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Proposed IFAC guidance on practical experience

05 Jan 2007

The International Accounting Education Standards Board has proposed new guidance to help IFAC member bodies develop practical experience programs for accounting students.

The proposed new International Education Practice Statement (IEPS), Practical Experience Requirements - Initial Professional Development for Professional Accountants provides guidance for implementing International Education Standard (IES) 5 Practical Experience Requirements. It includes an illustrative practical experience framework setting out the areas of professional knowledge and professional skills that the IAESB believes are relevant for all professional accountants.

Comment deadline is 31 March 2007. Click for:


Agenda for 11-12 January 2007 IFRIC meeting

04 Jan 2007

The tentative agenda for the meeting is shown below.11-12 January 2007, London Thursday 11 January 2007.

The tentative agenda for the meeting is shown below.

11-12 January 2007, London Thursday 11 January 2007

Friday 12 January 2007

EU IFRS regulation now applies to Bulgaria, Romania

03 Jan 2007

Bulgaria and Romania became members of the European Union as of 1 January 2007. As a result, the EU regulation requiring the use of IFRSs by all listed companies in their consolidated financial statements became applicable in those two countries.

Bulgaria had already required IFRSs for its listed companies, and Romania had required IFRSs for all large companies.

Survey on use of IFRSs expanded to include unlisted companies

03 Jan 2007

We have updated our table on Global Use of IFRSs by Jurisdiction to include information about whether unlisted companies are required or permitted to use IFRSs.

Previously, the table only covered listed companies. Users of this table should bear several points in mind:
  • It is based on the best information we currently have available. If you find an error, please Send Us an Email. If possible, please include links to, or citations of, documents from which the information can be verified.
  • It is not complete. We have no data at all for some countries, and no data about unlisted companies for other countries. If you can help fill in the blanks, please send us an email.
  • It reports only direct use of IFRSs. Direct use means that the basis of preparation note and the auditor's report will refer to conformity with IFRSs. Use of local GAAP that is described as 'based on' or 'similar to' or 'converged with' IFRSs is not direct use of IFRSs.

Click for Our IFRS by Jurisdiction page.

FEI 'Top 10 Financial Reporting Challenges for 2007'

02 Jan 2007

Colleen Cunningham, the CEO and President of Financial Executives International, has compiled the following list of the Top 10 Financial Reporting Challenges for 2007.

A number of the challengesare being addressed in joint IASB-FASB projects:
  1. Internal Controls. Implementation of requirements of the Section 404 of Sarbanes-Oxley Act concerning reports on internal controls.
  2. Uncertain Tax Positions. Problems in implementing FIN 48 Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109. This issue is being addressed in the joint IASB-FASB Convergence Project on Income Taxes.
  3. XBRL. "Expect more momentum in 2007 as more companies voluntarily adopt and the SEC continues to prioritise XBRL."
  4. Fair Value. FAS 157 Fair Value Measurement takes effect in 2007. IASB has issued a Wrap-around Discussion Paper.
  5. Servicing Assets and Liabilities. Implementation of FAS 156 Accounting for Servicing of Financial Assets - an Amendment of FAS 140.
  6. Complexity in Financial Reporting. "The level of restatements (over 10 percent of [SEC] registrants) implies a level of complexity in the existing reporting model that requires subject matter experts on staff for every accounting area."
  7. Derivatives. Particularly, master netting arrangements.
  8. Pensions. FASB has issued FAS 158, Employers' Accounting for Defined Benefit Pension and other Postretirement Plans. IASB has begun a Project.
  9. Earnings per Share. The IASB and FASB will each issue exposure drafts on the EPS Convergence Project.
  10. Business Combinations. IASB and FASB Joint Project on Business Combinations Phase 2.

Access to IAS Plus continues to be slow

01 Jan 2007

Users of IAS Plus from outside the Hong Kong area are likely to find access slow for at least two more weeks, because repairs to the undersea fibre-optic cables damaged by Earthquakes on 26 December 2006 are not proceeding as quickly as expected.

One of the two repair ships has suffered a 'major fault' and has been sent to a port for urgent repairs. Repairs to one of the six damaged cables are now expected to be completed around 16 January 2007. Repairs to the others will be completed progressively by the end of January 2007. Click for HK Government Press Release (PDF 24k). Update 2 January 2007: Click for HK Government Update (PDF 24k).

Another record year for IAS Plus

01 Jan 2007

In 2006 we had 1,347,000 visitors. Thank you for making us, once again, the #1 source on the Internet for information about international financial reporting.

We wish you a very happy new year. Here are a few more statistics about IAS Plus in 2006:
  • Total page views: 5,102,000
  • Top 10 most visited pages: Home Page, Standards List, Publications, Search, IAS 39, Interpretations, Model Financial Statements, IAS 1, Compare National GAAP and IFRS, and Countries/Jurisdictions.
  • Total website file size: 541mb
  • Total number of files: 3,733 files, including 609 HTML web pages and 2,413 downloadable PDF files.

Correction list for hyphenation

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