2004

Notes from day 1 of the November 2004 IASB meeting

17 Nov 2004

To let our home page load faster, we have combined our notes of the IASB meeting on 16 and 17 November 2004 on a Separate Page. .

To let our home page load faster, we have combined our notes of the IASB meeting on 16 and 17 November 2004 on a Separate Page.

Two new IVSC valuation standards

16 Nov 2004

The International Valuation Standards Committee (IVSC) has 'preliminary final drafts' of two standards relating to valuation of fixed assets: International Valuation Application 1, Valuation for Financial Reporting; and International Valuation Guidance Note 8, The Cost Approach for Financial Reporting - (DRC) Click for IVSC News Alert describing the two proposals, which can be downloaded from IVSC's Website. .

The International Valuation Standards Committee (IVSC) has 'preliminary final drafts' of two standards relating to valuation of fixed assets:

  • International Valuation Application 1, Valuation for Financial Reporting; and
  • International Valuation Guidance Note 8, The Cost Approach for Financial Reporting - (DRC)
Click for IVSC News Alert describing the two proposals, which can be downloaded from IVSC's Website.

IFAC ED on environmental management accounting

16 Nov 2004

"To eliminate confusion and help clarify the definition, benefits, and applications of environmental management accounting (EMA)", the Board of the International Federation of Accountants has exposed for comment International Guidelines on Environmental Management Accounting.

The exposure draft proposes guidelines for reporting environment-related information in financial and other reports. Click for IFAC's News Release. Comment deadline is 28 February 2005.

EFRAG comments on ED 7

15 Nov 2004

The European Financial Reporting Advisory Group (EFRAG) has submitted its letter of comment to the IASB on ED 7 'Financial Instruments: Disclosures' (PDF 68k).

Click for EFRAG comment letter on ED 7 'Financial Instruments: Disclosures' (PDF 68k).

There are links to all of EFRAG's letters of comment to the IASB on our EFRAG comment letter page.

 

Graham Ward is the new IFAC President

15 Nov 2004

The Council of the International Federation of Accountants (IFAC) has elected Graham Ward, CBE, MA, FCA, as its new President for a two-year term concluding November 2006. IFAC represents 157 accountancy bodies from 118 countries and their 2.5 million member accountants.

Click for IFAC Announcement.

IASB Chairman comments on the next phase

12 Nov 2004

In an interview published in the Financial Times on 9 November 2004, IASB Chairman Sir David Tweedie warned that the next phase of the Board's standard-setting efforts is likely to be more challenging – and cause more anguish – than the recent debate over IAS 39 in Europe.

As examples of projects that are likely to cause controversy, Sir David cited leasing, insurance, performance reporting, and pensions, all of which he expects the Board to complete over the next three to five years. "There will be blood all over the streets," the FT quotes the Chairman as saying, in reference to the expected reaction of some affected companies.

IFRIC issues amendment to SIC-12

11 Nov 2004

The IFRIC has amended the scope of Interpretation SIC-12 'Consolidation–Special Purpose Entities' to remove the scope exclusion for equity compensation plans.

Consequently, an entity that controls an employee benefit trust (or similar entity) set up for the purposes of a share-based payment arrangement will be required to consolidate that trust. The new amendment also expands the scope exclusion in SIC-12 for post-employment benefit plans to include other long-term employee benefit plans.

Click for Press Release (PDF 21k).

 

Two new IFRIC members are named

11 Nov 2004

The IASC Foundation has appointed two new IFRIC members: Michael E.

Bradbury, Professor of Accounting, Unitec, New Zealand, and Jean-Louis Lebrun, Partner and Chairman of the Supervisory Board, Mazars, France. They will complete the remainder of the terms of two members who have recently retired from the IFRIC. They will be eligible for reappointment. Click for Press Release (PDF 19k). The Trustees also announced that Junichi Akiyama, Professor of Accounting, Tama University, Japan, will step down from the IFRIC for personal reasons no later than 30 June 2005. The Trustees will invite applications for his successor shortly. Click for Full List of IFRIC Members,

Proposed changes to US market governance

10 Nov 2004

The US Securities and Exchange Commission has proposed major changes to the systems of governance, transparency, oversight, and ownership of self-regulatory organisations (SROs), including stock exchanges, that operate the American securities markets.

The Commission will also issue a concept release examining the effectiveness of self-regulation. Here are links to:

EU proposed directive on company capital

09 Nov 2004

As part of its programme to simplify European rules on company capital, the European Commission has proposed to allow companies to use information about fair values of assets as reported in financial statements in accounting for shares issued in exchange for non-cash assets.

Currently, if non-cash assets are contributed to a corporation by investors in exchange for shares, EU law requires that the non-cash assets be valued by an outside expert. The proposed directive (law) would eliminate the requirement for outside expert valuation in several cases, including "where the value of the individual asset to be contributed upon proposal of the board is derived from audited accounts, provided that these have been established in accordance with the European Community's Accounting and Auditing provisions." Click for More Information on the EC Website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.