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2003

Notes from second day of IASB November 2003 meeting

20 Nov 2003

We have combined the preliminary and unofficial notes taken by Deloitte observers at the IASB's 18-19 November 2003 Board meeting in London onto a Separate Page. .

We have combined the preliminary and unofficial notes taken by Deloitte observers at the IASB's 18-19 November 2003 Board meeting in London onto a Separate Page.

United Kingdom IASPlus newsletter posted

20 Nov 2003

We have posted the (PDF 138k) of the IASPlus newsletter. .

Notes from first day of IASB November 2003 meeting

19 Nov 2003

We have combined the preliminary and unofficial notes taken by Deloitte observers at the IASB's 18-19 November 2003 Board meeting in London onto a Separate Page. .

We have combined the preliminary and unofficial notes taken by Deloitte observers at the IASB's 18-19 November 2003 Board meeting in London onto a Separate Page.

IFAC Council approves standard-setting reforms

16 Nov 2003

The Council of the International Federation of Accountants (IFAC), meeting in Singapore, has approved a set of reforms designed to strengthen international audit standard-setting processes, achieve convergence to international standards, and ensure that the international accountancy profession is responsive to the public interest.

The reforms provide for a more transparent standard-setting process with greater public input. A Public Interest Oversight Board (PIOB) will be established to oversee IFAC's standard-setting activities, particularly with respect to auditing, assurance, ethics, and independence. The PIOB will also oversee IFAC's compliance activities. The reforms also provide a means for ongoing dialogue between regulators and IFAC through the establishment of an IFAC Leadership Group and a Monitoring Group comprised of regulators. Click for:

 

Two comment letters to IASB from EFRAG

15 Nov 2003

We have posted comment letters of the European Financial Reporting Advisory Group (EFRAG) to the IASB on IFRIC Draft Interpretation D2, 'Changes in Decommissioning, Restoration and Similar Liabilities' and IASB Exposure Draft 'Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk'.

We have posted the following comment letters of the European Financial Reporting Advisory Group (EFRAG) to the IASB:

 

IFAC seeks comments on audit partner rotation

14 Nov 2003

The International Federation of Accountants (IFAC) has issued an exposure draft proposing to revise the Code of Ethics for Professional Accountants to clarify that an individual who has completed a predefined period in the role of lead engagement partner for an audit of a listed entity should not participate in the assurance engagement until a further period, normally two years, has elapsed.

Click to Download the IFAC Proposal (PDF 53k). Comments are due 15 February 2004.

Reminder about upcoming IFRS Beyond 2005 conference

13 Nov 2003

IASB Chairman Sir David Tweedie will be among the speakers at the upcoming conference on Europe and IFRS Beyond 2005.

The conference is sponsored by Deloitte and the IASB will take place in Paris on 3 and 4 December 2003. Other speakers include Rene Ricol, Chairman of the International Federation of Accountants (IFAC) and IASB members James Leisenring and Gilbert Gelard. For more information, please download the:

Comment deadline on macro hedging ED is tomorrow

13 Nov 2003

Reminder: Comments are due at the IASB tomorrow (14 November 2003) on the IASB exposure draft Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk .

Reminder: Comments are due at the IASB tomorrow (14 November 2003) on the IASB exposure draft Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk

Details of IASCF constitution review are announced

13 Nov 2003

The Trustees of the IASC Foundation (IASCF), under which the IASB operates, have released details of the review of the IASCF constitution that was discussed at their 4 November meeting (see our news story of 7 November below).

The constitution sets out the operating procedures of the Foundation and the IASB and requires that the constitution be reviewed every five years.

IASC Foundation Constitution Review

Scope and consultation. The review will cover "the full range of issues raised by the constitution" and that they will be consulting a wide range of organisations, including international and regional organisations, securities regulators, other international regulatory organisations, accounting standard-setters, organisations representing the accountancy profession, organisations representing business groups, analyst groups and other investment organisations, academic groups, and the Standards Advisory Council. Review committee. The committee to oversee the review will be chaired by Paul Volcker, chairman of the IASC Foundation Trustees. Committee members are IASCF Trustees John Biggs, Roberto Teixeira a Costa, Toru Hashimoto, Cornelius Herkstroter, Philip Laskawy, and Sir Sydney Lipworth. Invitation to comment. The Trustees have published an Invitation to Comment setting out the issues for the constitution review. Written comments are sought by 11 February 2004. You can download the Invitation to Comment from the IASB website. IASCF press release. Click to Download (PDF 28k).

US Senate hearings today on stock option accounting

12 Nov 2003

The Securities and Investment Subcommittee of the US Senate Banking Committee is today holding a Public Hearing titled "The Financial Accounting Standards Board and Small Business Growth".

FASB Chairman Robert Herz is among those testifying. The hearing relates to a bill that would force a 3-year study period before the SEC could accept any changes to accounting for stock options. A similar bill has been introduced in the US House of Representatives. The IASB has proposed to require recognition of the fair value of Share-Based Compensation as an expense, and the FASB recently voted to issue an exposure draft with a similar proposal (see our news story of 30 October 2003).

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.