July

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IAS Healthcheck 2003

08 Jul 2003

We have posted the 2003 edition of (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.
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Decisions at 1-2 July IFRIC meeting

08 Jul 2003

Presented below are the key decisions at the 1-2 July 2003 meeting of the International Financial Reporting Interpretations Committee (IFRIC):Notes from the IFRIC Meeting1-2 July 2003 IAS 16 and IAS 37 – Changes in Decommissioning, Restoration, and Similar Liabilities: IFRIC agreed to issue a draft Interpretation proposing that a change in a decommissioning or similar liability under IAS 37 should be added to or deducted from the related asset to the extent that the change relates to a future period. IAS 19, Employee Benefits – Multi-employer Plans: IFRIC discussed a draft Interpretation that would clarify which plans meet the definition of a multi-employer plan and how an employer that participates in such a plan should apply the defined benefit accounting provisions of IAS 19. IFRIC will consider a revised draft at its September 2003 meeting. IAS 19, Employee Benefits – Plans with a Minimum Return Guarantee: The IFRIC discussed a draft Interpretation that would clarify that a money purchase plan that includes a minimum return guarantee should be classified as a defined benefit plan.

IFRIC approved the draft in principle. A ballot draft will be sent to IFRIC members.
  • IAS 19 Employee Benefits – Allocation of Benefits to Periods of Service: IFRIC agreed to ask the IASB to include this issue as part of its short-term IFRS-US GAAP convergence project.
  • Decommissioning and Environmental Rehabilitation Funds: IFRIC discussed a draft Interpretation that would address accounting by a contributor to such funds. Discussions will continue at a future IFRIC meeting.
  • Rights of Use of Assets – Determining Whether an Agreement Contains a Lease: IFRIC approved the principles of a draft Interpretation. It will consider a ballot draft of the Interpretation at its September 2003 meeting.
  • IAS 11, Construction Contracts – Criteria for Combining and Segmenting Construction Contracts: IFRIC began discussion of this new agenda issue and will consider a draft Interpretation at its September 2003 meeting.
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    Second quarter 2003 Accounting Roundup summary

    07 Jul 2003

    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.
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    New China Today newsletter posted

    07 Jul 2003

    Click to download the June 2003 issue of our newsletter (PDF 305k) from Deloitte & Touche (USA).

    There's also a link on our China Page.
    Australia Image

    Four Australian Accounting Alerts posted

    07 Jul 2003

    We have added four new Australian Accounting Alerts: .

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    Shareholder approval of stock option plans will be required in USA

    07 Jul 2003

    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.
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    IVSC publishes 2003 edition of International Valuation Standards

    06 Jul 2003

    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:

    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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    IFRIC meeting planned for 30-31 July is cancelled

    05 Jul 2003

    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.
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    New German IFRS publications: Disclosure Checklist, IFRS 1

    01 Jul 2003

    We have posted the following German-language documents related toInternational Financial Reporting Standards: .

    We have posted the following German-language documents related toInternational Financial Reporting Standards:

    All of these documents may be downloaded without charge.

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