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  • 2006
    main submarine fibre optic cables serving Hong Kong have been badly damaged and the seventh is functioning with limited capacity At least eight boats three from Taiwan and five from Hong Kong have been dispatched to assess damage and undertake repairs which reports say may take up to three weeks Some rerouting of traffic may be possible until repairs are completed Six exposure drafts from IAASB 26 Dec 2006 The International Auditing and Assurance Standards Board IAASB approved a proposed revised International Standard on Auditing ISA 580 Revised and Redrafted Written Representations as well as five exposure drafts of revised standards written in accordance with the IAASB s new clarity drafting conventions Written representations are affirmations that auditors request from management those charged with governance and others as part of the audit process The affirmations relate to the financial statements including internal control and the completeness of information made available to the auditor and specific assertions in the financial statements The five clarity exposure drafts are ISA 230 Redrafted Audit Documentation ISA 540 Revised and Redrafted Auditing Accounting Estimates Including Fair Value Accounting Estimates and Related Disclosures ISA 560 Redrafted Subsequent Events ISA 610 Redrafted The Auditor s Consideration of the Internal Audit Function and ISA 720 Redrafted Reading Other Information in Documents Containing Audited Financial Statements Proposed ISA 540 is a combination of ISA 540 Revised Auditing Accounting Estimates and Related Disclosures Other Than Those Involving Fair Value Measurements and Disclosures and ISA 545 Auditing Fair Value Measurements and Disclosures Comments on the exposure drafts of proposed redrafted ISAs 230 560 610 and 720 are requested by 31 March 2007 Comments on the exposure drafts of proposed ISAs 540 Revised and Redrafted and 580 Revised and Redrafted are requested by 30 April 2007 Click for Press Release PDF 82k Special Newsletter Closing Out 2006 23 Dec 2006 Deloitte s IFRS Global Office has published a special edition of our IAS Plus Newsletter titled Closing Out 2006 The newsletter summarises all of the new and revised Standards and Interpretations in effect for December 2006 year ends and beyond Here is list of those pronouncements Effective for 31 December 2006 year ends New Standard IAS Plus newsletter issued IFRS 6 Exploration for and Evaluation of Mineral Resources January 2005 Amendments to Standards IAS Plus newsletter issued Amendment to IAS 19 Actuarial Gains and Losses Group Plans and Disclosures None Amendment to IAS 21 Net Investment in a Foreign Operation None Amendment to IAS 39 Cash Flow Hedge Accounting of Forecast Intragroup Transactions None Amendment to IAS 39 The Fair Value Option July 2005 Amendments to IAS 39 IFRS 4 Financial Guarantee Contracts December 2005 New Interpretations IAS Plus newsletter issued IFRIC 4 Determining whether an Arrangement Contains a Lease December 2004 IFRIC 5 Rights to Interests arising from Decommissioning Restoration and Environmental Rehabilitation Funds December 2004 IFRIC 6 Liabilities arising from Participation in a Specific Market Waste Electrical and Electronic Equipment effective for accounting periods beginning on or after 1 December

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  • 2005
    the survey participants report under FAS 87 Employers Accounting for Pensions 11 under IAS 19 Employee Benefits 6 under FRS 17 Retirement Benefits UK and Ireland and the remaining 1 percent under other national standards The US retirement plan data on FAS 87 assumptions is derived from information reported in corporate annual reports The non US information was collected using a survey form The report includes tables showing by country among other things Background economic data Bond yields and CPI Discount rates are used to calculate the present value of pension obligations and the service and interest cost portion of pension expense Expected rates of return on assets Salary increase assumptions Spread between the average discount rate and salary increase by country Estimated social security increase in those countries where the plan formula takes into account social security Estimated pension increases in those countries where either pensions are required to increase or there is a substantive commitment to provide increases Whether pension assets are measured at market value or market related value the latter reflecting a smoothing of the value of assets over a period up to five years Average asset allocation Funded status based on projected benefits and also accumulated