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Eliminating the IFRS reconciliation in the USA

10 Feb 2006

European Union Internal Markets Commissioner Charlie McCreevy and US Securities and Exchange Commission Chairman Christopher Cox met in Washington on 8 February 2006. They discussed, among other things, progress toward eliminating the need for reconciliation between International Financial Reporting Standards and US Generally Accepted Accounting Principles (GAAP) in SEC filings by non-US IFRS issuers.

Both the EC and the SEC agreed that, for the reconciliation to be eliminated, regulatory procedures need to be in place in a non-US SEC registrant's home country to ensure that IFRSs are applied and interpreted faithfully and consistently. Work on those procedures in the EU is underway. Click for:
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New Global Offerings Services newsletter

10 Feb 2006

We have posted the (PDF 228k).

Global Offerings Services is a global team of Deloitte practitioners assisting non-US companies and non-US practice office engagement teams in applying US and International accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. Past GOs Newsletters are Here.
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Special IAS Plus newsletter on operating segments

10 Feb 2006

On 19 January 2006, the IASB published Exposure Draft 8 Operating Segments.

ED 8 would replace IAS 14 and align segment reporting with the requirements of FASB's SFAS 131 Disclosures about Segments of an Enterprise and Related Information. Deloitte has published a (PDF 69k) explaining ED 8. You will find links to all past IAS Plus newsletters Here.
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Agenda for Standards Advisory Council meeting

09 Feb 2006

The Standards Advisory Council will meet at the Renaissance Chancery Court Hotel in London on Monday and Tuesday, 27-28 February 2006. Presented below is the agenda for the SAC meeting.

The February 2006 Board meeting agenda is Here.

27-28 February 2006, London

Monday, 27 February 2006

  • Introductory remarks - new Chairman of Trustees
  • Report from Trustees
  • Discussion of operations and consultation procedures
    • The agenda setting process, including setting priorities and cost/benefit analysis
    • Consultation with constituents - including SAC, national standard-setters, analysts, preparers, etc
    • Implementation and interpretations
  • Discussion of IASB work programme and convergence
    • Report from IASB Chairman
    • Work programme
    • Convergence with US GAAP
  • Business Combinations

Tuesday, 28 February 2006 (morning only)

  • Conceptual Framework
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January 2006 Accounting Roundup posted

07 Feb 2006

We have posted the (PDF 309k) published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

  • FASB Developments including a proposed statement on fair value option for financial instruments; and proposed FSP on classification of employee share options.
  • EITF Developments including accounting for stripping costs in the mining industry.
  • GASB Developments including a proposed statement on pollution remediation obligations.
  • AICPA Developments including technical practice aids on nonregistered investment partnerships; and a pSSAE on reporting on internal control.
  • SEC Developments including proposed changes to the disclosure requirements for executive compensation; and SEC incentives for companies to file financial data using XBRL.
You will find past issues of Accounting Roundup Here.
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New Australian Accounting Alert on operating segments

07 Feb 2006

Deloitte (Australia) has published Operating Segments Exposure Draft Issued (PDF 27k).

This Accounting Alert provides an Australian perspective on some of the key proposals and their impacts. Links to all past Australian Accounting Alerts are Here.
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Issues not added to IFRIC agenda updated

05 Feb 2006

We have updated our list of Issues Not Added to IFRIC's Agenda to reflect IFRIC's decision in January 2006 not to add to its agenda an issue relating to the Scope of IFRS 6 Extractive Industries. .

We have updated our list of Issues Not Added to IFRIC's Agenda to reflect IFRIC's decision in January 2006 not to add to its agenda an issue relating to the Scope of IFRS 6 Extractive Industries.

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Role of accountants in fostering economic growth

04 Feb 2006

Dr Y V Reddy, Governor of the Reserve Bank of India, spoke about the role of accountants in fostering economic growth at the International Conference on Role of Accountancy Profession in Anchoring Economic Growth, organised by the Institute of Chartered Accountants of India (ICAI) in Mumbai on 19 January 2006. He expressed strong support for ICAI's recent efforts to look to IFRSs in developing Indian accounting standards.

Click to download (PDF 28k). An excerpt:

In this regard, it is heartening to observe that the accounting and auditing standards in India are being increasingly benchmarked against international standards. I am also happy to note that the ICAI is making sustained efforts to align the Indian accounting standards with the international ones. A Review of the recommendations of the Advisory Group by the Reserve Bank in December 2004 shows that the gap between International Accounting Standards and Indian Accounting Standards has been gradually narrowing, reflecting the foresight of the profession in recognising the importance of international comparability.

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Standard setting activity in Asia-Pacific region

04 Feb 2006

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

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

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Deficiencies in financial reports of small entities

04 Feb 2006

The Canadian Securities Administrators (the consortium of securities regulators in Canada) have recently published a summary of some of the most common deficiencies they find when they review financial reporting by smaller issuers.

Although the review focused on companies with assets under $5 million, the CSA believes the guidance in their report will also be useful to larger issuers. The most common deficiencies found are in the following four areas:

1. Financial Statements

  • Enterprises in the Development Stage
  • Revenue Recognition
  • Interim Financial Statements
  • Related Party Transactions
  • Cash Flow Statements
  • New GAAP Requirements 2. Management's Discussion & Analysis (MD&A;)
  • Frequently, the MD&A; of smaller issuers contains superficial analyses that merely repeat the information in the accompanying financial statements, particularly on the following MD&A; topics:
    • Operational Analysis
    • Liquidity and Capital Resources
    • Projects Under Development
    • Related Party Transactions
    3. Mining and Oil and Gas Industries
  • Deficiencies in non-technical disclosures 4. Other Disclosure Issues
  • Issuer and Insider filing requirements
  • Timely Disclosure: The requirement for issuers to maintain an ongoing communication with the capital markets
  • Audit Committees: The mandatory role of audit committees and their involvement with corporate disclosure
  • Certification: CEO and CFO certifications of their issuer's annual and interim filings
Click to (PDF 325k).

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