The newsletter reports the decisions made at the meeting of the International Public Sector Accounting Standards Board (IPSASB) in late March 2006. The IPSASB develops standards for accounting and financial reporting by national, regional, and local governments and related governmental agencies. Those standards are generally based on IFRSs, and profit-oriented government business enterprises are required to comply directly with IFRSs. The IPSASB's current work programme includes an ongoing project on 'Convergence with International Financial Reporting Standards (IFRSs) issued by the IASB':

• April 2006 IPSASB Update Newsletter (PDF 236k).
• Info about the IPSASB and Links to Past Newsletters.

The Handbook describes the IASB's consultative procedures. Those procedures require that all decisions are made in public meetings and that proposals receive appropriate public scrutiny. The Due Process Handbook does not mark a significant change in existing IASB practice and is meant to provide interested parties and the general public with a better understanding of the IASB's operations. The Trustees had finalised the handbook at their March 2006 meeting. Click for Press Release (PDF 57k). Click here to download the Due Process Handbook from IASCF Website.

It was prepared for the IASB by staff of its partner standard-setters from Canada, Germany, New Zealand, and the United Kingdom. The paper reviews existing national requirements or principles on management commentary and offers recommendations on how the IASB might promote the wider adoption of best practice in the interests of investors and others who use financial reports. While the IASB has discussed the paper, it has not yet developed tentative views on the authors' recommendations.

During the first quarter of 2006, accounting standard-setters and accounting regulators issued a number of final and proposed FASB Interpretations, FSPs, EITF consensuses, SEC rules, PCAOB rules, IFRSs, etc. affecting accounting, financial reporting, and corporate governance. Accounting Roundup: 1st Quarter in Review–2006, presents brief descriptions of those pronouncements, as well as certain other regulatory and professional developments in accounting and financial reporting. The articles included derive from issues of the Accounting Roundup newsletters published in the first quarter of 2006, with updates added where appropriate. You will find past issues Here.

We have updated the following pages on this website to reflect recent standard setting activity in the Asia-Pacific region:

Australia Hong Kong SAR Japan Malaysia

New Zealand Philippines Singapore Taiwan

The newsletter reports on the 1st quarter 2006 activities of the IASB, the IFRIC, and the IASC Foundation, and also on worldwide issues and events relating to international financial reporting. The Asia-Pacific edition has the same 30-page news content as the Global Edition plus 8 more pages of accounting standards updates for the Asia-Pacific region.

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You will find all Past IAS Plus Issues Here. Sign up for Free Subscription by Email.

The agenda for the meeting is below.

Joint Meeting of the IASB and the FASB28-29 April 2006, London Thursday 27 April 2006 (from 11:15am) Financial Instruments – hedge accounting Business Combinations II – three issues: Fair value Accounting for acquisition related costs Disclosures for non-controlling interests associated with business combinations Revenue Recognition Friday 28 April 2006 (morning only) Leasing – agenda proposal for a joint leasing project Conceptual Framework – definitions of assets and liabilities

The survey provides insights to publicly traded corporations and their chief financial officers about the economic assumptions used in preparing the 2004 year-end pension (Statement of Financial Accounting Standards No. 87) and other postretirement employee benefit plan (SFAS No.106) accruals and disclosures of 291 Fortune 500 companies. Click to (PDF 618k).

WCOA 2006 will be held in Istanbul, Turkey, from 13 to 16 November 2006. An estimated 5,000 delegates will attend. Click to Download the Brochure (PDF 11,510k*, 73 pages).

*Please note that the brochure is 11.5mb in size. Downloading using a modem connection may be impractical. Individual sections can be viewed online at the WCOA Website.

Among the other key findings:

• Auditor guidance from the Public Company Accounting Oversight Board still needs clarification.
• Compliance with Section 404 has raised investor confidence, but has done so at a price.
• Auditor fees for all accelerated filers have declined an average of 13%.

Click for (PDF 47k).