Our summary now includes over 120 issues.  The latest issues to be added are as follows:

• IFRS 5 – Plan to sell the controlling interest in a subsidiary
• IAS 12 – Unremitted foreign income
• IAS 39 – Wagers received by a gaming institution
• IAS 39 – Hedging multiple risks with a single derivative hedging instrument

All issues can be accessed here.

Under the SEC's current rules, US issuers are required to follow US GAAP). The Concept Release is an information-seeking document that describes the policy issues and, in the form of questions, seeks public input regarding the possibility of allowing US issuers to report under IFRSs. The comment period will be for 90 days after the Concept Release is published in the Federal Register. The Concept Release has not yet been posted on the SEC's website. In introducing the proposal to the Commission, SEC Chairman Christopher Cox said:

This morning, we are considering publishing a staff Concept Release that solicits public comment on the future role of IFRSs in US markets and asks whether US issuers should be permitted to use IFRSs for purposes of complying with our rules and regulations. In some respects, this is the mirror image of allowing foreign private issuers to file IFRS financial statements without reconciling their financial statements to US GAAP, in that it would give US issuers the same choice that foreign private issuers would have. Such a concept would also touch potentially every aspect of the US capital markets – from how US accountants are educated and trained, to how US issuers prepare their financial statements, to how US investors understand financial statements, and to how accounting standards are developed and interpreted to apply to US companies.

Click for:

• (PDF 36k).
• (PDF 84k).
• (PDF 35k).

She will be involved in organising and monitoring the field testing of the exposure draft, dealing with comment letters, and ultimately the drafting of the final standard. Another Manager from the Hong Kong Technical Department, Candy Fong, is in her second year as a Practice Fellow at the IASB. Candy has been working on IFRIC agenda projects and also on the Board's financial instruments project. Her term at the IASB ends later this year.

 

The guidelines had been released for public consultation on 20 April 2007 (see our News Story of 22 April 2007). The Guidelines are intended to be used by banking groups when preparing their financial reports based on IASs/IFRSs as required by the Supervisory Authorities within the European Union. The Guidelines were originally approved in December 2005 and revised in December 2006. In announcing the revised Guidelines, CEBS noted:

CEBS would like to reaffirm again the linkages between the Guidelines and the disclosure requirements established in the International Financial Reporting Standards. This principle is a basic underpinning for CEBS to set up a framework that reduces the reporting burden on supervised institutions but nevertheless allows supervisors to fulfill their prudential responsibilities. In this context, CEBS will monitor future developments in the standards to check whether they have an impact on the current version of the Guidelines.

Click for:

• Guidelines for Financial Reporting (FINREP) (PDF 390k)
• Press Release (PDF 35k)

 

• Oscar Fanjul, Vice Chairman, Omega Capital, and former Chairman Founder and CEO, Repsol, SA, Spain
• Tsuguoki (Aki) Fujinuma, Former Chairman and President, Japanese Institute of Certified Public Accountants (JICPA), Japan
• Alicja Kornasiewicz, Member of the Board of CA IB Corporate Finance Gmbh, Vienna, and CEO and Chairman of CA IB Group in Poland, Poland
• Antonio Vegezzi, Retired Vice-Chairman, Capital International, Switzerland

The Trustees also announced an international public search to replace four Trustees who are not eligible for reappointment or are retiring as Trustees. Malcolm Knight of the Bank for International Settlements and Roberto Teixeira da Costa of Brazil have served the maximum of two terms. Richard Humphry of Australia is not seeking a second term, and William McDonough of the United States will be stepping down as a Trustee because of other commitments. Additionally, the Trustees are in the process of completing their search for a new Chairman of the Trustees. The IASC Foundation Trustees will advertise for candidates to fill the vacancies and are inviting individuals and organisations to submit applications to the Trustees' Nominating Committee by mid-September. Click for:

• Press Release (PDF 66k)
• List of All Trustees

 

Our summary is based on information contained in the World Bank's Report on the Observance of Standards and Codes (ROSC) – Accounting and Auditing for Paraguay as of 1 June 2006.

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However, the ICAI noted that it may make modifications to IFRSs to reflect "the Indian conditions". The new standards will be effective for accounting periods beginning on or after 1 April 2011. They would be required for all listed companies as well as banks, insurance companies, and large-sized entities. Government approval of the plan is required.

Click for IASB Press Release (PDF 268k).

 

The proposed rule would require a registered public accounting firm to communicate to an issuer's audit committee about any relationships between the firm and the issuer that may reasonably be thought to bear on the firm's independence. The communications would be required both before the firm accepts a new engagement pursuant to the standards of the PCAOB and annually for continuing engagements. In addition, the PCAOB proposed to amend its rule on Tax Services for Persons in Financial Reporting Oversight Roles that would exclude from the scope of the rule the portion of the audit period that precedes the beginning of the professional engagement period. Click for (PDF 308k).

We have updated the following agenda project pages to reflect the discussions and decisions at the International Accounting Standards Board's July 2007 meeting:

• Annual Improvements 2006-2007
• Conceptual Framework
• Earnings per Share – Amendments to IAS 33
• Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation
• IAS 27 – Formation of a New Parent Entity (new project page)
• Income Taxes – Amendments to IAS 12
• Joint Ventures – Replacement of IAS 31
• Liabilities – Amendments to IAS 37
• Post-employment Benefits
• Share-based payment – Vesting Conditions and Cancellations