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  • 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. .

  • SEC and CESR announce details for collaboration

    06 Jun 2004

    In our News Story of 29 May 2004, we reported on that the US Securities and Exchange Commission and the Committee of European Securities Regulators have reached agreement for enhanced cooperation and collaboration on cross-border securities regulatory matters.

  • Report from the second day of the IFRIC meeting

    05 Jun 2004

    The International Financial Reporting Interpretations Committee (IFRIC) held a two-day meeting in London on Thursday and Friday 3-4 June 2004. Presented below are the preliminary and unofficial notes taken by the Deloitte observers at the second and final day of the meeting. .

  • EFRAG invites comments on endorsement of IAS 32 and IAS 39

    05 Jun 2004

    The Technical Expert Group (TEG) of the European Federation of Accountants (EFRAG) has invited comments on draft letters to the European Commission proposing that the Commission endorse IAS 32 and IAS 39 for use in Europe.