The European Commission has published in the Official Journal of the European Union Commission Regulation (EC) No 108/2006 of 11 January 2006 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards IFRS 1, 4, 6 and 7, IAS 1, 14, 17, 32, 33, and 39 and IFRIC Interpretation 6. Click to (PDF 385k - includes the English language versions of the newly adopted standards).

At 31 December 2005, the World Federation of Exchanges reports that 1,619 domestic and 0 non-domestic companies were listed on the Korea Exchange. Click for Press Release (PDF 145k).

 

Click for Deloitte's Preliminary and Unofficial Notes from the Meeting.

Click for Deloitte's Preliminary and Unofficial Notes from the Meeting.

The exposure draft is designed to help professional accountants in profit, not-for-profit, and government organisations to address issues relating to the developing, monitoring, reinforcing, and reporting of a code of conduct. Comment deadline is 15 April 2006. Click to download:

• Exposure Draft (PDF 284k)
• Press Release (PDF 40k)

Under the option, any changes in fair value would be included in earnings. FASB's proposed 'fair value option' is similar to the one included in IAS 39 Financial Instruments: Recognition and Measurement. The intent of such an option is to reduce volatility in earnings caused by 'accounting mismatches' when different bases are used for measuring related financial instruments. The ED may be downloaded from FASB's Website. Comment deadline is 10 April 2006. Click for (PDF 12k).

We have updated our summary of the remaining differences between Singapore Financial Reporting Standards and International Financial Reporting Standards on our Singapore Page to reflect changes made by Singapore's Council on Corporate Disclosure and Governance (CCDG) in January 2006.

ASIC reviewed disclosures made in financial reports by 1,250 listed companies with balance dates between 30 June and 31 July 2005. ASIC found that "all entities reviewed had successfully provided the required disclosure of the impacts of AIFRSs by explaining the key differences in accounting practices they expected under AIFRSs".

• Only 19 of the companies reviewed concluded that there would be no material impact arising from the adoption of the new standards.
• About 700 of the companies provided disclosure of the quantitative impact for each point of key difference.
• A further 480 companies quantified some of the key differences.

AIFRSs apply to financial reporting periods from January 1, 2005. Click for (PDF 52k).

 

AIC 2 is immediately effective, with application for financial statements for periods ending on 31 December 2005 encouraged. AIC 2 covers those areas that were not addressed by the International Financial Reporting Interpretations Committee in IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment. Broadly described, the issues addressed in AIC 2 involve what constitutes the obligating event under IAS 37.17 for recognition of provisions for:

• Historical waste from private households.
• Historical waste from commercial users.
• New waste from private households.
• New waste from commercial users.

While the interpretation is written in the context of German law, some of the guidance may be relevant in other European jurisdictions as well. The interpretation is copyrighted by the Accounting Standards Committee of Germany. They have kindly given us permission to post both the (PDF 63k) and the (PDF 64k) on IASPlus.

The proposals would require most of this disclosure to be provided in plain English. The proposals also would modify the current reporting requirements of Form 8-K regarding compensation arrangements. Click for (PDF 80k).