June

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IASB meeting dates for 2008

26 Jun 2007

The IASB has published its meeting schedule for 2008. Board meetings are in London other than the October joint meeting with FASB.

IASB Meeting Dates 2008

  • Monday 21 January - Friday 25 January 2008
  • Monday 18 February - Friday 22 February 2008
  • Monday 10 March - Friday 14 March 2008
  • Monday 14 April - Friday 18 April 2008
  • Monday 21 April - Tuesday 22 April 2008 – Joint IASB/FASB Meeting
  • Monday 19 May - Friday 23 May 2008
  • Monday 16 June - Friday 20 June 2008
  • Monday 21 July - Friday 25 July 2008
  • Thursday 11 September - Friday 12 September 2008 – World Standard Setters Meeting
  • Monday 15 September - Friday 19 September 2008
  • Monday 13 October - Friday 17 October 2008
  • Tuesday 21 October - Wednesday 22 October 2008 – Joint IASB/FASB Meeting (Norwalk, CT, USA)
  • Monday 17 November - Friday 21 November 2008
  • Monday 15 December - Friday 19 December 2008
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Stock exchanges voice strong support of IFRSs

25 Jun 2007

In a recent letter in response to a consultation paper of the IOSCO Technical Committee, the World Federation of Exchanges (WFE) explained the importance of sound financial reporting to public capital markets and reaffirmed the WFE's strong support of IFRSs.

The WFE is the global organisation of 54 regulated exchanges from all regions of the world that, together, account for over 97% of world stock market capitalisation, Click to Download the WFE Letter  (PDF 240k). An excerpt:

Also as regards issuers, on the point of their disclosure of financial information, WFE has long held a strongly favourable position on IFRSs. Throughout the 1990s, the Federation's precursor institution (FIBV) and several exchange leaders were actively involved in the work of the International Accounting Standards Board. Simply stated, exchanges have an interest in having clear and more explicitly comparable financial information produced for the world's capital markets by the issuers of securities. At the General Assembly of members in October 2000, the FIBV voted a resolution in support of the development and implementation of what has become IFRS. The quality of financial information is a critical component of investor protection.
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Proposed alternative market in Spain would require IFRSs

25 Jun 2007

The Spanish Stock Exchange (Bolsas y Mercados Españoles or BME) is in process of forming a new 'alternative market' for growth companies known as Mercado Alternativo Bursatil (MAB).

The MAB would be a market for 'low-capitalisation companies in search of growth opportunities'. To list on the MAB, candidate companies would be required to publish audited IFRS financial statements. Similar markets exist elsewhere in Europe, including France, Germany, Austria, and United Kingdom.
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European paper on stewardship as a financial reporting objective

25 Jun 2007

The European Financial Reporting Advisory Group (EFRAG) and a number of other European accounting standard-setters – under the lead of the UK Accounting Standards Board (ASB) – have today published a brief paper discussing the rationale for including stewardship, or directors' accountability to shareholders, as a separate objective of financial reporting.

The paper notes that the IASB and FASB proposed in their July 2006 Discussion Paper (DP) Preliminary Views on an Improved Conceptual Framework for Financial Reportingthat the converged framework should specify only one objective of financial reporting, that of 'decision-usefulness' for resource allocation. They argued that this objective 'encompasses providing information useful in assessing management's stewardship'. The European paper seeks to demonstrate that:
  • there is a broad consensus amongst the majority of the respondents that the stewardship/accountability objective should be a separate objective of financial reporting;
  • stewardship/accountability is linked to agency theory and is a broader notion than resource allocation as it focuses on both past performance and how the entity is positioned for the future. It should therefore be retained as a separate objective of financial reporting to ensure that there is appropriate emphasis on company performance as a whole and not just on potential future cash flows; and
  • stewardship/accountability has implications for financial reporting that can be demonstrated by way of examples.
Click to Download the Paper (PDF 1,021k).
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Updated EFRAG endorsement status report

25 Jun 2007

The European Financial Reporting Advisory Group has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments.

Click to download the Endorsement Status Report as of 21 June 2007 (PDF 36k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:
  • IFRS 8 Operating Segments
  • IAS 23 Borrowing Costs (revised March 2007)
  • IFRIC 12 Service Concession Arrangements

 

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Agenda project pages updated

24 Jun 2007

We have updated the following agenda project pages to reflect discussions and decisions at the June 2007 meeting of the International Accounting Standards Board:

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IFRSs will enhance shareholder value

24 Jun 2007

Paul Pacter, a Director in Deloitte's IFRS Global Office and webmaster of www.iasplus.com made a presentation on IFRS Convergence Will Enhance Shareholder Value at the Annual Conference of the ACCA in Hong Kong on 23 June 2007.

 He discussed:

  • Why global accounting standards are needed.
  • How they enhance shareholder value.
  • Use of IFRSs around the world.
  • IASB's Current Agenda and Work Plan, including convergence of IFRSs and US GAAP.
  • Convergence of Chinese GAAP and IFRSs.

Click to Download Paul's Presentation (PDF 195k).

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Some concern about the SEC's reconciliation proposal

24 Jun 2007

In a joint press release, two leaders of the committee within the European Parliament that has responsibility for oversight of accounting matters have expressed some concern about the way the SEC has proposed to eliminate the required reconciliation to US GAAP for foreign registrants that use IFRSs.

They want to "ensure that the role legislators play in international accounting standard setting is not undermined". Click to Download the Press Release (PDF 72k).
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Notes from days 3 and 4 of the IASB June 2007 meeting

23 Jun 2007

The International Accounting Standards Board held its June 2007 meeting at its offices, 30 Cannon Street, London, on Tuesday through Friday 19-22 June 2007. Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.

Among other things, the Board approved Interpretations on Customer Loyalty Programmes and on the Limit on a Defined Benefit Asset.
Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the meeting.
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Near-final draft of IAS 1 Presentation of Financial Statements

22 Jun 2007

The near-final draft of a forthcoming revisions to International Accounting Standard IAS 1 Presentation of Financial Statements has been posted to the secure eIFRS Online Subscriber Area of the IASB's website.

These revisions to IAS 1 are the result of Phase A of the IASB's financial statement presentation project, for which an exposure draft was issued on 16 March 2006. Click here for our Project Page.

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