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News

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EFRAG proposes to endorse IAS 39 amendment

20 Apr 2005

The European Financial Reporting Advisory Group has posted to its Website its proposed letter recommending that the European Commission approve, for use in Europe, the IASB's recent Amendments to IAS 39 Financial Instruments: Recognition and Measurement–Cash Flow Hedge Accounting of Forecast Intragroup Transactions.

EFRAG seeks comments by 16 May 2005.
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EFRAG comments to IASB on fair value option

20 Apr 2005

The European Financial Reporting Advisory Group has submitted a letter of comment to the IASB on Amendments to IAS 39: The Fair Value Option–Effective Date and Transitional Provisions.

Click to Download the Letter (PDF 25k).
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IAS Plus Newsletters for Q1 2005 are posted

19 Apr 2005

We have posted the latest Global and Asia-Pacific Editions of our IAS Plus newsletter.

The newsletter, which is published quarterly, reports on the recent activities of the IASB and the IFRIC and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same news content as the Global Edition plus accounting standards updates for Asia-Pacific countries. You will find all Past Issues Here.
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Asia-Pacific pages updated

19 Apr 2005

We have updated the following Asia-Pacific jurisdiction pages to reflect standard-setting activity during the first quarter of 2005: Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Taiwan. .

We have updated the following Asia-Pacific jurisdiction pages to reflect standard-setting activity during the first quarter of 2005: Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Taiwan.

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Public Sector Accounting Standards Board update

19 Apr 2005

In November 2004 IFAC's Public Sector Committee (PSC) was reorganised into the International Public Sector Accounting Standards Board (IPSASB).

The IPSASB develops standards for accounting and financial reporting by national, regional and local governments and related governmental agencies. Those standards, known as International Public Sector Accounting Standards (or IPSAS) are generally based on IFRSs, and profit-oriented government business enterprises are required to comply directly with IFRSs. We have posted the April 2005 issue of IPSASB Update, the first issue of IFAC's public sector newsletter since the reorganisation of the PSC into the IPSASB. The newsletter reports the decisions made at the IPSASB's March 2005 meeting and includes a review of the IPSASB's current work programme. Click:
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IASB meeting with FASB is now 21 and 22 April

18 Apr 2005

The IASB meeting later this week with the US Financial Accounting Standards Board will take place on Thursday and Friday, 21 and 22 April 2005. The Board's preliminary announcement (which we reported in an 8 April 2005 news story) had indicated that the joint meeting would be held only on Thursday, 21 April.

Agenda details for the two-day meeting can be found Here.
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EC plans to evaluate the IAS Regulation in 2007

18 Apr 2005

The European Commission has posted to the Internal Market section of its website an updated Evaluation Plan for 2005-2009.

Under that plan, the success of a wide range of Internal Market initiatives is being evaluated. Regulation EC 1606/2002 (the 'IAS Regulation') is scheduled for review in 2007.
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Accounting Roundup 2005–first quarter review

16 Apr 2005

We have posted the (PDF 632k), prepared by the National Office Accounting Standards and Communications Group of Deloitte & Touche LLP (USA).

During the first quarter of 2005, accounting standard-setters and accounting regulators issued a number of final and proposed FASB Interpretations, FSPs, EITF consensuses, SEC rules, PCAOB rules, IFRSs, etc. affecting accounting, financial reporting, and corporate governance. Accounting Roundup: 1st Quarter in Review–2005, presents brief descriptions of those pronouncements, as well as certain other regulatory and professional developments in accounting and financial reporting. The articles included were primarily drawn from issues of the Accounting Roundup newsletters published in the first quarter of 2005 and have been updated when appropriate. You will find past issues Here.
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SEC delays stock option compliance date

15 Apr 2005

The US Securities and Exchange Commission has deferred the compliance dates for FASB Statement 123 (revised 2004), Share-Based Payment.

Under FAS 123R, registrants would have been required to implement the standard as of the beginning of the first interim or annual period that begins after 15 June 2005 (after 15 December 2005 for small businesses). For a calendar year-end company, this would have meant initial adoption of FAS 123R in their third quarter 2005 reports.
The Commission's new rule allows companies to implement FAS 123R at the beginning of their next financial year that begins after 15 June 2005 (15 December 2005 for small businesses). An SEC registrant other than a small business with a 30 June 2005 year-end, however, must comply with FAS 123R starting with its interim financial statements for the quarter beginning 1 July 2005. The Commission's new rule does not change the accounting required by FAS 123R – only the dates for compliance with the standard. FAS 123R, like IFRS 2, requires companies to recognise the fair value of stock options given to employees as compensation expense. IFRS 2 went into effect on 1 January 2005. Click for (PDF 29k).

 

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IFAC proposes new auditor education requirements

15 Apr 2005

Proposals just released by the International Federation of Accountants call for auditing professionals to have an advanced level of knowledge in three areas: financial statement audits, financial accounting and reporting, and information technology.

This advanced level of knowledge is deeper than that expected of other professional accountants. The proposals are set out in an exposure draft, Competence Requirements for Audit Professionals (PDF 128k). The ED also would require individuals to gain a period of relevant practical experience (normally a minimum of three years) before having substantial involvement in a financial audit assignment. For audits of financial statements in specific industries (such as banking and finance, extractive industries, and insurance) and specific environments (such as transnational audits), the proposed standard would require that the audit professional possess professional knowledge and experience relevant to those environments or industries. Comment deadline is 15 July 2005. Click for Press Release (PDF 67k).

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