Large US registrants must now begin to comply in their first financial year ending on or after 15 November 2004 (originally 15 June 2004). Link to Press Release and SEC Final Rules Release.

1, References in Auditors' Reports to the Standards of the Public Company Accounting Oversight Board. AS 1 requires that auditors' reports on engagements conducted in accordance with the PCAOB's standards state that the engagement was performed in accordance with the standards of the PCAOB. This replaces previously required references to generally accepted auditing standards. Click to (PDF 73k). Link to PCAOB Press Release.

We have created a new page in our Standards Section summarising the history and requirements of IFRS 2 Share-based Payment, issued by the IASB last week.

The model financial statements are intended to address the presentation and disclosure requirements of International Financial Reporting Standards (IFRS). They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific International Financial Reporting Standard. For the purposes of presenting the income statement, statement of changes in equity, and cash flow statement, the various alternatives allowed for under IFRS for those primary statements have been illustrated.

The agenda for the meeting is:

Monday morning:

• Meeting with the IASCF Trustees Constitution Committee

Monday afternoon (closed to the public):

• SAC's review of own operations and effectiveness

Tuesday morning:

• Accounting and financial reporting by small and medium-sized entities
• IASB Chairman's update

Tuesday afternoon:

• IASB Agenda planning and priorities
• Review of IASB internal procedures

The fair value option was added to IAS 39 by the recent Amendments to IAS 39. But after the amendments were published, some regulatory authorities in Europe questioned whether the Board intended the fair value option to be available for all financial instruments without any constraints. By vote of 11 to 3, the Board agreed in principle to propose amending IAS 39 to restrict the circumstances in which companies may choose the fair value option. The proposal will also include several other clarifications to IAS 39 for matters recently raised by the European Central Bank. Staff will develop an exposure draft for consideration by the Board at its March 2004 meeting.

This newsletter briefly describes key regulatory and professional developments that have recently occurred and provides links to locations where additional information can be found on each topic. This issue includes updates on activities of FASB, GASB, AICPA, SEC, and IASB. You will find past issues Here.

To allow this home page to open more quickly, we have moved our observers' preliminary and unofficial notes from the February 2004 IASB meeting to a Separate Page.

To allow this home page to open more quickly, we have moved our observers' preliminary and unofficial notes from the February 2004 IASB meeting to a Separate Page.

The newsletter highlights some of the more significant requirements of the IFRS, including scope; recognition and measurement; modifications, cancellations, and settlements; and transition requirements.