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News

  • Second day of the October 2004 IFRIC meeting

    10 Oct 2004

    The International Financial Reporting Interpretations Committee (IFRIC) met in London for two days: 7 and 8 October 2004. Presented below are the preliminary and unofficial notes taken by the Deloitte observers at the second day of the meeting.Notes from the IFRIC Meeting8 October 2004 IFRIC D8 Members' Shares in Co-operative Entities The IFRIC considered an overview paper outlining the responses to the exposure of this draft.

  • First day of the October 2004 IFRIC meeting

    09 Oct 2004

    The International Financial Reporting Interpretations Committee (IFRIC) is meeting in London for two days: 7 and 8 October 2004. Presented below are the preliminary and unofficial notes taken by the Deloitte observers at the first day of the meeting.Notes from the IFRIC Meeting7 October 2004 IFRIC D1 - Emission Rights The IFRIC discussed the effective date of 1 March 2005 and underscored that its intention was for this Interpretation not to be effective for European first-time adopters although early adoption is encouraged. The point was made that the Basis for Conclusions does not adequately support the decision taken for non-amortisation of the allowances under D1. In addition, concern was raised that the Basis for Conclusions appears to give the impression that application of IAS 38 would result in an accounting treatment that is not representationally faithful.

  • Comment letters posted on SMEs, D7, D8, D9

    07 Oct 2004

    The IASB has Posted on its Website comment letters received on the following projects: IASB Discussion Paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities IFRIC D7 Scope of SIC-12 Consolidation–Special Purpose Entities* IFRIC D8 Members' Shares in Co-operative Entities* IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions *Some letters on D7 and D8 had previously been posted.

  • Agenda for October 2004 IASB meeting

    07 Oct 2004

    The IASB will meet at the offices of the Financial Accounting Standards Board (FASB), Norwalk, Connecticut, USA, on 18-20 October 2004. The third day will be a joint meeting with the FASB.

  • IFAC exposure draft on ethics

    06 Oct 2004

    The International Federation of Accountants has invited comment on an exposure draft of a Revised Code of Ethics for Professional Accountants.

  • Financial reporting in Bhutan

    05 Oct 2004

    The Companies Act of Bhutan (2000) states that listed companies must present their financial statements in compliance with GAAP.

  • ARC endorses IAS 39 with two parts modified

    04 Oct 2004

    At its meeting in Brussels on 1 October 2004, the Accounting Regulatory Committee of the European Commission voted to recommend endorsement of IAS 39 for use in Europe, with two modifications.

  • David Tweedie's testimony on IAS 39 is available

    04 Oct 2004

    The IASB has released the (PDF 63k) of IASB Chairman Sir David Tweedie before the Committee on Monetary and Economic Affairs of the European Parliament on 22 September 2004. Sir David's prepared statement includes a report on the history, background, and progress of discussions on IAS 39. An excerpt: The Committee asked the IASB to appear to discuss progress with IAS 39 and the proposals of the European Commission.

  • Update on IASCF constitution review

    04 Oct 2004

    On 6 October 2004 in Mexico City, the Constitution Committee of the IASC Foundation will hold its fourth and last public hearing on possible changes to the Foundation's constitution, under which the IASB operates.