benefits The report may be purchased from www watsonwyatt com then click Research then Research Reports Search begins for new IAASB chairperson 28 Dec 2005 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 Nominations are sought by 15 February 2006 New Accounting Roundup newsletter 26 Dec 2005 Deloitte USA has published the newsletter PDF 244k This issue covers the following accounting and financial reporting developments FASB Statements 123 R Share Based Payment 153 Exchanges of Nonmonetary Assets 152 Accounting for Real Estate Time Sharing Transactions and 151 Inventory Costs FASB proposed FSPs FIN 46 R b and EITF 85 24 a Developments at the GASB AICPA SEC PCAOB IASB and IFRIC Past issues of Accounting Roundup can be found Here Upcoming IASB working group meetings 26 Dec 2005 The following meetings are scheduled for January 9 10 January 2006 Financial Instruments Working Group 12 13 January 2006 Insurance Working Group 30 31 January 2006 Working Group on Small and Medium sized Entities All of the meetings are in London Agendas are or will be posted on the IASB Website Meetings Diary Heads Up newsletter on SEC issues 26 Dec 2005 In our news story of 14 December 2005 we posted a special edition of Deloitte s Heads Up newsletter summarising the accounting highlights of the SEC and PCAOB Conference sponsored by the American Institute of CPAs held 5 7 December 2005 in Washington That PDF 365k 37 pages 13 December 2005 focused on speeches dealing with financial accounting and reporting in accordance with US GAAP

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  • 2004
    within which standards might be developed for audits related to the Prospectuses Directive Click for PDF 29k The discussion paper can be downloaded from FEE s Website EFRAG seeks comments on IFRIC D10 and D11 24 Dec 2004 The European Financial Reporting Advisory Group has finalised its preliminary views to be submitted to IFRIC on two IFRIC draft interpretations and seeks comments on those views as follows IFRIC D10 Liabilities Arising from Participating in a Specific Market Waste Electrical and Electronic Equipment comments requested by 27 January 2005 IFRIC D11 Changes in Contributions to Employee Share Purchase Plans comments requested by 16 February 2005 You can download EFRAG s draft letters to IFRIC from EFRAG s Website The European Financial Reporting Advisory Group has finalised its preliminary views to be submitted to IFRIC on two IFRIC draft interpretations and seeks comments on those views as follows IFRIC D10 Liabilities Arising from Participating in a Specific Market Waste Electrical and Electronic Equipment comments requested by 27 January 2005 IFRIC D11 Changes in Contributions to Employee Share Purchase Plans comments requested by 16 February 2005 You can download EFRAG s draft letters to IFRIC from EFRAG s Website CESR consults on financial information 24 Dec 2004 The Committee of European Securities Regulators CESR has published Part II of the draft CESR advice on possible implementing measures for the new EU Transparency Directive This paper complements Part I of the consultation paper issued in October which covered dissemination and storage of regulated information Part II covers three specific issues raised in relation to half yearly reporting namely the minimum content of half yearly financial statements not prepared under IAS IFRS the meaning and scope of major related party transactions that must be reported on in half yearly reports and the auditor s review of the half yearly report It also addresses the equivalence of transparency requirements for third country issuers The CESR deadline for comment on Part II is 4 March 2005 A hearing is scheduled for 17 February 2005 Consultation on Part I closes 28 January 2005 Click to download PDF 444k PDF 103k PDF 729k EFRAG seeks comments on IFRIC 4 and 5 24 Dec 2004 The European Financial Reporting Advisory Group has finalised its preliminary views regarding whether the following should be endorsed for use in Europe of IFRIC 4 Determining whether an Arrangement contains a Lease comments requested by 11 January 2005 IFRIC 5 Rights to Interests arising from Decommissioning Restoration and Environmental Rehabilitation Funds comments requested by 20 January 2005 Amendments to IAS 19 Employee Benefits Actuarial Gains and Losses Group Plans and Disclosures comments requested by 27 January 2005 You can download EFRAG s draft letters to the European Commission from EFRAG s Website The European Financial Reporting Advisory Group has finalised its preliminary views regarding whether the following should be endorsed for use in Europe of IFRIC 4 Determining whether an Arrangement contains a Lease comments requested by 11 January 2005 IFRIC 5 Rights to Interests

