News

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SEC official comments on IFRS and US Companies – A Look Ahead

09 Jun 2008

John W. White, Director of the Division of Corporation Finance of the US Securities and Exchange Commission Financial Executives International spoke about IFRS and US Companies: A Look Ahead at Financial Executives International's Global Financial Reporting Convergence Conference in New York on 5 June 2008.

His remarks focussed on the policy level implications of the possible use of IFRSs by US companies. Click to Download Mr White's Presentation (PDF 102k). Below is an excerpt. Mr White's concluding comment: "I truly believe that the endpoint will be US issuers using IFRS and that it is time to move in this direction. The SEC can provide leadership by planning now for how that result might be brought about, which in turn could provide US issuers with greater clarity in this area."

I think there are a number of policy issues that need to be the subject of public discussion and input. Among the more interesting questions are:

  • Should US companies be permitted to prepare their financial statements using IFRS for purposes of their SEC filings?
  • Should US companies be required to prepare their financial statements using IFRS?
  • And for both of those questions:
    • Should only some subset of US companies be permitted, or required, to use IFRS, or should any movement to IFRS be available or required of all companies?
    • And, if it is desirable to have only a subset go first, then how should that subset be defined?
    • What kind of timeframe and what kind of transition procedures should be involved for either permissive or universal use of IFRS for US companies?
  • And, let us not overlook, what is the SEC's role in answering these questions?
  • More generally, I think it is also a fair question to ask: why is the Commission even considering allowing, much less requiring, US companies to use IFRS?

 

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Deloitte Canada Countdown IFRS transition newsletter

08 Jun 2008

Deloitte Canada has released the fifth issue of their Countdown IFRS transition newsletter, to provide a snapshot of where we are now as far as Canada's transition to IFRSs is concerned – both in Canada and in Deloitte.

Among the topics covered in this issue of Countdown are disclosures about the expected effects of first-time adoption of IFRSs, tax considerations in adopting IFRSs, and the impact on the financial institutions sector. As always, there is also an update on current IFRS events. Click below for:

 

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IESBA re-exposes two ethics proposals

07 Jun 2008

The International Ethics Standards Board for Accountants (IESBA) has issued a re-exposure draft of proposals to strengthen the independence requirements contained in the IFAC Code of Ethics for Professional Accountants.

The re-exposure draft contains two key proposals:
  • The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems, or financial statements to an audit client that is a public interest entity.
  • The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years.
Comment deadline is 31 August 2008. Click for Press Release (PDF 43k).

 

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Agenda for June 2008 IASB meeting

06 Jun 2008

The International Accounting Standards Board will hold its June 2008 meeting at the IASB's offices, 30 Cannon Street, London on Tuesday to Friday 17-20 June 2008. The meeting is open to public observation and will be webcast.

The full agenda for the meeting can be found here. We will post any updates to the agenda, and our Deloitte observer notes from the meeting, on this page as they are available.
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Advisory Council will meet 23-24 June 2008

06 Jun 2008

The Standards Advisory Council will meet with the IASB on Monday and Tuesday 23-24 June 2008 at the Renaissance Chancery Court Hotel, 252 High Holborn, London.

The meeting is open to public observation. The agenda for the meeting is set out below.

Standards Advisory Council Meeting Agenda
23-24 June 2008, London

Monday 23 June 2008

  • Report from SAC Chairman
  • Recent market events – steps the IASB is taking
  • Off balance sheet concerns – the projects on consolidation and derecognition
  • The IASB-FASB MoU – an update on the significance of progress to be achieved by mid-2011
  • Discussion of IASB and IFRIC work programmes

Tuesday 24 June 2008 (morning only)

  • Agenda proposals
    • Liabilities/equity
    • Derecognition
  • Session with Trustees – Constitution Review

 

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Accounting Roundup – May 2008

06 Jun 2008

We have posted the May 2008 Edition of Accounting Roundup published by Deloitte & Touche LLP (USA).

