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31 July 2003: IASB and FASB differ on tax effects of share-based payment
In separate meetings last week, the IASB and the FASB reached different conclusions on accounting for the income tax effects of share-based compensation transactions with employees. The IASB reaffirmed the proposal in ED 2 that all tax effects of such transactions should be recognised in profit or loss. The FASB, on the other hand, concluded that if a deduction reported on a tax return for share-based compensation exceeds the cumulative compensation expense recognised for accounting purposes, the tax benefit of the excess is a direct credit to equity, which is the existing requirement of SFAS 123, Accounting for Stock-Based Compensation.
31 July 2003: IASB issues ED 5 on insurance contracts
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The IASB has issued ED 5, Insurance Contracts. Comment deadline is 31 October 2003. ED 5 sets out the Board's proposals in Phase I of a two-part project. ED 5 provides guidance on applying existing IFRS to accounting insurance contracts and requires additional disclosures. The Board intends this Standard to be effective in time for the changeover to IFRS in Europe in 2005. Phase II is a comprehensive project that is taking a complete fresh look at insurance accounting. We have prepared a Special Global Edition of our IASPlus Newsletter (PDF 46k) summarising the proposals in the exposure draft. Here are a few of the key proposals: |
SOME OF THE KEY PROPOSALS IN ED 5, INSURANCE CONTRACTS
- In recognising and measuring insurance liabilities, catastrophe and equalisation provisions would be prohibited.
- An insurer must carry out a loss recognition test relating to losses already incurred at each balance sheet date and, if necessary, adjust its insurance liabilities through net profit or loss.
- In applying IAS 39, an insurer would not be required to separate, and measure at fair value, a policyholder's option to surrender an insurance contract for a fixed amount. But that exception would not apply if the surrender value varies based on the change in an equity or commodity price or index.
- If an insurance contract contains both an insurance component and a deposit (investment) component, the deposit component must be treated as a financial liability or financial asset under IAS 39. As a result, the insurer would not recognise premium receipts for the deposit component as revenue.
- The fair value of a demand feature (such as a demand deposit) can be no less than the amount payable on demand. Cash surrender and maturity values of many traditional insurance contracts would not generally be classified as a deposit component.
- Insurance liabilities cannot be offset against related reinsurance assets.
- Income and expense from reinsurance contracts cannot be netted against related expense or income from the underlying insurance contracts.
- ED 5 would not require discounting or specify a discount rate.
- ED 5 would not prohibit or require deferral of policy acquisition costs.
- ED 5 would not require all insurance subsidiaries of a single parent to use same accounting policies.
- An insurer cannot change the measurement basis for its insurance liabilities simply by the purchase of reinsurance.
- Many new disclosures are proposed, including fair values of insurance assets and insurance liabilities (starting from 1 January 2006).
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Click for IASB Press Release (PDF 33k).
31 July 2003: SEC Chairman reviews progress in restoring investor confidence
Speaking to the US National Press Club on the first anniversary of the signing of the Sarbanes-Oxley Act, SEC Chairman William H. Donaldson reviewed "how Sarbanes-Oxley is helping to restore investor confidence and improve the integrity of corporate America" and outlined "the agenda beyond Sarbanes-Oxley". Click for Full Text of Mr. Donaldson's remarks.
30 July 2003: EFRAG recommends that the European Commission adopt IFRS 1
In a Letter to the European Commission (PDF 15k), the European Financial Reporting Advisory Group has recommended the adoption in Europe of IFRS 1, First-time Adoption of International Financial Reporting Standards.
29 July 2003: Extending the use of IFRS in Ireland
The Institute of Chartered Accountants in Ireland (ICAI) has called for the government to decide quickly whether the IFRS requirement for all listed companies from 2005 onwards will be extended to non-listed companies and to individual company accounts. An ICAI Announcement noted: "A recent survey conducted by Deloitte and Touche in March indicated that only half of business managers are prepared for IAS. The survey also found that businesses had a negative attitude to the new standards believing that they would increase costs and reporting requirements. It is now up to the Government to address this situation by running an information campaign about these pending changes. The sooner they start the better." The UK government has announced that IFRS will be permitted, but not required, for non-listed companies and individual company accounts.
29 July 2003: EFRAG comment letter on IFRIC D1 is posted
We have posted EFRAG's Comment Letter on IFRIC Draft Interpretation 1, Emission Rights (PDF 21k). You will find information about EFRAG and its other comment letters Here.
