The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB offices in London on 1 and 2 April 2003. The meeting agenda includes the following issues (click Here for summaries of those issues that IFRIC has previously discussed):

• Changes in decommissioning liabilities
• IAS 19 – multi-employer plan exemption
• Decommissioning and environmental rehabilitation funds
• Rights of use
• Emission rights
• Update on partner and liaison activities
• Non-monetary exchanges of assets
• Exchange rate for remeasuring foreign currency transactions and translation of foreign operations under IAS 21
• IAS 19 – money purchase plan with minimum guarantee
• Hyperinflation and deferred tax

The IASC Foundation (under which the IASB operates) has published its annual report for 2002. Please click here to Download from IASB website (PDF 1,142k).

We have updated our agenda project pages for the following projects to reflect decisions at this week's IASB meeting:

• Amendments to IAS 32 and IAS 39, Financial Instruments
• Business Combinations - Phase II
• First-Time Application of IFRS
• Insurance Contracts – Phase I

It explains Australia's planned 'big bang' approach to convergence of Australian GAAP and IFRS. The Australian Accounting Standards Board (AASB) intends to issue 35 new or revised AASB Standards by 31 March 2004. All will be applicable from 1 January 2005. The AASB's revised standards will be equivalent to IFRS "with some possible minor amendments". In July 2002, the Financial Reporting Council (the Australian government agency that oversees the AASB) issued a Bulletin (PDF 14k) announcing its support for adoption by Australia of International Financial Reporting Standards by 1 January 2005. The FRC said that "after that date, audit reports will refer to companies' compliance with IASB standards". The new convergence approach would retain AASB standards rather than replace them with IFRS. We have modified our table on Country Use of IFRS accordingly.

There were nine sessions of roundtable discussions, each with a different group of constituents. However, all of the discussions covered similar topic areas and the issues raised in each session generally were similar, with the exception of the last two sessions, which were dedicated to discussion of issues related to insurance companies. Click to download our Unofficial Summary of the 10-13 March Discussions (PDF 52k).

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

Douglas Room at SEC headquarters, 450 Fifth Street, N.W., Washington, DC, USA. The meeting will be open to the public and available by webcast. SEC Commissioners will attend. Details at SEC Website.

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

The 16 March 2003 edition of the Accounting Roundup newsletter from Deloitte & Touche (USA) covers, among other topics, FASB's new projects on stock compensation and pensions; FASB EDs on liabilities and equity and on amendment of SFAS 133; summary of significant issues raised during recent reviews of Fortune 500 company filings by the SEC Division of Corporation Finance; and updates on AcSEC, IASB, and PCAOB activities.

The report notes deficiencies in a number of accounting areas, including accounting policy disclosures, reporting of non-GAAP financial information, revenue recognition, restructuring charges, impairment charges, pension assumptions, segment reporting, securitisations and off-balance sheet arrangements, and environmental and product liability disclosures. The SEC noted that as a result of these reviews, they have sent comment letters to 350 of the 500 companies.