July

Notes from the second day of the July IASB meeting

26 Jul 2003

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page. .

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.

Plan for convergence of Australian GAAP with IFRS

26 Jul 2003

The Australian Accounting Standards Board has adopted a Work Programme that emphasises convergence of Australian GAAP with IFRS. .

The Australian Accounting Standards Board has adopted a Work Programme that emphasises convergence of Australian GAAP with IFRS.

EVCA expresses concern about IAS 27

26 Jul 2003

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".

Notes from the third day of the July IASB meeting

26 Jul 2003

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page. .

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.

South African Institute gives members IFRS on-line

25 Jul 2003

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.

They can be found 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.

 

IASB issues ED 4 on asset disposals and discontinuing operations

25 Jul 2003

The IASB has issued ED 4 'Disposal of Non-Current Assets and Reporting of Discontinued Operations'.

We have prepared a Special Global Edition of our IAS Plus 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
  • 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.

Comment deadline is 24 October 2003. Click for IASB Press Release (PDF 35k).

 

Deloitte UK welcomes decision to let non-listed companies use IFRS

25 Jul 2003

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).

Notes from the first day of the July IASB meeting

24 Jul 2003

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page. .

We have combined our three days of notes from the IASB's meeting of 22-24 July 2003 onto a Single Page.

July 2003 issue of our IASPlus newsletter is published

20 Jul 2003

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.

Newsletter explaining IFRS 1 in Danish

20 Jul 2003

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.

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.