The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on Thursday and Friday, 2-3 June 2005. The agenda for the meeting is presented below.

2-3 June 2005, London Thursday 2 June 2005 IAS 19 Employee Benefits – Effect of Minimum Funding Requirements on the Asset Ceiling Emission Rights - Consideration of a Proposed Amendment of Revised Draft IAS 38 — The IFRIC will consider a draft of an amendment to IAS 38. The objective of the amendment is to address the measurement mismatches that arise in accounting for an emission rights scheme in accordance with IFRIC 3. IAS 12 Income Taxes – Deferred Tax Relating to Finance Leases Impairment of an Equity Security – Draft Reason for Rejection of Issue IAS 19 Priorities Consideration of Recommendations of Agenda Committee as tabled at March/April Meeting of IFRIC from February Agenda Committee Meeting IFRIC D11 Changes in Contributions to Employee Stock Purchase Plans Friday 3 June 2005 IAS 32 Financial Instruments: Disclosure and Presentation – Cross Currency Convertible Bonds IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions Tabling from March Agenda Committee of Wording for Issues Proposed for Rejection Activities of Other Interpretive Bodies

The Board is still considering the issue of 'Day 1 profit disclosures' and has invited comment on the proposed drafting of this section of IFRS 7. The proposed disclosures were set out in pages 19-21 of the Observer Notes for the May Board meeting. Those notes may be Downloaded from the IASB's website. Comments should be sent to apryde@iasb.org by 1 June 2005.

The thirteenth session was run on Thursday 19 May 2005 and focused on the rules applying to the 2005 interim financial statements of listed UK groups and the requirements of IAS 34 Interim Financial Reporting. To access the recording Click Here. The recording of each session will be available on this website for a period of at least 3 to 4 weeks from the date of the presentation. Links to past sessions may be found on our United Kingdom Page. The recording is no longer available online.

These model financial statements were developed to illustrate the typical financial statement presentation and disclosures that are required of a company with subsidiaries and associates presenting its consolidated financial statements under IFRSs for 2005.

The draft Interpretations relating to IFRS 2 Share-based Payment are:

• D16 Scope of IFRS 2
• D17 IFRS 2 – Group and Treasury Share Transactions.

D16 clarifies that transactions within the scope of IFRS 2 include those in which the entity cannot specifically identify some or all of the goods or services received.

D17 provides guidance on whether particular types of transactions should be accounted for as cash-settled or equity-settled share-based payment transactions under IFRS 2.

Click for Press Release (PDF 52k).

 

The draft recommendation contains several proposals to encourage European listed companies to provide the financial markets with appropriate and useful performance measures. The recommendations relate primarily to:

• Clear definitions of alternative performance measures. CESR notes that IFRSs define three basic performance measures – revenue, profit or loss, and earnings per share. Other measures that an entity may choose to report must not be inconsistent with the IFRS measures.
• The presentation of alternative performance measures – they should be in addition to, not instead of, IFRS performance measures and should be presented with less prominence than the IFRS measures.
• Auditor's involvement should be considered.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.

The two main conclusions in the Commission's statement are:

• Compliance with Section 404 is producing benefits, including a heightened focus on internal controls at the top levels of public companies.
• Implementation in the first year also resulted in significant costs, and the process can be made more effective and efficient.

In April, the Commission asked the SEC staff to consider whether additional guidance and clarification of certain issues was appropriate. The staff has now released a Staff Statement on Management's Report on Internal Control Over Financial Reporting to provide such guidance. In releasing the staff report, the Commission noted that "there is a zone of reasonable conduct by companies that should be recognised as acceptable in the implementation of Section 404." Also, the US Public Company Accounting Oversight Board staff has issued related question-and-answer guidance. Click to download:

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We have combined all of the preliminary and unofficial notes taken by Deloitte observers at the IASB's May 2005 Board meeting onto a Separate Page.