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  • 2003
    as Hong Kong Statements of Standard Accounting Practice SSAPs The HKSA s goal is to have the final SSAPs approved in January They had previously been exposed for comment in Hong Kong The HKSA Press Release PDF 117k said These two accounting standards provide comprehensive guidance on the accounting for financial instruments The need for such guidance is crucial Financial instruments are a large part of the assets and liabilities of virtually every company in particular financial institutions They also play a central role in the efficient operation of financial markets Accounting standard setters in Australia Canada Germany New Zealand and United Kingdom have all issued press releases commending the IASB for its new standards as has the US Securities and Exchange Commission and the Australia Securities and Investments Commission Project pages updated 24 Dec 2003 We have updated our summaries of the following IASB agenda projects to reflect the discussions at the Board s December 2003 meeting We have updated our summaries of the following IASB agenda projects to reflect the discussions at the Board s December 2003 meeting Business Combinations Phase I Consolidation including SPEs Financial Instruments Amendments to IAS 32 and IAS 39 Extractive Industries Exploration and Evaluation Costs Insurance Contracts Phase I Revenue Recognition Short Term Convergence Project Share Based Payment Small and Medium Sized Entities New FASB pension disclosures delayed for foreign plans 24 Dec 2003 The US Financial Accounting Standards Board FASB has revised its Statement 132 on Employers Disclosures about Pensions and Other Postretirement Benefits Among other things companies must now disclose plan assets by category investment strategy measurement date s plan obligations cash flows and components of net periodic benefit cost recognised during interim periods Disclosure requirements for nonpublic entities are reduced The guidance is effective for financial years ending after 15 December 2003 and for quarters beginning after December 15 2003 However the effective date for disclosure of certain information relating to foreign plans is financial years ending after 15 June 2004 But until IAS 132 is fully adopted financial statements that exclude foreign plans from a the actual allocation of assets b the description of investment strategies c the basis used to determine the expected long term rate of return on assets assumption or d the amount of accumulated benefit obligation must include separately for domestic plans the total fair value of plan assets and the overall expected long term rate of return on assets You can download the full Statement 132 and related news release and FAQ from the FASB Website Proposal international auditing standards for Canada 22 Dec 2003 A discussion paper published by the Certified General Accountants Association of Canada concludes that Canada would be well served by adopting International Auditing Standards ISAs for use as the domestic auditing standards in Canada Click for More Information EFRAG public hearing on strengthening its role 22 Dec 2003 In our News Story of 6 December 2003 we previously reported that the European Financial Reporting Advisory Group EFRAG is inviting

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  • 2002
    IASB meeting into a Single Page We have combined all of our notes from the 18 20 December 2002 IASB meeting into a Single Page Views from the SEC on convergence 24 Dec 2002 In a presentation titled International Developments Convergence and You at the annual AICPA SEC conference Jackson M Day Acting Chief Accountant of the US Securities and Exchange Commission said PDF 52k Convergence of accounting standards is the centerpiece of the efforts to build a global financial reporting infrastructure And the desire for convergence of accounting standards is greater than ever Achieving this would greatly aid cross border investing and decision making IAS will soon be applied in at least fifteen different countries in Europe and in other regions of the world We recognize that achieving the right balance of sufficiently detailed principles and base implementation guidance is extremely important Appropriate use of national and international interpretive bodies such as the Emerging Issues Task Force in the U S and the International Financial Reporting Interpretations Committee or IFRIC is a critical element to the success of this effort While not every question can be answered there cannot be fifteen answers to a pervasive question as well That would undermine the credibility of the system