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News

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

Convergence of global valuation standards

22 Jun 2006

The International Valuation Standards Committee (IVSC) and The Appraisal Foundation of the United States (TAF) have issued a memorandum of understanding that commits the two bodies to the ultimate goal of a single set of understandable and enforceable global valuation standards.

As a first step towards the goal, both parties are preparing to seek greater convergence of the Uniform Standards of Professional Appraisal Practice (USPAP) and the International Valuation Standards (IVS), and have appointed small working groups to identify current differences between the two sets of standards and to report by September 2006. Both organisations will then use their best efforts to progress towards the elimination of identified differences working within the due process procedures of each organisation. Click for:
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Notes from first day of June 2006 IASB meeting

21 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.

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UK iGAAP alert on proposed amendments to IAS 23

21 Jun 2006

We have posted a new United Kingdom Borrowing Costs (PDF 51k).

You will find links to this and all past iGAAP Alerts and Newsletters Here.
SEC (US Securities and Exchange Commission) (dark gray) Image

SEC Office of International Affairs

19 Jun 2006

We have added to our US Securities and Exchange Commission Page some background information about the SEC's Office of International Affairs (OIA).

OIA promotes investor protection in the global capital market by advancing international regulatory and enforcement cooperation, promoting the adoption of high regulatory standards worldwide, and facilitating technical assistance programs to strengthen the regulatory infrastructure in emerging market countries. The office also seeks to facilitate cross-border securities transactions, while working to minimise the extent to which international borders can be used to avoid regulatory compliance or escape detection and prosecution of fraudulent securities activities. Using OIA staff's specialised knowledge of international markets and foreign law and regulations, the office provides the Commission and staff with advice and assistance in international enforcement and regulatory matters. On the OIA website there is information about the SEC's various international program activities, including in the areas of SEC rulemaking, multilateral policy initiatives, international enforcement cooperation, and technical assistance. There is also find information about the SEC's cooperative arrangements with foreign regulators.
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Insurance Working Group meets 29-30 June

18 Jun 2006

The IASB's Insurance Working Group will meet at the Crowne Plaza London City Hotel, London, on Thursday and Friday 29-30 June 2006. The agenda (details on IASB's Website): Insurance – 29-30 June 2006, London Thursday 29 June Project planning The Board's preliminary conclusions so far Presentation by the [European] CFO Forum, Group of North American Insurance Enterprises and four Japanese life insurance companies International Association of Insurance Supervisors Estimating cash flows Friday 30 June Policyholder continuation and cancellation options Margins – risk margins and profit margins Participating contracts Unit-linked payments Performance reporting, including presentation of premium .

The IASB's Insurance Working Group will meet at the Crowne Plaza London City Hotel, London, on Thursday and Friday 29-30 June 2006. The agenda (details on IASB's Website):

Insurance – 29-30 June 2006, London

Thursday 29 June

  • Project planning
  • The Board's preliminary conclusions so far
  • Presentation by the [European] CFO Forum, Group of North American Insurance Enterprises and four Japanese life insurance companies
  • International Association of Insurance Supervisors
  • Estimating cash flows
Friday 30 June
  • Policyholder continuation and cancellation options
  • Margins – risk margins and profit margins
  • Participating contracts
  • Unit-linked payments
  • Performance reporting, including presentation of premium
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ASX will retain its two month reporting deadlines

17 Jun 2006

The Australian Stock Exchange (ASX) will retain the two-month deadline for listed entities to report their full-year and interim financial results.

An ASX consultation found significant market agreement with the ASX's view that such prompt reporting is both desirable for shareholder protection reasons as well as appropriate given international practice and trends. This means:
  • Listed entities with 31 December financial year ends will need to report their half yearly results to 30 June 2006 by 31 August 2006 and full-year results by 28 February 2007. Approximately 200 listed entities are in this category.
  • The nearly 1,400 listed entities with 30 June year ends will need to report their half yearly results to 31 December 2006 by 28 February 2007 and their full-year results by 31 August 2007.
Click for (PDF 73k).

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