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January

IASB Chairman meets with EU Parliamentary committee

31 Jan 2006

Sir David Tweedie, Chairman of the IASB, met with the Economic and Monetary Affairs Committee of the European Parliament to discuss the work of the IASB and the adoption of IFRSs in the European Union.

Sir David covered, among other things, the progress of convergence between the standards of the IASB and the FASB, the status of IAS 39, and the outcome of the IASC Foundation Constitution Review. Click for Sir David's Statement (PDF 52k).

Updated EFRAG endorsement status report

30 Jan 2006

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status as of 27 January 2006 (PDF 32k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

Agenda project pages updated for January meeting

28 Jan 2006

We have updated the following agenda project pages to reflect discussions and decisions at the January 2006 meeting of the International Accounting Standards Board: Accounting Standards for Small and Medium-sized Entities (SMEs) Business Combinations II Performance Reporting Reassessment of Embedded Derivatives - Proposed Interpretation Short-term Convergence - Borrowing Costs Short-term Convergence - Earnings per Share - Treasury Stock Method .

IASB SME Working Group will meet next week

27 Jan 2006

The IASB's Working Group on Small and Medium-sized Entities will meet on 30 and 31 January 2006 at the Crowne Plaza London - St.

James's Hotel in London. The Board will begin its review of the content of a substantially complete preliminary staff draft of an Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities (SMEs). The agenda is available on IASB's Website (PDF 43k). The meeting is open to public observation.

Special IAS Plus newsletter on IFRIC 8

27 Jan 2006

Earlier this month, the International Financial Reporting Interpretations Committee issued Interpretation 8 Scope of IFRS 2.

IFRIC 8 clarifies the application of IFRS 2 Share-based Payment to arrangements where an entity makes share-based payments for apparently nil or inadequate consideration. IFRIC 8 is effective for annual periods beginning on or after 1 May 2006, with earlier application encouraged. Deloitte has published a (PDF 53k) explaining IFRIC 8. You will find links to all past IAS Plus newsletters Here.

European Commission formally adopts recent IFRSs

27 Jan 2006

The European Commission has published in the Official Journal of the European Union Commission Regulation (EC) No 108/2006 of 11 January 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards IFRS 1, 4, 6 and 7, IAS 1, 14, 17, 32, 33, and 39 and IFRIC Interpretation 6. Click to (PDF 385k - includes the English language versions of the newly adopted standards). .

The European Commission has published in the Official Journal of the European Union Commission Regulation (EC) No 108/2006 of 11 January 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards IFRS 1, 4, 6 and 7, IAS 1, 14, 17, 32, 33, and 39 and IFRIC Interpretation 6. Click to (PDF 385k - includes the English language versions of the newly adopted standards).

Non-domestic listed companies may use IFRSs in Korea

26 Jan 2006

South Korea's Financial Supervisory Commission has approved regulatory amendments proposed by the Korea Exchange to allow non-Korean listed companies to use IFRSs or US GAAP instead of Korean Accounting Standards.

At 31 December 2005, the World Federation of Exchanges reports that 1,619 domestic and 0 non-domestic companies were listed on the Korea Exchange. Click for Press Release (PDF 145k).

 

IASB January meeting notes - second day

26 Jan 2006

The International Accounting Standards Board held its monthly Board meeting at its offices in London on Tuesday and Wednesday, 24 and 25 January 2006 (afternoons only both days).

IASB January meeting notes - first day

25 Jan 2006

The International Accounting Standards Board held its monthly Board meeting at its offices in London on Tuesday and Wednesday, 24 and 25 January 2006 (afternoons only both days).

IFAC ED on corporate code of conduct

25 Jan 2006

The International Federation of Accountants (IFAC) has issued for comment an exposure draft, Guidance for the Development of a Code of Corporate Conduct, proposing guidance to assist professional accountants and others in establishing and implementing codes of conduct in their organisations worldwide.

The exposure draft is designed to help professional accountants in profit, not-for-profit, and government organisations to address issues relating to the developing, monitoring, reinforcing, and reporting of a code of conduct. Comment deadline is 15 April 2006. Click to download:

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.