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News

  • 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.

  • Hong Kong adopts IAS 32 and IAS 39

    01 Jun 2004

    The Hong Kong Society of Accountants has adopted HKAS 32 Financial Instruments: Disclosure and Presentation and HKAS 39 Financial Instruments: Recognition and Measurement, effective 2005. These are the same as IAS 32 (revised 2003) and IAS 39 (revised 2004) except for certain transition provisions.

  • Joint Forum report on financial disclosure

    01 Jun 2004

    The Joint Forum has published a report, Financial Disclosure in the Banking, Insurance and Securities Sectors: Issues and Analysis examining the progress to date by regulators and other standard-setters in the area of financial disclosures and the progress made by financial firms in adopting certain enhanced disclosure recommendations published in 2001. The Joint Forum was established in 1996 by the Basel Committee on Banking Supervision, the International Organization of Securities Commissions, and the International Association of Insurance Supervisors to deal with issues common to the banking, securities, and insurance sectors.

  • IASC Foundation meetings and hearings this week

    01 Jun 2004

    Deloitte Chief Executive Officer Bill Parrett and Deloitte Global IAS Leader Ken Wild are among the participants in a public hearing on the review of the IASC Foundation Constitution to be conducted by the Foundation's Constitution Committee at Baruch College in New York City on Thursday 3 June 2004. The Constitution Committee is chaired by IASCF Chairman Paul Volcker.

  • UK FSA CEO urges acceptance of IAS 39 in Europe

    30 May 2004

    In a recent Speech (PDF 199k) at the 2004 Financial Services Authority Conference in London, FSA Chief Executive John Tiner urged that European banks and other listed companies accept IAS 39 and focus on ensuring a smooth transition to IFRSs in 2005. An excerpt from Mr Tiner's remarks: It is no secret that IAS 39 in particular is not a perfect standard and that the EU financial services sector has misgivings about potential volatility in earnings.

  • Agreement between SEC and European regulators

    29 May 2004

    The Director of the Office of International Affairs of the US Securities and Exchange Commission and the Secretary-General of the Committee of European Securities Regulators (CESR) have announced an agreement for enhanced cooperation and collaboration on cross-border securities regulatory matters.