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  • EU and US agree to promote international accounting convergence

    30 Jun 2004

    Following discussions on 25-26 June 2004, the participants in the US-EU Financial Markets Regulatory Dialogue have agreed to "promote international convergence of accounting standards, including their consistent application, implementation, and enforcement".

  • EC begins study of equivalence of national GAAPs to IFRSs

    30 Jun 2004

    The Accounting Regulation adopted by the European Union requires that European companies listed in a regulated European securities market must prepare their financial statements in conformity with International Financial Reporting Standards starting in 2005. Subsequent legislation provides that non-European companies whose securities are listed in a regulated European securities market must also follow IFRSs starting in 2007 unless the Commission has agreed, prior to 1 January 2007, to recognise financial statements prepared in accordance with "third country GAAP" (a non-European national GAAP) as being equivalent to those prepared in accordance with IFRSs.

  • EFRAG submits comments on IASCF constitution review

    30 Jun 2004

    The Supervisory Board and the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) have jointly submitted a Letter of Comments about the IASB and IFRIC (PDF 48k) to the IASC Foundation constitution review committee.

  • New Australian Accounting Alert

    26 Jun 2004

    We have posted (PDF 57k), Applicability of AASB 1046 'Director and Executive Disclosures by Disclosing Entities' to Managed Investment Schemes.

  • First independent chair of IAASB advisory group

    26 Jun 2004

    David Damant, a member of the IASB's Advisory Council and the IASB's SME Advisory Panel, has been appointed to be the first independent chairman of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board (IAASB).