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IASCF trustees to meet in Berlin 28-29 June 2006

10 Jun 2006

The trustees of the International Accounting Standards Committee Foundation will meet on Wednesday and Thursday, 28 and 29 June 2006, at the Grand Hyatt Hotel, Berlin, Germany.

A portion of the meeting on Wednesday afternoon is open to public observation:

Agenda, Public Portion of IASCF Meeting, 28 June 2006

  • 14:30-15:00pm Report of the IASB Chairman
    • Board activities
    • Progress on the Memorandum of Understanding
    • Convergence initiatives
  • 15:00-15:30pm Report of the SAC Chairman
  • 15:30-16:45pm Review of the IASB's Work programme and Proposals for new agenda items
  • 16:45-17:45pm Effectiveness of the IASB/IFRIC interpretations process
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IASB will hold round-tables on IAS 37

09 Jun 2006

As part of its due process for possible amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets, the IASB will host public round-table discussions in three locations.

In June 2005, the IASB published an Exposure Draft proposing to change the conceptual approach to recognising non-financial liabilities. All obligations that satisfy the definition of a liability in the IASB's Framework would be recognised, unless they cannot be measured reliably. Uncertainty about the amount or timing of the cost to settle a liability would be reflected in measuring the liability instead of (as is currently required) affecting whether it is recognised. Thus, some liabilities now only disclosed in the notes will be included in the balance sheet. Moreover, it would make the IASB approach more consistent with US GAAP. Comments were due 28 October 2005. The round-table panels will include constituent representatives and members of the IASB. Each round-table discussion will be open to observation by the press and public and made available on the IASB Website. IAS 37 round-table dates and locations:
  • Thursday 30 November 2006, Connecticut, United States
  • Friday 8 December 2006, London, United Kingdom
  • Wednesday 20 December 2006, Melbourne, Australia
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May 2006 Accounting Roundup posted

09 Jun 2006

We have posted the (PDF 325k) published by Deloitte & Touche LLP (USA).

Topics covered in this issue include: FASB Developments
  • Proposed FSP on Accounting for Planned Major Maintenance Activities
  • Invitation to Comment on Bifurcation of Insurance Contracts by Insurance Companies and Corporate Policyholders
  • FASB Announces Appointment of New Board Member
AICPA Developments
  • Final SAS on Communicating Internal Control Matters Identified in an Audit
  • TPAs Regarding Loan Pool Accounting Under SOP 03-3
  • Revised Draft SOP on the Scope of the Audit and Accounting Guide for Investment Companies Sent to FASB for Final Approval
  • AICPA Issues Analysis of PCAOB Inspection Reports on Firms
  • AICPA Issues Employee Stock Option Financial Reporting Alert
SEC Developments
  • SEC and PCAOB Roundtable on Second-Year Experiences With Internal Control Provisions
  • SEC and PCAOB Announce Plans to Improve Implementation of Internal Control Reporting Requirements
  • SEC, Office of Thrift Supervision, and Other Federal Agencies Issue Proposed Statement on Complex Structured Finance Activities
PCAOB Developments
  • PCAOB Issues Statement on 2006 Inspections
  • PCAOB Proposes Rules for Periodic Reporting by Accounting Firms
  • PCAOB Proposes Rules Regarding Continuation of the Registration Status of Accounting Firms Upon a Merger or Change in Legal Form
International Developments
  • Proposed Amendments to Accounting for Borrowing Costs
  • Draft IFRIC Due Process Handbook
You will find past issues of Accounting Roundup Here.
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Managing in the face of exchange-rate uncertainty

09 Jun 2006

Deloitte Research has published a new study (PDF 167k).

This report examines the risk exposures of large and long-term shifts in currency values to future business cash flow, especially changes to the US dollar vs Asian currencies. The report identifies operational hedging as a means for companies to create flexibility in their operating models. In contrast to financial hedging, operational hedging provides companies a broader range of options to manage long-term exchange rate risks and sustain future cash flows.

Operational hedging is a strategy designed to manage risks through operational means. It provides companies with flexibility in their supply chains, financial positions, distribution patterns and market-facing activities by allowing dynamic adjustments in the locations used to manufacture, source, and sell. When deployed carefully, such flexibility can help to reduce the impact of large and long-term shifts in currency values on costs and revenues.