29 July 2003: German ASB aligns work programme with IASB
The German Accounting Standards Board has revised its Work Programme to make cooperation with IASB and other major national standard setters its primary objective. "Projects to further German financial reporting will take a lesser role." This Newsletter explains the GASB's new strategy.
28 July 2003: Agenda project pages updated to reflect July IASB meeting
We have updated the following IASB agenda project pages to reflect discussions and decisions at the July 2003 Board meeting:
28 July 2003: IFAC proposes new code of ethics
The International Federation of Accountants has issued an exposure draft of a Revised Code of Ethics, expanding both the guidance and authority of the existing Code. Comments are due by 30 November 2003. IFAC proposes to elevate the Code from a "model code" on which to base national requirements to a "standard" that requires IFAC member body compliance. IFAC has 155 member organisations in 113 countries. The proposed revised Code expands guidance for all individual accountants – addressing integrity, objectivity, professional competence, confidentiality, and professional behavior. The revised Code also provides specific guidance for accountants in business by addressing issues such as potential conflicts, preparing and reporting information, financial interests, inducements, and disclosing of information.
27 July 2003: SEC publishes study on principles-based accounting
The US Securities and Exchange Commission has released a staff study on the adoption of a principles-based accounting system for US financial reporting. The study was conducted pursuant to the provisions of Section 108(d) of the Sarbanes-Oxley Act of 2002 and has been submitted to committees in both Houses of the US Congress. The study recommends that accounting standards should be developed using a principles-based approach and that such standards should have the following characteristics:
- Be based on an improved and consistently applied conceptual framework.
- Clearly state the accounting objective of the standard.
- Provide sufficient detail and structure so that the standard can be operationalised and applied on a consistent basis.
- Minimize the use of exceptions from the standard.
- Avoid use of percentage tests ("bright-lines") that allow financial engineers to achieve technical compliance with the standard while evading the intent of the standard.
The SEC study noted that:
An additional benefit is the facilitation of greater convergence between US GAAP and international standards. Standard setters can come to an agreement on a principle more rapidly than they can on a highly detailed rule. The benefits of convergence include greater comparability and improved capital formation globally.
Click here to go to the Full Text of the Study on SEC Website, or Download a PDF Version (495k), or view the SEC Press Release.
26 July 2003: Plan for convergence of Australian GAAP with IFRS
The Australian Accounting Standards Board has adopted a Work Programme that emphasises convergence of Australian GAAP with IFRS.
26 July 2003: Notes from the third day of the July IASB meeting
We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.
26 July 2003: EVCA expresses concern about IAS 27
In a recent Public Statement (PDF 108k), the European Private Equity and Venture Capital Association (EVCA) welcomed the introduction of IFRS in Europe but expressed concerns about the potential of certain standards to negatively affect private equity and venture capital investments in EU companies. In addition to concerns about IAS 32 and 39, EVCA's statement said that IAS 27 (on consolidated financial statements) "urgently needs to be addressed as it poses a serious threat to the financing of EU companies through the private equity and venture capital industry".
26 July 2003: Notes from the second day of the July IASB meeting
We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.
25 July 2003: South African Institute gives members IFRS on-line
The South African Institute of Chartered Accountants (SAICA) has given its members access to the International Financial Reporting Standards, Interpretations of International Financial Reporting Standards, and other IASB pronouncements on the SAICA website at www.saica.co.za. All listed companies in South Africa must follow IFRS for years commencing on or after 1 January 2005.
25 July 2003: Deloitte UK welcomes decision to let non-listed companies use IFRS
The UK government's announcement that non-listed UK companies will be allowed to decide between International Financial Reporting Standards and UK GAAP was welcomed by Deloitte & Touche – but with a caution that UK GAAP changes over the next few years should be left to a minimum so that the benefits for companies afforded by this decision are not endangered. Click for Press Release (PDF 57k).
25 July 2003: IASB issues ED 4 on asset disposals and discontinuing operations
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The IASB has issued ED 4, Disposal of Non-Current Assets and Reporting of Discontinued Operations. Comment deadline is 24 October 2003. We have prepared a Special Global Edition of our IASPlus Newsletter (PDF 40k) summarising the proposals in the exposure draft. ED 4 is part of the Short-Term Convergence Project being undertaken jointly by the IASB and the FASB. The proposals in ED 4 would achieve substantial convergence of IFRS with the requirements of US SFAS 144, Accounting for the Impairment or Disposal of Long-Lived Assets, with respect to:
- classifying, measuring, and presenting assets held for sale, and
- classifying and presenting discontinued operations.
