May

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Agenda set for IASB June 2003 meeting in Rome

30 May 2003

The IASB will hold its next meeting at the Grand Hotel Parco Dei Principi in Rome, Italy, on 16-18 June 2003. The Standards Advisory Council will meet at the same location on 19-20 June.

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IASB will meet with its advisory council 19-20 June 2003

30 May 2003

The IASB's Advisory Council will meet in Rome on 19-20 June, immediately following the Board meeting.

The preliminary agenda is:

Thursday 19 June 2003

  • IASB Chairman's Report
  • Business Combinations (Phase II)
  • Share-Based Payment
  • Reporting Performance Friday 20 June 2003
  • Amendments to IAS 32 and IAS 39, Financial Instruments
  • Financial Reporting by Small and Medium-Sized Entities
  • Convergence Issues
  • IASB Project Priorities
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FASB will consider several convergence issues next week

29 May 2003

At its meeting on 4 June 2003, the FASB will discuss several matters of convergence with IFRS: Balance sheet classification of (a) short-term obligations expected to be refinanced and (b) obligations due on demand because of breach of a borrowing agreement.

While IFRS and US GAAP are now the same, in the Improvements Project IASB has proposed to classify these as current unless (a) refinancing is completed by balance sheet date or (b) the lender has granted the waiver before balance sheet date.
  • Differing conclusions reached by the FASB and IASB for the subsequent recognition of deferred tax benefits acquired in a business combination (IASB would recognise income while FASB would reduce goodwill).
  • The implications of full goodwill method in a business combination. One of the conclusions tentatively reached in the "purchase method procedures" joint IASB-FASB project is that if an entity acquires less than a 100% interest in another entity, both the acquirer's and the minority interest's share of goodwill should be recognised. Minority goodwill isn't recognised under current standards.
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    IASB announces presentations in Europe on transition to IFRS

    29 May 2003

    Members of the IASB will be undertaking a series of presentations throughout Europe to highlight issues related to the transition to IFRS for EU publicly-listed companies in 2005: .

    Members of the IASB will be undertaking a series of presentations throughout Europe to highlight issues related to the transition to IFRS for EU publicly-listed companies in 2005:

    Italy

    Rome

    20 June

    Sir David Tweedie

    New EU entrants

    Warsaw / Prague

    15/16 July

    Hans-Georg Bruns

    Netherlands

    Amsterdam

    24 September

    Sir David Tweedie and Thomas Jones

    Luxembourg

    Luxembourg City

    25 September

    John Smith

    Germany

    Berlin

    9 October

    Sir David Tweedie and Hans-Georg Bruns

    Spain

    Madrid

    6/7 November

    Sir David Tweedie

    France

    Paris

    To Be Scheduled

    Sir David Tweedie and Thomas Jones

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    Changes to IASB's project timetable

    29 May 2003

    The IASB has made some changes in its project Timetables, delaying several EDs or final standards and announcing timetables for several projects not previously scheduled: .

    The IASB has made some changes in its project Timetables, delaying several EDs or final standards and announcing timetables for several projects not previously scheduled:

    Projects for which a timetable had not previously been announced:

    • Convergence Project: Exposure Drafts:
      • Joint Project with FASB: EDs in 3rd and 4th quarters 2003
      • Employee Benefits: ED 4th quarter 2003
      • Replacement of IAS 20: ED 4th quarter 2003 Final Standards:
      • Joint Project with FASB: Final Standards 2004
      • Employee Benefits: Final Standards 2004 after 1st quarter
      • Replacement of IAS 20: Final Standards 2004 after 1st quarter
    • Insurance Contracts Phase II: ED in 2004
    Changes of timetable:
    • Insurance Contracts Phase I: ED now 3rd quarter 2003
    • Improvements to IFRS: Final IFRSs now 3rd quarter 2003
    • Financial Activities: ED now 2004 later than 1st quarter
    • Business Combinations Phase I: Final IFRS now 1st quarter 2004
    • Business Combinations Phase II: ED now 3rd quarter 2003 and Final IFRS now 2004 later than 1st quarter
    • Amendments to IAS 32 and IAS 39: IFRS is still planned for 3rd quarter 2003. However, if the IASB decides to re-expose certain proposed changes to IAS 39, the final IFRS would be issued in 1st quarter 2004.
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    SEC requires reports on internal control with auditor attestation

    28 May 2003

    The US Securities and Exchange Commission has adopted new Final Rules on management's report on internal control over financial reporting.

    The effective date for large US issuers is financial years ending on or after 15 June 2004. Foreign private issuers and small US issuers have until years ending on or after 15 April 2005. The rules require, among other things, that annual reports include a report by management on the effectiveness of the company's system of internal controls over financial reporting and a statement that its auditor has issued an attestation report on management's assessment. The rules also require that the CEO and CFO certifications of financial statements be identified as exhibits to periodic reports such as those on Form 10-K, 10-Q, and 20-F, effective in 60 days.
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    New Accounting Roundup newsletter posted

    28 May 2003

    We have posted the 27 May 2003 Edition of Accounting Roundup from Deloitte & Touche (USA).

    Topics covered include SFAS 150 on financial instruments; the 15 May 2003 EITF meeting; new SEC rules on improper influence on audits, electronic filing, and website posting; and SEC Staff Accounting Bulletin 103. You can also download all 35 past editions of Accounting Roundup at the above link.
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    Final PCAOB auditor registration rules apply to non-US firms

    27 May 2003

    The US Public Company Accounting Oversight Board has adopted (PDF 393k).

    All public accounting firms must be registered with the PCAOB if they wish to prepare or issue audit reports on US public companies, or to play a substantial role in preparing or issuing such reports. Registration deadlines:
    • US public accounting firms – 22 October 2003
    • Non-US public accounting firms – 19 April 2004
    Registration will be via an on-line form on the PCAOB's Website. The form is currently being developed, with availability expected late June or early July 2003. Applicants must pay a registration fee. Registered firms will be required to file annual reports with the PCAOB and perhaps other periodic reports.
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    Agenda project pages updated

    26 May 2003

    We have updated the following agenda project pages to reflect the Board's deliberations at last week's Board meeting: Business Combinations - Phase II Convergence (issues relating to IAS 19, IAS 35, IAS 37) Financial Activities Financial Instruments: Amendments to IAS 32 and IAS 39 IFRIC issues (decommissioning liabilities and reimbursements) The Income Statement [Reporting Performance] Leases Revenue Recognition Share-Based Payment .

    We have updated the following agenda project pages to reflect the Board's deliberations at last week's Board meeting:

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    Notes from the fourth day of the IASB's May 2003 meeting

    24 May 2003

    We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page. .

    We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page.

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