The most significant change is deferral of a final IFRS on Application of the Purchase Method of Business Combinations from 2004 to 2005.

The AASB has been adopting IFRSs as "pending standards" not yet in force. Click for Group of 100 Letter.

The meeting will "most likely" begin in the afternoon of 3 June.

This publication includes guidance on measurement of share-based payments, a benchmark study of key measurement variables, comparison with US SFAS 123, and illustrative disclosures. It also offers further illustrative examples and implementation guidance on applying IFRS 2. You can (PDF 694k) free of charge.

Note: This publication was replaced, in June 2007, with an updated (PDF 748k, 128 pages).

Click for More Info about PCAOB.

In our view, an Interpretation in this area may be an improvement to current IFRS. However, "we have reservations regarding the application of the draft Interpretation and the consequences the theory supporting the consensus may cause." You will find all Past Deloitte Letters to IASB here.

Our comments questioned the value added to the IFRS reporting requirements by the proposed Interpretation. "We do not believe that current practices, absent the draft Interpretation, are sufficiently diverse or inconsistent with the IFRS framework to justify the introduction of an IFRIC interpretation." You will find all Past Deloitte Letters to IASB here.

Normally, Form 20-F requires a company to include in its SEC filings three years of audited financial statements prepared on a consistent basis of accounting. The proposed amendments would allow companies switching to IFRS for the first time for any financial year beginning no later than 1 January 2007, in their first year of reporting under IFRS, to include only two years of audited financial statements, with appropriate related disclosure. The SEC's News Release said:

The proposals are intended to ease the burdens that foreign companies may face when they adopt IFRS for the first time, while improving the quality of financial disclosure that they provide to investors. The proposals are addressed particularly at foreign issuers located in the European Union (EU), which under current EU law will generally be required to adopt IFRS for reporting on their 2005 financial year. The proposals are also intended to encourage other foreign companies to switch their accounting voluntarily to IFRS.

In a separate action, the Commission added 10 new items that must be reported on Form 8-K, the form used to disclose important corporate events when they occur.

Comparative figures for prior period(s) should be restated into the same current measuring unit.

The IFRIC has released Draft Interpretation D5, Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time, which contains guidance on how an entity would restate its financial statements in the first year it identifies the existence of hyperinflation in the economy of its functional currency. Comment deadline is 14 May 2004.

Click for:

• More Info
• Press Release (PDF 22k)
• Download D5 from IASB's Website (starting 12 March)

 

Reminder that the IASB's deadline for comments on the following two draft Interpretations is Friday 19 March 2004:

• IFRIC D3, Determining Whether an Arrangement Contains a Lease
• IFRIC D4, Decommissioning, Restoration and Environmental Rehabilitation Funds