January

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Agenda for 3-4 February 2004 IFRIC meeting

23 Jan 2004

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB offices in London on 3 and 4 February 2004 (Tuesday and Wednesday).

The announced agenda for the meeting is as follows:

AGENDA FOR IFRIC MEETING 3-4 FEBRUARY 2004

  • IAS 11 Construction Contracts: Combining and Segmenting Contracts
  • Commencing to Apply IAS 29 Financial Reporting in Hyperinflationary Economies
  • Emission Rights
  • Defined Contribution Plans with a Minimum Guarantee
  • IAS 27 and Investments of Venture Capital Providers
  • Draft Interpretation D2 - Changes in Decommissioning, Restoration and Similar Liabilities
  • Accounting for Service Concession Arrangements
  • Member Shares in Cooperative Banks
  • Fair Values in IAS 41 Agriculture
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IFAC issues a number of publications

23 Jan 2004

In the past few days, the International Federation of Accountants (IFAC) has issued the following publications, including exposure drafts of revised International Standards on Auditing (comments due 31 March 2004): January 2004 Edition of IFAC Quarterly Newsletter (PDF 90k) Exposure Draft of ISA 600 (Revised), The Work of Related Auditors and Other Auditors in the Audit of Group Financial Statements, and an ED of an IAPS on The Audit of Group Financial Statements (PDF 336k).

Issued by the IAASB. Comments are due 31 March 2004.
  • Exposure Draft of ISA 700 (Revised) ISA 600 (Revised), The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements, and EDs of ISA 200, Objective and General Principles Governing an Audit of Financial Statements, Amendment to ISA 210, Terms of Audit Engagements, and Conforming Amendments (PDF 371k). Also issued by the IAASB. Comments are due 31 March 2004.
  • Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities (Second Edition). This Study is intended to assist governments and government entities wishing to migrate to the accrual basis of accounting in accordance with International Public Sector Accounting Standards (IPSASs). It may also assist governments and government entities complying with the financial reporting requirements of the Cash Basis IPSAS Financial Reporting Under The Cash Basis of Accounting in making the additional encouraged disclosures. Also issued by the PSC.
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    Report on IFRS at European Council of Ministers Meeting

    23 Jan 2004

    The official Notes of the Meeting of EU Council of Economics and Finance Ministers in Brussels on 20 January 2004 state: "Commissioner Bolkestein briefed the Council on the difficult discussions underway with the International Accounting Standards Board on International Accounting Standards IAS 32 and 39 (the financial instruments standards).

    The Council welcomed the efforts made by Commissioner Bolkestein on this important issue and invited him to pursue his work."
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    Notes from the third day of the IASB's January meeting

    23 Jan 2004

    To allow our home page to load more quickly, we have moved our unofficial notes from the January 2004 IASB meeting to a Separate Page. .

    To allow our home page to load more quickly, we have moved our unofficial notes from the January 2004 IASB meeting to a Separate Page.

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    Detailed summary of recent improvements to IASs

    22 Jan 2004

    Deloitte & Touche (United Kingdom) has published a (PDF 117k) dealing with the 13 International Accounting Standards that were recently revised as a result of the IASB's Improvements Project.

    This 16-page newsletter presents the key features of each of the 13 revised standards, along with their impact on UK companies. The revised standards all apply to periods beginning on or after 1 January 2005, with earlier adoption encouraged. For most companies in Europe with December year ends, 1 January 2004 is the date of transition to IFRS.
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    Deloitte IFRS e-learning available without charge

    22 Jan 2004

    Deloitte is pleased to make available, in the public interest and without charge, our e-learning training materials for IFRS.

    Click here to Access Deloitte's IFRS e-Learning Material. Content on the following standards is now available: IAS 1, IAS 2, IAS 8, IAS 11, IAS 14, IAS 17, IAS 18, IAS 21, IAS 27, IAS 28, IAS 31, IAS 34, IAS 37, IAS 40, IAS 41, and the Framework for the Preparation and Presentation of Financial Statements. Modules on the remaining standards are currently being developed and will be released in phases throughout 2004.
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    Notes from the second day of the IASB's January meeting

    22 Jan 2004

    To allow our home page to load more quickly, we have moved our unofficial notes from the January 2004 IASB meeting to a Separate Page. .

    To allow our home page to load more quickly, we have moved our unofficial notes from the January 2004 IASB meeting to a Separate Page.

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    Euronext eases quarterly reporting requirements

    22 Jan 2004

    A Euronext rule, adopted in April 2003, would have required that companies in the NextEconomy and NextPrime segments publish quarterly reports starting in 2004. Euronext has changed that requirement to a non-mandatory "best practice".

    Half-yearly reporting remains mandatory. Another rule adopted in April 2003 requires NextEconomy (technology) and NextPrime (more traditional) companies that are not already using IFRS to disclose, in half-yearly reports for financial years beginning on or after 1 January 2004, the effects of converting to IFRS in 2005. That rule has not been changed. Euronext is an amalgamation of the stock exchanges in Amsterdam, Brussels, Lisbon, and Paris.
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    IASB posts editorial corrections to recently revised standards

    21 Jan 2004

    The IASB has posted (for subscribers) on its Website editorial changes to the Improvements Project IASs and to the revised IAS 32 and IAS 39 that were released in December 2003. Editorial changes are textual corrections that do not change the intended meaning of the document.

    No Board or IFRIC approval is needed for such corrections. The IASB will post editorial corrections as and when needed, but normally not more frequently than monthly. The Board has also posted tables listing all of the consequential amendments made by each of the fifteen standards revised in the Improvements project. Consequential amendments are changes to a standard that are caused by the issue, revision, or amendment of another standard.
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    Bertrand Collomb joins the IASC Foundation trustees

    21 Jan 2004

    The IASC Foundation has appointed Bertrand Collomb, Chairman of Lafarge of France, as a trustee from Europe.

    Mr Collomb replaces Didier Pineau-Valencienne, whose term ended on 31 December 2003. Mr Collomb is currently chairman of Association Francaise des Entreprises Privees. He also serves as a director of Total, ATCO, and Vivendi Universal, and is a member of the Supervisory Board of Allianz and the Advisory Board of Unilever. Click for Press Release (PDF 18k).

    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.