To let our home page load faster, we have combined our notes of the IASB meeting on 16 and 17 November 2004 on a Separate Page.

The International Valuation Standards Committee (IVSC) has 'preliminary final drafts' of two standards relating to valuation of fixed assets:

• International Valuation Application 1, Valuation for Financial Reporting; and
• International Valuation Guidance Note 8, The Cost Approach for Financial Reporting - (DRC)

Click for IVSC News Alert describing the two proposals, which can be downloaded from IVSC's Website.

The exposure draft proposes guidelines for reporting environment-related information in financial and other reports. Click for IFAC's News Release. Comment deadline is 28 February 2005.

Click for EFRAG comment letter on ED 7 'Financial Instruments: Disclosures' (PDF 68k).

There are links to all of EFRAG's letters of comment to the IASB on our EFRAG comment letter page.

Click for IFAC Announcement.

As examples of projects that are likely to cause controversy, Sir David cited leasing, insurance, performance reporting, and pensions, all of which he expects the Board to complete over the next three to five years. "There will be blood all over the streets," the FT quotes the Chairman as saying, in reference to the expected reaction of some affected companies.

Consequently, an entity that controls an employee benefit trust (or similar entity) set up for the purposes of a share-based payment arrangement will be required to consolidate that trust. The new amendment also expands the scope exclusion in SIC-12 for post-employment benefit plans to include other long-term employee benefit plans.

Click for Press Release (PDF 21k).

 

Bradbury, Professor of Accounting, Unitec, New Zealand, and Jean-Louis Lebrun, Partner and Chairman of the Supervisory Board, Mazars, France. They will complete the remainder of the terms of two members who have recently retired from the IFRIC. They will be eligible for reappointment. Click for Press Release (PDF 19k). The Trustees also announced that Junichi Akiyama, Professor of Accounting, Tama University, Japan, will step down from the IFRIC for personal reasons no later than 30 June 2005. The Trustees will invite applications for his successor shortly. Click for Full List of IFRIC Members,

The Commission will also issue a concept release examining the effectiveness of self-regulation. Here are links to:

• SEC Press Release
• Remarks by SEC Chairman William H. Donaldson.

Currently, if non-cash assets are contributed to a corporation by investors in exchange for shares, EU law requires that the non-cash assets be valued by an outside expert. The proposed directive (law) would eliminate the requirement for outside expert valuation in several cases, including "where the value of the individual asset to be contributed upon proposal of the board is derived from audited accounts, provided that these have been established in accordance with the European Community's Accounting and Auditing provisions." Click for More Information on the EC Website.