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May

Reminder – comment deadline on IFRIC D5 is 14 May 2004

08 May 2004

The deadline for comments on the IFRIC Draft Interpretation D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time is this coming Friday, 14 May 2004. .

The deadline for comments on the IFRIC Draft Interpretation D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time is this coming Friday, 14 May 2004.

IFAC adopts mandatory continuing education standard

08 May 2004

The International Federation of Accountants has issued a new International Education Standard that would require every member of an IFAC member body to complete continuing professional development activities relevant to their work on an ongoing basis.

The continuing education requirement would apply not only to accounting professionals who work in public practice but also those working in commercial, governmental, academic, and not-for-profit entities, and those who no longer work in traditional accounting roles. The standard does not specify subject areas in which professional accountants must maintain competence, as these will vary depending on the accountant's role and area of employment and focus. All IFAC member bodies are expected to comply starting 1 January 2006. IFAC News Release.

Nominations invited for IASB insurance working group

07 May 2004

Now that IFRS 4 Insurance Contracts is completed, the IASB is reactivating Phase 2 of its insurance project.

The Board is forming a small group of about 15 senior insurance professionals to help it analyse the issues. Four IASB members will participate in the working group's activities. The IASB is seeking nominations for membership on the working group. Here is the Announcement (PDF 11k).

IASB project timetable updated

07 May 2004

We have updated our Timetable for IASB's Agenda Projects to reflect discussions at recent IASB meetings and recent IASB activity. .

We have updated our Timetable for IASB's Agenda Projects to reflect discussions at recent IASB meetings and recent IASB activity.

Students perform well on new IFRS section of ICAEW exam

07 May 2004

Questions on applying International Financial Reporting Standards were added to the chartered accountancy examination for the first time in the March 2004 by the Institute of Chartered Accountants in England and Wales, and an ICAEW Announcement expresses pleasure that the exam candidates did particularly well on the IFRS-related questions. .

Questions on applying International Financial Reporting Standards were added to the chartered accountancy examination for the first time in the March 2004 by the Institute of Chartered Accountants in England and Wales, and an ICAEW Announcement expresses pleasure that the exam candidates did particularly well on the IFRS-related questions.

IASB has posted the comment letters on ED 6 on extractive industries

07 May 2004

The IASB has Posted on its Website the 52 letters of comment it has received on ED 6 Exploration for and Evaluation of Mineral Resources. .

The IASB has Posted on its Website the 52 letters of comment it has received on ED 6 Exploration for and Evaluation of Mineral Resources.

UK auditing board will adopt International Standards on Auditing

07 May 2004

The United Kingdom Auditing Practices Board is proposing to adopt the "complete suite" of International Standards of Auditing (ISAs) issued by the International Auditing and Assurance Standards Board.

The APB notes that "in the aftermath of accounting and auditing failures in the US and Continental Europe, securities regulators and governments have recognised the value of harmonised auditing standards. In particular the European Commission is in the process of introducing an amended Directive on the statutory audit that will, in all probability, require the adoption of ISAs by all Member States." Link to the APB Announcement.

OECD corporate governance standards address accounting

07 May 2004

The governments of the 30 OECD countries have approved a revised version of the OECD's Principles of Corporate Governance, adding new recommendations that respond to issues that have undermined the confidence of investors in company management in recent years.

They call on governments to ensure genuinely effective regulatory frameworks and on companies themselves to be truly accountable. Those principles support the adoption of either internationally recognised accounting standards or domestic accounting standards that are consistent with international standards. Click to Download the OECD Principles (PDF 559k) or Press Release (PDF 31k). IFAC has issued a Press Release (PDF 70k) supporting the OECD principles. Here is an excerpt relating to financial reporting:

Information should be prepared and disclosed in accordance with high quality standards of accounting and financial and non-financial disclosure.

The application of high quality standards is expected to significantly improve the ability of investors to monitor the company by providing increased reliability and comparability of reporting, and improved insight into company performance. The quality of information substantially depends on the standards under which it is compiled and disclosed. The Principles support the development of high quality internationally recognised standards, which can serve to improve transparency and the comparability of financial statements and other financial reporting between countries. Such standards should be developed through open, independent, and public processes involving the private sector and other interested parties such as professional associations and independent experts. High quality domestic standards can be achieved by making them consistent with one of the internationally recognised accounting standards. In many countries, listed companies are required to use these standards.

Comments are invited on Draft Interpretation D6

06 May 2004

The IFRIC has published Draft Interpretation D6 'Multi-employer Plans', which proposes guidance on when a pension plan meets the definition of a multi-employer plan, how defined benefit accounting should be applied to such plans, and what to do when the necessary information might not be available.

D6 requires an entity to make "every practicable effort to apply defined benefit accounting to multi-employer plans in which it participates."

The draft may be downloaded by IASB subscribers immediately and by non-subscribers starting tomorrow. Comment deadline is 9 July 2004. Click for Press release (PDF 23k).

 

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