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Accounting Roundup –first quarter 2006 review

17 Apr 2006

We have posted the (PDF 382k), prepared by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (USA).

During the first quarter of 2006, accounting standard-setters and accounting regulators issued a number of final and proposed FASB Interpretations, FSPs, EITF consensuses, SEC rules, PCAOB rules, IFRSs, etc. affecting accounting, financial reporting, and corporate governance. Accounting Roundup: 1st Quarter in Review–2006, presents brief descriptions of those pronouncements, as well as certain other regulatory and professional developments in accounting and financial reporting. The articles included derive from issues of the Accounting Roundup newsletters published in the first quarter of 2006, with updates added where appropriate. You will find past issues Here.
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Standard setting activity in Asia-Pacific region

17 Apr 2006

We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region: Australia Hong Kong SAR Japan Malaysia New Zealand Philippines Singapore Taiwan .

We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region:

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IAS Plus Newsletters for April 2006 are posted

16 Apr 2006

The April 2006 IAS Plus Quarterly Newsletter has been published.

The newsletter reports on the 1st quarter 2006 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same 30-page news content as the Global Edition plus 8 more pages of accounting standards updates for the Asia-Pacific region. You will find all Past IAS Plus Issues Here. Sign up for Free Subscription by Email.
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Agenda for IASB-FASB joint meeting

13 Apr 2006

The International Accounting Standards Board and the US Financial Accounting Standards Board will hold a joint meeting in London on Thursday and Friday 27 and 28 April 2006. The meeting, which is open to public observation, will be held at the Crowne Plaza St James Hotel.

The agenda for the meeting is below.


Joint Meeting of the IASB and the FASB28-29 April 2006, London

Thursday 27 April 2006 (from 11:15am)

  • Financial Instruments – hedge accounting
  • Business Combinations II – three issues:
    • Fair value
    • Accounting for acquisition related costs
    • Disclosures for non-controlling interests associated with business combinations
  • Revenue Recognition

Friday 28 April 2006 (morning only)

  • Leasing – agenda proposal for a joint leasing project
  • Conceptual Framework – definitions of assets and liabilities
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Deloitte 2005 survey of pension assumptions

12 Apr 2006

Deloitte Consulting LLP's Human Capital practice has published its survey of year-end pension and postretirement benefit plan assumptions.

The survey provides insights to publicly traded corporations and their chief financial officers about the economic assumptions used in preparing the 2004 year-end pension (Statement of Financial Accounting Standards No. 87) and other postretirement employee benefit plan (SFAS No.106) accruals and disclosures of 291 Fortune 500 companies. Click to (PDF 618k).
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World Congress of Accountants 2006 brochure

12 Apr 2006

The organising committee of the 17th World Congress of Accountants (WCOA) has released a conference brochure that provides comprehensive information about the Congress and the technical programme.

WCOA 2006 will be held in Istanbul, Turkey, from 13 to 16 November 2006. An estimated 5,000 delegates will attend. Click to Download the Brochure (PDF 11,510k*, 73 pages).

*Please note that the brochure is 11.5mb in size. Downloading using a modem connection may be impractical. Individual sections can be viewed online at the WCOA Website.

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FEI survey finds Sarbanes-Oxley costs down 16%

11 Apr 2006

A survey conducted by Financial Executives International has found that, for those companies in their second year of compliance with Section 404 of the US Sarbanes-Oxley Act of 2002, year-two compliance costs down 16% from year-one costs.

Among the other key findings:
  • Auditor guidance from the Public Company Accounting Oversight Board still needs clarification.
  • Compliance with Section 404 has raised investor confidence, but has done so at a price.
  • Auditor fees for all accelerated filers have declined an average of 13%.
Click for (PDF 47k).
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Model 2005 IFRS financial statements in Danish

11 Apr 2006

Deloitte (Denmark) has updated the Danish-language translation of the 2005 model IFRS financial statements to reflect disclosures required by Standards/Interpretations recently issued but not yet effective.

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Australia will disband its Urgent Issues Group

11 Apr 2006

The Australian Accounting Standards Board (AASB) has agreed to disband the Urgent Issues Group (UIG) and adopt a new Interpretations model in Australia under which the AASB will have direct responsibility for interpretations, with advisory panels formed on a topic-by-topic basis.

It is most likely that the new Interpretations model will have effect from 1 July 2006.
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IASB April 2006 meeting agenda

11 Apr 2006

The International Accounting Standards Board will hold its April 2006 Board meeting at its offices in London on Monday 24 April 2006 (afternoon only), Tuesday 25 April 2006 (afternoon only), and Wednesday 26 April 2006. Presented below is the preliminary agenda for the meeting.

The IASB will also meet with the US Financial Accounting Standards Board in London on Thursday and Friday 27 and 28 April 2006.


24-26 April 2006, London

Monday 24 April 2006 (afternoon only)

Tuesday 25 April 2006 (afternoon only)

Wednesday 26 April 2006

Thursday and Friday 27 and 28 April 2006

  • Joint meeting of the IASB and the FASB – agenda not yet announced

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