News

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IFRIC will meet next week

22 Feb 2006

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday 2 March 2006 (10.00am - 17.30pm) Friday 3 March 2006 (9.00am - 15.00pm).

The agenda will be announced shortly.
IFAC (International Federation of Accountants) (lt gray) Image

IFAC hosts meeting of accountancy bodies' CEOs

22 Feb 2006

On 20-21 February 2006, the International Federation of Accountants (IFAC) hosted a meeting with chief executives of accountancy organisations from around the world.

Click for a Press Release (PDF 82k) that describes the outcome of their discussions on the profession's future strategic priorities.
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Notes from first day of the IASB's February meeting

22 Feb 2006

We have combined all of the notes taken by Deloitte observers at the International Accounting Standards Board's meeting on 21-24 February 2006 onto a Separate Agenda Page. .

We have combined all of the notes taken by Deloitte observers at the International Accounting Standards Board's meeting on 21-24 February 2006 onto a Separate Agenda Page.

European Union (old) Image

ARC supports IFRIC 7, IAS 21 amendments

22 Feb 2006

At its meeting on 17 February 2006, the European Commission's Accounting Regulatory Committee recommended that the Commission endorse the following pronouncements for use in Europe: IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies, issued 24 November 2005 Amendment to IAS 21 for Net Investment in a Foreign Entity issued 15 December 2005 The Commission is expected to consider these two items for endorsement in April or May 2006. The one pronouncement awaiting an ARC recommendation is IFRIC 8 Scope of IFRS 2, issued 12 January 2006. ARC is expected to vote in May 2006, with Commission action during the summer.

EFRAG has updated its Endorsement Status Report accordingly.
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UNCTAD report on implementation of IFRSs

21 Feb 2006

The United Nations Conference on Trade and Development has released a staff Review of Practical Implementation Issues of International Financial Reporting Standards (PDF 619k).

The document provides an overview of recent trends in the IFRS convergence process and highlights major practical issues that are arising in the implementation process, such as institutional challenges, enforcement mechanisms, and technical issues. UNCTAD noted that:

In 2005, an unprecedented number of enterprises and countries around the world adopted IFRS as their basis for financial reporting, regarding these as a means to improve the quality of information on enterprise performance, reduce the cost of capital, increase investors' confidence and facilitate investment flows and economic development. In this context, member States are pursuing coherence between current global developments and their national strategies and policies in the area of corporate transparency in order to reap the full benefits of a transition towards harmonization of reporting requirements. However, while the advantages of a common set of global reporting standards are recognized, there are a number of serious implementation challenges at the international and national levels if the objective of an improved and harmonized reporting system is to be achieved.

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Addendum to Australian model financial report

21 Feb 2006

Deloitte (Australia) has published an (PDF 295k) to provide an illustrative example of the disclosure of key management personnel compensation and related party disclosures that are now required as a result of recent amendments to AASB 124 Related Party Disclosure.

This addendum supersedes and replaces Notes 4, 5 and 56 of the annual financial report illustrated in the Consolidated Model Financial Reports. The model annual financial report may be found on our Australia Page.
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FASB convergence on embedded derivatives

21 Feb 2006

The US Financial Accounting Standards Board has issued Statement of Financial Accounting Standard No.

155 Accounting for Certain Hybrid Instruments that allows financial instruments with embedded derivatives to be accounted for as a whole at fair value through profit and loss. This option eliminates the need to separate the derivative from its host contract. A similar accounting option was added to IAS 39 as part of the Fair Value Option Amendments to IAS 39 in June 2005. FASB currently has on its agenda a separate project to consider the other aspects of the IAS 39 fair value option. Click for:
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2006 Bound Volume of IFRSs

21 Feb 2006

The IASB's 2006 Bound Volume of International Financial Reporting Standards is at the printer, and the IASB expects it to be available in mid-March.

It will include all IFRS/IASs extant at 1 January 2006. You may place an advance order by faxing or posting the IASB Publications Order Form (DOC 139k). Price is £60 each including postage (bulk discounts are available).
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Statistics database updated

20 Feb 2006

We have updated our Database of Statistics that, we believe, provide clear evidence of the globalisation of the world's capital markets and of the need for global financial reporting standards.

Updates include latest data about cross-border listings on the World Federation of Exchange member exchanges, London, NYSE, and NASDAQ.
IFAC (International Federation of Accountants) (lt gray) Image

IFAC seeks ethics, public sector board nominees

20 Feb 2006

The International Federation of Accountants (IFAC) is seeking nominations for a public member for the International Ethics Standards Board for Accountants and for a public member for the International Public Sector Accounting Standards Board.

Both are independent standard-setting boards within IFAC. Individuals, organisations, accountancy firms, and IFAC member and regional accountancy bodies may submit nominations by 15 April 2006.
  • The International Ethics Standards Board for Accountants (IESBA) for Accountants develops ethical standards and other pronouncements for professional accountants around the world. The IFAC Code of Ethics for Professional Accountants and Interpretations apply to all professional accountants, including those in public practice, business, education, and the public sector.
  • The International Public Sector Accounting Standards Board (IPSASB) develops accounting standards for use by governments and other public sector entities around the world in preparing general purpose financial statements.

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