News
US-EU agreement on international cooperation
In March 2002, the United States (represented by the SEC, the Federal Reserve Board, and the Treasury Department) and the European Union (represented by the European Commission) launched a Financial Markets Regulatory Dialogue with the goal of ongoing mutual cooperation and regulatory convergence in the areas of corporate governance and further integration of the Transatlantic securities markets.
Final day of December 2005 IASB meeting
The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page. .
Checkliste zu Ausweis- und Angabevorschriften 2005
Deloitte (Germany) has published a German-language translation of the 2005 IFRS presentation and disclosure checklist.
Heads Up newsletter on AICPA SEC conference
Deloitte & Touche LLP (United States) has published a special edition of its Heads Up newsletter summarising the accounting highlights of the SEC and PCAOB Conference sponsored by the American Institute of CPAs that was held 5-7 December 2005 in Washington.
Search begins for new IAASB chairperson
The International Federation of Accountants has begun a search for a new full-time chairperson of the International Auditing and Assurance Standards Board effective 1 January 2007. The current chairman, John Kellas, has decided not to seek reappointment when his term ends on 31 December 2006. Click for IFAC Announcement (PDF 82k).
New European Group of Auditors' Oversight Bodies
The European Commission has formed a European Group of Auditors' Oversight Bodies (EGAOB).
Report from the December 2005 IFRIC meeting
The International Financial Reporting Interpretations Committee (IFRIC) met at the IASB's offices in London on Wednesday, 1 December 2005. Presented below are the preliminary and unofficial notes taken by Deloitte observers at the meeting.Notes from the IFRIC Meeting1 December 2005 D16 Scope of IFRS 2 – Proposals for final Interpretation At the previous meeting the staff presented a comment analysis of the responses to D16, and the IFRIC decided that the draft should be revised to clarify certain issues.
Transition to IFRSs in the retailing sector
We have posted On Your Marks–Get Set?, a booklet prepared by Deloitte & Touche LLP (United Kingdom) that identifies issues likely to arise as entities in the retailing sector make the transition to International Financial Reporting Standards.
Near-final draft of revised IFRS 4 disclosure guidance
The IASB has posted to the subscriber area of its Website a near-final draft of Revised Guidance on Implementing IFRS 4 Insurance Contracts.
November 2005 Accounting Roundup posted
We have posted the (PDF 244k) published by Deloitte & Touche LLP (USA).
Agenda project pages updated
We have updated the following agenda project pages to reflect the discussions and decisions at the December 2005 meeting of the International Accounting Standards Board: Accounting Standards for Small and Medium-sized Entities Conceptual Framework Fair Value Measurement Financial Instruments Puttable at Fair Value Insurance Contracts Joint Ventures Short-term Convergence – Income Taxes .
Wording for stating compliance with IFRSs in EU
The European Commission has adopted the following wording for use in the notes to the accounts and in the audit reports of companies subject to the EU Regulation 1606/2002/EC (the 'IAS regulation'): "in accordance with International Financial Reporting Standards as adopted by the EU" or "in accordance with IFRSs as adopted by the EU". This wording has been posted to the Commission's website as part of the (PDF 29k). .
IFAC guide to strengthening accountancy bodies
The Developing Nations Committee of the International Federation of Accountants (IFAC) has released a guide entitled Establishing and Developing a Professional Accountancy Body to assist governments and others seeking to build accountancy capacity in various countries, and to help strengthen IFAC's current and future member organisations.
The reconciliation and convergence
Ethiopis Tafara, Director, Office of International Affairs of the US Securities and Exchange Commission, discussed the SEC's 'roadmap' of milestones toward elimination of the US GAAP reconciliation requirement for IFRS filers in remarks at FEE's IFRS seminar in Brussels on 1 December 2005. An excerpt: We do not expect full or even a finite degree of convergence before we are willing to eliminate the reconciliation requirement.
Special IAS Plus newsletter on financial guarantees
In August 2005, the IASB amended the scope of IAS 39 Financial Instruments: Recognition and Measurement to include financial guarantee contracts issued by the entity.
Issues not added to IFRIC agenda
At its meeting on 1 December 2005, the IFRIC reached tentative decisions not to place five issues on its agenda: Whether a new entity that pays cash can be identified as the acquirer 'Transitory' common control Leases of land that do not transfer title to the lessee IAS 12 Income Taxes - scope Subscriber acquisition costs in the telecommunications industry The December 2005 edition of the IFRIC Update newsletter contains IFRIC's draft reasons for rejecting these issues.
Issues not added to IFRIC agenda - new web page
The IFRIC Agenda Committee considers potential projects for the IFRIC agenda and makes recommendations to the IFRIC.
Updated EFRAG endorsement status report
The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.
Model IFRS financial statements for UK
Deloitte & Touche LLP (United Kingdom) have developed iGAAP 2006 Financial Statements for UK Listed Groups, which has been published by CCH.
First day of December 2005 IASB meeting
The IASB held its monthly Board meeting on Tuesday to Friday, 13-16 December 2005. We have combined the preliminary and unofficial notes taken by Deloitte observers on a Separate Page. .