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2004

FEE calls for coordinated enforcement of IFRS in Europe

08 Jan 2004

The European Federation of Accountants (FEE) has called for a pan-European body to enforce International Financial Reporting Standards consistently throughout Europe.

"The impending adoption of IFRS in Europe should be a key driver towards a fully integrated European capital market by facilitating comparability of financial information across the EU. However, FEE... is concerned that the benefits of increased market efficiency will be undermined unless there is consistent enforcement of IFRS throughout Europe, a role that the proposed enforcement body would undertake.... The European coordination body's role is to ensure consistency in the processes used and decisions reached by national enforcement bodies in order to create a level playing field for enforcement of International Financial Reporting Standards." Click for:

International convergence is one of FEI's top issues for 2004

08 Jan 2004

The CEO of Financial Executives International (FEI) includes international convergence in her List of the top financial reporting issues for 2004. FEI comprises 15,000 senior-level corporate financial executives, primarily in the United States (75 chapters) and Canada (11 chapters).

Her advice to FEI members:

International Convergence. Monitor what's going on at the International Accounting Standards Board (IASB). Whatever projects are on the IASB agenda are likely to be on FASB's agenda in the near term (including pension accounting, insurance accounting, lease accounting). In mid-December, FASB issued several Exposure Drafts identifying short-term convergence issues.

Deloitte Hong Kong GAAP guide includes comparison with IFRS

07 Jan 2004

The Third Edition of Deloitte's Hong Kong GAAP: A Practical Guide to Generally Accepted Accounting Practice has been published by Sweet & Maxwell Asia.

Written by Deloitte partners Stephen Taylor and Norma Hall, this 1,514-page book includes 48 chapters and five appendices. Each chapter has a comparison with International Financial Reporting Standards and with the standards in the United States, United Kingdom, and People's Republic of China. One appendix is a comprehensive comparison of Hong Kong Financial Reporting Standards and IFRS. This edition includes significant revisions to the chapters on income tax, interim financial reporting, and financial instruments as well as entirely new chapters on government grants, agriculture, hyper-inflationary economies and summary financial reports. Copies may be ordered from Sweet & Maxwell by phone (+852 2863 2668), fax (+852 2520 6954), or website www.sweetandmaxwellasia.com. The price is US$93 + 10% for postage and packing.

IFAC begins a review of Public Sector Committee

06 Jan 2004

The International Federation of Accountants (IFAC) has begun a review of the operation of its Public Sector Committee (PSC).

The PSC focuses on the accounting, auditing, and financial reporting needs of national, regional, and local governments and related governmental agencies. Its International Public Sector Accounting Standards are based ("to the extent appropriate") on International Financial Reporting Standards. Click for Press Release about the Review.

Final CESR recommendations on transition to IFRS

06 Jan 2004

The Committee of European Securities Regulators (CESR) has published recommendations on how listed European companies can effectively communicate to investors the financial impact of transitioning to IFRS in 2005. The recommendations identify four milestones in the transition process, as follows: Publication of the 2003 annual report (including the 2003 financial statements). Companies should explain (a) how they intend to carry out the transition to IAS/IFRS (plans and degree of achievement for the transition) and (b) the key differences between their present accounting policies and the ones they know with sufficient certainty they will have to apply under IAS/IFRS. Publication of the 2004 annual report (including the 2004 financial statements). As soon as a company can quantify the impact of the change to IAS/IFRS on its 2004 financial statements in a sufficiently reliable manner, it should disclose the relevant quantified information. 2005 interim financial reports (half-yearly and quarterly financial reports). In interim financial reports for 2005, listed companies should start applying as of 1 January 2005 either IAS 34, Interim Financial Reporting, or, if this is not possible, at least the IAS/IFRS recognition and measurement principles that will be applicable at year end. 2005 annual financial statements. For most listed companies in Europe, these will be the first complete set of financial statements presented under IAS/IFRS.

CESR does not propose a requirement for more than one year of comparatives (2004) under IAS/IFRS. But if, because of national regulation or choice, a company presents three successive periods but has not restated under IAS/IFRS the earliest period presented (2003), CESR proposes a format ("the bridge approach") for presenting comparative figures (2004 and 2003). Click for:

Special IASPlus newsletter: Year 2003 in Review

05 Jan 2004

We have published a special edition of our IASPlus newsletter – (PDF 106k).

This edition includes:
  • Month-by-month summary of the key international financial reporting events of 2003.
  • List of Deloitte IFRS resources published during 2003.
  • National adoptions of IFRS during 2003.
  • Meeting dates for 2004 for the International Accounting Standard Board (IASB), the Standards Advisory Council (SAC), and the International Financial Reporting Interpretations Committee (IFRIC).

Thank you for visiting us during 2003

01 Jan 2004

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The #1 source on the Internet for information about international financial reporting.

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