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'Near final draft' on financial guarantee contracts

15 Jul 2005

The IASB has posted on its website the 'near-final draft' of its amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts relating to financial guarantee contracts.

The amendments are effective for annual periods beginning 1 January 2006, with earlier application permitted. The intent of the amendments is to clarify which standard – IAS 39 or IFRS 4 – should be followed in accounting for financial guarantee contracts. Near-final drafts may be accessed by subscribers to IASB publications.
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EFRAG responds to IASB SME questionnaire

15 Jul 2005

In their Response to the IASB's SME Questionnaire (PDF 80k), the European Financial Reporting Advisory Group (EFRAG) expresses support for the Board's decision to develop a separate set of financial reporting standards for small and medium-sized entities (SMEs).

"We see this as an opportunity to further harmonise accounting standards in Europe and globally," the letter to the IASB states. EFRAG recommends that the IASB develop SME standards with a typical medium-sized SME in mind. "All the decisions it makes about the transactions to be addressed and the simplifications to be made should be based on that type of entity. We would though recommend that the IASB should include all other non-publicly accountable entities within the scope of its SME standards and should leave each jurisdiction to decide exactly where to draw the line between entities that should follow the listed entity standards and entities that are permitted to apply SME standards."
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Australian financial reporting update

14 Jul 2005

A new (PDF 80k) outlines some of the significant areas that may affect financial reporting for annual reporting periods ending 30 June 2005. Topics covered include revised AASB 1046 on director and executive disclosures, disclosure of the impacts of adopting Australian 'equivalents' to IFRSs (AASB 1047), amendments to the Corporations Act 2001 arising from the enactment of (PDF 45k), and the ASX extension of reporting deadlines for half-yearly and preliminary final reports.

Links to all past Alerts are Here.
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Application and enforcement of IFRSs in Europe

14 Jul 2005

In a recent (PDF 74k) in London, Charlie McCreevy, the European Commissioner for Internal Market and Services, commented on the benefits to Europe of rigorous application and enforcement of IFRSs: Over the coming months, Europe must show it can deliver on effective application and enforcement of IAS.

This will be one of the first tests for our supervisory structures. It is a test we cannot afford to fail. If we do we will lose the prize now within our sights of reducing costs for business through recognition of equivalence of accounting standards. In a globalised economy Europe has to act in a global way – and lead.
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IASB will meet in London 19-21 July 2005

13 Jul 2005

The IASB will meet at its offices in London on Tuesday to Thursday, 19-21 July 2005. The announced agenda for the meeting is below.

agenda.gif19-21 July 2005, London Tuesday 19 July 2005

Wednesday 20 July 2005 Thursday 21 July 2005 (afternoon only)
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Australian Accounting Alert on fair value option

13 Jul 2005

Deloitte (Australia) has published (PDF 43k) covering AASB 2005-4 Amendments to Australian Accounting Standards issued by the Australian Accounting Standards Board (AASB).

AASB 2005-4 amends AASB 139 Financial Instruments Recognition and Measurement to reflect the restrictions on using the fair value option recently adopted by the IASB. This Accounting Alert provides an overview of that change. Links to all past Alerts are Here.
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EC 'FAQ' publication on IAS 39 fair value option

13 Jul 2005

The European Commission has published (PDF 94k), providing the Commission's views on the following questions: Why did the Commission carve out the full fair value option in the original IAS 39 standard? Do prudential supervisors support the IAS 39 FVO as published by the IASB? When will the Commission to adopt the amended standard for the IAS 39 FVO? Will companies be able to apply the amended standard for their 2005 financial statements? Does the amended standard for IAS 39 FVO meet the EU endorsement criteria? What about the relationship between the fair valuation of own liabilities under the amended IAS 39 FVO standard and under Article 42(a) of the Fourth Company Law Directive? Will the Commission now propose amending Article 42(a) of the Fourth Company Directive? What about the remaining IAS 39 carve-out relating to certain hedge accounting provisions? .

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Reminder about upcoming comment deadlines

13 Jul 2005

We remind IAS Plus visitors that the deadlines for submitting comments on the following IFRIC Draft Interpretations are 18 July 2005: IFRIC D16 Scope of IFRS 2 (issued 19 May 2005) IFRIC D17 IFRS 2 – Group and Treasury Share Transactions (issued 19 May 2005) .

We remind IAS Plus visitors that the deadlines for submitting comments on the following IFRIC Draft Interpretations are 18 July 2005:

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IASB statement on withdrawal of IFRIC 3

12 Jul 2005

The IASB has issued a Public Statement on Withdrawal of IFRIC 3' Emission Rights'.

Click for:

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IAASB standard on reviews of interim information

12 Jul 2005

The International Auditing and Assurance Standards Board (IAASB) has released a new International Standard on Review Engagements (ISRE) to assist auditors engaged to review the interim financial information of an audit client.

ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity outlines the general principles of a review of interim financial information, provides guidance on the procedures to be performed, and prescribes the content of the review report. In addition, an appendix to the standard includes examples of an engagement letter, management representation letter, analytical procedures the auditor may consider when performing the review, and illustrative review reports. ISRE 2410 is effective for engagements to review the interim financial information of an audit client for periods beginning on or after 15 December 2006. Click for Press Release (PDF 77k).

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