April

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Asia-Pacific country standards pages updated

16 Apr 2004

We have updated the following pages to reflect recent local standards setting activity: Australia, China, Hong Kong, India, New Zealand, Philippines, and Singapore. .

We have updated the following pages to reflect recent local standards setting activity: Australia, China, Hong Kong, India, New Zealand, Philippines, and Singapore.

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PCAOB forms a Standing Advisory Group

16 Apr 2004

The US Public Company Accounting Oversight Board has formed a Standing Advisory Group to assist the Board in carrying out its standards-setting responsibilities.

From 170 nominees, the PCAOB selected 30 individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies. Advisory Group members include Robert J. Kueppers, National Managing Partner – Risk, Professional, Regulatory Matters, Deloitte & Touche (USA). The International Auditing and Assurance Standards Board is one of four groups invited to participate as observers. Click for More Information.
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Agenda for April IASB meeting is announced

16 Apr 2004

The April 2004 monthly meeting of the International Accounting Standards Board will be held in London in three parts: Wednesday 21 April: Meeting of the IASB itself (at the IASB offices, 30 Cannon Street, London) Thursday and Friday 22-23 April: Joint meeting of the IASB and the US FASB (at the Radisson SAS Portman Hotel, 22 Portman Square, London) Monday and Tuesday 26-27 April: Meeting of the IASB with chairs of its partner national standard setters (at Painters Hall, 9 Little Trinity Lane, London) The agenda for the 21 April Board meeting is set out below.AGENDA – IASB MEETING 21 APRIL 2004 Standards for Small and Medium-Sized Entities IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IAS 39 – Transitional Provisions and 'Day One' Profit Recognition Business Combinations Phase II Revenue Recognition Short-term Convergence Reporting Comprehensive Income .

The April 2004 monthly meeting of the International Accounting Standards Board will be held in London in three parts:

  • Wednesday 21 April: Meeting of the IASB itself (at the IASB offices, 30 Cannon Street, London)
  • Thursday and Friday 22-23 April: Joint meeting of the IASB and the US FASB (at the Radisson SAS Portman Hotel, 22 Portman Square, London)
  • Monday and Tuesday 26-27 April: Meeting of the IASB with chairs of its partner national standard setters (at Painters Hall, 9 Little Trinity Lane, London)
The agenda for the 21 April Board meeting is set out below.

AGENDA – IASB MEETING 21 APRIL 2004

  • Standards for Small and Medium-Sized Entities
  • IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
  • IAS 39 – Transitional Provisions and 'Day One' Profit Recognition
  • Business Combinations Phase II
  • Revenue Recognition
  • Short-term Convergence
  • Reporting Comprehensive Income
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SEC proposes to adopt PCAOB standard on internal control

15 Apr 2004

The US Securities and Exchange Commission has Proposed to adopt Auditing Standard No.

2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, issued by the Public Company Accounting Oversight Board. The proposed effective date for "accelerated filers" (generally domestic companies with public float over $75 million) is financial years ending on or after 15 November 2004. Other companies have until financial years ending on or after 15 July 2005.
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New Deloitte newsletter explains FASB's stock option proposals

15 Apr 2004

Narrowing Your Options! Fair Value Accounting for Share-Based Payments is the latest edition of the Heads Up newsletter from Deloitte (United States).

The 18-page newsletter provides Deloitte's initial insights into FASB's proposed standard that would require public companies to record share-based payments at fair value and to recognise this amount as compensation expense, typically as the awards vest. The newsletter includes 28 Q&As. The FASB proposal is similar to IFRS 2 issued in February by the IASB. Click to (PDF 183k).
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Deloitte Australian accounting alert on IFRS 5

15 Apr 2004

A new Accounting Alert from Deloitte Australia Non-current Assets Held for Sale and Discontinued Operations provides an overview of the requirements of IFRS 5 and some analysis of the issues arising.

The Australian Accounting Standards Board is expected to issue an Australian equivalent to this Standard in due course. Click to (PDF 57k). Other Australian Alerts.
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Special edition of IASPlus on IFRS 3 Business Combinations

14 Apr 2004

We have published a of our -->IAS Plus --> newsletter (PDF 56k) devoted to IFRS 3 Business Combinations and the related amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets issued by the IASB on 31 March 2004. The newsletter outlines the main features of IFRS 3 and discusses the impairment testing requirements of the revised IAS 36 as they relate to goodwill acquired in a business combination.

All past issues of the IAS Plus newsletter can be found Here.
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New Zealand accounting alert on financial instruments

14 Apr 2004

We have posted the latest (PDF 317k), which provides an overview of proposals to adopt equivalents of IAS 32 and IAS 39 (financial instruments) in New Zealand.

These EDs would will fill a major gap in New Zealand's current reporting framework, given that the recognition and measurement of financial instruments has not previously been the subject of a financial reporting standard in New Zealand. Past NZ Alerts can be found Here.
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IASB will meet 21-23 April and 26-27 April 2004 in London

13 Apr 2004

The April 2004 monthly meeting of the IASB will be held in London in three "components".

The IASB has not yet announced the agendas for the meetings:

  • Wednesday 21 April: Meeting of the IASB itself (at the IASB offices, 30 Cannon Street, London)
  • Thursday and Friday 22-23 April: Joint meeting of the IASB and the US FASB (at the Radisson SAS Portman Hotel, 22 Portman Square, London)
  • Monday and Tuesday 26-27 April: Meeting of the IASB with chairs of its partner national standard setters (at Painters Hall, 9 Little Trinity Lane, London)
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IFAC defines member bodies' obligations on IFRS

13 Apr 2004

The Board of the International Federation of Accountants (IFAC) has approved seven Statements of Membership Obligations (SMOs) designed to assist and direct IFAC's 158 member organisations and potential members in ensuring high quality performance by professional accountants.

The SMOs will be presented to IFAC's Council for ratification in November. Proposed effective date is 31 December 2004. SMO No. 7 International Financial Reporting Standards requires IFAC's member organisations to (among other things):

  • Support the work of the IASB by notifying their members of every IFRS.
  • Encourage their members to comment on IASB proposals.
  • Use their best endeavours to incorporate the requirements of IFRSs in their national accounting requirements, or where the responsibility for the development of national accounting standards lies with third parties, to persuade those responsible for developing those requirements that general purpose financial statements should comply with IFRSs, or with local accounting standards that are converged with IFRS, and disclose the fact of such compliance
  • To assist with the implementation of IFRSs, or national accounting standards that incorporate IFRSs.

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