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News

  • Exposure drafts expected from IASB and IFRIC

    11 Jun 2004

    The following proposals are expected to be issued for public comment by the IASB and IFRIC by the end of this month: IFRIC D7 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions IFRIC D8 Members' Shares in Co-operative Entities IFRIC D9 Scope of SIC-12 Amendments to IAS 39 and IFRS 4 Financial Guarantees and Credit Insurance Amendments to IAS 39 Transition and Initial Recognition Amendments to IAS 39 Foreign Currency Cash Flow Hedge Accounting of Forecast Intragroup Transactions .

  • EFRAG proposes to recommend endorsement of IFRIC 1

    11 Jun 2004

    The European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft letter to the European Commission proposing to recommend adoption of IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities for use in Europe.

  • Basel Committee release on IAS 39 and regulatory capital

    09 Jun 2004

    The Basel Committee has posted on its website a Press Release (PDF 18k) announcing the Committee's recommendations to national bank regulators that two amounts that are reported in equity under IAS 39 not be considered part of a bank's Tier I or Tier II capital for regulatory purposes: The cumulative fair value gains and losses on cash flow hedges of financial instruments measured at amortised cost Gains and losses arising from changes in an institution's own credit risk as a result of applying the IAS 39 fair value option to its liabilities. The release also notes that "application of the fair value option may raise other, additional supervisory concerns with respect to regulatory capital." .

  • Ian Mackintosh named Chair of the UK ASB

    09 Jun 2004

    Ian Mackintosh, a member of the Standards Advisory Council and the IASB's SME Advisory Panel, has been appointed as Chairman of the UK Accounting Standards Board effective 1 August 2004 for a three year term.

  • IFAC revises its ethics rules on audit partner rotation

    06 Jun 2004

    The Ethics Committee of the International Federation of Accountants has revised IFAC's ethics code to make it clear that an individual who has completed a predefined period (normally not more than seven years) in the role of lead engagement partner for an audit of a listed entity should not participate in that assurance engagement until a further period, normally two years, has elapsed. .