The so-called 'corridor approach' that allows deferral of most actuarial gains and losses would be eliminated. IAS 19 currently also allows the 'corridor approach'. The proposal would also require that employers measure plan assets and obligations as of the date of their financial statements. FASB's exposure draft is the first phase of a comprehensive project to reconsider its Statement 87 Employers' Accounting for Pensions and Statement 106 Employers' Accounting for Postretirement Benefits Other Than Pensions. A second, broader phase will comprehensively address remaining issues. The FASB said it expects to collaborate with the International Accounting Standards Board on that phase, though the IASB does not yet have the project on its agenda. Comment period ends 31 May 2006. Click for (PDF 30k).

On 16 March 2006, the IASB issued an Exposure Draft (ED) of proposed amendments to IAS 1 Presentation of Financial Statements. This newsletter provides details about the ED. The ED results from the first stage (known as 'Segment A') of the IASB's project on performance reporting and, if adopted, would bring IAS 1 largely into line with the equivalent US standard as regards the matters addressed. Under the ED's proposals, an entity would be required to present all income and expenses separately from changes in its equity that arise from transactions with its owners. Entities would have a choice of presenting income and expenses in a single statement or in two statements. An entity would also be required to include in its financial statements a statement showing its financial position (balance sheet) at the beginning of the comparative period. The IASB has requested comments on the ED on or before 17 July 2006. You can find our Past IAS Plus Newsletters Here.

The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves. Four of the companies are non-US registrants. The 17 members of the 2006 test group are:

• 3M Company
• Altria Group, Inc.
• Brazilian Petroleum Corporation
• Bristol-Myers Squibb Company
• The Dow Chemical Company
• Gol Intelligent Airlines, Inc.
• Infosys Technologies Limited
• Microsoft Corporation
• Mobile Reach International, Inc.
• Net Servicos De Comunicacao SA
• Old Mutual Capital, Inc.
• Pfizer, Inc.
• R.R. Donnelley & Sons Company
• South Financial Group, Inc.
• United Technologies Corporation
• Xerox Corporation
• XM Satellite Radio Holdings, Inc.

Click for (PDF 33k).

Herz spoke extensively about IASB-FASB convergence efforts. Click to download (PDF 511k). Testimony of other hearing participants may be Downloaded Here.

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

The International Accounting Standards Board met at its offices in London on Tuesday through Friday, 28-31 March 2006. We have combined all of our notes from the meeting on a Separate Page.

Minutes will be released publicly after approval by the SAC at its subsequent meeting. Portions relating to 'closed sessions' will be excluded. A new Page for SAC Minutes has been created on the IASB's Website.

Comments are invited before 31 August 2006. Click for:

• ED on Valuation of Public Sector Assets (PDF 294k)
• ED on Valuation of Historic Property (PDF 194k)
• Press Release (PDF 274k)

The roundtable will be held on 24 April 2006 and will be chaired by ASB Chairman Ian Mackintosh. It will include brief presentations followed by general discussion and comments. To provide a context for the roundtable, the ASB has prepared a background paper discussing some of the issues. Also, the staff of the Accounting Standards Board of Canada (AcSB) have provided an article on the Discussion Paper Measurement Basis for Financial Accounting–Measurement on Initial Recognition, which was prepared by the AcSB staff. Click for:

• (PDF 46k)
• (PDF 50k)
• (PDF 12k)

Click to download the Endorsement Status as of 23 March 2006 (PDF 23k). Currently, the following IASB pronouncements have not yet been endorsed for use in Europe:

• IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
• IFRIC 8 Scope of IFRS 2
• IFRIC 9 Reassessment of Embedded Derivatives
• Amendments to IAS 21