Comment letters on IAS 32 39 amendments can be downloaded 24 Dec 2002 The IASB has posted on its website 142 comment letters it has received on its proposed amendments to IAS 32 and IAS 39 plus another 24 letters that were sent to the UK Accounting Standards Board The IASB has posted on its website 142 comment letters it has received on its proposed amendments to IAS 32 and IAS 39 plus another 24 letters that were sent to the UK Accounting Standards Board New Publication Quality of Financial Position 23 Dec 2002 We have published Quality of Financial Position The Balance Sheet and Beyond the third in our series of booklets on Integrity and Quality intended to help members of management audit committees boards of directors and others better understand and assess key accounting business and other issues that companies currently face This booklet reviews many of the qualitative and quantitative factors that influence a company s financial position including factors that may not necessarily be evident from the financial statements themselves PDF 104k You can download the others in this series and other DTT Publications here New Deloitte Touche US Accounting Roundup 22 Dec 2002 We have posted the 23 December 2002 edition of Accounting Roundup a newsletter published by Deloitte Touche US This issue covers SPEs investment companies recent AcSEC activity IASB s ED on business combinations and the second meeting of the new US Public Company Accounting Oversight Board Two IASC Foundation trustees appointed 22 Dec 2002 Max Kley Deputy Chairman BASF AG and Dennis Weatherstone former Chairman J P Morgan Co have been appointed to the Board of Trustees of the IASC Foundation effective 1 January 2003 They fill the vacancies left by the departures of Hilmar

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  • 2001
    Council can adopt a Common Position on the Regulation once it has received an Opinion from the European Parliament IASB approves seven new Interpretations 20 Dec 2001 At its meeting this week the IASB Board approved seven final Interpretations SIC 27 to SIC 31 and SIC 33 and tentatively approved an Interpretation on website costs The approved Interpretations are as follows SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28 Business Combinations Date of Exchange and Fair Value of Equity Instruments SIC 29 Disclosure Service Concession Arrangements SIC 30 Reporting Currency Translation from Measurement Currency to Presentation Currency SIC 31 Revenue Barter Transactions Involving Advertising Services SIC 33 Consolidation and Equity Method Potential Voting Rights and Allocation of Ownership Interests SIC 34 Financial Instruments Instruments or Rights Redeemable by the Holder was approved but an effective date has not yet been set SIC 32 Intangible Assets Web Site Costs was tentatively approved However the Board objected to the lack of convergence of the paragraphs dealing with the graphical design of a website with other similar literature on the topic For instance under US GAAP EITF 00 2 Accounting for Website Development Costs allows for the capitalisation of these costs The SIC proposed to expense the cost of graphical design as incurred The SIC was urged to take another look at these specific paragraphs and try to seek further convergence No objections to the other paragraphs were made IASCF Trustees appoint the members chairman of IFRIC 18 Dec 2001 The Trustees of the IASC Foundation have appointed the 12 members of IASB s new interpretations committee proposed to be called the International Financial Reporting Interpretations Committee IFRIC which will replace the former Standing Interpretations Committee SIC IFRIC is expected to meet six times a year to develop interpretive guidance on IASB s standards IFRIC members are Junichi Akiyama Professor Tama University Japan Phil Ameen Vice President and Comptroller General Electric Company United States Christian Chiarasini Partner Andersen France Claudio de Conto General Manager Administration and Control Pirelli S p A Italy Clement K M Kwok Managing Director and Chief Executive Officer The Hongkong and Shanghai Hotels Limited Hong Kong China Wayne Lonergan Managing Director Lonergan Edwards Associates Australia Domingo Mario Marchese Partner Marchese Grandi Meson Asoc Argentina John T Smith Partner Deloitte Touche United States Mary Tokar Partner IAS Advisory Services KPMG International United States Leo van der Tas Partner Ernst Young The Netherlands Patricia Walters Senior Vice President Association for Investment Management and Research United States Ian Wright Partner PricewaterhouseCoopers United Kingdom Kevin Stevenson who will become IASB s Director of Technical Activities in February was appointed the non voting Chairman of IFRIC IASB will meet next week in Paris 15 Dec 2001 The IASB will meet on 18 20 December in Paris Agenda projects and issues to be discussed are Business Combinations Improvements to Existing IASB Standards IAS 1 Presentation of Financial Statements IAS 8 Net Profit or Loss for the Period

