March

Australian international convergence update

02 Mar 2004

We have posted a new Australian Accounting Alert: International Convergence Update.

Australia is in process of adopting national standards that are "largely consistent" with related IASs/IFRSs, though Australia has eliminated certain IFRS options, added some disclosures, and added some requirements for not-for-profit entities that are not consistent with IAS/IFRS. This Alert summarises 10 recent convergence standards.

IASCF commercial director elected as XBRL chair

02 Mar 2004

XBRL International has elected Kurt Ramin, Commercial Director at the IASC Foundation, as Chair of its Steering Committee.

Click for Press Release. XBRL is a computer language for preparing Internet web pages in a way that makes the exchange of corporate financial information (including IFRS financial statements) easier and more reliable. Info about XBRL.

Agenda project pages updated

01 Mar 2004

We have updated our agenda project pages to reflect the Board's decisions at its February 2004 meeting: Business Combinations Phase I; Business Combinations Phase II; Consolidation; Financial Instruments (macro hedging and fair value option); Insurance Contracts Phase I; Revenue Recognition; Short-term Convergence (ED 4, IAS 19, and IAS 20); and Small and Medium-sized Entities. .

We have updated our agenda project pages to reflect the Board's decisions at its February 2004 meeting:

EU consultation on directors' remuneration including disclosures

01 Mar 2004

The European Commission has undertaken a Public Consultation on directors' remuneration, including the questions of (a) how each EU listed company should disclose in its annual accounts and annual report (or in the notes to the annual accounts) the remuneration policy for directors for the next financial year and (b) which elements, for example the performance-related elements of directors' remuneration, supplementary pensions, and contract policy, should be included in that disclosure? The IASB's recent amendments to IAS 24 include a requirement to disclose key management personnel compensation (amounts, but not policies) in total and subdivided into five categories.

IFRS 2 also requires some disclosures about equity compensation arrangements (though not policies). Link to the full Consultation Paper. Comments are due 12 April 2004.

IAASB 2003 annual report is available

01 Mar 2004

The 2003 annual report of the International Auditing and Assurance Standards Board (IAASB) may be downloaded from IFAC's website.

Link to Download (PDF 293k).

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.