"The impending adoption of IFRS in Europe should be a key driver towards a fully integrated European capital market by facilitating comparability of financial information across the EU. However, FEE... is concerned that the benefits of increased market efficiency will be undermined unless there is consistent enforcement of IFRS throughout Europe, a role that the proposed enforcement body would undertake.... The European coordination body's role is to ensure consistency in the processes used and decisions reached by national enforcement bodies in order to create a level playing field for enforcement of International Financial Reporting Standards." Click for:

• (PDF 128k).
• (PDF 95k).

Her advice to FEI members:

International Convergence. Monitor what's going on at the International Accounting Standards Board (IASB). Whatever projects are on the IASB agenda are likely to be on FASB's agenda in the near term (including pension accounting, insurance accounting, lease accounting). In mid-December, FASB issued several Exposure Drafts identifying short-term convergence issues.

Written by Deloitte partners Stephen Taylor and Norma Hall, this 1,514-page book includes 48 chapters and five appendices. Each chapter has a comparison with International Financial Reporting Standards and with the standards in the United States, United Kingdom, and People's Republic of China. One appendix is a comprehensive comparison of Hong Kong Financial Reporting Standards and IFRS. This edition includes significant revisions to the chapters on income tax, interim financial reporting, and financial instruments as well as entirely new chapters on government grants, agriculture, hyper-inflationary economies and summary financial reports. Copies may be ordered from Sweet & Maxwell by phone (+852 2863 2668), fax (+852 2520 6954), or website www.sweetandmaxwellasia.com. The price is US$93 + 10% for postage and packing.

The PSC focuses on the accounting, auditing, and financial reporting needs of national, regional, and local governments and related governmental agencies. Its International Public Sector Accounting Standards are based ("to the extent appropriate") on International Financial Reporting Standards. Click for Press Release about the Review.

CESR does not propose a requirement for more than one year of comparatives (2004) under IAS/IFRS. But if, because of national regulation or choice, a company presents three successive periods but has not restated under IAS/IFRS the earliest period presented (2003), CESR proposes a format ("the bridge approach") for presenting comparative figures (2004 and 2003). Click for:

• (PDF 70k)
• (PDF 153k)
• (PDF 185k)

This edition includes:

• Month-by-month summary of the key international financial reporting events of 2003.
• List of Deloitte IFRS resources published during 2003.
• National adoptions of IFRS during 2003.
• Meeting dates for 2004 for the International Accounting Standard Board (IASB), the Standards Advisory Council (SAC), and the International Financial Reporting Interpretations Committee (IFRIC).

The #1 source on the Internet for information about international financial reporting.