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News

PIOB (Public Interest Oversight Board) (lt gray) Image

New page for Public Interest Oversight board

26 Jun 2006

We have st up a new page on IAS Plus for the Public Interest Oversight Board (PIOB), which was formed last year to oversee the work of those committees of the International Federation of Accountants (IFAC) that have public interest responsibilities, namely: International Auditing and Assurance Standards Board International Accounting Education Standards Board International Ethics Standards Board for Accountants Their respective Consultative Advisory Groups IFAC's Compliance Advisory Panel (CAP). We have put a permanent link to our PIOB page among the 'Key Groups' at the bottom of the right-hand column on this page, as well as on our IFAC Page. .

We have st up a new page on IAS Plus for the Public Interest Oversight Board (PIOB), which was formed last year to oversee the work of those committees of the International Federation of Accountants (IFAC) that have public interest responsibilities, namely:

  • International Auditing and Assurance Standards Board
  • International Accounting Education Standards Board
  • International Ethics Standards Board for Accountants
  • Their respective Consultative Advisory Groups
  • IFAC's Compliance Advisory Panel (CAP).
We have put a permanent link to our PIOB page among the 'Key Groups' at the bottom of the right-hand column on this page, as well as on our IFAC Page.
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Insurance regulators comment on IASB measurement issues

26 Jun 2006

The International Association of Insurance Supervisors (IAIS) has published its second set of observations on Issues Arising as a Result of the IASB's Insurance Contracts Project - Phase II (PDF 164k).

The IAIS "believes that it is most desirable that the methodologies for calculating items in general purpose financial reports can be used for, or are substantially consistent with, the methodologies used for regulatory reporting purposes, with as few changes as possible to satisfy regulatory reporting requirements." The issues paper comments on measurement issues common to both general purpose financial reporting and regulatory reporting for consideration by the IASB.
SEC (US Securities and Exchange Commission) (dark gray) Image

Regulatory implications of cross-border exchange mergers

25 Jun 2006

In a speech at the Harvard Business School titled (PDF 66k), US SEC Chairman Christopher Cox discussed the heightened importance of uniform securities regulation and global accounting and auditing standards.

An excerpt:

National regulation will still be important. Indeed, it will be more important than ever, in order to protect investors from the new opportunities for fraud, unethical trading practices, and market manipulation that truly international markets could create. But equally important will be cooperation among national regulators. If national regulators don't cooperate with one another, and update their own rules and practices, the combination of global exchanges could serve as a robust new means for the unscrupulous to circumvent laws and regulations and to hide illegal activities from surveillance....

There are still many areas of significant difference between our standards and those of other countries. For example, we have different accounting and auditing standards, and, importantly, different liability standards. But the key to success going forward is to recognize that harm to investors will be minimized if we agree to adhere to high quality securities regulation and there is a strong degree of cooperation and coordination among regulators.

Click for on cross-border exchange mergers (PDF 35k).
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Notes from fourth day of June 2006 IASB meeting

24 Jun 2006

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page. .

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

Australia Image

AASB interpretations plan

24 Jun 2006

The Australian Accounting Standards Board (AASB) has adopted an interpretations model that interacts with the International Financial Reporting Interpretations Committee (IFRIC) to provide guidance to Australian constituents in the context of the formal adoption of International Financial Reporting Standards (IFRSs) in Australia, while maintaining a capacity to deal with issues relating to purely domestic Standards.

The new model will apply from 1 July 2006. Under the new model, the AASB will have direct responsibility for Interpretations, replacing the existing Urgent Issues Group. Under the new model:
  • An Interpretations Agenda Committee (IAC) will consider issue proposals and recommend that either AASB do nothing or AASB refer the issue to IFRIC.
  • For all issues dealt with by the IFRIC, the AASB will decide whether to adopt IFRIC's interpretation locally.
  • If AASB refers an issue to IFRIC but IFRIC declines to address the issue, the AASB will decide whether to add the issue to the AASB's own work programme.
  • For each issue that the AASB takes on, the AASB will form an Advisory Panel. The panel will prepare alternative views and, where appropriate, recommendations for consideration by the AASB.
  • The AASB's due process will include publishing the recommendations of a panel on the AASB's website, followed by public exposure of a proposed AASB Interpretation, before the AASB considers it for formal adoption.
Click to download (PDF 34k).
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Notes from third day of June 2006 IASB meeting

23 Jun 2006

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page. .

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Mark W. Olson named PCAOB Chairman

23 Jun 2006

US Federal Reserve Board Governor Mark W.

Olson has been appointed Chairman of the five-member US Public Company Accounting Oversight Board until 2010. Mr. Olson, 63, joined the Federal Reserve on Dec. 7, 2001. In addition to his policy-making duties as a Fed Governor, he has served as Administrative Governor since August 2002, responsible for management of the Federal Reserve Board. Before joining the Federal Reserve Board, Mr. Olson had a 35-year career in banking and was president of the American Bankers Association. Click for:
IASB Exposure Draft (original) Image

IASB ED on puttable shares

22 Jun 2006

The International Accounting Standards Board (IASB) has published an exposure draft on 'Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation'.

The proposals would amend IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements.

The ED would require:

  • An obligation to redeem or repurchase a financial instrument puttable at fair value would be classified as equity provided that specified criteria are met, particularly that all financial instruments in the most subordinated class of instruments with a claim to the assets of the entity are financial instruments puttable at fair value.
  • An instrument that imposes an obligation to deliver to another entity a pro rata share of the net assets of the entity upon its liquidation to be classified as equity, provided specified criteria are met. Thus, for example, ordinary shares of limited life entities and partners' interests in a partnership that must liquidate upon exit of a partner (e.g. on retirement or death) would be equity.

Comments are due by 23 October 2006. The ED will be available on the IASB's website on 3 July 2006.

Click for Press Release (PDF 67k).

 

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Notes from second day of June 2006 IASB meeting

22 Jun 2006

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page. .

The International Accounting Standards Board held its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. We have combined the preliminary and unofficial notes taken by Deloitte observers onto a Separate Page.

IVSC (International Valuation Standards Council) (lt green) Image

IVSC ED on bases other than market value

22 Jun 2006

The International Valuation Standards Commission has published for public comment an exposure draft of a proposed revised International Valuation Standard 2 Bases other than Market Value.

The IVSC is proposing to update IVS 2 "in the light of the debates on the use of value in financial statements, and the evolution of other parts of the International Valuation Standards". The ED is available on the IVSC Website. comments are due 31 August 2006. Click for IVSC News Alert (PDF 271k). The IVSC has also issued an exposure draft of a proposed revised International Valuation Application 2 Valuation for Lending Purposes.

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