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Some statistics about files

07 Apr 2006

We have computed a few statistics about the volume of information available on Deloitte's website.

Here are the current statistics and comparable figures as of August 2004:

April 2006

August 2004

Number of files



Total file size



Number of HTML pages



Downloadable PDF files*



GIF image files



JPG image files



Links to other websites*



*We prefer to post downloadable files directly on IAS Plus, where possible, because links to other websites sometimes stop working. We link when we are unable to get permission to post copyrighted files. We test all links periodically.
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New subscriptions page for IAS Plus alerts

06 Apr 2006

We have created a new Subscription Page by which you can add yourself to our -->IAS Plus email alert list -->.

There is no charge. A permanent link to that page can always be found on this home page (left column, Subscribe to Alerts). We will alert you to new issues of our IAS Plus Newsletter, with a download link, and to important IFRS news such as new IASB EDs and Standards and IFRIC draft and final Interpretations.
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'Heads Up' on FASB's pensions proposals

06 Apr 2006

Last week, the US Financial Accounting Standards Board issued its Exposure Draft Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans.

The ED proposes amendments to FASB Statements No. 87, 88, 106, and 132(R) to require, among other things, that a company that sponsors a postretirement benefit plan fully recognise, as an asset or liability, the over-funded or under-funded status of its benefit plan in its balance sheet. The proposal is designed to partially tackle certain important deficiencies the FASB finds in today's pension accounting:
  • Changes in a plan's assets and its benefit obligation are not recognised as they occur.
  • Important information about postretirement plans is relegated to the footnotes rather than being recognised in the financial statements.
Key concepts of this ED are summarised in a new (PDF 128k), published by Deloitte & Touche LLP (USA).
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IASC Foundation Trustees reappoint Ken Wild to IFRIC

05 Apr 2006

The Trustees of the International Accounting Standards Committee Foundation have reappointed Ken Wild as a member of the International Financial Reporting Interpretations Committee (IFRIC) for another three-year term.

Ken is the National Director of Accounting and Audit at Deloitte &Touche LLP (United Kingdom) and is Deloitte Touche Tohmatsu's Global IFRS Leader. The Trustees have also initiated a search to replace three retiring IFRIC members – Shunichi Toyoda, Leo van der Tas, and Patricia Walters. The deadline for applications and nominations is 9 May 2006. Click for Press Release (PDF 48k).
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ICAS report on 'principles versus rules'

04 Apr 2006

The Institute of Chartered Accountants of Scotland (ICAS) has published a report Principles Not Rules: A Question of Judgement.

The report is the culmination of an ICAS working group project to help find a resolution to the 'principles versus rules' debate within international accounting standard setting. The report concludes that:

A principles-based approach to standard setting is not only desirable but essential, to serve the needs of business and the public interest and that the global convergence of accounting standards cannot be achieved by a detailed rules-driven approach. The working group believes that principles-based standard setting will require: a change in the global profession, with preparers and auditors assuming more responsibility for their judgements; the documentation of key judgements in the financial statements; and regulators accepting a range of judgement-based outcomes. The working group believes that rules-based accounting adds unnecessary complexity, encourages financial engineering and does not necessarily lead to a 'true and fair view' or 'fair presentation'.

We have posted the report and two related documents with the kind permission of the copyright holder, The Institute of Chartered Accountants of Scotland. Click to download:
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Analysis of Canadian-US GAAP differences

04 Apr 2006

The Canadian Accounting Standards Board (AcSB) has prepared an analysis of reported Canadian/US GAAP differences based on a survey of 150 public Canadian companies for fiscal years ending in 2004. All the companies have listings on major US stock exchanges or issue debt securities in the US.

In releasing the survey, the AcSB said:

The AcSB has recently adopted a new Strategic Plan that calls for the adoption of International Accounting Standards Board standards for publicly accountable enterprises. This will result in some reorientation of AcSB standard-setting activities. The AcSB will work to eliminate remaining significant differences with US GAAP where their elimination is consistent with the IASB convergence objective. The AcSB intends to avoid creating new differences with US GAAP during the transition period whenever possible. However, some new differences with US GAAP may be unavoidable as a result of the AcSB's new strategy, but such differences should generally be temporary because the US Financial Accounting Standards Board (FASB) and IASB are working together toward convergence of their standards.

