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  • Update on IAS 39

    13 Jun 2004

    Following several days of discussions among representatives of the IASB and representatives of the European Commission, the IASB has posted on its website an Update on IAS 39 as of 11 June 2004. The announcement outlines the steps the Board has already taken to address the concerns of European bankers about IAS 39 and its current consideration of two additional issues: Presentation of cash flow hedges in the balance sheet and statement of changes in equity. A proposal put forward by the European Banking Federation for a new type of hedge accounting for hedges of interest rate margin. The announcement also indicates that the Board will ask its new international working group on financial instruments to: Examine a number of fundamental questions about financial instruments accounting,. Explore ways to improve and simplify existing requirements. Examine broader questions on the application and extent of fair value accounting. .

  • IAS 33 e-learning module due out shortly

    12 Jun 2004

    In the next week or so, the e-learning module for IAS 33 Earnings per Share will be added to the 20 modules already available in Deloitte's popular IFRS e-Learning programme.

  • Exposure drafts expected from IASB and IFRIC

    11 Jun 2004

    The following proposals are expected to be issued for public comment by the IASB and IFRIC by the end of this month: IFRIC D7 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions IFRIC D8 Members' Shares in Co-operative Entities IFRIC D9 Scope of SIC-12 Amendments to IAS 39 and IFRS 4 Financial Guarantees and Credit Insurance Amendments to IAS 39 Transition and Initial Recognition Amendments to IAS 39 Foreign Currency Cash Flow Hedge Accounting of Forecast Intragroup Transactions .

  • EFRAG proposes to recommend endorsement of IFRIC 1

    11 Jun 2004

    The European Financial Reporting Advisory Group (EFRAG) is seeking comments on its draft letter to the European Commission proposing to recommend adoption of IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities for use in Europe.

  • Basel Committee release on IAS 39 and regulatory capital

    09 Jun 2004

    The Basel Committee has posted on its website a Press Release (PDF 18k) announcing the Committee's recommendations to national bank regulators that two amounts that are reported in equity under IAS 39 not be considered part of a bank's Tier I or Tier II capital for regulatory purposes: The cumulative fair value gains and losses on cash flow hedges of financial instruments measured at amortised cost Gains and losses arising from changes in an institution's own credit risk as a result of applying the IAS 39 fair value option to its liabilities. The release also notes that "application of the fair value option may raise other, additional supervisory concerns with respect to regulatory capital." .

  • Ian Mackintosh named Chair of the UK ASB

    09 Jun 2004

    Ian Mackintosh, a member of the Standards Advisory Council and the IASB's SME Advisory Panel, has been appointed as Chairman of the UK Accounting Standards Board effective 1 August 2004 for a three year term.