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News

IASC Foundation is seeking three trustees

20 Oct 2004

The IASC Foundation is seeking three new members of its board of trustees – one each from the Asia-Pacific region, Europe, and North America.

One should have senior experience in accounting, and another must have a background in the user community, which could include senior experience in investment organisations, regulatory bodies, or analyst institutions. The appointments will be for the three years expiring on 31 December 2007, with one renewal possible. Click for More Information (PDF 14k).

100,000 e-learning downloads from IASPlus

20 Oct 2004

Yesterday the -->100,000th --> IFRS e-learning module was downloaded from IASPlus since Deloitte's e-learning was launched at the end of January.

Many of those modules have multiple users because organisations are permitted to install the Deloitte IFRS e-learning modules on their own servers for the internal use of their employees or students. In addition, tens of thousands of modules have been completed online and offline by Deloitte staff. You can always access IFRS e-learning without charge by clicking on the light bulb icon on the IASPlus home page.

Notes from the second day of the IASB meeting

20 Oct 2004

We have combined all of our preliminary and unofficial notes from the 18-20 October 2004 IASB meeting onto a Single Page. .

We have combined all of our preliminary and unofficial notes from the 18-20 October 2004 IASB meeting onto a Single Page.

Minutes of 1 October 2004 ARC meeting

20 Oct 2004

The European Commission has published the minutes of the 1 October 2004 meeting of its Accounting Regulatory Committee at which the ARC recommended endorsement of IAS 39 for use in Europe with two sections "carved out": The carve-outs would (1) prohibit use of the IAS 39 fair value option as it applies to liabilities, and (2) allow using fair value hedge accounting for interest rate hedges of core deposits on a portfolio basis.

EFRAG letter on IAS 39 amendments

20 Oct 2004

The European Financial Reporting Advisory Group has submitted its written comments to IASB on the exposure draft of Proposed Amendments to IAS 39 – Cash Flow Hedge Accounting of Forecast Intragroup Transactions (PDF 48k). .

The European Financial Reporting Advisory Group has submitted its written comments to IASB on the exposure draft of Proposed Amendments to IAS 39 – Cash Flow Hedge Accounting of Forecast Intragroup Transactions (PDF 48k).

FASAC members comment on convergence

19 Oct 2004

The US Financial Accounting Standards Board has posted on its website the findings of its annual survey of members of the Financial Accounting Standards Advisory Council.

One interesting finding is that "FASAC members generally would not automatically assign a higher priority to projects that provide international convergence opportunities. Nor do they believe that the Board should always add a project to its agenda because the IASB does". Click to view or download the report of the Annual FASAC Survey.

Notes from first day of October 2004 IASB meeting

19 Oct 2004

We have combined all of our preliminary and unofficial notes from the 18-20 October 2004 IASB meeting onto a Single Page. .

We have combined all of our preliminary and unofficial notes from the 18-20 October 2004 IASB meeting onto a Single Page.

New SEC staff appointee to focus on international issues

18 Oct 2004

The US Securities and Exchange Commission has announced the appointment of Julie A.

Erhardt as Deputy Chief Accountant responsible for international issues, reporting to Donald T. Nicolaisen, Chief Accountant. Ms. Erhardt will work closely with various international organisations including the IASB and IFAC on issues relating to convergence of accounting, auditing, and reporting standards. She spent seven months on an interim assignment with the IASB and also served a two-year fellowship at the FASB. Click for SEC News Release.

SEC Chief Accountant comments on IFRS reconciliation

15 Oct 2004

In his remarks at the IASB meeting with world standard setters on 28 September 2004, US SEC Chief Accountant Donald T.

Nicolaisen commented on IASB-FASB convergence activities and the possibility of eliminating the SEC's requirement that foreign registrants using IFRS also submit a reconciliation of earnings and equity to US GAAP. Click to download Mr. Nicolaisen's Remarks (PDF 53k). An excerpt:

My personal view is that if things continue as they have been going - if the IASB operates as a strong independent standard-setter and continues to develop and issue high quality standards, if the commitment to quality application of IFRS remains, and if good progress is made in accounting convergence and the development of an effective global financial reporting infrastructure - then I believe that the SEC will be able to eliminate our reconciliation requirements. I assure you that I am eager to embrace IFRS because I believe our investors in the U.S. will benefit.

New Accounting Roundup quarterly edition

15 Oct 2004

We have posted (PDF 1,500k).

This is the quarterly edition that summarises selected recent accounting and financial reporting developments at FASB, EITF, GASB, AICPA, SEC, PCAOB, IASB, and IFRIC. The articles included in this edition were drawn primarily from issues of Accounting Roundup from Deloitte & Touche (USA) published in the third quarter of 2004, and have been updated where appropriate. Past issues are Here.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.