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News

Approach to implementing IFRSs by Australian bank regulator

07 Aug 2004

The Australian Prudential Regulation Authority (APRA) – Australia's regulator of banks, insurance companies, superannuation funds, credit unions, and other financial institutions – has outlined the approach it will be taking during the implementation of IFRSs in Australia.

This follows confirmation of the Australian equivalents to these Standards by the Australian Accounting Standards Board in mid-July. All Australian reporting entities must adopt IFRSs for reporting periods beginning on or after 1 January 2005. This will, in turn, require APRA to revise its prudential standards and statistical requirements for deposit-taking institutions and insurance companies. Click for (PDF 52k).

IFAC Public Sector Committee update

05 Aug 2004

The IFAC Public Sector Committee has released PSC Update 12 (PDF 89k), which outlines recent progress on the PSC's standards program, provides a brief update on discussions with the PSC's Consultative Group at the last PSC meeting, and notes that the Report of the PSC Externally Chaired Review Panel has been finalised and is available from the IFAC website (www.ifac.org).

PSC standards are based on IFRSs.

Three new IFRS e-learning modules are now available

04 Aug 2004

Three new e-learning modules have been added to the 20 other modules available in Deloitte's popular IFRS e-Learning programme.

You can access all available modules by clicking the IFRS e-Learning 'light bulb' on the IASPlus home page or by clicking Here. Deloitte is making our IFRS e-Learning programme available in the public interest without charge. The three new modules are:
  • IAS 12 Income Taxes
  • IAS 19 Employee Benefits
  • IFRS 1 First-time Adoption of International Financial Reporting Standards

iGAAP 2005 Financial Statements for UK Listed Groups

03 Aug 2004

This publication focuses on how UK listed companies' financial statements will change as a result of the requirement to adopt IFRSs from 2005, and: explains the regulatory framework that requires UK listed groups to prepare their consolidated financial statements in accordance with IFRS; contains model financial statements and detailed commentary to illustrate the principal statutory, professional, and listing authority requirements, and; comments on the EU regulation that is driving change from UK GAAP to IFRS GAAP for listed groups, the companies affected, and the standards from the International Accounting Standards Board. iGAAP 2005 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 0870 777 2906. iGAAP 2005 Financial Instruments will be available from September 2004, and the complete iGAAP 2005 Manual, similar in style to Deloitte's GAAP 2004 guide to UK reporting requirements, will be available from November 2004. .

This publication focuses on how UK listed companies' financial statements will change as a result of the requirement to adopt IFRSs from 2005, and:

  • explains the regulatory framework that requires UK listed groups to prepare their consolidated financial statements in accordance with IFRS;
  • contains model financial statements and detailed commentary to illustrate the principal statutory, professional, and listing authority requirements, and;
  • comments on the EU regulation that is driving change from UK GAAP to IFRS GAAP for listed groups, the companies affected, and the standards from the International Accounting Standards Board.
iGAAP 2005 Financial Statements for UK Listed Groups can be purchased through CCH Online or by phone at +44 0870 777 2906. iGAAP 2005 Financial Instruments will be available from September 2004, and the complete iGAAP 2005 Manual, similar in style to Deloitte's GAAP 2004 guide to UK reporting requirements, will be available from November 2004.

IASB posts comment letters on IAS 19 amendment

03 Aug 2004

The IASB has posted on its Website the 45 letters of comment received on the exposure draft Proposed Amendments to IAS 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures.

Click for Deloitte's Letter.

IFRIC project pages updated to reflect July meeting

02 Aug 2004

We have updated the following four IFRIC agenda project pages to reflect the discussions at IFRIC's July 2004 meeting.

EFRAG invites comments on IASB SME discussion paper

01 Aug 2004

The European Financial Reporting Advisory Group (EFRAG) has invited comments on its draft response to the IASB discussion paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities.

EFRAG's Comment deadline is 20 September 2004:

IASB announces new meeting week schedule

31 Jul 2004

The IASB has announced that beginning in September it will generally hold its meetings in four half-day sessions during Board meeting weeks – Tuesday, Wednesday, and Thursday afternoons and Friday mornings, plus a non-decision-making educational session on Wednesday mornings, as follows: .

The IASB has announced that beginning in September it will generally hold its meetings in four half-day sessions during Board meeting weeks – Tuesday, Wednesday, and Thursday afternoons and Friday mornings, plus a non-decision-making educational session on Wednesday mornings, as follows:

IASB'S Announcement of Its New Meeting Week Schedule

In September 2004 the Board will adopt a new schedule for its meetings designed to make better use of Board time. The revised schedule provides for greater interaction between Board members and the IASB staff as well as time for small group meetings with constituents. This new schedule will not be in effect for the October and November meetings (owing to the joint meeting with the FASB in October and the Standards Advisory Council meeting in November) but will be resumed in December.

