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News

  • 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.

  • FEE warns that EU standards "second best" without IAS 39

    05 Jun 2004

    A report published by FEE, the Federation of European Accountants, warns that Europe's accounting standards would be regarded globally as inferior if some IFRSs (particularly IAS 39) are not endorsed for use in Europe.

  • Report from the first day of the IFRIC meeting

    04 Jun 2004

    The International Financial Reporting Interpretations Committee (IFRIC) is holding 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 first day of the meeting.Notes from the IFRIC Meeting3 June 2004 The Chairman noted that this was Clement Kwok's last meeting and thanked him for his participation.

  • IFAC research report on public sector budgetary reporting

    04 Jun 2004

    A research report on Budget Reporting published by the Public Sector Committee (PSC) of the International Federation of Accountants examines best practices in budget formulation and reporting under differing budget models and government administrative arrangements, and considers whether the PSC should develop an International Public Sector Accounting Standard (IPSAS) on budget reporting.

  • Trustees meet with SAC committee on constitution review

    03 Jun 2004

    As part of their current Review of the IASC Foundation (IASCF) Constitution, the IASCF trustees' constitution committee met, on 2 June 2004 in a public session in New York, with a constitution subcommittee of the Standards Advisory Council (SAC).

  • New chairman of IOSCO Technical Committee

    03 Jun 2004

    The International Organization of Securities Commissions (IOSCO) has elected Andrew Sheng, Chairman of the Securities and Futures Commission of Hong Kong, as the new Chair of its Technical Committee.

  • EC report on implementation of IFRSs in Europe

    02 Jun 2004

    The (PDF 148k) on the European Commission's Action Plan for Financial Services, which was presented to the 2 June 2004 meeting of the Council of Economics and Finance Ministers, provides an update on the implementation of IFRSs in Europe, including the following commentary on IAS 39: On IAS 39, discussions continue between the IASB and interested parties. On 21 April, the IASB re-exposed the fair value option in IAS 39. Further discussions relate to the presentation of cash flow hedges and the possible application of a third type of hedge.