Consequently, the IASB will hold a series of public roundtable forums to discuss the proposed amendments with those who provided comments on the proposals. The forums will begin with the IASB's Standards Advisory Council on 24-25 February 2003 and continue, during the week of 10 March 2003, with other respondents. The IASB decided to host roundtable discussions following their review of more than 150 comment letters regarding the proposals. Click for IASB Press Release (PDF 17k).

We have posted a new , developed by Deloitte & Touche (Australia), which examines the major Australian impacts resulting from the proposals. You can find Earlier Alerts here.

The ASRB is currently consulting with government, the stock exchange, the Securities Commission, the Office of the Auditor General, and others on their decision. Australia has also announced a plan to move to IFRS (by 2005), and ASRB is working with Australia regarding the transitional issues. Click for ICANZ Press Release (PDF 49k).

The journal aims to publish articles that increase understanding of the development and use of international accounting and reporting practices or attempt to improve extant practices. International accounting is broadly interpreted to include the reporting of international economic transactions; the study of differences among practices across countries; the study of interesting institutional and cultural factors that shape practices in a single country but have international implications; and the effect of international accounting practices on users. Click for More Information (PDF 19k). Click here to go to American Accounting Association Website.

No financial information that complies with IFRS will be required for 2003. However, a company that has not yet adopted IFRS as of the start of 2004 or earlier will be required to disclose, in its second quarter financial statements for 2004 at the latest, information on the effects of applying IFRS on its opening balance sheet of the year 2004 and on its performance. The requirement to publish quarterly reports starting in 2004 is maintained. Click for Euronext Press Release (PDF 28k).

Mr. Cutler noted that the SEC has the authority to bring enforcement actions, both in federal court and administratively, against accounting firms based on the conduct of individual partners, on matters other than independence violations. He suggested that while the Commission has been reluctant to do so in the past, it is likely to be more aggressive in this area in the future.

(PDF 82k), Acting Chief Accountant. Mr. Day addressed the Sarbanes-Oxley Act; the new Public Company Accounting Oversight Board; standard setting; the SEC's willingness and interest in working with registrants to resolve issues on a timely basis; and what accountants can do to change the future and better serve the interests of investors. On the subject of standard-setting, Mr. Day said: "While I am on the issue of international accounting, I am going to say just one thing: If you are a single product domestic manufacturer whose customers only reside in the U.S. - and you do not believe that international accounting matters to you - you should come to the session tomorrow on international accounting." The conference to which he refers is the SEC Roundtable mentioned in our news story of 7 December below (click for SEC Press Release).

This 40-page booklet includes:

• Summaries of the new accounting standards issued in Singapore during 2002.
• Summaries of the new exposure drafts.
• Summaries of current IASB projects (expected to become new SAS).
• List of differences between Singapore Accounting Standards and IAS.
• Lists of all SAS and Interpretations.

You are welcome to Download the booklet without charge (PDF 270k).

The are four documents in all: an ED of a new IFRS that would replace IAS 22; the basis for conclusions; implementation guidance; and a separate ED proposing amendments to IAS 36 and IAS 38. Comments are due by 4 April 2003. Click for our Project Information and Summary of the ED.

Uniting (pooling) of interests would no longer be permitted. Therefore, an acquirer must be identified for every business combination within the scope of ED 3. The acquirer is the entity that obtains control of the other combining entities or operations.

Indefinite-lived intangible assets. Goodwill and other intangible assets with indefinite useful lives would not be amortised, but tested for impairment annually (or more frequently if there is an indication of impairment). Reversals of impairment losses with respect to goodwill are prohibited.

Finite-lived intangible assets. Amortisation continues, plus an impairment test. However, IAS 38's rebuttable presumption of a maximum 20-year life is dropped.

Negative goodwill. Any negative goodwill remaining after a reassessment of the identification and measurement of the identifiable net assets acquired should be recognised immediately in the income statement as a gain. This includes negative goodwill implicit in the carrying amount of an equity method investment.

Liabilities for terminating or reducing the activities of an acquiree. Costs expected to be incurred as a result of a business combination to restructure the acquired entity's (or acquirer's) activities would be treated as post-combination expenses, unless at the acquisition date, the acquired entity has an existing liability in accordance with IAS 37.

Date for measuring the cost of the acquisition. The consideration paid for an entity is measured at the date control passes to the acquirer (or, if control is acquired in stages, at the various earlier dates of exchange).

The IASB will meet at its offices in London on 18-20 December 2002.On its agenda are the following:

• Amendments to IAS 32 and IAS 39 - analysis of comments received on the exposure draft
• Financial Activities
• Reporting Performance
• Business Combinations - Phase II
• IFRIC's proposed amendments to SIC 12, Consolidation of SPEs, and other matters arising from the November 2002 IFRIC meeting
• Convergence - pension issues
• First-Time Application of IFRSs - analysis of comments received on the exposure draft
• Convergence - other issues
• Concepts: Revenue Recognition
• Improvements Project - continued discussion of comments received on the ED, particularly with respect to: – IAS 1 Presentation of Financial Statements – IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – IAS 27 Consolidates and Separate Financial Statements – IAS 28 Accounting for Investments in Associates