2005

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Project pages updated for February meeting

19 Feb 2005

We have updated the project pages for the following agenda projects to reflect deliberations at the Board's February 2005 meeting: Accounting Standards for Non-Publicly Accountable Entities (NPAEs) (formerly called Small and Medium-sized Entities or SMEs) Amendments to IAS 39: Cash Flow Hedge Accounting of Forecast Intra-group Transactions Amendments to IAS 39: The Fair Value Option Amendments to IAS 39 and IFRS 4: Financial Guarantees and Credit Insurance Business Combinations II - Purchase Method Procedures Conceptual Framework Convergence of IFRSs and US GAAP – Income Taxes ED 7 Financial Instruments: Disclosures Insurance Contracts - Phase 2 Management Commentary (sometimes called Management Discussion and Analysis) .

We have updated the project pages for the following agenda projects to reflect deliberations at the Board's February 2005 meeting:

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New convergence project pages

19 Feb 2005

We have created separate project pages for each component of the IFRS-US GAAP convergence project: IAS 12 Income Taxes IAS 14 Segment Reporting IAS 19 Employee Benefits IAS 20 Government Grants IAS 37 Provisions Asset Disposals and Discontinued Operations .

We have created separate project pages for each component of the IFRS-US GAAP convergence project:

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IAS Plus Newsletters are posted

19 Feb 2005

We have posted the latest Global and Asia-Pacific Editions of our IAS Plus newsletter.

The newsletter, which is published quarterly, reports on the recent activities of the IASB and the IFRIC and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same news content as the Global Edition plus accounting standards updates for Asia-Pacific countries. You will find all Past Issues Here.
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Webcast updates on IASs 21, 29, 10, 20, 33, and 37

18 Feb 2005

The Deloitte London IFRS Centre of Excellence is running a monthly series of hour-long Internet-based IFRS technical updates, focusing on the most important international accounting standards and how they will affect UK companies.

The tenth webcast was run on Thursday 17 February 2005 and covered:
  • IAS 21 The Effects of Changes in Foreign Exchange Rates,
  • IAS 29 Financial Reporting in Hyperinflationary Economies,
  • IAS 10 Events After the Balance Sheet Date,
  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance,
  • IAS 33 Earnings per Share, and
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.
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Notes from final day of February 2005 IASB meeting

18 Feb 2005

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page. .

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page.

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Notes from second day of February 2005 IASB meeting

17 Feb 2005

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page. .

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page.

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Notes from first day of February 2005 IASB meeting

16 Feb 2005

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page. .

We have combined all of our notes from the IASB's meeting on 15-17 February 2005 in a single Combined February 2005 Board Meeting Page.

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Comment deadline on constitution review

15 Feb 2005

This is a reminder that the deadline for submitting comments on the IASC Foundation Trustees' Consultation Paper – Review of the Constitution: Proposals for Change is Wednesday 23 February 2005. .

This is a reminder that the deadline for submitting comments on the IASC Foundation Trustees' Consultation Paper – Review of the Constitution: Proposals for Change is Wednesday 23 February 2005.

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Enhancing the profession's global contribution

15 Feb 2005

At a meeting in London convened by IFAC last week, the chief executives of 30 IFAC member bodies and regional accountancy organisations discussed a global agenda for enhancing the accountancy profession's contributions to economic growth and development.

Participants agreed that the international profession should strengthen accountancy in developing nations, address professional responsibility in financial reporting, clarify the role of accountants in corporate governance, provide support and guidance for professional accountants in business, and focus on supporting small and medium enterprises and practices. Specific steps include:
  • Supporting more rapid development of narrative reporting to achieve greater transparency and more integrity in corporate reporting.
  • Establishing an international forum to address audit quality with investors, regulators, and others.
Click for IFAC Press Release (PDF 52k).
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EFRAG draft response on constitution review

15 Feb 2005

The EFRAG Supervisory Board has agreed on a Draft Response (PDF 150k) to the proposals for change regarding the IASC Foundation Constitutional Review.

Comments are requested by no later than 25 February 2005. An except:

We have to express disappointment with the proposals for change put forward in the Consultation paper. It appears that the Trustees have ignored many European concerns even though numerous proposals for change were put forward by many different European organisations.

Many organisations proposed finding means to have European constituents more involved in one way or another, but the proposals seem to us to be more in the direction of diluting the European involvement. It is all the more disappointing, therefore, that the proposals contained within the Constitutional Review document are so marginal in their response to the ideas put forward during the preceding consultative round, including the open meetings held during the course of 2004.

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