There will be four half-day meetings: Tuesday 13:00-16:00; Wednesday and Thursday 13:00-18:00; and Friday 08:00-12:00. Holding meetings in the afternoons will enable FASB staff to participate in the Board's discussions on joint projects. Meeting early on Friday accommodates project teams in Japan, Australia and New Zealand.

In addition, a public 'educational session' with the Board will be held on Wednesday morning 0800-1200. This session will be used to provide background and education on difficult issues, to help the staff identify potential points of confusion or ideas for solutions. These sessions will consider issues to be discussed in subsequent months' meetings. No decisions will be made.

Tuesday and Thursday mornings are available for public meetings between the Board and outside groups. Should such meetings be scheduled, the details will be announced on the IASB's Website in the usual way.

Summary of 9 July 2004 ARC meeting

30 Jul 2004

The Accounting Regulatory Committee of the European Commission met on 9 July 2004 to discuss the possible endorsement of IAS 32 and IAS 39 for use in Europe.

We have previously posted reports from the meeting, including the possibility of "carving out" some paragraphs of IAS 39 dealing with hedge accounting and the fair value option. The official (PDF 197k) of the meeting has now been released by the European Commission. Notes relating to the "carve-out" include the following:

The Chairman asked the Member States for their initial reactions in particular on a possible Commission proposal on a partial endorsement of IAS 39:

  • Many Member States adopted a very positive stance vis-a-vis a possible Commission proposal to adopt IAS 39 with the exception of the fair value option and of certain provisions relating to hedge accounting. Whilst a significant number of Member States were in favour of the Commission proposal, they needed more time and information to evaluate the suggestion properly....
  • Many Member States in favour of full endorsement indicated nevertheless their willingness to find constructive solutions and hence their readiness to examine a possible intermediate solution as sketched out by the Commission.
  • A few Member States maintained their strong preference for full endorsement of IAS 39 and rallied to an alternative proposal put forward by one of them that would consist of endorsing IAS 39 while granting Member States the possibility to disapply collectively or individually some of the provisions of IAS 39. This alternative did not attract much support and was opposed by some other Member States on the ground that it would lead to discrepancy in financial reporting throughout the EU and be contradictory to the objective of harmonisation sought after through the IAS Regulation....
  • Five Member States were not in a position to offer a view, as they had not yet completed their domestic consultations on the Commission proposal. Three Member States were not represented at the meeting.
  • A significant number of Member States insisted on the importance of allowing the full application of IAS 39 by companies that would wish to do so.

The ARC will meet next on 8 September 2004 to consider endorsement of IAS 39.

IASB announces 2005 meeting schedule

30 Jul 2004

The IASB has announced its own meeting schedule through December 2005 and those of the Standards Advisory Council and the International Financial Reporting Interpretations Committee.

The schedules are noted below. You can always find them on our IASB Future Meetings Page.

I A S B a n d S A C M E E T I N G S 2 0 0 4

London, UK

22-24 September 2004 27 September Meeting with World Standard Setters 28 September Meeting with Chairs of Partner National Standard Setters

Norwalk, CT, USA

18-22 October 2004

London, UK

15-17 November 2004 (and 18-19 November 2004 Standards Advisory Council)

London, UK

15-17 December 2004

I A S B a n d S A C M E E T I N G S 2 0 0 5

London, UK

17-21 January 2005

London, UK

14-18 February 2005 (and 10-11 February 2005 Standards Advisory Council)

London, UK

14-18 March 2005

London, UK

18-22 April 2005

London, UK

16-20 May 2005

London, UK

20-24 June 2005 (and 27-28 June 2005 Standards Advisory Council)

London, UK

18-22 July 2005

London, UK

19-23 September 2005

Norwalk, CT, USA

17-21 October 2005

London, UK

14-18 November 2005 (and 10-11 November 2005 Standards Advisory Council)

London, UK

12-16 December 2005

I F R I C M E E T I N G S 2 0 0 4

London, UK

2-3 September 2004

London, UK

7-8 October 2004

London, UK

4-5 November 2004

London, UK

2-3 December 2004

I F R I C M E E T I N G S 2 0 0 5

London, UK

3-4 February 2005

London, UK

31 March - 1 April 2005

London, UK

2-3 June 2005

London, UK

28-29 July 2005

London, UK

1-2 September 2005

London, UK

3-4 November 2005

London, UK

1-2 December 2005

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