ED 4 does not address impairment of long-lived assets that are not being disposed of, which is covered by IAS 36, Impairment of Assets. The impairment recognition and measurement standards in SFAS 144 are significantly different from those in IAS 36, but those differences are not being addressed in the short-term convergence project. Click for IASB Press Release (PDF 35k).
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24 July 2003: Notes from the first day of the July IASB meeting
We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.
20 July 2003: July 2003 issue of our IASPlus newsletter is published
You can download the July 2003 Edition of our IAS Plus newsletter. This is the Asia-Pacific edition, which includes a 30 pages of general IASB/IFRS news plus 6 pages of country accounting standards activity for that region. Our Europe-Africa and Americas editions will be published soon. As usual, the newsletter includes updates to the IASB's timetable; status reports on the IASB's various agenda projects; and summaries of events in Europe and the United States. Special features of this edition include summaries of IFRS 1, recent changes to the proposed amendments to IAS 32 and IAS 39, and the principal conclusions anticipated in the upcoming insurance contracts exposure draft.
20 July 2003: Newsletter explaining IFRS 1 in Danish
Deloitte & Touche (Denmark) has published an IFRS Newsletter (PDF 140k, 8 pages, Danish) about IFRS 1, First-time Adoption of IFRS. The newsletter summarises the requirements and options in the standard, discusses a number of unresolved issues, and includes our recommendations to listed companies in the Danish market place.
19 July 2003: IFAC acts to strengthen international accounting profession
At its meeting last week in Quebec City, the Board of the International Federation of Accountants (IFAC) took the following actions:
- Approved a compliance program designed to provide clear benchmarks to assist IFAC member organisations in ensuring high quality performance by accountants worldwide. A key component of the compliance program is a requirement that each of IFAC's 155 member bodies evaluate and report on the extent to which they are monitoring compliance by their members with international standards through a quality assurance mechanism and an investigations and discipline process.
- Approved for public comment seven proposed Statements of Membership Obligations regarding quality assurance, investigations, discipline, and member responsibilities for promoting and implementing international standards developed by IFAC and by the IASB.
- Approved an exposure draft of a revised IFAC Code of Ethics.
- Approved the establishment of permanent task forces to represent the interests of developing nations and small-and medium practices.
- Approved proposals to strengthen IFAC's structure and governance, including expanding the size of the Board and including public members.
Click for More Information.
18 July 2003: All UK companies will be permitted to use IFRS
The United Kingdom Department of Trade and Industry has approved a regulation that permits, starting January 2005, all British companies to use International Financial Reporting Standards as an alternative to UK accounting standards. European law already requires listed companies to use IFRS from 2005 in preparing their consolidated accounts. In the UK, that requirement will be extended so that, starting January 2005:
publicly traded companies in the UK will also be permitted to use IFRS in their individual accounts; and
other companies and limited liability partnerships in the UK will be permitted to use IFRS in both their individual and consolidated accounts.
Click for Press Release (PDF 16k).
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18 July 2003: PCAOB on-line registration of accounting firms
The US Public Company Accounting Oversight Board has activated its On-Line Registration System for firms that audit US listed companies. All US public accounting firms must be registered with the Board if they wish to prepare or issue audit reports on US public companies, or to play a substantial role in the preparation or issuance of such reports, after 22 October 2003. Non-US public accounting firms that wish to prepare or issue audit reports on US public companies, or to play a substantial role in the preparation or issuance of such reports, must be registered by 19 April 2004.
17 July 2003: SEC will soon issue a report on principles-based standards
US SEC Commissioner Cynthia A. Glassman devoted a considerable portion of a Presentation in Washington yesterday to
principles-based accounting standards. She noted:
The Commission soon will be releasing its report on moving towards a more principles-based approach to setting standards for financial reporting. It is a topic that the international accounting community is dealing with as well. . . .
. . . Complying with the complicated maze of rules and interpretations that comprise Generally Accepted Accounting Principles seems to have become an end unto itself, rather than a means of providing useful information to investors and other end-users. Even worse, aggressive interpretation, technical compliance and gamesmanship have in too many instances replaced full disclosure and transparency as the guiding principles for financial reporting.
