Summary record of ARC 26 September 2006 meeting

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26 Oct 2006

The European Commission has posted the summary record of the 26 September 2006 Meeting of the Accounting Regulatory Committee.

Matters discussed included the following:
  • Roundtable for Consistent Application of IFRSs. At the 20 September 2006 Roundtable (PDF 22k) meeting, three matters of 'common concern' were identified.
    • Reassessment of embedded derivatives (broadening of IFRIC 9) – expected to be referred to IFRIC
    • De facto control – to be raised with the IASB
    • Common control transactions – to be raised with the IASB
  • IFRIC working procedures and due process (draft EC comment letter)
  • Equivalence between IFRS and third country GAAP, in particular US GAAP (discussion of Draft Regulation (PDF 34k) and Draft Commission Decision (PDF 36k))
  • Relationship between the IAS Regulation and the 4th and 7th company law Directives (meaning of 'annual accounts in accordance with adopted IASs'). Issues raised included:
    • Which accounting rules apply to separate company financial statements
    • Whether a company preparing both consolidated and individual IFRS financial statements could issue its individual statements before the consolidated
    • Whether listed companies that do not prepare consolidated financial statements because they have no subsidiaries must follow IFRSs
    • How to determine whether an issuer on a regulated market is required to prepare consolidated financial statements, including materiality of subsidiaries
  • IFRIC 10 Interim Financial Reporting and Impairment – endorsement will be considered at the 24 November 2006 ARC meeting
  • Standards Advice Review Group – update on recruitment
  • Project of consolidation and language revision of endorsed IFRSs

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