF Shop). Bulk discounts are available.

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.