October

Preliminary revised version of IAS 10 is available

17 Oct 2003

The IASB is making available on-line to subscribers the "preliminary final" texts of Standards being revised under the Improvements Project.

The preliminary final version of IAS 10, Events after the Balance Sheet Date, is now available on IASB's Website.

New Accounting Roundup newsletter is available

15 Oct 2003

We have posted the 14 October 2003 Edition of Accounting Roundup from Deloitte & Touche (USA).

This issue includes an FASB Update (including pension disclosures, effective date of FIN 46, and summaries of several proposed FASB Staff Positions); a PCAOB Update (final rules on withdrawal from registration and proposals on audits of internal control); an AICPA Update (auditing greenhouse gas emissions information and recent AcSEC activity); and an International Update (IFAC PSC proposals on impairment of assets and summaries of the September IASB and IFRIC meetings).

IFRS are required in Nicaragua starting in 2005

12 Oct 2003

International Financial Reporting Standards will be required in Nicaragua for financial statements covering periods ending on or after 30 June 2005. .

International Financial Reporting Standards will be required in Nicaragua for financial statements covering periods ending on or after 30 June 2005.

US PCAOB proposes auditing standard on internal control

08 Oct 2003

The US Public Company Accounting Oversight Board has proposed its first auditing standard, titled An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements.

The proposal would apply to non-US SEC registrants, but with delayed implementation. The proposal essentially requires an integrated audit with two audit opinions: one on the effectiveness of internal control over financial reporting and one on the financial statements. Auditors of US companies with public equity float exceeding $75 million will be required to audit and report on the company's internal controls over financial reporting for fiscal years ending on or after 15 June 2004. Auditors of smaller companies, foreign private issuers, and companies with only registered debt securities have until fiscal years ending on or after 15 April 2005 to comply. Click for:

Enforcing IFRS in Europe

08 Oct 2003

The Committee of European Securities Regulators has invited comments on its draft Standard No.

2, Financial Information - Co-ordination of Enforcement Activities. The draft proposes greater co-ordination among supervisors of financial information in Europe. It also proposes a set of standards on enforcement activities to accomplish this, including co-ordination on a pan-European level. CESR will hold an open hearing on the proposal on 12 November 2003 at CESR's office in Paris. Written comments on the proposal are requested by 7 January 2004. Click to download the:

Disclosing the impact of adopting IFRS in Europe

08 Oct 2003

The Committee of European Securities Regulators has invited comments on a draft recommendation on how companies should communicate the impact of the transition to IFRS in 2005. Comments are requested by 20 November 2003. The draft recommendation includes CESR's proposed responses to the following questions: What information should companies publish before 1st January 2005, the most common effective date of transition to IFRS, to explain to investors the potential impact of the new standards? Which accounting rules should be adopted by issuers for preparing quarterly (where applicable) and half-year interim financial data that will be released in 2005? How can comparability be achieved between interim or annual financial information for 2005 and earlier equivalent periods, to ensure investors can effectively interpret the development of the companies financial position? Click to download the: CESR Press Release (PDF 114k). CESR Consultative Paper (PDF 164k). .

The Committee of European Securities Regulators has invited comments on a draft recommendation on how companies should communicate the impact of the transition to IFRS in 2005. Comments are requested by 20 November 2003. The draft recommendation includes CESR's proposed responses to the following questions:

  • What information should companies publish before 1st January 2005, the most common effective date of transition to IFRS, to explain to investors the potential impact of the new standards?
  • Which accounting rules should be adopted by issuers for preparing quarterly (where applicable) and half-year interim financial data that will be released in 2005?
  • How can comparability be achieved between interim or annual financial information for 2005 and earlier equivalent periods, to ensure investors can effectively interpret the development of the companies financial position?
Click to download the:

Changes to IASB's project timetable

07 Oct 2003

We have made several changes to our Timetable for IASB Projects based on decisions at recent IASB meetings and changes noted on the IASB's website: Extractive Industries: Exploration and Evaluation – Exposure Draft in 4th Quarter 2003; Final IFRS in 2004 after first quarter. Comprehensive Income (Performance Reporting) – IASB's website states "timing under review". Convergence of IFRS and US GAAP – Exposure Drafts in 4th Quarter 2003; Final IFRS in 2004, some 1st quarter, some later. Convergence: Employee Benefits – IASB's website states "timing under review". .

We have made several changes to our Timetable for IASB Projects based on decisions at recent IASB meetings and changes noted on the IASB's website:

IFRIC issue summaries updated to reflect recent meeting

06 Oct 2003

We have updated the following summaries of IFRIC agenda projects to reflect discussions and decisions at IFRIC's meeting on 30 September and 1 October 2003: IAS 11: Combining and Segmenting Construction Contracts IAS 17: Whether an Arrangement Contains a Lease (Rights of Use of Assets) IAS 19: Multiemployer Plan Exemption IAS 19: Plans with a Minimum Guarantee IAS 29: Initial Application and Deferred Taxes IAS 37: Decommissioning and Environmental Rehabilitation Funds IAS 41: Fair Value Measurement Issues in Agriculture .

Agenda for October IASB meeting is announced

06 Oct 2003

The IASB will discuss the following Agenda topics at its upcoming October 2003 Board meeting in Toronto: .

IFRS will affect you, ICAEW tells small companies

04 Oct 2003

Many smaller companies may be assuming wrongly that International Financial Reporting Standards will not affect them, the Institute of Chartered Accountants in England & Wales has warned.

Although IFRS will be optional, rather than mandatory, for unlisted UK companies, the UK's Accounting Standards Board intends to converge UK GAAP with IFRS. These revised UK standards will apply to all UK companies, whether large or small. Click for ICAEW Press Release (PDF 52k).

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.