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February

Observers' notes from February 2003 Advisory Council meeting

28 Feb 2003

So our home page can download more quickly, we have moved our unofficial observers' notes from the February SAC meeting to a Separate Page.

Most of the meeting was devoted to a roundtable discussion of various aspects of financial instruments. No decisions were taken. The discussions were structured so that, for each topic, an IASB staff member set out the background, including a brief summary of comments received, and then SAC members were invited to express concerns or comments.

IFRS model financial statements in Chinese

28 Feb 2003

We have posted the 2002 version of the IFRS model financial statements in Chinese.

You will find the link on our China page.

Our comments on proposed IAS/IFRS certification programme

26 Feb 2003

Deloitte Touche Tohmatsu has submitted a letter of comment on the (PDF 60k).

Our letter expresses some concerns about the issues raised in the proposal and sets out a suggested short- and medium-term way forward. You can also Download All of our Firm's Other Letters of Comment on IASB and IASC proposals back to 1995.

EU proposes to enlarge small-company reporting exemptions

26 Feb 2003

European law allows member States to exempt small companies from certain requirements for disclosures in their accounts, preparing consolidated accounts, preparing an annual report, and being audited.

The EC has Proposed (PDF 24k) to raise the size limits for defining a 'small company' by 16.8%.

Valuation issues arising in IASB projects

25 Feb 2003

The February 2003 edition of Global Valuation Issues (PDF 144k), the newsletter of the International Valuation Standards Committee, includes an update on valuation issues arising in IASB's agenda projects.

In his message in the newsletter, IVSC Chairman John Edge noted:

The 'unique selling point' of the IVS is that they have been developed to accord with the IAS. Deloitte Touche Tohmatsu recognise this in their 2002 Model IAS Illustrative Financial Statements. These state that the valuations of both property, plant and equipment, and of investment property, conform to International Valuation Standards.

Some new and revised IFRS will be effective for 2005, others not

25 Feb 2003

The IASB has announced, via a story in its Insight newsletter, that certain new or revised standards will be mandatory for 2005 and that others will be encouraged but not mandatory, as follows: Mandatory for 2005 Business Combinations – both Phases I and II Convergence – short-term items First-Time Application of IFRS Improvements to Existing IFRS Amendments to IAS 32 and IAS 39 Insurance Contracts Phase I Share-Based Payment Not mandatory for 2005.Early application encouraged: Consolidation, including special purpose entities Deposit-Taking, Lending, and Securities Activities Performance Reporting (now called Income Statements) Post-Employment Benefits (part of the Convergence project) Liabilities, Equity, and Revenue Recognition Segment Reporting (part of the Convergence project) .

The IASB has announced, via a story in its Insight newsletter, that certain new or revised standards will be mandatory for 2005 and that others will be encouraged but not mandatory, as follows:

Mandatory for 2005

  • Business Combinations – both Phases I and II
  • Convergence – short-term items
  • First-Time Application of IFRS
  • Improvements to Existing IFRS
  • Amendments to IAS 32 and IAS 39
  • Insurance Contracts Phase I
  • Share-Based Payment

Not mandatory for 2005.Early application encouraged:

  • Consolidation, including special purpose entities
  • Deposit-Taking, Lending, and Securities Activities
  • Performance Reporting (now called Income Statements)
  • Post-Employment Benefits (part of the Convergence project)
  • Liabilities, Equity, and Revenue Recognition
  • Segment Reporting (part of the Convergence project)

Comparison of IFRS and Canadian GAAP

24 Feb 2003

We have posted a comparison of International Financial Reporting Standards and Canadian GAAP.

The Comparison is taken Handbook of the Canadian Institute of Chartered Accountants and is used with their kind permission.

Project pages updated for February meeting deliberations

24 Feb 2003

We have updated our project pages for the following projects to reflect our notes from the Board's February 2003 meeting: Business Combinations (Phase II) Convergence Topics First-Time Application of IFRS Improvements to IFRS Insurance Contracts (Phase I) Liabilities, Equity, and Revenue Reporting Performance .

We have updated our project pages for the following projects to reflect our notes from the Board's February 2003 meeting:

Notes from the third day of the February IASB meeting

23 Feb 2003

We have consolidated all of our notes from the 19-21 February 2003 IASB meeting onto a Single Web Page. .

We have consolidated all of our notes from the 19-21 February 2003 IASB meeting onto a Single Web Page.

Impact of Sarbanes-Oxley on foreign issuers in USA

22 Feb 2003

SEC Commissioner Paul S.

Atkins recently spoke to a German audience about The Sarbanes-Oxley Act of 2002: Goals, Content, and Status of Implementation. His Remarks addressed the effects of the Act on non-US companies that issue securities in the United States.

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.