The European Financial Reporting Advisory Group has submitted to IFRIC its Letter of Comment (PDF 34k) on IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions.

We have updated our summaries of the following agenda projects to reflect decisions at the September 2004 IASB meeting:

• Business Combinations Phase II
• Concepts
• Convergence: Exposure Draft of Proposed Amendments to IAS 19
• Convergence: Employee Benefits (IAS 19)
• Convergence: Income Taxes (IAS 12)
• Convergence: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
• ED 6 Exploration for and Evaluation of Mineral Resources
• Financial Instruments: the Fair Value Option
• Financial Reporting by Small and Medium-sized Entities
• IAS 12 Income Taxes - Backwards Tracing
• IFRIC - Concessions
• IFRS 3: Business Combinations – Combinations Involving Mutual Entities
• Insurance Contracts Phase II
• Strengthening IASB Due Process

• Proposed Policy Statement on Clarifying Professional Requirements in International Standards. The ED defines two categories of professional requirements – "requirements" and "presumptive requirements". A requirement, to be fulfilled in all cases, would be identified by the word "shall" and a presumptive requirement by the word "should". The IAASB also issued a consultation paper, Improving the Clarity and Structure of IAASB Standards and Related Considerations for Practice Statements, which seeks feedback on whether there is a need to change the way IAASB standards are drafted. Comments on the exposure draft and related consultation paper are requested by 31 December 2004.
• Revision to International Standard on Auditing (ISA) 230, Audit Documentation. The proposed revisions include clarification on the form, content, and extent of audit documentation, guidance on changes to audit documentation after the date of the auditor's report, and matters to be considered in connection with confidentiality, safe custody, and retention of audit documentation. An appendix to the exposure draft identifies additional specific audit documentation requirements set out in other ISAs. Comments on this exposure draft are requested by 31 January 2005.

Las Normas Contables Internacionales para el Sector Público (International Public Sector Accounting Standards - IPSASs), elaboradas por el Comité del Sector Público de la Federación Internacional de Contadores se encuentran ahora Disponibles en Español.