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News

  • English Institute urges immediate endorsement of IAS 39

    06 Jul 2004

    The chief executive of the Institute of Chartered Accountants in England and Wales has written to the United Kingdom Minister of State for Industry, expressing the Institute's "serious concern" over the uncertainty regarding the endorsement of the international financial instruments standard IAS 39. -->"We urge the UK Government to continue to seek early endorsement of the latest version of IAS 39, unamended and unabridged.

  • ICAEW warns companies to communicate impact of IFRSs

    06 Jul 2004

    A study by the Institute of Chartered Accountants in England and Wales has found that 27% of UK listed companies surveyed expect that their key performance indicators will be negatively affected as a result of the introduction of International Financial Reporting Standards in 2005. Yet, only 17% of the listed companies surveyed have a plan in place for communicating the impact of IFRSs to financial analysts and investors.

  • Reminder – comment deadline on IFRIC D6

    06 Jul 2004

    The deadline for comments on IFRIC's Draft Interpretation D6, Multi-employer Plans is this Friday, 9 July 2004. D6 would require an entity to "make every practicable effort to apply defined benefit accounting to multi-employer plans in which it participates." .

  • EU Council discusses IAS 39; ARC will meet 9 July

    06 Jul 2004

    At its meeting in Brussels yesterday, the Council of Economics and Finance Ministers of the European Union received a report from Internal Market Commissioner Frits Bolkestein about "the pending endorsement of IAS 39, on recognition, derecognition, and measurement of financial instruments (notably derivatives), and hedge accounting".

  • EFRAG will meet tomorrow on endorsement of IAS 32 and IAS 39

    06 Jul 2004

    The European Financial Reporting Advisory Group (EFRAG) will meet on 7 July 2004 to finalise its endorsement advice to the European Commission regarding IAS 32 and 39. The meeting is open to the public, begins at 10:00 a.m., and will be held at the office of the European Federation of Accountants, 83 rue de la Loi, Brussels. .

  • IASCF constitution review hearing 13 July in Tokyo

    06 Jul 2004

    The constitution committee of the IASC Foundation will hold its third public hearing in connection with its current Review of the Foundation's Constitution on 13 July 2004 at the offices of Keidanren Kaikan, 1-9-4,Otemachi, Chiyoda-ku, Tokyo.

  • Deloitte urges IAS 32/39 endorsement in Europe

    05 Jul 2004

    Deloitte has urged the European Financial Reporting Advisory Group (EFRAG) to recommend that the European Commission adopt IAS 32 and IAS 39 for use in Europe starting in 2005. Our (PDF 51k) cites a number of "far reaching and damaging" consequences for the transition to IFRSs in Europe in 2005 if there is not a "fully endorsed and wholly supported standard on the recognition and measurement of financial instruments". Whilst IAS 39 is not perfect, there is much to be warmly welcomed.