Currently, IAS 39 as adopted by the European Commission prohibits European companies from applying the fair value option to liabilities. The CEA press release notes that "most European insurers make frequent use of this option for both financial assets and liabilities as a tool for providing more relevant information and simplifying the processes. They have been preparing for IAS 39 in the version including the unlimited fair value option."

The articles included in this edition were drawn primarily from issues of Accounting Roundup published in the fourth quarter of 2004, and have been updated where appropriate.

They have also been outdated by the continuing pace of innovation in information technology. Link to IFAC Press Release.

The working party will consider whether a limited exception to current IFRSs should be suggested. Among the current relevant IFRSs are IAS 27, which requires a venture capital investor to consolidate any entities over which it has the power of control, and IASs 28 and 31, which require a venture capital investor in associates or joint ventures to measure such investments at fair value through profit or loss if the investments are held for trading. Click to download the Terms of Reference (PDF 25k) for the proposed working party.

Deloitte (Australia) has published the first two Australian Accounting Alerts for 2005:

• (PDF 81k)
• (PDF 73k)

Links to all past Alerts are Here.

Agenda topics for the meeting are set out below.

IASB Meeting Agenda, 19-21 January 2005, London Wednesday 19 January 2005 Insurance Contracts [Education Session] Amendment to IAS 39 - Cash Flow Hedge Accounting of Forecast Intra-group Transactions [Education Session] Insurance Contracts Amendments to IAS 39 and IFRS 4 - Financial Guarantees and Credit Insurance Accounting Standards for Small and Medium-sized Entities Thursday 20 January 2005 (afternoon only) Segment Reporting Convergence - Income Tax Conceptual Framework - Initial Communications Document Friday 21 January 2005 (morning only) Amendment to IAS 39 - Fair Value Option ED 7 Financial Instruments: Disclosures

The NIA, one of three professionally recognised accounting bodies in Australia, believes a technical advisory panel could provide the standard setter regular feedback on implementation concerns and emerging trends. Click for (PDF 42k).

This 76-page guide includes information about:

• IASB structure and contact details.
• Use of IFRSs around the world, including updates on Europe, Asia, USA, and Canada.
• Summaries of each IASB Standard (through IFRS 6) and Interpretation (through IFRIC 5), as well as the Framework and the Preface to IFRSs.
• Background and tentative decisions on all current IASB projects.
• IASC and IASB chronology.
• Other useful IASB-related information.

Please contact your local Deloitte practice office to request a printed copy. We are pleased to grant permission for accounting educators and students to print copies of the PDF file for educational purposes.

Deloitte's e-learning was launched at the end of January 2004. Many of the downloaded modules have multiple users because organisations are permitted to install them on their own servers for the internal use of their employees or students. In addition, tens of thousands of additional modules have been completed online and offline by Deloitte staff. You can always access IFRS e-learning without charge by clicking on the light bulb icon on the IASPlus home page. Thirty-two modules are now available.

In a Letter to the European Commission, the European Financial Reporting Advisory Group (EFRAG) has recommended that the Commission endorse the recent changes to SIC 12 Consolidation–Special Purpose Entities that were adopted by the International Financial Reporting Interpretations Committee last November.