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January

  • UK extends IFRSs to all companies

    31 Jan 2005

    The United Kingdom has adopted a statutory instrument (legislation) that permits publicly traded companies and building societies to use IFRSs in their individual accounts and permits non-publicly traded companies to use IFRSs in both their individual and consolidated accounts. Statutory Instrument (PDF 338k) Related Draft DTI Guidance (PDF 124k) .

  • EFRAG appoints financial instruments group

    30 Jan 2005

    The European Financial Reporting Advisory Group (EFRAG) has appointed a financial instruments working group (FIWG) with the twin goals of addressing current IAS 39 issues (such as potential solutions for the carve-out areas in IAS 39) and wider issues for longer-term revision of IAS 39. FIWG members are: Thomas Naumann, Dresdner Bank (Chairman) David Bradbery, UBS Investment Bank Isabelle Collignon, Credit Agricole SA Petri Hofste, KPMG Gordong Ireland, PWC Victor Jimenez, Banco Bilbao Vizcaya Argentaria Ingvar Linse, Swedbank Helmut Ortlof, DZ Bank AG Massimo Romano, Assicurazioni Generali Hugh Shields, Barclays Capital Agnes Tardos, PWC Click to Download FIWG Terms of Reference (PDF 18k). .

  • Steps toward convergence on income taxes

    28 Jan 2005

    The US Financial Accounting Standards Board has posted its Action Alert Newsletter summarising FASB's recent decisions about convergence of FASB and IASB income tax standards with respect to which tax rate to use in measuring deferred taxes: While FAS 109 requires the 'enacted' rate and IAS 12 requires the 'substantively enacted' rate, FASB would amend FAS 109 to clarify that a rate is regarded as enacted if only perfunctory actions are required for a measure to become law. If corporate income is taxed at different rates depending on whether that income is distributed to shareholders, FASB would continue to require measurement of deferred tax assets and liabilities using the distributed rate, while IASB agreed at its January meeting to stick with the IAS 12 requirement to use the undistributed rate.

  • EU emissions trading - accounting and auditing issues

    27 Jan 2005

    The European Federation of Accountants (FEE) has published an Alert on financial reporting and auditing issues arising from the European Union's Greenhouse Gas Emissions Trading Scheme, which went into effect on 1 January 2005. The International Financial Reporting Interpretations Committee (IFRIC) recently issued IFRIC 3 Emission Rights, which is discussed in the FEE report.

  • US restatements continue to rise

    24 Jan 2005

    A new study by Huron Consulting Group has found that, after a slight drop in 2003, the number of restatements due to errors in the annual and interim financial statements of public companies filed with the US Securities and Exchange Commission rose to a record 414 in 2004, up from 323 in 2002 and 330 in 2002. The most common errors in 2004 related to: Revenue recognition (16% of 2004 errors). Equity, including EPS and stock options (16%). Provisions (accruals for liabilities of uncertain amount or timing) and contingencies (14%). Improper capitalisation of assets (8%). Inventories (4%). Click for Press Release (PDF 20k). .

  • Agenda for February 2005 IFRIC meeting announced

    22 Jan 2005

    The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday 3-4 February 2005. The agenda for the meeting is set out below.Agenda - IFRIC Meeting 3-4 February 2005 Thursday 3 February 2005 IFRS 2 Treasury Share Transactions and Group Transactions Scope of IFRS 2 Service Concession Arrangements - Consideration of examples and any sweep issues arising from editorial reviews. Emission Rights - Consideration of possible approaches for revision of IAS 38. Friday 4 February 2005 (morning only) IFRIC D5 Applying IAS 29 Financial Reporting and Hyperinflationary Economies for the First Time IAS 11 Construction Contracts - Combining and Segmenting Contracts Scope of IFRS 2 Reassessment of Embedded Derivatives .