April

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IASPlus newsletters for April 2004

13 Apr 2004

We have published the April 2004 edition of our quarterly -->IAS Plus --> newsletter in two versions: (PDF 24 pages 349k) (PDF 31 pages 405k) Both editions have the same news about international financial reporting, including updates on IASB projects and Board activities and news about IFRS in Europe, the United States, and elsewhere in the World.

Additionally, the Asia-Pacific edition has updates on accounting standard setting activity in a number of countries in that region.
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New Australian accounting alert on IFRS 3

13 Apr 2004

We have posted a new Accounting Alert from Deloitte Australia: IASB Issues Standards on Business Combinations, Intangibles and Impairment.

The Alert highlights differences from current Australian practice. Click to (PDF 121k). Links to Past Alerts.
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Accounting Roundup newsletter for first quarter 2004

12 Apr 2004

We have posted the first quarter 2004 summary edition of our (PDF 629k) from Deloitte (United States).

The newsletter includes articles drawn primarily from the Accounting Roundup newsletters published in the first quarter of 2004 and have been updated where appropriate. Past issues of Accounting Roundup can be downloaded Here.
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EFRAG responds to IFRIC D3 and D4

09 Apr 2004

The European Financial Reporting Advisory Group has posted its comments on two IFRIC draft interpretations: IFRIC D3 Determining Whether an Arrangement Contains a Lease (PDF 45k) IFRIC D4 Decommissioning, Restoration and Environmental Rehabilitation Funds (PDF 38k) .

The European Financial Reporting Advisory Group has posted its comments on two IFRIC draft interpretations:

  • IFRIC D3 Determining Whether an Arrangement Contains a Lease (PDF 45k)
  • IFRIC D4 Decommissioning, Restoration and Environmental Rehabilitation Funds (PDF 38k)
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Reminder – comment deadline on IASB ED 6 is 16 April 2004

09 Apr 2004

The deadline for comments on the IASB's Exposure Draft 6 Exploration for and Evaluation of Mineral Resources is one week from today. .

The deadline for comments on the IASB's Exposure Draft 6 Exploration for and Evaluation of Mineral Resources is one week from today.

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Only 11 of 31 SIC interpretations will remain in force

08 Apr 2004

Of the 31 Interpretations published by the Standing Interpretations Committee (SIC) – which was replaced by the International Financial Reporting Interpretations Committee (IFRIC) in April 2001 – only the following 11 remain in effect as part of the body of standards that companies in Europe and elsewhere will adopt in 2005. The others have been superseded by either new IFRSs or revised IASs issued by the IASB.

The IFRIC has not yet issued any final interpretations.

The 11 remaining Interpretations are:

  • SIC-7 Introduction of the Euro
  • SIC-10 Government Assistance – No Specific Relation to Operating Activities
  • SIC-12 Consolidation – Special Purpose Entities
  • SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
  • SIC-15 Operating Leases – Incentives
  • SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
  • SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
  • SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease
  • SIC-29 Disclosure – Service Concession Arrangements
  • SIC-31 Revenue – Barter Transactions Involving Advertising Services
  • SIC-32 Intangible Assets – Web Site Costs

 

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Deloitte (Denmark) newsletters on IFRS 3 and IFRS 5

08 Apr 2004

Deloitte (Denmark) has published a newsletter in Danish about IFRS 3 Business Combinations (PDF 281k) and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (PDF 185k). .

Deloitte (Denmark) has published a newsletter in Danish about IFRS 3 Business Combinations (PDF 281k) and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (PDF 185k).

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Reference to PCAOB standards in reports on SEC registrants

08 Apr 2004

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

1 of the Public Company Accounting Oversight Board that would require that auditors' reports on SEC registrants state that the audit was performed in accordance with "the standards of the Public Company Accounting Oversight Board (United States)". The current reference to generally accepted auditing standards would no longer be appropriate.
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UK adopts share-based payment standard

08 Apr 2004

The United Kingdom Accounting Standards Board has adopted the equivalent of IFRS 2, Share-based Payment.

Click for Press Notice.
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IASC Foundation welcomes Australia's move to IFRSs in 2005

07 Apr 2004

The IASC Foundation trustees have issued a Press Release (PDF 14k) welcoming the decision by the Australian Financial Reporting Council regarding adoption of IFRSs in Australia starting in 2005 (see 5 April news story). .

The IASC Foundation trustees have issued a Press Release (PDF 14k) welcoming the decision by the Australian Financial Reporting Council regarding adoption of IFRSs in Australia starting in 2005 (see 5 April news story).

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