Banking Update - Newsletter for Non-US Based Banks.
Mondaq Business Briefing › Nbr. 2005, January 2005
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Banking Update - Newsletter for Non-US Based Banks.
Deloitte's Financial Services Industry team offers clients industry knowledge as well as deep and broadly based professional services globally. This, plus our hands-on approach to high quality client service, whether it is assurance or implementing the solutions we design, means that clients can expect creative, pragmatic advice. We offer the experience of working with leading financial services businesses globally in all sectors. Our Global Offerings Services team comprises a group of practitioners assisting non US companies and non US practice office engagement teams in applying US and International accounting standards (i.e. US GAAP and IFRS) and in complying with the SEC's financial reporting rules.
Deloitte held two banking seminars, one on 17 November 2004 in London, UK and the other on 15 Feb 2005 in New York, USA. These seminars discussed the challenges related to the adoption of new US accounting standards as well as aspects related to the implementation of IFRS, especially IAS 32 and 39, for the first time in Europe. Following on from these events, we are pleased to issue this newletter, which provide you with updates on the topics discussed during these seminars, including other recent changes that may potentially affect non-US banks. We believe that certain specific accounting areas (besides those that are applicable for the first time during the year ended December 31, 2004 and discussed later on in this newsletter) are likely to receive higher levels of scrutiny as a result of recent accounting breakdowns that have been highlighted in the financial press, these are: Other than temporary impairments In September 2004, the FASB delayed the effective date for the measurement and recognition guidance contained in paragraphs 10-20 of EITF Issue No. 03-1, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments. This delay does not suspend the requirement to recogniz...See the full content of this document
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