• Annual Improvements Process 2006-2007
• Business Combinations Phase 2
• Conceptual Framework
• Discontinued Operations (new project page created)
• Financial Instruments – Comprehensive Project
• Financial Instruments – Puttable Instruments
• Income Taxes – Amendments to IAS 12
• Joint Ventures
• Liabilities – Amendments to IAS 37
• Post-employment Benefits

• Standards will use bold text at the beginning of each section to convey the accounting principle for that section, similar to the approach that the IASB and the IASC have historically used.
• Examples will be included in the body of the standard to illustrate the proposed accounting guidance for certain paragraphs. Several IASs, including IAS 12 and IAS 19, use this approach, but more recently in IFRSs and amended IASs the IASB has put examples in appendices of 'application guidance' (described as 'an integral part of the Standard) and 'implementation guidance' (described as accompanying but not part of the Standard).
• All pronouncements at the top level within the generally accepted accounting principles hierarchy will be regarded as Statements, eliminating multiple types of accounting guidance formats that are at the same level in the hierarchy. Thus, interpretations, amendments, and revisions will no longer be used and will all be considered Statements with clarifying language included in the title to describe whether the Statement interprets, amends, or revises existing accounting literature.

FASB's new Exposure Draft of a Proposed Statement of Financial Accounting Standards Accounting for Financial Guarantee Insurance Contracts: an interpretation of FASB Statement No. 60, Downloadable Without Charge from FASB's Website  (PDF 301k), is the first ED in this format. FASB will continue its practice of including a summary at the front of its pronouncements. The summary in the financial guarantee ED is organised as follows:

• Why Is the FASB issuing this proposed Statement?
• What is the scope of this proposed Statement?
• How will this proposed statement change current practice?
• What is the impact of this proposed statement on existing accounting pronouncements?
• What is the impact of this proposed statement on convergence with International Financial Reporting Standards?
• What is the effective date of this proposed Statement?

Click here for the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

Click here for the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

The report is based on PCAOB inspections that looked at portions of approximately 275 audits of internal control over financial reporting (ICFR) by registered public accounting firms. Click to Download the PCAOB Report (PDF 67k).

The restructuring includes creation of a global valuation standards board. The new IVSC structure will be "similar to the IASB model where the Standards Board is the focal point or the heart and soul of the organisation rather than an organisation of valuation organisations". There will also be an interpretations committee and a management board of trustees entrusted strictly with the management and financial health of the organisation.

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Click here for the Preliminary and Unofficial Notes Taken by Deloitte Observers at the meeting.

You can find past Deloitte letters to the IAASB Here.

March 2007	ISA 720 (Redrafted) The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements (PDF 41k)
March 2007	ISA 610 (Redrafted) The Auditor's Consideration of the Internal Audit Function (PDF 36k)
March 2007	ISA 560 (Redrafted) Subsequent Events (PDF 39k)
March 2007	ISA 230(Redrafted) Audit Documentation (PDF 32k)
February 2007	ISA 320 (Revised and Redrafted) Materiality in Planning and Performing an Audit and Proposed ISA 450 (Redrafted) Evaluation of Misstatements Identified During the Audit (PDF 46k)
January 2007	ISA 260 (Revised and Redrafted) Communication with Those Charged with Governance (PDF 36k)

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.

Click for March 2007 Newsletter.

Past GOs Newsletters are Here.

This model annual report illustrates the minimum disclosure requirements of a proprietary company's special purpose financial report as of 30 June 2007 prepared in accordance with:

• the provisions of the Corporations Act 2001
• Accounting Standards and Interpretations issued by the Australian Accounting Standards Board up to 1 March 2007 (A-IFRSs)
• other requirements and guidelines current as at the date of issue, including Australian Securities and Investments Commission (ASIC) Class Orders, Practice Notes, Policy Statements and Media Releases.

The publication comprises two documents:

• Special Purpose Model Annual Report Section A (PDF 908k) – new and revised accounting pronouncements, reporting deadlines and other useful information
• Special Purpose Model Annual Report Section B (PDF 1,095k) – an illustrative special purpose model annual report.