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Commissioner Barnier: Audit firms did not see this crisis coming while they were in the front line of financial reporting
Barnier stressed that the concentration in the audit market is problematic and he recalled that the sector is currently an oligopoly. He presented that 70% of the European market is in the hands of the Big Four.
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The European Commission consults on possible improvements to the European audit market
The Green Paper aims to draw the lessons from the crisis with respect to the external audit of companies. In particular, whether audits provide the right information to all financial participants or not.
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IASB: Trustees appoint Hans Hoogervorst to succeed Sir David Tweedie
Mr Hoogervorst will succeed Sir David Tweedie on his retirement as chairman of the IASB at the end of June 2011. He is currently chairman of the Netherlands Authority for the Financial Markets (AFM), the Dutch securities and market regulator.
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Commissioner Barnier welcomed the appointment of Hans Hoogervorst as future Chairman of the IASB
Barnier stressed that he looks forward to the US SEC’s forthcoming decision on the use of IFRS by US domestic issuers, due in 2011. IFRS are the only credible option if policymakers want to create a single accounting framework for listed companies worldwide.
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ICAEW on the future IASB leaders: They have an unenviable to-do list
It is critical that Mr Hoogervorst engage with key IFRS stakeholders across the world at an early stage to understand their views and concerns. He and his fellow Board members also have to work very closely with regulators.
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ACCA wants to see better regulation instead of more regulation in the auditing sector
ACCA agrees that the auditor role needs to evolve to take into account more forward-looking information, and for the auditor to give opinions not just on the financial statements, but also on areas such as the company's internal controls and corporate governance arrangements.
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EFRAG's DCL on the Interpretations Committee's rejection decision on IAS 36 Impairment of Assets - calculation of value in use
EFRAG recommends the Interpretations Committee remove the reference to ‘rarely be appropriate’ from the wording for rejection. EFRAG also recommends amending the wording for rejection to clarify that a DDM can be used, provided this is consistent with the requirements under IAS 36.
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Global Filing Manual for eXtensible Business Reporting Language published by Interoperable Taxonomy Architecture
The manual contains a set of rules which provide guidance on the preparation, filing and validation of XBRL filings created using the IFRS Taxonomy, the EDINET (Electronic Disclosure for Investors’ NETwork) Taxonomy or the U.S. GAAP Taxonomy.
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EFRAG's Comment Letter on the IFRS Interpretations Committee in relation to put options written over non-controlling interests
EFRAG comments on the IFRS Interpretations Committee's tentative decision not to proceed with the agenda item on a request for guidance on the subsequent measurement of put options written over non-controlling interests in the consolidated financial statements of a parent entity.
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