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News

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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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Special IAS Plus newsletter on IFRIC 8

27 Jan 2006

Earlier this month, the International Financial Reporting Interpretations Committee issued Interpretation 8 Scope of IFRS 2.

IFRIC 8 clarifies the application of IFRS 2 Share-based Payment to arrangements where an entity makes share-based payments for apparently nil or inadequate consideration. IFRIC 8 is effective for annual periods beginning on or after 1 May 2006, with earlier application encouraged. Deloitte has published a (PDF 53k) explaining IFRIC 8. You will find links to all past IAS Plus newsletters Here.
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European Commission formally adopts recent IFRSs

27 Jan 2006

The European Commission has published in the Official Journal of the European Union Commission Regulation (EC) No 108/2006 of 11 January 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards IFRS 1, 4, 6 and 7, IAS 1, 14, 17, 32, 33, and 39 and IFRIC Interpretation 6. Click to (PDF 385k - includes the English language versions of the newly adopted standards). .

The European Commission has published in the Official Journal of the European Union Commission Regulation (EC) No 108/2006 of 11 January 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards IFRS 1, 4, 6 and 7, IAS 1, 14, 17, 32, 33, and 39 and IFRIC Interpretation 6. Click to (PDF 385k - includes the English language versions of the newly adopted standards).

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Non-domestic listed companies may use IFRSs in Korea

26 Jan 2006

South Korea's Financial Supervisory Commission has approved regulatory amendments proposed by the Korea Exchange to allow non-Korean listed companies to use IFRSs or US GAAP instead of Korean Accounting Standards.

At 31 December 2005, the World Federation of Exchanges reports that 1,619 domestic and 0 non-domestic companies were listed on the Korea Exchange. Click for Press Release (PDF 145k).

 

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IASB January meeting notes - second day

26 Jan 2006

The International Accounting Standards Board held its monthly Board meeting at its offices in London on Tuesday and Wednesday, 24 and 25 January 2006 (afternoons only both days).

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IASB January meeting notes - first day

25 Jan 2006

The International Accounting Standards Board held its monthly Board meeting at its offices in London on Tuesday and Wednesday, 24 and 25 January 2006 (afternoons only both days).

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IFAC ED on corporate code of conduct

25 Jan 2006

The International Federation of Accountants (IFAC) has issued for comment an exposure draft, Guidance for the Development of a Code of Corporate Conduct, proposing guidance to assist professional accountants and others in establishing and implementing codes of conduct in their organisations worldwide.

The exposure draft is designed to help professional accountants in profit, not-for-profit, and government organisations to address issues relating to the developing, monitoring, reinforcing, and reporting of a code of conduct. Comment deadline is 15 April 2006. Click to download:
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FASB issues 'fair value option' exposure draft

25 Jan 2006

The US Financial Accounting Standards Board has issued an exposure draft that would provide companies with the option to report selected financial assets and liabilities at fair value.

Under the option, any changes in fair value would be included in earnings. FASB's proposed 'fair value option' is similar to the one included in IAS 39 Financial Instruments: Recognition and Measurement. The intent of such an option is to reduce volatility in earnings caused by 'accounting mismatches' when different bases are used for measuring related financial instruments. The ED may be downloaded from FASB's Website. Comment deadline is 10 April 2006. Click for (PDF 12k).
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Remaining differences - Singapore FRSs and IFRSs

25 Jan 2006

We have updated our summary of the remaining differences between Singapore Financial Reporting Standards and International Financial Reporting Standards on our Singapore Page to reflect changes made by Singapore's Council on Corporate Disclosure and Governance (CCDG) in January 2006. .

We have updated our summary of the remaining differences between Singapore Financial Reporting Standards and International Financial Reporting Standards on our Singapore Page to reflect changes made by Singapore's Council on Corporate Disclosure and Governance (CCDG) in January 2006.

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Smooth transition to IFRSs in Australia

23 Jan 2006

The Australian Securities and Investments Commission has released a summary of its latest review of the recently introduced Australian equivalents to International Financial Reporting Standards (AIFRSs).

ASIC reviewed disclosures made in financial reports by 1,250 listed companies with balance dates between 30 June and 31 July 2005. ASIC found that "all entities reviewed had successfully provided the required disclosure of the impacts of AIFRSs by explaining the key differences in accounting practices they expected under AIFRSs".
  • Only 19 of the companies reviewed concluded that there would be no material impact arising from the adoption of the new standards.
  • About 700 of the companies provided disclosure of the quantitative impact for each point of key difference.
  • A further 480 companies quantified some of the key differences.
AIFRSs apply to financial reporting periods from January 1, 2005. Click for (PDF 52k).

 

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