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April

New page: links to comparisons of IFRS and national GAAPs

30 Apr 2003

We have created a new page on this website with Links to Comparisons of IFRS and National GAAPs.

We have put a permanent link to the page in the left-hand column of our home page. So far we have comparisons of IFRS and the national GAAPs of Australia, Canada, China, Hong Kong , 14 Eastern European countries, Netherlands, and United States.

Europe-Africa summaries are updated

30 Apr 2003

We have updated our summaries of accounting standards activity in Germany, South Africa, and the United Kingdom. .

We have updated our summaries of accounting standards activity in Germany, South Africa, and the United Kingdom.

Comparison of Australian GAAP and IFRS

29 Apr 2003

Deloitte Touche Tohmatsu (Australia) has published a study of 'Differences Between Australian GAAP and IFRS'.

The study is based on IASB Standards and Interpretations issued at 31 March 2003 and effective for financial years ending 30 June 2003. For each difference, if applicable, the report indicates changes that have been proposed in exposure drafts that have been issued by the IASB before 31 March 2003.

The publication is available for download here (PDF 247k) without charge.

SEC reaffirms FASB standards for SEC filings

29 Apr 2003

The US Securities and Exchange Commission has reaffirmed its policy of recognising FASB pronouncements as being generally accepted for purposes of filings with the Commission.

The SEC's action was in response to section 108 of the Sarbanes-Oxley Act of 2002, which, among other things, specifies the criteria that must be met in order for an accounting standard setter's work product to be recognised as generally accepted by the Commission. In its new policy statement, the Commission noted:

In order for US accounting standards to remain relevant and to continue to improve, however, the Commission expects the FASB to consider, in adopting accounting principles, the extent to which international convergence on high quality accounting standards is necessary or appropriate in the public interest and for the protection of investors, including consideration of moving towards greater reliance on principles-based accounting standards whenever it is reasonable to do so.... We expect that during its deliberations of an accounting issue the FASB will consider, among other things, international accounting standards addressing that issue.

Click for full text of the SEC Policy Statement.

IASB begins a four-day Board meeting tomorrow

28 Apr 2003

The IASB will meet at its offices in London from 29 April to 2 May 2003.On the agenda: .

The IASB will meet at its offices in London from 29 April to 2 May 2003.On the agenda:

Tuesday 29 April 2003

  • Extractive Industries – Review research conducted by the Australian Accounting Standards Board staff
  • Joint Ventures – Review research conducted by the Australian Accounting Standards Board staff
  • Business Combinations (Phase II)

Wednesday 30 April 2003

  • Amendments to IAS 32 and IAS 39, Financial Instruments

Thursday 1 May 2003

  • Insurance Contracts (Phase I)
  • Improvements to IFRS
  • Convergence

Friday 2 May 2003

  • Share-Based Payment – Initial consideration of comments received on ED 2
  • IFRIC Update – Matters arising from the IFRIC meeting on 1-2 April 2003
  • First-Time Adoption of IFRSs (if required) – Matters arising from the Board's review of a pre-ballot draft of the final Standard

Notes from day two of IASB meeting with national standard setters

28 Apr 2003

On 25 April 2003, the IASB met for the second day of its two-day meeting in London with representatives of the eight national standard setters (NSS) with which it maintains a formal Board member liaison relationship.

We have consolidated our unofficial notes from the meeting onto a Single Page. The IASB begins its own four-day meeting tomorrow (Tuesday, 29 April 2003).

April 2003 Europe-Africa edition of IASPlus is published

26 Apr 2003

We have posted the April 2003 Europe-Africa Edition of our -->IAS Plus --> newsletter.

This edition includes all of the general IASB/IFRS update information plus jurisdictional updates.

Notes from first day of IASB meeting with national standard setters

25 Apr 2003

The IASB met yesterday in London with representatives of the eight national standard setters with which it maintains a formal Board member liaison relationship.

We have consolidated our unofficial notes from the meeting onto a Single Page.

FASB votes to expense stock options

24 Apr 2003

At its meeting on 22 April, the US Financial Accounting Standards Board voted that stock options "are payment for goods and services and that those costs should be recognised".

FASB will consider the timing of recognition and measurement issues at future meetings. The IASB has also proposed to expense the cost of all share-based payments in Exposure Draft 2.

EU expresses 'major concerns' to SEC on foreign auditor registration

23 Apr 2003

EU Internal Market Commissioner Frits Bolkestein has written a Letter (PDF 28k) to the Chairman of the US Securities and Exchange Commission expressing four "major concerns" about the rules on auditor registration and oversight proposed by the new Public Company Accounting Oversight Board (PCAOB).

The letter, sent at the request of the European Union's Finance Ministers, says that "the rules and the registration requirements they contain will cause major difficulties for European audit firms". The EU is requesting "full exemption for EU audit firms" from the rules on registration under section 106(c) of the Sarbanes-Oxley Act – or at least a one-year moratorium to allow time for further discussion. An attachment to the letter cites instances of conflicts of the PCAOB's proposed rules and EU and national laws.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.