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May

Agenda for IASB's June meeting

31 May 2001

IASB has announced the topics, but not yet the running order, for its upcoming meeting on 26-28 June: Banks and Financial Institutions - discussion Business Combinations - preliminary discussion (continued) Measurement - preliminary discussion Preface to the Standards - consideration of revised draft Reporting Financial Performance - discussion of reporting models Technical Agenda - further discussion Transition to IAS as the Primary Basis of Accounting - discussion Administrative Items .

IASB has announced the topics, but not yet the running order, for its upcoming meeting on 26-28 June:

  • Banks and Financial Institutions - discussion
  • Business Combinations - preliminary discussion (continued)
  • Measurement - preliminary discussion
  • Preface to the Standards - consideration of revised draft
  • Reporting Financial Performance - discussion of reporting models
  • Technical Agenda - further discussion
  • Transition to IAS as the Primary Basis of Accounting - discussion
  • Administrative Items

IASB will relocate next week

31 May 2001

IASB will relocate next week to new offices at 30 Cannon Street, London EC4M 6XH.

Publications production and distribution staff will remain at the current Fleet Street facility. The June Board meeting will be at the Cannon Street office.

Preliminary report of IASB's May Board meeting

30 May 2001

We have moved the summary of discussions at the May IASB meeting to its own page.

Click to go to Summary of IASB's 22-25 May 2001 Meeting. It had originally been presented as several lengthy news items.

 

 

Adoption of IAS proposed in Singapore

29 May 2001

The Disclosure and Accounting Standards Committee (DASC) is an independent committee formed to propose changes to the financial reporting and disclosure requirements in Singapore. Earlier this month, the DASC published its recommendations on adopting IAS.

The DASC proposed that all companies incorporated in Singapore adopt International Accounting Standards for financial statement periods beginning on or after 1 January 2003, with one exception. The exception would be that companies listed both in Singapore and on a foreign exchange would be allowed to file under the standards required by the foreign exchange, without reconciliation to IAS, if the standards used are acceptable to the Singapore exchange.

Four IAS-based IPSAS are approved

27 May 2001

At its meeting earlier this month, IFAC's Public Sector Committee (PSC) approved four final International Public Sector Accounting Standards that are based on IAS: IPSAS 9, Revenue from Exchange Transactions (based on IAS 18); IPSAS 10, Inventories (based on IAS 2); IPSAS 11, Construction Contracts (based on IAS 11); and IPSAS 12, Financial Reporting in Hyperinflationary Economies (based on IAS 29).

A fifth standard, IPSAS 13, Leases (based on IAS 17) was approved subject to a final editorial review. Click for a copy of the May 2001 Public Sector Committee Update Newsletter (35k PDF). Click for More Info about the PSC.

Comment deadline nears on four IAS-based IPSAS

19 May 2001

There's a 31 May comment deadline on four exposure drafts of International Public Sector Accounting Standards that are based on IAS: ED 16, Events After the Reporting Date; ED 17, Segment Reporting; ED 18, Financial Instruments: Disclosure and Presentation; and ED 19, Investment Property.

Europe-Africa IASPlus Newsletter Now Available

18 May 2001

We have developed a Europe-Africa Edition of IASPlus.

This newsletter, to be published quarterly on this website, will have regional news and country updates. Click to download the (217k PDF).

Country updates added for Europe, South Africa

18 May 2001

The Country Updates on this website have been expanded to include Austria, Denmark, France, Germany, Greece, Italy, Luxembourg, Portugal, Russian Federation, South Africa, and United Kingdom.

Russian GAAP Update

17 May 2001

The Russian Federation's move to a market economy has necessitated a change in the standards of accounting for reporting the financial position and results of operations of Russian enterprises.

The Ministry of Finance of the Russian Federation has responsibility for instituting reform to Russian Accounting Standards (RAS) applicable for all organisations, except those that are required to report to the Central Bank of the Russian Federation.

Beginning in 1995, but mostly since 1998, the Ministry of Finance instituted revisions in an effort to account for transactions under more internationally accepted methods. For example, accounting for revenue under the accrual method has been introduced and accruing expenses incurred but not paid is now required in certain situations. Specifically, 14 provisions on accounting (termed PBU) have been issued. These PBUs include:

  • Accounting Policy (PBU 1/1998)
  • Accounting for Construction Contracts (PBU 2/1998)
  • Accounting for Assets and Liabilities Denominated in Foreign Currency (PBU 3/2000)
  • Financial Statements (PBU 4/1999)
  • Accounting for Inventory (PBU 5/1998)
  • Accounting for Property, Plant and Equipment (PBU 6/1997)
  • Post-Balance Sheet Events (PBU 7/1998)
  • Contingencies (PBU 8/1998)
  • Incomes of an Enterprise (PBU 9/1999)
  • Expenses of an Enterprise (PBU 10/1999)
  • Related Party Disclosures (PBU 11/2000)
  • Segment Information (PBU 12/2000)
  • Accounting for Government Assistance (PBU 13/2000)
  • Accounting for Intangible Assets (PBU 14/2000)

However, even with the issuance of these accounting policies, fundamental differences still remain with internationally accepted methods. While the PBUs may be similar to IAS, important differences still exist. In addition, differences still exist with respect to wholly owned subsidiaries as, under RAS, a subsidiary company does not have to be consolidated.

European Parliament amends Directives to allow IAS 39

17 May 2001

On 15 May, the European Parliament amended the 4th and 7th Directives (European laws) to require listed companies to follow IAS 39 by reporting certain financial assets and liabilities at fair value in their annual consolidated financial statements.

Member States would have the option of permitting non-listed companies also to adopt IAS 39. The amended Directives still must be approved by the European Council of Ministers, who will consider the matter on 31 May, and then enacted the Member State level. Banks and other financial institutions are not exempted from the amended Directives – Parliament modified the Commission's recommended legislation in this regard.

The legislation includes a number of differences with IAS 39. For instance, where IAS 39 allows companies to adopt a policy of reporting changes in fair values of available-for-sale financial instruments in net profit or loss or in equity, the European legislation allows member states to require that the value change be reported only in equity.

Click for More Information about IFRS in Europe.

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