Integration of world capital markets

In December 2007, US SEC Chairman Christopher Cox delivered the keynote address at the Columbia Law and Business Schools - Cross Border Securities Market Mergers Conference. He reviewed the evolution and integration of the world’s capital markets including demutualisation, electronic securities trading and amalgamations, such as NYSE Euronext, ISE Eurex and Nasdaq OMX. He also examined the implications for regulators. (View the Speech by SEC Chairman.)

CESR extracts of IFRS enforcement decisions

The Committee of European Securities Regulators (CESR) publishes extracts of selected decisions to foster appropriate and consistent application of IFRS in the European Union (EU). CESR has published its second set of extracts from its confidential database of enforcement decisions taken by EU national enforcers of financial information. The first publication was in April 2007. CESR plans to publish further extracts from this database on a regular basis. (View the Press Release.)

North America - IFRS Conference 2008

North American corporations are seeing the tide of change… Canada is poised to adopt IFRS by 2011… and the US SEC has recently eliminated the reconciliation requirement for foreign registrants, paving the way for US filings under IFRS. This North American IFRS Conference is a significant international event being held in Toronto, Canada (April 24 - 25, 2008). It will bring Sir David Tweedie and other members of the International Accounting Standards Board (IASB) to North America. It is a joint presentation by the International Accounting Standards Committee (IASC) Foundation and the Canadian Institute of Chartered Accountants (CICA). (View the Preliminary Brochure.)

Canada - A New Year’s Resolution!

Canada’s transition to International Financial Reporting Standards (IFRS) is anticipated to take effect in 2011. It will significantly impact financial reporting for all publicly-accountable enterprises, including 4,500 publicly-listed companies. Canada’s Chartered Accountants have a suggested New Year’s resolution for the business leaders of these publicly-traded companies. They are being urged to ensure that preparation for the changeover to IFRS be an essential element of any corporate plan for 2008. (View the CICA Press Release.)

Determining Fair Value of Financial Instruments under IFRS

The Global Public Policy Committee (GPPC) has published a paper called "Determining Fair Value of Financial Instruments under IFRS in Current Market Conditions." The purpose of the paper is to enhance awareness of the requirements of International Financial Reporting Standards (IFRS) in relation to the determination of fair value of financial assets, financial liabilities and related disclosures. The GPPC comprises representatives of the six largest international accounting networks - BDO International, Deloitte, Ernst & Young, Grant Thornton International, KPMG and PricewaterhouseCoopers.

Towards a Global Reporting System - FASB webcast

The US Financial Accounting Standards Board (FASB) is launching a series of periodic webcasts. The first FASB webcast is scheduled for Tuesday, January 8, 2008. It will feature a panel of experts discussing international convergence of accounting standards (IFRS). The live webcast is offered free of charge. Viewers will have the opportunity to e-mail questions to panelists during the event. The webcast will be archived on the FASB website.
(Register for the live and/or archived webcast online.)

SEC announces roundtable discussions on IFRS

The US Securities and Exchange Commission (SEC) will host two roundtable discussions in December 2007 on issues surrounding the growing prevalence of International Financial Reporting Standards (IFRS). The first roundtable on December 13 will address the issues arising from the current co-existence of two accounting standards in the US markets. The second roundtable on December 17 will focus on the practical issues surrounding the possible future use of IFRS by US companies. (View the SEC Press Release and Roundtable Agendas.)

Canada - Financial instrument standards: Mountain or molehill?

New financial instrument standards may have no effect on some private enterprises. For others, the effect will be significant. The standards expand the use of fair-value measurement for certain assets and liabilities. In many cases, use of fair-value measurement is at the discretion of management. However, certain activities will dramatically increase the level of accounting complexity. (View the article and the guidance brochure.)

An Accounting Revolution is Brewing in China

Deloitte’s IAS Plus website has made available an article titled An Accounting Revolution is Brewing in China. The article is from the December 2007 issue of Financial Executive, published by Financial Executives International. It discusses the capital markets in China, the recent history of financial reporting in China, changes caused by the new Chinese Accounting Standards (CAS) that went into effect in 2007, and remaining differences between CAS and IFRS. The article is copyright and is posted with FEI’s permission.

IFRS Compliance Questionnaire for 2007

Deloitte has prepared an IFRS Compliance Questionnaire for 2007. It summarizes the recognition and measurement requirements in IFRS, including Interpretations. Items in the questionnaire are referenced to the applicable sections of the IFRS issued on or before August 31, 2007. The questionnaire is 282 pages long.

IASB-FASB significant convergence milestone

The US Financial Accounting Standards Board (FASB) has issued Statements No. 141 (revised 2007), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements. The new standards complete the first major joint project with the International Accounting Standards Board (IASB) and represent a significant convergence milestone. The IASB plans to issue its counterpart standards IFRS 3 (revised), Business Combinations, and IAS 27 (as revised in 2007), Consolidated and Separate Financial Statements, early in 2008. These standards are the first in a series of converged standards issued jointly for the global community. (Read the FASB News Release.)

IASB tops global rankings for stakeholder participation

According to a report on global accountability, the International Accounting Standards Board (IASB) has the best developed external stakeholder engagement capabilities among 30 global organizations and is a high performer in both transparency and evaluation. The 2007 Global Accountability Report is an annual assessment of the capability of the world’s most powerful global organizations from the intergovernmental, non-governmental and corporate sectors to be accountable to civil society, affected communities and the wider public. (View the Press Release.)