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May

Agenda project pages updated for May 2006 meeting

29 May 2006

We have updated the following agenda project pages to reflect the Board's deliberations at the May 2006 IASB meeting: Accounting Standards for Small and Medium-sized Entities Business Combinations II Fair Value Measurement IAS 37 Amendments IFRS 1: Cost of a subsidiary in the separate financial statements of a parent on first-time adoption (new project page) Insurance Contracts - Phase 2 Pensions (new project page) Related Party Disclosures (new project page) Service Concession Arrangements .

Updated summary of issues not added to IFRIC agenda

28 May 2006

We have updated our Summary of Issues Not Added to IFRIC's Agenda to include IFRIC's final decision in May 2006 not to add the following two topics to its agenda: Scope of IFRS 2: Share plans with cash alternatives at the discretion of the entity IFRS 2: Share plans with cash alternatives at the discretion of employees: grant date and vesting periods .

We have updated our Summary of Issues Not Added to IFRIC's Agenda to include IFRIC's final decision in May 2006 not to add the following two topics to its agenda:

  • Scope of IFRS 2: Share plans with cash alternatives at the discretion of the entity
  • IFRS 2: Share plans with cash alternatives at the discretion of employees: grant date and vesting periods

Notes from last day of IASB May 2006 meeting

27 May 2006

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here. .

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

IFAC guidance on developing a business plan for SMEs

26 May 2006

The International Federation of Accountants' Professional Accountants in Business Committee has released an information paper that provides guidance on developing a business plan for small and medium entities (SMEs), including how to develop a corporate values statement and manage business risks.

The principles and practices in the paper, entitled Business Planning Guide: Practical Application for SMEs, were designed primarily, but not exclusively, for management operating in SMEs and for the small- and medium-sized accounting practices that service them. Click for Press Release (PDF 55k). You can download the paper without charge from IFAC's On-line Store.

Australia establishes a financial reporting panel

26 May 2006

The Australian Government has appointed the members of a new Financial Reporting Panel (FRP).

The FRP was established under the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 to resolve disputes between the Australian Securities and Investment Commission and a company in relation to the application of accounting standards in its annual financial reports. Click for (PDF 109k).

Notes from third day of IASB May 2006 meeting

26 May 2006

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here. .

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

IASB exposure draft on borrowing costs

25 May 2006

The IASB has published an exposure draft proposing to amend IAS 23 'Borrowing Costs' as part of its short-term convergence project with the US Financial Accounting Standards Board (FASB).

The objective of the convergence project is to reduce differences between the IASB's International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP).

The Exposure Draft proposes to require an entity to capitalise borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset as part of the cost of that asset.

The option of immediately recognising those borrowing costs as an expense, which is in the current version of IAS 23, would be removed.

Deadline for comments on the exposure draft is 29 September 2006. Click for IASB Press Release (PDF 57k). The exposure draft may be downloaded without charge from the IASB Website.

 

Notes from day two of IASB May 2006 meeting

25 May 2006

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here. .

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

EFRAG 2005 annual review

25 May 2006

The European Financial Reporting Advisory Group (EFRAG) has published its Annual Review for 2005 (PDF 1,540k).

EFRAG identifies the following among its 'most notable accomplishments':
  • Enhanced role through entering into the formal 'Working Arrangement' with the European Commission
  • An official IASB invitation to meet regularly with IASB Board Members on the convergence project
  • Setting up of the 'Pro-active Accounting Activities in Europe' project in partnership with national standard setters

EFRAG appoints performance reporting advisory group

25 May 2006

The European Financial Reporting Advisory Group (EFRAG) has appointed a Pan-European Advisory Group on Performance Reporting as part of its programme pro-active accounting activities.

The project will be led jointly by the Spanish Standard Setter (ICAC) and EFRAG. Click for EFRAG Announcement (PDF 48k).

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.