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June

  • Malaysia delays adoption of standard based on IAS 39

    29 Jun 2003

    The Malaysian Accounting Standards Board has decided to delay, until at least third quarter 2004, the adoption of a standard on financial instruments that is based on IAS 39 because of the imminent changes to IAS 39. MASB also delayed a proposed standard on unit trusts for the same reason.

  • Proposed FASB staff position differs from IAS 37

    28 Jun 2003

    The FASB staff has invited comment on a Draft FASB Staff Position (FSP) on accrual of a provision for a legislative requirement to remove asbestos that seems to reach a different conclusion from that in IAS 37 Example 6, "Legal Requirement to Fit Smoke Filters".

  • Canadian Senate committee urges global accounting standards

    25 Jun 2003

    After a year-long study triggered by Enron and other recent financial reporting scandals, a committee of the Senate of Canada has published a report that makes extensive recommendations on financial reporting, including: accounting and auditing standards, oversight of the profession, audit committees, certification of annual financial statements, MD&A, corporate governance, and management compensation.

  • EFRAG supports adoption of IFRS 1 in Europe

    23 Jun 2003

    The European Financial Reporting Advisory Group has posted on its Website a draft of its proposed letter to the European Commission recommending that "it is in the European interest" for the Commission to adopt IFRS 1. .

  • Impediments to adopting IFRS in Australia

    23 Jun 2003

    In its Media Release (PDF 58k) welcoming the adoption of IFRS 1, the Australian Accounting Standards Board has cited two significant impediments to adopting IFRS 1 and other IFRS in Australia.

  • IFRIC July agenda is announced

    22 Jun 2003

    The International Financial Reporting Interpretations Committee will meet on 1 and 2 July at the IASB's offices in London.