• Deloitte's IPSAS Summary Booklet (PDF 227k)
• More Information about the IPSASB and IPSASs

• A rapidly growing use of the International Valuation Standards (IVS). Of those companies who disclosed that the valuation was carried out according to certain valuation standards, 36% referred to the IVS; 38% to the RICS 'Red Book';
• If UK companies were excluded, 40% of companies referred to use of the IVS; 24% to the RICS 'Red Book';
• In all, ten difference sets of valuation standards/guidance were quoted as having been used;
• Just under half of the companies surveyed reproduced a definition of Market Value or of Fair Value within their financial statement. Only 34% accurately reproduced either the IVS definition of Market Value (also adopted by the RICS) or the IASB definition of Fair Value.

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The main change from the previous version is the removal of the option of immediately recognising as an expense borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. An entity is, therefore, required to capitalise borrowing costs as part of the cost of such assets.

The revised IAS 23 does not require the capitalisation of borrowing costs relating to assets measured at fair value, and inventories that are manufactured or produced in large quantities on a repetitive basis, even if they take a substantial period of time to get ready for use or sale.

The revised Standard applies to borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after 1 January 2009. Earlier application is permitted.

Click for Press Release (PDF 51k).

• The progress that has been made by the ASBJ in the areas of intangible assets, retrospective restatement, and scope of consolidation (including SPEs and consolidation of foreign subsidiaries)
• IASB projects on post-retirement benefits, measurement, conceptual framework, and business combinations.

We have updated the following agenda project pages to reflect the discussions and decisions at the International Accounting Standards Board's March 2007 meeting:

• Annual Improvements Process 2006-2007
• Business Combinations Phase 2
• Conceptual Framework
• Earnings per Share
• Financial Instruments – Comprehensive Project
• Financial Statement Presentation
• Leases
• Liabilities – Amendments to IAS 37
• Post-employment Benefits