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January

  • Investment group urges European support for IFRS and IASB

    29 Jan 2004

    In a letter published in the Financial Times on 23 January 2004, the United Kingdom Society of Investment Professionals has decried the political controversy that has arisen regarding adoption in Europe of IAS 32 and IAS 39 (financial instruments).

  • EFRAG proposes to endorse improved IASs

    28 Jan 2004

    The European Financial Reporting Advisory Group is seeking comments on its Proposed Letter to the European Commission supporting adoption in Europe of the 13 "improved" IASs that were issued by the IASB in December.

  • Japanese government agency comments to British FSA

    27 Jan 2004

    Following up on our news story of yesterday: Today the Financial Services Agency of the Government of Japan (the Japanese securities regulator) has written to the UK Financial Services Authority requesting the UK government -->"to continue to allow Japanese issuers with a primary listing or a secondary listing on the LSE to use Japan GAAP as equivalent to IAS (or US GAAP)" -->.

  • New IAASB framework for assurance engagements

    27 Jan 2004

    IFAC's International Auditing and Assurance Standards Board has issued a revised Assurance Framework and International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.

  • Japan will urge London to continue to allow Japanese GAAP

    26 Jan 2004

    Today's issue of the Yomiuri Shimbun, Japan's main business newspaper, has Reported that representatives of Japanese business organisations will go to London to try to convince the UK Financial Services Authority (FSA) not to go ahead with its proposal to require foreign companies listed on the London Stock Exchange to prepare financial statements using only US GAAP or IFRS.

  • Survey finds that IFRS will improve understanding

    26 Jan 2004

    A survey of 425 companies (249 listed and 176 non-listed) in 6 European countries by the French-based international auditing and advisory firm Mazars has found that: --> The great majority of listed companies are confident that adopting IFRS will bring about "beneficial impacts" on the transparency (73% of listed companies) and reliability (79% of listed companies) of their financial statements. Listed companies believe that the largest impact of the change to IFRS will be on their internal organisation, with 57% of listed companies foreseeing "a real opportunity to improve their internal organisation". The majority (55%) of non-listed companies wish to apply IFRS, and 64% of those think that improved comparability and transparency will result from the change. Many companies are late in setting up IFRS implementation programmes, measuring the impact of IFRS, training of employees, and developing external communications strategies for financial analysts, shareholders, and investors. --> Click for link to Download the Study. .

  • Update on Indian GAAP

    23 Jan 2004

    The Institute of Chartered Accountants of India (ICAI) has issued Accounting Standard 29 on Provisions, Contingent Liabilities and Contingent Assets.

  • Deloitte partner is the new chair of EFRAG

    23 Jan 2004

    Deloitte & Touche partner Stig Enevoldsen has been selected as the new full-time Chairman of the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) effective 1 April 2004 for a three-year term.