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Notes from the first day of the IASB meeting

19 Sep 2006

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting. .

The International Accounting Standards Board held its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. Click here for the preliminary and unofficial Notes taken by Deloitte Observers at the Meeting.

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New Global Offerings Services newsletter

19 Sep 2006

We have posted the (PDF 143k).

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. The GOs Newsletter is an update on relevant GAAP, regulatory, and other matters, webcasts, and publications. Past GOs Newsletters are Here.
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International Forum of Independent Audit Regulators

18 Sep 2006

Eighteen independent audit regulatory organisations from around the world have decided to establish the International Forum of Independent Audit Regulators (IFIAR).

The goals of the Forum are:

  • To share knowledge of the audit market environment and practical experience of independent audit regulatory activity;
  • To promote collaboration in regulatory activity; and
  • To provide a focus for contacts with other international organisations that have an interest in audit quality.
The 18 countries are Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Singapore, South Africa, Spain, Sweden, and the United Kingdom.
The US Public Company Accounting Oversight Board participated as an observer. Other international organisations participating at the meeting at which the Forum was established were the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions, the Basel Committee, the International Association of Insurance Supervisors, the Public Interest Oversight Board, and the European Commission.
Jeffrey Lucy, Chairman of the Australian Securities and Investments Commission (ASIC), will be the initial Chairman of the Forum, and Paul Boyle, Chief Executive Officer of the UK Financial Reporting Council, will serve as Vice Chairman. The first meeting of the IFIAR will take place in March 2007 in Tokyo.
Click for Press Release (PDF 65k).


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EC regulation adopting IFRIC 8 and 9

18 Sep 2006

We have posted the European Commission's (PDF 52k) of 8 September 2006, as published in the Official Journal of the European Union, adopting the following two Interpretations for use in Europe: IFRIC 8 Scope of IFRS 2 IFRIC 9 Reassessment of Embedded Derivatives .

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Deloitte sponsors IFRS 2006/7 conference

17 Sep 2006

Deloitte is sponsoring IFRS 2006/7, a conference that will focus on the Current Practical Interpretation and Future Strategic Direction of IFRSs.

IFRS 2006/7 will be held on 10 October 2006 in London. Speakers include:
  • Sir David Tweedie, Chairman of the IASB
  • Robert H Herz, Chairman of the FASB
  • Ken Wild, Deloitte's Global IFRS Leader
Click to download the (PDF 232k), which includes a detailed programme and registration form. This registration form includes a special 25% discount and a 3-for-2 guest offer for Deloitte IAS Plus visitors. The number of available places is limited.
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One change to agenda next week's IASB meeting

13 Sep 2006

The International Accounting Standards Board will hold its September 2006 Board meeting at its offices, 30 Cannon Street, London, on Monday through Friday 18-22 September 2006. On 7 September, we posted the Agenda for the Meeting.

The IASB has released a revised agenda removing IFRS 2 Vesting Conditions and Cancellations from the Tuesday agenda.
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Reminder about nominations for leases working group

12 Sep 2006

The IASB has issued a reminder that the deadline for nominations for the joint IASB-FASB working group on lease accounting is 30 September 2006. The two Boards added a joint project on leasing to their respective agendas in July 2006. The project scope includes a reconsideration of existing standards of accounting for both lessees and lessors.

The current project plan envisages, as a first step, the publication of a joint discussion paper. The boards plan to appoint a single international working group to advise both boards on the project. The working group will comprise individuals from a variety of backgrounds, including preparers, auditors, and users of financial statements, leasing experts, and others. Click for Joint IASB-FASB Announcement on the Leasing Working Group (PDF 37k). The announcement includes information about submitting nominations.
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Geoffrey Whittington appointed to UK ASB

12 Sep 2006

Professor Geoffrey Whittington, who completed a five-year term as a member of the International Accounting Standards Board on 30 June 2006, has been reappointed to the United Kingdom Accounting Standards Board (ASB).

Professor Whittington had served as a member of the ASB from 1994 to 2001. Click for (PDF 16k).
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Accounting Regulatory Committee upcoming meeting

12 Sep 2006

The European Commission's Accounting Regulatory Committee will meet in Brussels on 26 September 2006 to discuss a range of issues relating to IFRSs.

The (PDF 16k) includes:
  • Roundtable on Consistent Application of IFRSs (report on 20 September 2006 roundtable)
  • IFRIC working procedures and due process (draft EC comment letter)
  • Equivalence between IFRS and third country GAAP, in particular US GAAP (discussion of (PDF 34k) amd (PDF 36k))
  • Relationship between the IAS Regulation and the 4th and 7th company law Directives (meaning of 'annual accounts in accordance with adopted IASs')
  • IFRIC 10 Interim Financial Reporting and Impairment (endorsement)
  • Standards Advice Review Group
  • Project of consolidation and language revision of endorsed IFRSs
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IFRS-Chinese GAAP comparison in English

11 Sep 2006

We have posted the English version of a comparison of accounting standards in the People's Republic of China and International Financial Reporting Standards.

The publication compares IFRSs with:

  • current Chinese Accounting Standards effective for 2006 and earlier, and
  • the new Chinese Accounting Standards adopted by the Ministry of Finance of the People's Republic of China that are effective in 2007 for listed companies.

We had posted the Chinese version on 23 July 2006. The English version includes a foreword by IASB Chairman Sir David Tweedie.

Click here to download the English language publication (PDF 348k).

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