One of the "main conclusions of the discussion by market participants" related to IFRSs:

There are concerns on International Financial Reporting Standards (IFRS), which seem to result in EU issuers seeking listings in non EU exchanges or in the "unregulated" EU markets in order to avoid the application of IFRS. The same applies to non-EU issuers, who are facing uncertainty on whether and when the European Commission is going to consider US, Canadian, and Japanese GAAP equivalent for the purposes of the Transparency Directive.

Individuals, organisations, accountancy firms, and IFAC member and regional accountancy bodies are asked to submit nominations for the public member position by 23 June 2006. The IAESB develops standards and guidance on pre-qualification education, training, and continuing professional development for all members of the accountancy profession. Click for IFAC Announcement (PDF 93k).

This checklist reflects 2005 reporting requirements. We expect to publish our IFRS Presentation and Disclosure Checklist for 2006 in third quarter 2006.

Before Mr Padoa-Schioppa, Paul Volcker, the former Chairman of the US Federal Reserve Board, served as Chairman. The appointment will be for a term expiring on 31 December 2008. The appointment may be renewed for a further three years. Nominations are requested by 7 July 2006. Click for IASCF Announcement (PDF 69k).

The model illustrates a half-year report that complies with:

• the Australian Corporations Act 2001;
• accounting standard AASB 134 Interim Financial Reporting, as amended by AASB 2004-2 and AASB 2005-7 'Amendments to Australian Accounting Standards'; and
• other requirements and guidelines current as at the date of issue, including Australian Stock Exchange (ASX) Listing Rules and Australian Securities and Investments Commission (ASIC) Class Orders, Practice Notes, Policy Statements and Media Releases.

This model is intended to meet the needs of the vast majority of entities in complying with the half-year reporting requirements of the Corporations Act 2001. It does not illustrate the special reporting requirements for such industries as life insurance and credit unions. Further, of course, this model cannot cover all situations that may be encountered in practice and is not a substitute for knowledge of the disclosure provisions of the Corporations Act 2001, Accounting Standards, and Interpretations are pre-requisites for the preparation of financial reports. We have put a permanent link to these and other A-IFRS model financial statements on our Australia Page.

We have updated the following agenda project pages to reflect the Board's deliberations at the May 2006 IASB meeting:

• Accounting Standards for Small and Medium-sized Entities
• Business Combinations II
• Fair Value Measurement
• IAS 37 Amendments
• IFRS 1: Cost of a subsidiary in the separate financial statements of a parent on first-time adoption (new project page)
• Insurance Contracts - Phase 2
• Pensions (new project page)
• Related Party Disclosures (new project page)
• Service Concession Arrangements

We have updated our Summary of Issues Not Added to IFRIC's Agenda to include IFRIC's final decision in May 2006 not to add the following two topics to its agenda:

• Scope of IFRS 2: Share plans with cash alternatives at the discretion of the entity
• IFRS 2: Share plans with cash alternatives at the discretion of employees: grant date and vesting periods

The International Accounting Standards Board is holding its May 2006 Board meeting at its offices in London on Tuesday through Friday 23-26 May 2006. You will find all of the preliminary and unofficial Notes Taken by Deloitte Observers here.

The principles and practices in the paper, entitled Business Planning Guide: Practical Application for SMEs, were designed primarily, but not exclusively, for management operating in SMEs and for the small- and medium-sized accounting practices that service them. Click for Press Release (PDF 55k). You can download the paper without charge from IFAC's On-line Store.

The FRP was established under the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 to resolve disputes between the Australian Securities and Investment Commission and a company in relation to the application of accounting standards in its annual financial reports. Click for (PDF 109k).