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News

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2005 bound volume of IFRSs now available

09 Jun 2005

The 2005 Bound Volume of International Financial Reporting Standards is now available for purchase from the IASB On-Line Bookshop.

BV 2005 includes the full text of all International Financial Reporting Standards, International Accounting Standards, Interpretations, and IASB-issued supporting documentation (Bases for Conclusions, Implementation Guidance, and Illustrative Examples) extant at 1 January 2005. This single volume also includes the IASB Framework for the Preparation and Presentation of Financial Statements, the Preface to International Financial Reporting Standards, an updated Glossary of Terms, and a comprehensive index. Price of the printed bound volume is £58. Editorial updates will be posted periodically to the IASB's website. Also available:

  • Electronic International Financial Reporting Standards - eIFRS: An online-only subscription service to all IFRSs, IASs, and Interpretations online in HTML and/or Adobe Acrobat format. Available in English and several other languages.
  • A CD-ROM version: Price is £120 per user, including updates during the year.
Click for Press Release (PDF 56k).
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EFRAG invites comments on three draft letters

09 Jun 2005

The European Financial Reporting Advisory Group (EFRAG) has finalised its preliminary views on three proposals relating to IASB and IFRIC operations.

Comments are requested by 4 July 2005:
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IASB project timetable updated

08 Jun 2005

We have updated our IASB Project Timetable to reflect recent pronouncements and other publications by the IASB and discussions at recent Board meetings. .

We have updated our IASB Project Timetable to reflect recent pronouncements and other publications by the IASB and discussions at recent Board meetings.

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More comment letters posted: mineral exploration

07 Jun 2005

The IASB has posted on its public website the Comment Letters on the ED of Proposed Small Amendments to IFRS 6 and IFRS 1 (comment deadline was 3 June, 16 letters received) .

The IASB has posted on its public website the Comment Letters on the ED of Proposed Small Amendments to IFRS 6 and IFRS 1 (comment deadline was 3 June, 16 letters received)

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IASB will meet in London 22-23 June 2005

07 Jun 2005

The IASB will meet at its offices in London on Wednesday and Thursday, 22-23 June 2005. The announced agenda for the meeting is below.

On Friday 24 June the Board is sponsoring a Convergence Conference.

agenda.gif22-23 June 2005, London Wednesday 22 June 2005

Thursday 23 June 2005
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IFRIC July meeting dates are changed

07 Jun 2005

The meeting of the International Financial Reporting Interpretations Committee (IFRIC) that had been scheduled for Thursday 28 July and Friday 29 July has now been rescheduled to Monday 1 August and Tuesday 2 August 2005, at the IASB's offices in London. .

The meeting of the International Financial Reporting Interpretations Committee (IFRIC) that had been scheduled for Thursday 28 July and Friday 29 July has now been rescheduled to Monday 1 August and Tuesday 2 August 2005, at the IASB's offices in London.

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Recent remarks of SEC Chief Accountant

07 Jun 2005

US SEC Chief Accountant Donald T.

Nicolaisen spoke last week at a conference sponsored by the SEC Financial Reporting Institute of the University of Southern California. His principal themes were:
  • Section 404 of the Sarbanes-Oxley Act – internal controls
  • Reducing the complexity of financial reporting
  • Expected issuance before 30 June 2005 of the 'off-balance sheet report' required by the Sarbanes-Oxley Act
Click for (PDF 49k). An excerpt:

We are now very close to completing the last significant report required of the OCA staff by the Sarbanes-Oxley Act, the so-called 'off-balance sheet report'. We plan to issue that report, addressed to Congress and to the President, later this month. Our work on that report, combined with my prior experiences, confirms for me the need to reduce complexity while at the same time improve both the transparency and usefulness of financial reporting for investors. The report also directly addresses a number of long contentious issues, both on and off-balance sheet, where our current accounting models are sometimes complex and where improvements appear necessary. In addition it describes structured transactions and identifies steps companies can take now to improve the transparency of reporting.

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IASB European 'roadshows' launched

07 Jun 2005

The IASB has launched a series of 'roadshows' in 17 European countries over the next five months.

The roadshows are intended to provide an opportunity for leading members of the business community in those countries to discuss the Board's work programme and priorities with IASB members and staff. Click for Press Release (PDF 61k).
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Comment letters on service concessions, SMEs

06 Jun 2005

The IASB has posted on its public website the following sets of comment letters: Letters on IFRIC D12, D13, and D14 Service Concessions (comment deadline was 31 May, 63 letters received) Responses to Questionnaire on Possible Modifications of Recognition and Measurement Principles for SMEs (comment deadline is 30 June; 14 letters received through 2 June; additional letters will be posted as received) .

The IASB has posted on its public website the following sets of comment letters:

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CESR 'call for evidence' on historical financial information

06 Jun 2005

The Committee of European Securities Regulators (CESR) has issued a (PDF 131k) inviting comments on what additional financial information should be included in a prospectus when the issuer has not prepared its historical financial statements as a single business entity during the whole period for which historical financial information is required under the EC's Prospectus Regulation 809/2004 of 29 April 2004. Comment deadline is 20 June 2005. Examples of such circumstances include: the issuer is a newly incorporated holding company inserted over an established business; the issuer consists of companies that were under common control or ownership but which never formed a legal group; the issuer has made a significant acquisition (representing more than 25% of the group) during the three year historical record or subsequent to the last audited consolidated financial information on the issuer; the issuer has disposed of a significant part of its business since the last audited accounts; the issuer has changed its accounting reference date during the three year period. .

The Committee of European Securities Regulators (CESR) has issued a (PDF 131k) inviting comments on what additional financial information should be included in a prospectus when the issuer has not prepared its historical financial statements as a single business entity during the whole period for which historical financial information is required under the EC's Prospectus Regulation 809/2004 of 29 April 2004. Comment deadline is 20 June 2005. Examples of such circumstances include:

  • the issuer is a newly incorporated holding company inserted over an established business;
  • the issuer consists of companies that were under common control or ownership but which never formed a legal group;
  • the issuer has made a significant acquisition (representing more than 25% of the group) during the three year historical record or subsequent to the last audited consolidated financial information on the issuer;
  • the issuer has disposed of a significant part of its business since the last audited accounts;
  • the issuer has changed its accounting reference date during the three year period.

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