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17 July 2003: EC Accounting Regulatory Committee endorses IAS minus 32/39
By unanimous vote, the Accounting Regulatory Committee of the European Commission endorsed all extant International Accounting Standards for use in Europe other than IAS 32 and IAS 39 (and related Interpretations SIC 5, 16, and 17). The IASB is currently deliberating amendments to those two standards, and – as noted in our earlier news stories of 15-17 July – the EC wants to consider the revised standards for endorsement. Click for ARC Meeting Summary (PDF 21k). The ARC recommendation does not cover IFRS 1, First-Time Adoption of IFRS, which will be considered separately by the ARC at a future meeting.
17 July 2003: Europe adopts a single prospectus
The European Parliament and Council of Ministers have approved a new Directive on prospectuses, which will simplify the process of raising capital in the EU. A "single passport" approved by the regulatory authority in one member state will be valid throughout Europe. The Directive covers only initial disclosure requirements at the time of capital raising. Conditions for admission to listing and ongoing financial reporting remain subject to existing European and national requirements. Press Release (PDF 13k).
17 July 2003: Enforcement of IFRS in Europe
In a presentation on How Accountants Fit in Creating a Single Capital Market (PDF 44k) delivered at the annual meeting of the Institute of Chartered Accountants in England and Wales, Michel Petite, the EC's Director-General of Legal Service, reviewed the issues that the EU is facing in ensuring rigorous enforcement of IFRS throughout Europe, including the 10 new countries that will join the EU on 1 May 2004.
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Financial reporting standards require that all the members of the Enlarged EU have in place the appropriate institutional oversight for their enforcement. But the current structure of enforcement varies widely between member states. . . . In some member states, securities regulators are the accounting enforcers (like in France and Italy); in others, that function is exercised by a review panel (like in the UK with the Financial Reporting Review Panel); in others stock exchanges have some responsibility in this respect.
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17 July 2003: EC will propose immediate adoption of all IAS except 32 and 39
In an announcement following the meeting of its Council of Finance Ministers (see story below dated 16 July), the European Commission urged the IASB and representatives of the banking and insurance industries "to pursue an active and open dialogue to reach an acceptable solution on IAS 32 and 39":
"The Commission will be proposing to the Accounting Regulatory Committee in its meeting on 16th July that the EU endorse immediately all existing IAS, except IAS 32 and 39. If the Committee supports the Commission's proposal, the Commission intends to formally endorse all existing IAS except 32 and 39 in September.
"IAS 32 and 39 are still being reviewed by the International Accounting Standards Board to ensure that they will provide a sufficiently rigorous solution for the accounting treatment of financial instruments for banks and insurance companies. IAS 32 and 39 can then be reconsidered when available."
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16 July 2003: Adoption of IAS 32 and 39 may be delayed in Europe
Following discussion of measures for implementing the EU IAS Regulation 1606/2002, the Council of Finance Ministers (ECOFIN) issued a public announcement suggesting that IAS 32 and IAS 39 might not be adopted immediately in Europe:
The Council asks the Commission to request the IASB to continue its dialogue with representatives of
European industries in order to find a satisfactory and timely solution for the revised IAS 32
and 39 in view of their envisaged application....
The Council agrees with the Commission regarding the importance of an immediate adoption
of all existing IAS, with IAS 32 and 39 as soon as possible thereafter. The adoption of future
standards must respect the quality criteria set out in the IAS Regulation and be conducive to the
European public good.
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Under Regulation 1606/2002, an Accounting Regulatory Committee appointed by the EC must endorse IASB standards for use in Europe. The ARC meets today (16 July 2003). Click for Full Text of ECOFIN Announcement (PDF 207k. The IAS discussion is on pages 14 and 15.)
16 July 2003: FASB standards are now available on line without charge
The US Financial Accounting Standards Board has made the full text of all of its Statements of Financial Accounting Standards issued since the FASB's inception in 1973 available on its website in PDF format without charge for personal, non-commercial purposes. Each Statement is accompanied by a status page and (in most cases) a summary. The Statements are presented as originally issued – without shading to indicate amendments made by subsequent pronouncements. Statements that are completely superseded are so identified.
