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US Senate will monitor IASB-FASB convergence

20 Jan 2005

The Chairman of the US Senate Committee on Banking, Housing, and Urban Affairs, which has responsibility for oversight of the SEC and US financial institutions, has announced that the Committee's tentative agenda for 2005 will include " -->harmonisation of accounting standards between the FASB and IASB -->".

Click for (PDF 26k).
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Summary of ARC December 2004 meeting

20 Jan 2005

The European Commission has released (PDF 44k) of the 20 December 2004 meeting of its Accounting Regulatory Committee.

The summary includes the following:
  • The ARC voted to recommend that the Commission endorse IFRS 2 Share-based Payment for use in Europe, with certain consequential amendments to previously endorsed IFRSs. ARC's weighted voting result (321 total potential votes) was that 23 Member States (302 votes) voted in favour of endorsing IFRS 2; one Member State (12 votes) abstained because of a reservation on the translation; and one Member State (7 votes) was not present.
  • An update on possible amendments to IAS 39
  • Views of Member States regarding the IASCF Constitution Review – including the comment that "the Chairman said that there is a growing concern in political circles about the IASB's lack of democratic accountability and the way it is carrying out its work".
  • The Accounting Regulatory Committee and the Contact Committee of the Accounting Directives would be merged from the beginning of 2005.
  • The ARC will next meet on 25 February 2005. Other 2005 meetings are planned for 8 April, 27 May, 8 July, 30 September, 28 October, and 2 December.
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Notes from day one of the IASB's January 2005 meeting

20 Jan 2005

We have combined on a Single Page our notes from the IASB's regular monthly meeting in London on 19-21 January 2005. .

We have combined on a Single Page our notes from the IASB's regular monthly meeting in London on 19-21 January 2005.

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Web-based technical update on IASs 7 and 19, IFRS 5

20 Jan 2005

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The ninth Webcast was run on 20 January 2005 2004 and covered IAS 7 Cash Flow Statements, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, and the recent amendment to IAS 19 Employee Benefits. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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EFRAG recommends adoption of IFRIC 2 in Europe

18 Jan 2005

The European Financial Reporting Advisory Group has recommended that the European Commission adopt IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments for use in Europe.

Click for EFRAG Letter (PDF 13k).
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NIA urges simplified disclosure of IFRS transition

18 Jan 2005

Australia's National Institute of Accountants has (PDF 15k) that Australian companies clearly explain the impact of adopting IFRSs to their shareholders.

Australia is adopting IFRS 'equivalents' effective in 2005. While Australian accounting standards require companies to explain the impact of moving to IFRSs in their financial statements, based on a review of disclosures made by companies whose financial years ended in mid-2004, the NIA believes that "most shareholders would have some difficulty understanding what the changes mean."
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European insurers favour IAS 39 full fair value option

17 Jan 2005

In a (PDF 279k), the Comité Européen des Assurances (the European Insurance Association) has expressed its support for allowing European companies following IFRSs to measure financial assets and liabilities at fair value with the fair value changes recognised in measuring profit or loss (the IAS 39 'fair value option').

Currently, IAS 39 as adopted by the European Commission prohibits European companies from applying the fair value option to liabilities. The CEA press release notes that "most European insurers make frequent use of this option for both financial assets and liabilities as a tool for providing more relevant information and simplifying the processes. They have been preparing for IAS 39 in the version including the unlimited fair value option."
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'Q4 in Review' Accounting Roundup is posted

16 Jan 2005

We have posted (PDF 1,136k) – a quarterly edition of the Accounting Roundup newsletter from Deloitte & Touche LLP (USA) that summarizes selected recent accounting and financial reporting developments and provides Internet links to related content.

The articles included in this edition were drawn primarily from issues of Accounting Roundup published in the fourth quarter of 2004, and have been updated where appropriate.
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IAASB withdraws four IT-related IAPSs

15 Jan 2005

The International Auditing and Assurance Standards Board has withdrawn the following four International Auditing Practice Statements (IAPSs) effective 31 December 2004: IAPS 1001, IT Environments - Stand-Alone Computers IAPS 1002, IT Environments - On-Line Computer Systems IAPS 1003, Environments - Database Systems IAPS 1009, Computer-Assisted Audit Techniques The IAASB concluded that the need for these IAPSs has been superseded by the assumption of computer processing in the revised standards on understanding the business and assessing the risks of misstatement.

They have also been outdated by the continuing pace of innovation in information technology. Link to IFAC Press Release.
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EFRAG to study venture capital investments

15 Jan 2005

The European Financial Reporting Advisory Group (EFRAG) has Announced its intention to form a working party to examine issues relating to accounting for venture capital investments.

The working party will consider whether a limited exception to current IFRSs should be suggested. Among the current relevant IFRSs are IAS 27, which requires a venture capital investor to consolidate any entities over which it has the power of control, and IASs 28 and 31, which require a venture capital investor in associates or joint ventures to measure such investments at fair value through profit or loss if the investments are held for trading. Click to download the Terms of Reference (PDF 25k) for the proposed working party.

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