News

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Agenda for 6-7 March 2008 IFRIC meeting

25 Feb 2008

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday 6 March and Friday 7 March 2008. The meeting is open to the public and will be webcast.

The tentative agenda is shown below.

Agenda for the IFRIC Meeting
6-7 March 2008, London

Thursday 6 March 2008

  • Introduction
  • D22 Hedges of a Net Investment in a Foreign Operation – Preliminary discussion of comprehensive example – no decisions will be made
  • D21 Real Estate Sales – Analysis of comment letters and first redeliberations
  • Review of Tentative Agenda Decisions published in November and January IFRIC Updates
    • IAS 37 Provisions, Contingent Liabilities and Contingent Assets – Deposits on returnable containers
    • IAS 7 Statement of Cash Flows – Classification of Expenditures
  • Staff Recommendations for Tentative Agenda Decision
    • IAS 19 Employee Benefits – Settlements
  • Administrative Session – IFRIC work in progress
Friday 7 March 2008 (morning only)

 

 

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UK government will use IFRSs starting 1 April 2008

25 Feb 2008

The budget and the accounts of the Government of the United Kingdom will be prepared using IFRSs starting with the financial year that begins 1 April 2008. One of the biggest changes from moving to IFRSs is expected to be the inclusion of all of the Government's long-term liabilities in the statement of financial position.

The UK Government Resources and Accounts Act 2000 requires that 'Whole-of-Government' accounts (consolidating the entire UK public sector, eventually including local councils) should be prepared to present a 'true and fair view' and to 'conform to generally accepted accounting practice':

 

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Agenda project pages updated

25 Feb 2008

We have updated the following IASB agenda project pages to reflect the discussions and decisions at the IASB's meeting on 19-21 February 2008.

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Conceptual Framework project pages reorganised

25 Feb 2008

The joint IASB-FASB Conceptual Framework project is being conducted in eight phases.

We have reorganised our project summary on IAS Plus into a separate web page for each phase plus a page on the overall approach to the project. The Overall Approach page has a comprehensive meeeting-by-meeting chronology with links to the pages for those phases discussed at each meeting:
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New Global Offerings Services newsletter

24 Feb 2008

We have posted the January 2008 Edition of the Deloitte Global Offerings Services Newsletter.

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, with hyperlinks to source material.
Click to view January 2008 Edition of the Deloitte Global Offerings Services Newsletter (PDF 278k). Past GOs Newsletters are Here.

 

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CEBS finds Swiss and US bank supervision equal to Europe's

23 Feb 2008

The European Union Capital Requirements Directive and the Financial Conglomerates Directive require EU member states' supervisors to assess whether the third country parent institutions of EU subsidiaries are subject to supervision that is 'equivalent' Europe's.

To avoid duplication of work, the European Commission asked the Committee of European Banking Supervisors (CEBS) together with the Committee of European Insurance and Occupational Pensions (CEIOPS) to assess the equivalence of certain third country supervision. CEBS and CEIOPS have completed their assessments of the Swiss and United States financial regulatory authorities. The report on Switzerland concludes that the Swiss supervisory system is equivalent to Europe's. The report on the United States concludes that the banking supervisory system is equivalent to Europe's. However, because insurance regulation is at the State level in the USA, "EEA supervisory authorities must therefore conduct all equivalence assessments on a State by State and firm by firm basis". Click for:
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Notes from day 3 of the February 2008 IASB meeting

22 Feb 2008

The International Accounting Standards Board held its February 2008 meeting in London on Tuesday to Thursday 19-21 February 2008. The meeting is open to public observation and is being webcast.

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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IASB will release 2008 Bound Volume on 6 March

21 Feb 2008

The IASB will publish International Financial Reporting Standards 2008 – the English language Bound Volume containing the official consolidated text of all authoritative IASB pronouncements – on 6 March 2008. BV2008 will include all pronouncements issued or approved for issue by the IASB at 1 January 2008. That includes the revised IFRS 3 Business Combinations and amended IAS 27 Consolidated and Separate Financial Statements, which were issued in mid-January.

You can Register Your Interest on IASB's Website now to receive priority shipping when BV2008 is released.

 

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Notes from day 2 of the February 2008 IASB meeting

21 Feb 2008

The International Accounting Standards Board held its February 2008 meeting in London on Tuesday to Thursday 19-21 February 2008. The meeting is open to public observation and is being webcast.

Click to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

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FASB webcast on IFRS convergence

21 Feb 2008

The US Financial Accounting Standards Board (FASB) will conduct the second in a series of periodic webcasts focusing on topics of importance to its constituents.

It is scheduled for Thursday 13 March 2008, 1:00 PM to 2:00 PM (EDT) and will focus on FASB's Accounting Standards Codification. Viewers will have the opportunity to email questions to panelists during the event. The webcast will be archived on the FASB website for access by the public.

FASB webcast on Accounting Standards Codification:

  • Title of Webcast: The Move to Codification of US GAAP
  • Date and Time: 13 March 2008, 1:00 PM to 2:00 PM (US EDT)
  • Panelists: Larry Smith, a member of the FASB, and Tom Hoey, project director for the FASB codification project. Jay Hanson, National Director of Accounting for McGladrey & Pullen, will moderate the program.
  • Topic: The panelists will discuss and demonstrate the use of the FASB Accounting Standards Codification. The Codification is an on-line research system that organises by topic all authoritative US GAAP. The Codification is in the verification phase, which means that it is not yet authoritative. During the verification phase, constituents are encouraged to use and provide feedback.
  • Email Notification Service: To subscribe to an email notification service for future FASB webcasts, send an email to Join-fasb-webcast@listserv.lists.fasb.org. (It is not necessary to include any additional information in the subject line or body of your email.)

 

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