An appendix to the report contains a summary analysis of Canadian/US GAAP differences by topic. We have posted the report with the kind permission of the Canadian Institute of Chartered Accountants. Click to download (PDF 191k).
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IFRS workbook and guide

04 Apr 2006

Abbas Ali Mirza and Magnus Orrell of Deloitte, along with Prof.

Graham Holt, have coauthored International Financial Reporting Standards Workbook and Guide, published by John Wiley & Sons. The book is intended as a quick reference guide to IFRSs, including standards outlines, case studies with solutions, illustrations, and multiple-choice questions with solutions. The book may be ordered from the John Wiley & Sons Website.
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New Deloitte guide to interim financial reporting

03 Apr 2006

IAS 34 Interim Financial Reporting prescribes the minimum content for an interim financial report and the principles for recognition and measurement in financial statements for a financial reporting period shorter than a full financial year.

Our new publication Interim Financial Reporting: A Guide to IAS 34 provides an overview of the Standard, application guidance and examples, a model interim financial report, and an IAS 34 compliance checklist. Click to (PDF 484k, March 2006, 60 pages). You can always find this and other Deloitte IFRS publications on our Publications Page.
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The road to accrual accounting by US governmental units

03 Apr 2006

The International Public Sector Accounting Standards Board (IPSASB) has released an information paper on the experiences of governmental units in the United States in their transition to accrual accounting.

The paper, entitled The Road to Accrual Accounting in the United States of America, outlines the development of administrative arrangements for formal standards setting over 70 years at the local, state, and federal Government levels in the US and highlights key factors shaping the standards setting structure. It also provides a detailed overview of the conversion to accrual accounting by state and local governments (there are nearly 88,000 governmental units in the US), examines the standards issued by the Governmental Accounting Standards Board (GASB) to lead and support that conversion, and identifies key milestones in the conversion process. Chapters address:
  • The Environment (includes a history of governmental accounting standards in the United States)
  • The Road to Accrual-Basis Standards for State and Local Government
  • Implementation Issues Associated with the Adoption of Accrual Accounting in State and Local Government
  • US Accrual Standards in an International Context
  • The Aftermath of the New Reporting Model
The paper was prepared by David Bean, Director of Research and Technical Activities at the GASB and staff at the GASB. It can be downloaded without charge from the IFAC Website. Click for Press Release (PDF 57k).
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IVSC meets with FASB

03 Apr 2006

Members of the International Valuation Standards Committee (IVSC) and representatives of The Appraisal Foundation and the Toronto Valuation Accord met with members and staff of the US Financial Accounting Standards Board on Friday 10 March 2006. Discussion concentrated on the role of the IVSC and the increased use of fair value measurement in financial reporting worldwide.

The discussion is reported in IVSC e-News April 2006 (PDF 130k). Here is an excerpt:

Both IVSC and FASB agree that as fair value measurement becomes more prevalent in financial statements, valuations that follow generally accepted valuation practices prepared by qualified valuation professionals will be needed. Accounting and valuation are two separate but complementary knowledge sets. Accounting and valuation professionals need a clear understanding of each others roles and responsibilities to foster increased synergy between the two professions.

At the meeting on 10 March, FASB discussed its preliminary plans to formally solicit input from all interested parties on the need for a single set of valuation standards with particular emphasis on who should develop valuation standards and provide related implementation guidance. In the interim, FASB encouraged the IVSC to provide continuing input on ways to adequately address valuation issues in the future, considering the potentially differing national approaches that exist currently.

Commenting after the meeting Joseph Vella, IVSC chairman, said, "The IVSC recognises the need to review its structure to ensure that the most appropriate mechanisms for delivering global valuation standards is in place. In the meantime the IVSC is to launch a project to develop the current international valuation standards to more adequately cover the valuation of intangible assets for financial reporting purposes."

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.