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2004

  • JSE reports under IFRSs using XBRL

    Dec 23, 2004

    The JSE Securities Exchange of South Africa is the first major stock exchange in the world to report its financial statements according to International Financial Reporting Standards (IFRSs) using eXtensible Business Reporting Language (XBRL).

  • Web-based technical update on IASs 2, 11, 18

    Dec 22, 2004

    The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

  • Japanese government submission on IFRS equivalence

    Dec 22, 2004

    Although all European companies listed on a European securities market are required to use IFRSs starting in 2005, non-European companies listed in Europe have been given a deferral on switching to IFRSs until 2007. Meanwhile, the European Commission is studying whether, after the deferral period, foreign companies should be allowed to continue to file using certain national GAAPs that are deemed to be equivalent to IFRSs.

  • ARC unanimously recommends IFRS 2 in Europe

    Dec 22, 2004

    At its meeting in Brussels on 20 December 2004, the European Commission's Accounting Regulatory Committee (ARC) voted unanimously to recommend the adoption of IFRS 2 Share-based Payment for use in Europe.

  • Is the European retail industry ready for IFRSs?

    Dec 22, 2004

    A Deloitte European workgroup carried out a benchmarking study whose aim was to discover: How ready large European retailers are for IFRSs? The preferred accounting options retailers are contemplating to meet the challenges raised by the new standards? Whether those solutions are appropriate and workable? Whether there is consistent understanding of the application of IFRSs across the industry? The conclusions of the benchmarking are startling: The European retail industry may not yet be fully ready for IFRSs. Some retailers have underestimated the scale of the work needed to prepare for certain aspects of IFRSs. If current practices are maintained, companies may find themselves applying the standards in very different ways. IFRSs don't just pose technical challenges for the industry – they also create stakeholder communication issues. Click to download: (PDF 260k) (PDF 214k) (PDF 34k) .

  • Basel Committee release on IFRSs

    Dec 21, 2004

    The Basel Committee on Banking Supervision has published a press release on the treatment of certain items reported under IFRSs for bank regulatory capital purposes.

  • S&P proposes IFRS transition disclosures

    Dec 21, 2004

    The rating agency Standard & Poor's has published Transition without Tears: A Five Point Plan for IFRS Disclosure (copyright 2005 Standard & Poor's, posted on IASPlus with permission).