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  • 2000
    Chile Mexico and the United States The study also includes a comparison with IASC standards IASC Board approves transition statement 22 Dec 2000 At its meeting last week the outgoing IASC Board approved a statement that will be sent to the new IASC Board Among other things the Board expressed a hope that its successor would continue work on the projects on business combinations present value reporting financial performance insurance extractive industries and financial instruments In addition the statement suggests two new projects a project on convergence of national and international standards and a new improvements project to clean up relatively minor matters in the existing IASC Standards Other possibilities noted for the new Board s work programme include share based payment narrative reporting inflation accounting and a review of the IASC Framework IASC invites comments on a fifth batch of IAS 39 Q A 22 Dec 2000 IASC has published Batch 5 of Proposed Guidance on IAS 39 Financial Instruments PDF 1 031k Comments due 19 Feb 2001 SEC Chairman Levitt will resign 22 Dec 2000 US SEC Chairman Arthur Levitt has submitted his resignation effective mid February US SEC Chairman Arthur Levitt has submitted his resignation effective mid February New British study on global accounting standards 21 Dec 2000 A definitive examination of the issues affecting the drive towards global accounting standards has been published by the Institute of Chartered Accountants in England Wales ICAEW The report Global Accounting Standards Achieving the Goal is being treated as an exposure draft by the UK Accounting Standards Board and is also endorsed by the IASC Here s the ICAEW Press Release Expanded IAS Plus coverage of IOSCO SEC EC 21 Dec 2000 IOSCO the SEC and the EC are key to the success of the restructured IASC We have added

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  • IFRS 16 — Leases
    allocate consideration in accordance with IFRS 15 Revenue from Contracts with Customers Key definitions IFRS 16 Appendix A Interest rate implicit in the lease The interest rate that yields a present value of a the lease payments and b the unguaranteed residual value equal to the sum of i the fair value of the underlying asset and ii any initial direct costs of the lessor Lease term The non cancellable period for which a lessee has the right to use an underlying asset plus a periods covered by an extension option if exercise of that option by the lessee is reasonably certain and b periods covered by a termination option if the lessee is reasonably certain not to exercise that option Lessee s incremental borrowing rate The rate of interest that a lessee would have to pay to borrow over a similar term and with a similar security the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment Accounting by lessees Upon lease commencement a lessee recognises a right of use asset and a lease liability IFRS 16 22 The right of use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the lessee Adjustments may also be required for lease incentives payments at or prior to commencement and restoration obligations or similar IFRS 16 24 After lease commencement a lessee shall measure the right of use asset using a cost model unless IFRS 16 29 34 35 i the right of use asset is an investment property and the lessee fair values its investment property under IAS 40 or ii the right of use asset relates to a class of PPE to which the lessee applies IAS 16 s revaluation model in which case all right of use assets relating to that class of PPE can be revalued Under the cost model a right of use asset is measured at cost less accumulated depreciation and accumulated impairment IFRS 16 30 a The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the rate implicit in the lease if that can be readily determined If that rate cannot be readily determined the lessee shall use their incremental borrowing rate IFRS 16 26 Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date Amounts expected to be payable by the lessee under residual value guarantees are also included IFRS 16 27 b c Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs unless the costs are included in the carrying amount of another asset under another Standard IFRS 16 38

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