The Board decided to host the discussions following its review of more than 150 comment letters received in response to the proposed amendments. The Board noted that the comments on the proposals "represented a wide range of opinion and raised numerous questions". Over 100 organisations and individuals have signed up to speak at the roundtables. The IASB has released an Information Package (PDF 74k) setting out 42 questions that it would like participants in the roundtables to address.

We have updated our summaries of accounting standards activity in France, Germany, the Netherlands, Portugal, South Africa, and the United Kingdom.

This edition includes all of the general IASB/IFRS update information plus country updates for recent standard-setting activities in the following countries: France, Germany, the Netherlands, Portugal, Turkey, South Africa, and the United Kingdom. Special sections include summaries of ED 2 (on share-based payment) and ED 3 (on business combinations and intangibles) plus a detailed update on IFRIC agenda projects. We had previously posted the January 2003 Asia-Pacific edition.

IFRIC – the IASB's interpretations committee – will meet at the IASB offices in London on 4 and 5 February 2003 to discuss the following agenda topics:

• Decommissioning Funds
• Emission Rights
• IAS 19, Employee Benefits - Money Purchase Plan with a Minimum Guarantee
• IAS 19 - Multi-employer Plan Exemption
• IAS 37 (Provisions) - Changes in Decommissioning and Similar Liabilities
• Linkage of Transactions
• Presentation - Operating and Ordinary Activities
• Rights of Use

Click for:

• Complete Chronological List of IFRIC Agenda Issues
• Complete List of IFRIC Agenda Issues by Topic
• Table of Effective Dates of Recent Interpretations.

The Board will also meet with the Standards Advisory Council (SAC) on 24-25 February 2003. A portion of the SAC meeting will involve a roundtable discussion of the Proposed Amendments to IAS 32 and IAS 39.

Also we have updated the following project pages to reflect the Board's deliberations at that meeting:

• Amendments to IAS 32 and IAS 39
• Business Combinations - Phase II
• Convergence Topics
• First-Time Application of IFRS
• Insurance Contracts - Phase I
• Insurance Contracts - Phase II

This (PDF 159k) focuses on recent actions of the US Securities and Exchange Commission to adopt rules implementing provisions of the Sarbanes-Oxley Act of 2002.

In addition, the 72-page book includes a discussion of current Hong Kong Exposure Drafts and IASB projects and their anticipated impact on Hong Kong GAAP. Six new standards took effect in Hong Kong in 2002, and two others will take effect in 2003 and 2004. The book also includes a comparison of Hong Kong SSAPs and IFRS at December 2002. Click to (PDF 920k).

While a few companies currently expense stock options or have plans to do so, the majority of respondents (53%) are taking a 'wait-and-see' approach. A significant minority (35%) will not expense options unless mandated by legislation and/or regulatory change. (PDF 53k).

Click below for SEC press release on each topic:

• (PDF 38k)
• (PDF 41k)