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News

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New Australian Accounting Alert on related parties

02 Feb 2006

Deloitte (Australia) has published Revised AASB 124 Related Party Disclosures (PDF 49k).

The revised version of AASB 124 incorporates the requirements of now superseded AASB 1046 Director and Executive Disclosures by Disclosing Entities and introduces a number of additional disclosures consistent with those required by Section 300A of the Corporations Act 2001. Links to all past Australian Accounting Alerts are Here.
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US SEC and Japan FSA will discuss accounting

02 Feb 2006

The US Securities and Exchange Commission and the Japan Financial Services Agency have announced terms for increased co-operation and collaboration.

Accounting standards are one of a number of issues to be covered in a planned SEC-JFSA dialogue in 2006. Click for (PDF 35k).
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IPSASB ED on non-exchange revenue including taxes

02 Feb 2006

The International Public Sector Accounting Standards Board (IPSASB) has proposed a new accounting standard for non-exchange revenue, including taxes and transfers.

The exposure draft, Revenue from Non-Exchange Transactions (Including Taxes and Transfers) deals with the basis on which different kinds of taxes should be recognised and how they should be measured. The ED also addresses accounting for other major sources of non-exchange revenue for public sector entities, including transfers from other governments and international organisations, and gifts and donations. The ED also provides guidance on how conditions and restrictions on the use of transferred resources are to be reflected in the financial statements. The IPSASB requests comments on the ED by 30 June 2006. The ED may be viewed by going to IPSASB's Website. Click for the Press Release (PDF 80k).
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Australian year-end accounting update

02 Feb 2006

Deloitte (Australia) has published December 2005 Financial Reporting Update (PDF 147k).

Topics covered include:
  • Amendments to Australian Accounting Standards AASB 121, 1023, 139, and 124, and AAS 25.
  • Introduction of Australian Accounting Standard AASB 7.
  • IFRIC Interpretations.
  • UIG Interpretations 4, 5, 6, and 1052 and UIG Guidance.
  • ASIC releases and amendments since 30 June 2005.
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IAS Plus Newsletters for fourth quarter 2005 are posted

02 Feb 2006

The January 2006 IAS Plus newsletter has been published.

The newsletter reports on the 4th quarter 2005 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same 24-page news content as the Global Edition plus 11 pages of accounting standards updates for the Asia-Pacific region. You will find all Past IAS Plus Issues Here.
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David Shedlarz named IASCF Trustee

01 Feb 2006

David L Shedlarz has been appointed as a Trustee of the IASC Foundation for a term ending 31 December 2008. Mr Shedlarz is a Vice Chairman and member of the Executive Committee of Pfizer Inc, where he oversees operations including finance, strategic planning, global sourcing, human resources, and information systems.

He served on the Standards Advisory Council from 2001 to 2005. Click for:
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IASB Chairman meets with EU Parliamentary committee

31 Jan 2006

Sir David Tweedie, Chairman of the IASB, met with the Economic and Monetary Affairs Committee of the European Parliament to discuss the work of the IASB and the adoption of IFRSs in the European Union.

Sir David covered, among other things, the progress of convergence between the standards of the IASB and the FASB, the status of IAS 39, and the outcome of the IASC Foundation Constitution Review. Click for Sir David's Statement (PDF 52k).
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Updated EFRAG endorsement status report

30 Jan 2006

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status as of 27 January 2006 (PDF 32k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
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Agenda project pages updated for January meeting

28 Jan 2006

We have updated the following agenda project pages to reflect discussions and decisions at the January 2006 meeting of the International Accounting Standards Board: Accounting Standards for Small and Medium-sized Entities (SMEs) Business Combinations II Performance Reporting Reassessment of Embedded Derivatives - Proposed Interpretation Short-term Convergence - Borrowing Costs Short-term Convergence - Earnings per Share - Treasury Stock Method .

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IASB SME Working Group will meet next week

27 Jan 2006

The IASB's Working Group on Small and Medium-sized Entities will meet on 30 and 31 January 2006 at the Crowne Plaza London - St.

James's Hotel in London. The Board will begin its review of the content of a substantially complete preliminary staff draft of an Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities (SMEs). The agenda is available on IASB's Website (PDF 43k). The meeting is open to public observation.

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