The letter states the following:

"EFRAG has concerns about the overall effect of the accounting requirements in IFRIC 3, particularly in circumstances where entities have not acquired or sold allowances.

EFRAG believes that applying IFRIC 3 will not always result in economic reality being reflected and relevant information being provided.... EFRAG has concluded that the disadvantages that would arise from endorsing an interpretation constrained by the interplay of the current IFRSs/IASs are not outweighed by the advantages that would be gained by having guidance on the accounting on the emission right schemes."

Click to Download the Draft Letter on IFRIC 3. Comments are due 22 March 2005.

 

The Commission will also conduct a roundtable discussion on 13 April 2005 at its offices in Washington. Section 404 requires SEC registrants, including foreign companies, to report on management's responsibilities to establish and maintain adequate internal control over the company's financial reporting process, as well as management's assessment of the effectiveness of those internal controls. Auditors are required to report on management's assessment, as well as on the effectiveness of the company's controls. Click for More Information from the SEC website.

We have updated our Timetable for Current IASB Agenda Projects to reflect recent changes announced by the IASB in its newsletter or at Board meetings.

The IAS 39 fair value option permits entities to designate, at the time of acquisition or issuance, any financial asset or financial liability to be measured at fair value, with value changes recognised in profit or loss. When the European Commission adopted IAS 39 for use in Europe, they prohibited companies from applying the fair value option to liabilities on grounds that such treatment is inconsistent with the European accounting directives. You can Download the Fair Value Option Draft from the IASB's website.

The letters can be downloaded from EFRAG's Website.

These clarifications apply to all SEC registrants, domestic and foreign, regardless of industry. The clarifications relate to amortisation of leasehold improvements, rent holidays, and landlord-tenant incentives. Some new disclosures are specified.

On 17 February 2005, 23 members of the US House of Representatives introduced legislation that would impose a three-year moratorium on the SEC's enforcement of FASB Statement 123. FAS 123 was revised in December 2004 to require all companies to account for all share-based payments, including stock options, at fair value – similarly to IFRS 2. During the three years, the SEC would be required to study the impact that expensing options may have on the US economy and on 'small entrepreneurial businesses'. The bill would require listed companies that offer stock options to disclose "plain-English descriptions of share value dilution, expanded and more prominent disclosure of stock option-related information, and a summary of stock options granted to the five most highly compensated officers". The bill would not prohibit voluntary expensing of stock options by SEC registrants. The Senate must also pass the same legislation before the bill becomes law. The new proposal, known as HR 913, is similar to a bill (HR 3574) that was approved by the House in July 2004 by a vote of 312 to 111, with 10 nonvoting. The US Senate did not enact an equivalent of HR 3574, so it did not become law. HR 913 has been referred to the House Committee on Financial Services.

Click here for Complete List of the 19 IASCF Trustees. Click here for Press Release (PDF 61k), which includes short bios of the three new trustees.

While not all sections of the site are completed yet, already you will find the latest news, summaries of many of the standards and interpretations, and various Deloitte publications, all in German. And, as a reminder, there's also IASPlus in Spanish.

Auf www.iasplus.de wollen wir Ihnen Informationen und Neuigkeiten aus der Welt der internationalen Rechnungslegung zeitnah und kostenfrei in deutscher Sprache zur Verfûgung stellen. Als Ausgangsbasis dienen uns die Dokumente von IAS Plus.com, die von unserem deutschen IFRS Centre of Excellence nach Mandantenrelevanz ausgewählt und ins Deutsche ûbersetzt werden.

We have updated the project pages for the following agenda projects to reflect deliberations at the Board's February 2005 meeting:

• Accounting Standards for Non-Publicly Accountable Entities (NPAEs) (formerly called Small and Medium-sized Entities or SMEs)
• Amendments to IAS 39: Cash Flow Hedge Accounting of Forecast Intra-group Transactions
• Amendments to IAS 39: The Fair Value Option
• Amendments to IAS 39 and IFRS 4: Financial Guarantees and Credit Insurance
• Business Combinations II - Purchase Method Procedures
• Conceptual Framework
• Convergence of IFRSs and US GAAP – Income Taxes
• ED 7 Financial Instruments: Disclosures
• Insurance Contracts - Phase 2
• Management Commentary (sometimes called Management Discussion and Analysis)