15 July 2003: European Commission debates IFRS today and tomorrow
The recognition of IFRS for financial reporting by listed companies in Europe will be discussed by two key European Commission groups that are meeting in Brussels over the next several days – the EU Council of Finance Ministers and the EU Accounting Regulatory Committee:
- At their meeting on 15 and 16 July, the EU Council of Finance Ministers (ECOFIN) will discuss implementation measures for the IAS Regulation 1606/2002 adopted by the European Union in June 2002. The Background Paper (PDF 159k) notes that the Council will have an exchange of views on the implementation of Regulation 1606/2002 at the request of the French delegation. France has recently circulated a paper setting out what it considers to be problematic issues with regard to IAS 32 and 39. A press conference will be held following the ECOFIN meeting.
- The second meeting this week will be that of the EC's Accounting Regulatory Committee (ARC), which is charged under the IAS Regulation with "endorsing" IFRS for use in Europe. The ARC has already met several times and meets again on 16 July. While it has not yet made any final implementation decisions on IASB standards, the ECOFIN paper notes that "important issues have been discussed, for example the necessary high quality of translation of all IAS into all EU languages and the question of the quality of IAS 32 and 39 in their current form (which is a topic of interest, especially for banks and insurance companies)".
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14 July 2003: DTT Australian discussion paper on first-time adoption
The Australian Accounting Standards Board has embarked on a program to expose and then adopt, over the next 12 months, over 30 Australian Accounting Standards that are intended to be converged with the equivalent IFRS. Deloitte Touche Tohmatsu (Australia) has prepared a Discussion Paper (PDF 900k) that explains how the principles of IFRS 1, First-time Adoption of IFRS, would apply in making the transition from existing Australian GAAP to the converged Australian GAAP.
11 July 2003: We comment on IFRIC D1 on emission rights
Deloitte Touche Tohmatsu has submitted a Comment Letter on IFRIC Draft Interpretation D1, Emission Rights (PDF 59k). We agree with the general conclusions in the draft Interpretation, particularly that emission rights are intangible assets and not financial assets; receipt of the emission right is a government grant; and
emission rights received can not be offset against the liability caused by emitting pollutants. However, as regards the accounting for government grants arising from emission trading schemes, we express some concerns:
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We have concerns as to the effects this interpretation may have on the accounting for
government grants not within the scope of this Interpretation. Specifically, the prohibition of
the allowed alternatives in IAS 20 because "this would not be a faithful representation of the
resources that the entity controls" could be interpreted as a removal of this option from IAS
20. That is, when would an understatement of the assets received as a result of the allowed
alternative be a faithful representation? This does highlight an issue with respect to IAS 20,
but the issue is not particular to emission rights and should be considered at a wider level. If it
is concluded that the options in IAS 20 undermine the quality of financial information
reported, IAS 20 should be amended.
The conclusion by the IFRIC (as directed by the IASB) to prohibit options in a Standard
creates confusion as to the role of the IFRIC. We understand the mandate of the IFRIC allows
it to set new standards and interpret existing standards. However, this decision apparently
allows (and encourages) the IFRIC to take on its own improvements project – a result we do
not support.
We also understand the IASB has two projects (IAS 20 and IAS 38) that could, when
finalised, potentially amend the requirements of this Interpretation. As a general matter, we
question whether the IFRIC should interpret a Standard the IASB intends to replace or
withdraw in the near term.
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11 July 2003: Seven national accounting standards summaries updated
We have updated our summaries of accounting standards activity for the following Asia-Pacific countries:
10 July 2003: Views from SEC people on international issues
Three recent presentations by representatives of the US SEC – one by an SEC Commissioner and two by the Acting Director of the SEC's Office of International Affairs – focus on international issues, particularly international concerns about accounting reforms and regulation in the US. You can view or download these presentations from the SEC's website:
10 July 2003: IFAC publishes its 2002 annual report
The International Federation of Accountants (IFAC) has published its 2002 Annual Report (PDF 597k). Interestingly, in previous years, IFAC had prepared its financial statements in accordance with IFRS. However, IFAC has now determined that preparation in accordance with International Public Sector Accounting Standards is more appropriate due to the nature of the organisation. Their 2002 report noted: "There has been no substantive difference in the recognition and measurement of amounts included in IFAC's financial statements resulting from the change of standards applied. However, as a result of some changes on the face of the financial statements, comparative figures have been adjusted to ensure they conform to the disclosure changes made."