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Proposal to improve FASB consideration of private company views

09 Jun 2006

The US Financial Accounting Standards Board and the American Institute of Certified Public Accountants have jointly issued an Invitation to Comment on a joint proposal titled Enhancing the Financial Accounting and Reporting Standard-Setting Process for Private Companies.

Under the proposal, the FASB would implement certain improvements to enhance the transparency of its standard setting process for private companies and consider input from private company constituents. The press release notes that in the United States there are 17,000 companies registered with the SEC and 20,000,000 private (non-registered) companies. Specifically:
  • 1. The FASB would make certain improvements to its current processes for determining whether differences are needed in prospective and existing accounting standards for private company financial reporting.
  • 2. The FASB and the AICPA would jointly sponsor and fund a committee designed to increase private company constituent input in the standard-setting process. In assessing the need for differences for private companies in recognition, measurement, disclosure, and presentation, the FASB will consider the needs of users of financial statements as well as cost-benefit considerations.
Click for (PDF 111k). Click here to Download the Invitation to Comment (PDF 68k) from a new Joint Website on which responses to the Invitation to Comment can be submitted (due 15 August 2006).
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Agenda for June 2006 Advisory Council meeting

08 Jun 2006

The Standards Advisory Council will meet with the International Accounting Standards Board on Monday and Tuesday 26-27 June 2006 at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

Presented below is the preliminary agenda for the meeting.

26-27 June 2006, London

Monday 26 June 2006

  • Views on the Strategic Direction of Financial Reporting
    • Issues for reflection
    • Financial Reporting and Financial Stability
    • Ideas from the CFA Institute
  • Accounting Standards for Small and Medium-sized Entities
  • IASB Work Programme and Convergence
    • Report from IASB Chairman
    • Work Programme
    • Convergence with US GAAP
    • Priorities
Tuesday 27 June 2006 (morning only)
  • Proposals for IASB Agenda
    • The agenda setting process
    • Proposals for additions to the agenda
  • Conceptual Framework
    • General update
    • Assets and liabilities
    • Measurement - plan
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EU ministers discuss IASB funding

08 Jun 2006

At the 7 June 2006 meeting of the EU Economic and Finance Ministers Council in Luxembourg, the (PDF 115k) indicates that EU ministers will discuss ideas for funding of the IASB, as well as issues relating to IASB's governance.

An excerpt from the EU's announcement:

Finally, also over lunch, the Council is expected to have a first discussion on the current funding arrangements of the International Accounting Standards Board (IASB). Continuation of the current system of funding after 2007, relying on only a small number of voluntary contributions, is believed not to be sustainable in the light of increasing global application. This would not enable the international standard setting body to be independent and sufficiently resourced to conduct its work in a timely fashion. Therefore, a new system is needed with a proper allocation between geographical areas. Commissioner McCreevy is expected to outline that a clear political signal to the IASB and the outside world, via a Declaration at the level of the Ecofin Council, appears the most appropriate means to contribute to the implementation of a reasonable and workable solution in the short term. In such a Declaration, a strong message should be included on the longer-term objective to improve IASB's governance by further developing its approach to consultation, feedback and due process.

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Agenda for June 2006 IASB meeting

08 Jun 2006

The International Accounting Standards Board will hold its June 2006 Board meeting at its offices in London on Tuesday through Friday 20-23 June 2006. Presented below is the preliminary agenda for the meeting.

The Board will meet with the Standards Advisory Council on Monday and Tuesday 26-27 June 2006 (SAC Agenda).


20-23 June 2006, London

Tuesday 20 June 2006 (afternoon only)

Wednesday 21 June 2006 Thursday 22 June 2006 Friday 23 June May 2006 (morning only)
  • Earnings per Share
  • ASB project on pensions accounting [Education Session]
  • Technical Plan
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IFRS do kapsy – Czech language IFRS in your Pocket

08 Jun 2006

Deloitte Czech Republic has published IFRS do kapsy, the for 2005 (PDF 536k).

This edition includes a special introduction by Michal Petrman, Office Managing Partner of Deloitte Czech Republic, plus all of the information in the English language edition. Copies of this and all other Deloitte IFRS publications can always be found on our IFRS Publications Page.

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