May

New Zealand Image

New Zealand Accounting Alert

19 May 2004

We have posted (PDF 188k).

This issue summarises four recent New Zealand exposure drafts that address employee benefit plans, consolidated and separate financial statements, special purpose entities, government grants, and the fair value option for financial instruments. Past Alerts may be found Here.
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG seeks comments on two draft responses to IASB

19 May 2004

The European Financial Reporting Advisory Group (EFRAG) is seeking comments by 28 June 2004 on its preliminary views on two current IASB exposure drafts: Preliminary Views on IASB ED: Amendments to IAS 39 Financial Instruments Recognition and Measurement: The Fair Value Option (PDF 60k) Preliminary Views on IASB ED: Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures (PDF 63k) .

The European Financial Reporting Advisory Group (EFRAG) is seeking comments by 28 June 2004 on its preliminary views on two current IASB exposure drafts:

  • Preliminary Views on IASB ED: Amendments to IAS 39 Financial Instruments Recognition and Measurement: The Fair Value Option (PDF 60k)
  • Preliminary Views on IASB ED: Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures (PDF 63k)
European Union (old) Image

CESR publishes standard on financial information enforcement

19 May 2004

The Committee of European Securities Regulators has published a standard on enforcement activities by supervisors of financial information in Europe.

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Update on IASC Foundation constitution review

18 May 2004

The constitution committee of the IASC Foundation has posted to the IASB website an Update on the Constitution Review (PDF 152k).

The update identifies possible approaches that the committee is considering for each of the 10 main issues that it had previously identified for consideration. The committee has also announced the dates and places of a public meetings and hearings it will hold, as follows:

Public Meeting with Subcommittee of the Standards Advisory Council

Date and Time(time subject to change)

City

Venue

2 June2:00 p.m.

New York, NY United States

Intercontinental Barclay Hotel 111 East 48th Street New York, NY 10017 United States

Public Hearings

Date and Time(time subject to change)

City

Venue

3 June8:30 a.m.-2:30 p.m.

New York, NYUnited States

Baruch College 55 Lexington Avenue Room 14-220 (14th Floor)New York, NY 10010 United States

29 June 9:00 a.m.-4:30 p.m.

London, UK

IASC Foundation offices 30 Cannon Street London EC4M 6XH United Kingdom

13 July Morning (times to be announced)

Tokyo, Japan

Nippon Keidanren Keidanren Kaikan 1-9-4 Otemachi Chiyoda-kuTokyo 100-8188 Japan

6 OctoberAfternoon (times to be announced)

Mexico CityMexico

Venue to be announced

We have a page with Information about the Constitution Review and another related page about the IASB's own Internal Review of the Board's deliberative processes.
European Union (old) Image

EU public consultation on improving financial information

18 May 2004

The European Commission is undertaking an electronic Public Consultation on matters relating to (a) board members' responsibilities for financial and key non-financial information, (b) disclosure of related party and intra-group relationships and transactions, and (c) disclosure of corporate governance practices by listed companies in a proposed corporate governance statement.

Interested parties are invited to complete the questionnaire and submit it electronically before 4 June 2004.
FASB (old) Image

FAF chairman expresses concern re Congressional interference

18 May 2004

Robert Denham, the chairman of the Financial Accounting Foundation (which oversees FASB), has expressed "grave concern" over the approval of draft legislation that would pre-empt a FASB standard on share-based payment (see our news story of 15 May).

"Advancing this bill in the legislative process harms the credibility of America's system for providing transparent and unbiased financial information to investors," Mr. Denham said. "By inserting Congress into the setting of standards for accounting by publicly traded companies, HR 3574 [the bill] would undermine the independence of the Financial Accounting Standards Board, which Congress recently reaffirmed in the Sarbanes-Oxley Act." The FASB has agreed to propose a stock options standard very similar to IFRS 2. Click for FAF News Release (PDF 23k).
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IASB meets today, tomorrow in London

18 May 2004

The IASB will meet at its offices in London on 18-19 May 2004. An issue related to Financial Reporting by Small and Medium-sized Entities has been added to the Meeting Agenda. .

The IASB will meet at its offices in London on 18-19 May 2004. An issue related to Financial Reporting by Small and Medium-sized Entities has been added to the Meeting Agenda.

Germany Image

Germany establishes a financial reporting enforcement mechanism

17 May 2004

Under the auspices of the German Federal Ministry of Justice, representatives of 15 professional and industry associations have established the Financial Reporting Enforcement Panel (FREP).

The role of the FREP is solely to discover infringements of financial reporting requirements by listed entities, including matters of compliance with IFRSs. It does not have any authority to impose sanctions. The FREP will inform the entity and the government's Financial Services Authority of any possible irregularity it has discovered. Thereafter, the Financial Services Authority has responsibility to take appropriate enforcement action. Click for Announcement (PDF 29k).

 

New Zealand Image

IFRS copyright release in New Zealand

16 May 2004

The Institute of Chartered Accountants of New Zealand has Announced (PDF 27k) that the New Zealand government and the IASC Foundation have reached a copyright agreement that will allow the free use of IFRSs in New Zealand. .

The Institute of Chartered Accountants of New Zealand has Announced (PDF 27k) that the New Zealand government and the IASC Foundation have reached a copyright agreement that will allow the free use of IFRSs in New Zealand.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG comments on IFRIC D5

15 May 2004

The European Financial Reporting Advisory Group (EFRAG) has submitted to the IASB its Letter of Comment on IFRIC D5 (PDF 42k).

Also, EFRAG has posted on its Website its draft letter of comment to the IASB on the Board's exposure draft of Proposed Amendments to IFRS 3 Business Combinations: Combinations by Contract Alone or Involving Mutual Entities.

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