Topics covered in this issue include:

FASB Developments

  • FASB Eliminates Inconsistencies in Financial Guarantee Insurance Contracts
  • FASB Issues Statement Establishing GAAP Hierarchy
  • FASB Tightens Convertible Debt Accounting for Issuers
  • FASB Issues FSP on Consolidation and Equity Method Guidance for Not-for-Profit Organizations
  • FASB and IASB Issue Two Conceptual Framework Documents
  • FASB Proposes FSP on Credit Derivative and Guarantee Disclosures
  • FASB Proposes FSP on Fair Value Accounting for Trading Inventory
  • FASB Seeks Additional Comments on October 2006 Exposure Draft, Not-for-Profit Organizations: Mergers and Acquisitions
  • FASB Authors Article About Fair Value
  • Valuation Resource Group Discusses Four New Topics and Status of Prior Issues
SEC Developments
  • SEC Expands the Definition of Eligible Portfolio Companies Under the Investment Company Act of 1940
  • SEC Proposes Rule on Interactive Data
  • SEC Proposes Rule on Cross-Border Transactions
  • SEC Publishes Small Entity Compliance Guide on Internet Availability of Proxy Materials
  • SEC Financial Reporting Advisory Committee Releases Updated Progress Reports
AICPA Developments
  • AICPA Recognizes IASB as Standard Setter
  • AICPA Issues Two Proposed Redrafted Statements on Auditing Standards
GASB Developments
  • GASB Adds New Projects to Agenda
International Development
  • IASB Issues Annual Improvements to International Standards
  • IASB and FASB Issue Two Conceptual Framework Documents
Other Developments
  • CAQ SEC Regulations Committee Meets With SEC Staff
Click to view May 2008 Edition of Accounting Roundup (PDF 340k). You will find past issues of Accounting Roundup Here.

 

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IAS Plus Newsletter on improvements to IFRSs - in Chinese

06 Jun 2008

On 27 May 2008, we posted Deloitte's special edition IAS Plus Newsletter on Improvements to IFRSs 2008.

Click to view IAS Plus Newsletter on Improvements to IFRSs 2008 (PDF 136k, English). Our News Story of 22 May 2008 announced these revisions. Deloitte (China) has published a Chinese Translation of the Newsletter on the Improvements to IFRSs (PDF 213k).

 

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The 2008 IFRSs CD-ROM is now available

06 Jun 2008

The CD-ROM of 2008 IFRSs is now available for purchase from the IASC Foundation for £80 plus shipping.

There are discounts for academics/students, middle income and low income countries, and multiple orders. The CD includes all IFRSs, IASs, and IFRIC and SIC Interpretations approved at January 2008, as well as all the latest IASB Exposure Drafts, IFRIC draft Interpretations, and Discussion Papers issued at 31 March 2008. You can order online at http://buy.iasb.org or send an Order Form by fax or mail.
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FASB may consider replacing FAS 109 with IAS 12 Revised

05 Jun 2008

In an interview published by BNA, FASB Director of Planning and Support Sue Bielstein said that the FASB staff plans to ask FASB to consider issuing an IASB-drafted rewrite of IAS 12 Income Taxes rather than proposing revisions to the US standard – FAS 109 Accounting for Income Taxes.

Ms Bielstein suggested that FASB may discuss this proposal before the end of this month.

 

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New IASB panel of valuation of financial instruments

05 Jun 2008

The IASB has formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF).

The new panel will assist the IASB in:
  • reviewing best practices in the area of valuation techniques, and
  • formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.
Organisations participating in the panel include AIG (American International Group); Basel Committee on Banking Supervision; BNP Paribas; Capital International Research Inc.; Citigroup; Deloitte; Deutsche Bank; Ernst & Young; Financial Stability Forum; Fitch Ratings; Goldman Sachs; HSBC; International Association of Insurance Supervisors; International Organization of Securities Commissions (IOSCO); KPMG; Pioneer Investments; PricewaterhouseCoopers; Swiss Re; and UBS. FASB will have a staff observer. The first meeting of the panel will take place on 13 June 2008 in private session. A summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on its website. More Information on IASB's website. The following related resources are available on our Credit Crunch Page:

 

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