10 July 2003: Two exposure drafts expected soon
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The IASB is expected to publish two exposure drafts in the next several weeks:
- Insurance Contracts – Phase I: This ED will propose guidance for applying existing IFRS to accounting for insurance contracts, addressing such issues as catastrophe and equalisation provisions, loss provisioning, discounting, derivatives and deposit components embedded in insurance contracts, offsetting, policy acquisition costs, accounting policies, and disclosure.
- Disposal of Non-current Assets and Presentation of Discontinued Operations: This will be the first of several EDs coming out of the IFRS-US GAAP Convergence Project. This ED will address classification, presentation, and measurement of assets held for sale and discontinued operations. The goal is convergence of IFRS and FASB Statement 144.
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9 July 2003: Apologies – this website was down
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Due to server problems at PCCW, the company that hosts this website, our site was down for 14 hours today. |
8 July 2003: IAS Healthcheck 2003
We have posted the 2003 edition of IAS Healthcheck (PDF 2,279k), prepared by Deloitte & Touche (United Kingdom). Of the 7,000 listed companies in Europe that will be required to adopt IFRS in 2005, over 3,000 of them are in the United Kingdom. Moreover, the UK government has invited comment on whether it should extend the IFRS requirement to unlisted companies and individual company accounts. This 32-page booklet reviews the implications of changing to IFRS not only with respect to accounting systems and financial reporting but also to other management issues including treasury management; distributions; debt covenants and financing; mergers and acquisitions; management compensation; product development; management information; statutory accounts and taxes; human resources; IT systems; and investor relations. The guide sets out practical ideas for addressing these and other issues.
8 July 2003: Reminder about comment deadline on IFRIC D1
Comments on IFRIC Draft Interpretation D1, Emission Rights, are due in one week – 14 July 2003.
8 July 2003: Decisions at 1-2 July IFRIC meeting
Presented below are the key decisions at the 1-2 July 2003 meeting of the International Financial Reporting Interpretations Committee (IFRIC):
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DECISION SUMMARY – IFRIC MEETING 1-2 JULY 2003
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7 July 2003: Shareholder approval of stock option plans will be required in USA
The US Securities and Exchange Commission has approved new rules, which were adopted by the New York Stock Exchange and the Nasdaq Stock Market, requiring shareholder approval of equity compensation plans, including stock option plans. The rules include limited exemptions for employment inducement awards; certain grants arising in mergers and acquisitions; and certain tax-qualified compensation plans such as "401" plans and similar plans under non-US tax laws. The SEC considered but rejected a blanket exemption for plans covering employees residing in non-US jurisdictions. Click for SEC Press Release and Text of New Rules.
7 July 2003: Four Australian Accounting Alerts posted
7 July 2003: New China Today newsletter posted
Click to download the June 2003 issue of our China Today newsletter (PDF 305k) from Deloitte & Touche (USA). There's also a link on our China Page.
7 July 2003: Second quarter 2003 Accounting Roundup summary
We have posted Accounting Roundup: The Second Quarter of 2003 from Deloitte & Touche (USA). The articles included in this 25-page quarterly review edition of Accounting Roundup were drawn from issues of Accounting Roundup dated 14 April to 23 June 2003 and have been updated where appropriate. Included are links to locations where additional information can be found for each topic.
6 July 2003: IVSC publishes 2003 edition of International Valuation Standards
The IVSC has published the 2003 edition of International Valuation Standards, a comprehensive volume of all of its standards. For the first time the standards can be viewed or downloaded without charge from the IVSC Website. A printed version and a subscription update service can be purchased from IVSC. The IVSC's News Release (PDF 32k) announcing its new publication states:
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The outright adoption of International Financial Reporting Standards (IFRS, previously known as International Accounting Standards) or convergence with these standards is now a global phenomenon that is rapidly gathering pace. IFRS increasingly adopt a fair (market) value basis as opposed to historic cost, and IVSC has gained important recognition by the accounting world of the authority and benefits that international valuation standards bring to providing greater credibility to accounting at fair value.
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5 July 2003: IFRIC meeting planned for 30-31 July is cancelled
The IASB has announced that the meeting of the International Financial Reporting Interpretations Committee scheduled for 30-31 July has been cancelled. IFRIC's next meeting will be 30 September and 1 October 2003.
1 July 2003: New German IFRS publications: Disclosure Checklist, IFRS 1
We have posted the following German-language documents related to
International Financial Reporting Standards:
All of these documents may be downloaded without charge.
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