This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version. Please upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

News

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.

13% of the companies anticipate a favourable impact. Click to the ICAEW press release (PDF 50k). Here is the Link to the ICAEW website.

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." .

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".

Mr. Bolkestein reported on the 14 June 2004 meeting of the Accounting Regulatory Committee (see news story of 5 July below). He said that the Commission is awaiting the opinion of EFRAG and will outline its suggestions concerning how best to proceed as regards endorsement of IAS 39 at a further meeting of the Accounting Regulatory Committee on 9 July. Click for (PDF 88k).

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. .

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.

Details about the hearing may be found on the IASB Website.

Differences between IFRSs and US GAAP – Chinese translation

05 Jul 2004

We have published the (PDF 576k).

The booklet reflects all IFRSs issued and revised through mid-June 2004, including those that do not become mandatory until 2005. A status note reflects what, if anything, is now being done about each difference. You can (PDF 258k). We are pleased to grant permission for accounting educators and students to make copies of either version for educational purposes.

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.

We believe the principles for hedge accounting established by IAS 39 are sound and will, if adopted, provide a model for recognition and measurement that, notwithstanding the shortcomings, will enhance the transparency and consistency of corporate reporting, including reporting by financial institutions, across the EU.

CESR seeks comments on enforcement standards

05 Jul 2004

The Committee of European Securities Regulators (CESR) has invited comments on a proposed approach to implementing its Standard No.

2, Coordination of Enforcement Activities. Standard 2 is establishes principles for coordinating enforcement at a pan-European level. CESR's (PDF 99k) involves guidance for implementing those principles. Written comments are due by 6 September 2004 and can be posted directly on the CESR Website.

Minutes of the 14 June 2004 EC Accounting Regulatory Committee

05 Jul 2004

The European Commission has published the of the 14 June 2004 meeting of the Accounting Regulatory Committee, at which endorsement of IAS 39 was the principal topic of discussion.

As previously reported (see our story of 15 June 2004) the governments of four European countries objected to the rule and six others abstained. Fifteen voted in favour. The Commission has asked the countries to put their views in writing by 30 June. After then, the Commission will make a decision. The minutes also note that IAS 32 will be proposed for endorsement because IFRIC Draft Interpretation D8 satisfactorily addresses the accounting treatment for cooperative shares.

FEE supports IAS 32/39 endorsement in Europe

05 Jul 2004

The European Federation of Accountants has sent separate letters to the European Financial Reporting Advisory Group (EFRAG) supporting EFRAG's draft letters endorsing IAS 32 and IAS 39 for use in Europe.

You can download FEE's letters from the FEE Website. In its letter on IAS 39, FEE wrote:

The standard will probably introduce some volatility in reported equity of financial institutions, but this will be clearly identifiable and explainable. We therefore agree with the position taken by the assenting view TEG members that the standard in its current form is sufficiently robust to form a basis for reporting on financial instruments in Europe and have concluded that IAS 39 meets the requirements of the Regulation and should accordingly be adopted for use in Europe. This conclusion has overwhelming support of the FEE Council although we note that a very small number of Member Bodies have not yet taken position on this issue.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.