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News

Webcast on IFRS 3, IAS 27, IAS 28, and IAS 31

21 Jun 2004

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 latest session, addressing business combinations and issues relating to group accounts, was run on Thursday 17 June 2004. It covered IFRS 3 Business Combinations, IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures. The link to the recording can be found on our UK Page. The recording is no longer available online.

IASB posts near-final versions of four EDs

20 Jun 2004

The IASB has posted on its Website the near-final versions of four exposure drafts that the Board plans to publish in July.

The Board noted that it is providing these drafts for information and to assist organisations and individuals in preparing to comment on the Exposure Drafts when published. The IASB is not inviting comments on these preliminary drafts.
  • Exposure Draft ED 7 Financial Instruments: Disclosures
  • Exposure Draft Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Cash Flow Hedge Accounting of Forecast Intragroup Transactions
  • Exposure Draft Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts - Financial Guarantee Contracts and Credit Insurance
  • Exposure Draft Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Transition and Initial Recognition of Financial Assets and Financial Liabilities

IFRSs in Japan? Japanese GAAP continue in EU?

19 Jun 2004

The Japanese press is reporting that the Financial Services Authority (Japan's securities regulator) will recommend that foreign companies listed in Japan be allowed to submit IFRS financial statements, rather than Japanese GAAP statements, if they already report under IFRSs in their home country.

An explanation of the differences between results under IFRS and under Japanese GAAP would be required. Currently, around 30 foreign companies are listed on the Tokyo Stock Exchange, but only about 10 of those are from countries that require IFRSs. Most of the others are US and Canadian companies that do not prepare IFRS financial statements. Several news stories have also reported that the European Union may extend to 2007 the deadline for Japanese companies listed in Europe to switch to IFRSs. Around 250 Japanese companies list their shares or bonds on EU exchanges. Most prepare their financial statements under Japanese accounting rules. The Japanese government has already asked governments in Europe to allow these companies to continue to use Japanese GAAP indefinitely.

FASB roundtable meetings on share-based payment

19 Jun 2004

The US Financial Accounting Standards Board will hold public roundtable meetings in the FASB Exposure Draft, Share-Based Payment on 24 June 2004 at the Sheraton Hotel, Palo Alto, California, and on 29 June 2004 at the FASB offices, Norwalk, Connecticut.

FASB's exposure draft is basically the same as IFRS 2. The US Congress is considering legislation that would restrict a FASB standard on expensing stock options to options granted to the top five officers of a company (see our news story of 16 June 2004). The FASB hearings will be webcast – see the FASB Website for details.

Reminder – comment deadline on IASB internal review

18 Jun 2004

The deadline for comments on the IASB's internal review, Strengthening the IASB's Deliberative Processes, is one week from today (25 June 2004).

This review is being conducted alongside the IASC Foundation Trustees' Constitution Review now under way.

International convergence on PCAOB agenda

17 Jun 2004

International convergence and coordination with standard-setters is on the agenda for discussion at the first meeting of the first meeting of the Standing Advisory Group of the US Public Company Accounting Oversight Board in Washington on 21-22 June 2004. Click for Details. .

International convergence and coordination with standard-setters is on the agenda for discussion at the first meeting of the first meeting of the Standing Advisory Group of the US Public Company Accounting Oversight Board in Washington on 21-22 June 2004. Click for Details.

EFRAG seeks comments, task force members

17 Jun 2004

EFRAG has invited comments by 8 July on its Draft Response (PDF 46k) to IFRIC D6 Multi-employer Plans.

Also, EFRAG plans to set up a "working group on Service Concession Arrangements with the objective to discuss urgent matters for the concession industry regarding the adoption of IFRS for 2005." EFRAG seeks nominees by 23 June.

UK FRC urges European adoption of IAS 32 and IAS 39

17 Jun 2004

In a letter to the European Commission, the United Kingdom Financial Reporting Council (FRC) expressed "disappointment and concern that, despite the prolonged discussion as to the suitability for adoption in Europe of the International Accounting Standards Board's standards (IAS 32 and 39) on Financial Instruments, Europe's listed companies have yet to receive a clear and unequivocal message that they should prepare to apply these standards from next year.

The FRC believes that the adoption of IAS 39 is particularly important to regulate accounting for off-balance sheet finance and to ensure that the impact of derivatives is recorded in financial statements." Click for (PDF 60k) and (PDF 93k). The UK Association of Corporate Treasurers has written a similar (PDF 34k) to the EC.

Video-streaming of Danish IAS/IFRS conference

17 Jun 2004

Deloitte Denmark recorded the second day of an IAS/IFRS conference on 8 June 2004 using on-demand video-streaming (with Windows Media ADSL).

The video presentations are in Danish and include:
  • Business combinations, goodwill, intangible assets, and impairment test.
  • An update on the new rules and principles on financial instruments in IAS 39.
  • Share-based payment – new rules, new considerations.
You can watch the whole video-streaming (or parts of it) Here. Best results are achieved by watching the individual part from the start to the end.

Agenda for the June IASB meeting

16 Jun 2004

The IASB will meet on 21-23 June 2004 at the Grand Hotel in Oslo, Norway.

The agenda, set out below and in more detail Here, includes a meeting with the Nordic Regional Standard-Setters on the afternoon of 23 June. The Board will meet with the Standards Advisory Council at the same location on 24-25 June (agenda previously reported in our News Story of 7 June 2004).

AGENDA – IASB MEETING 21-23 JUNE 2004

Monday 21 June 2004

Tuesday 22 June 2004 Wednesday 23 June 2004

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