News

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Comment letters posted on SMEs, D7, D8, D9

07 Oct 2004

The IASB has Posted on its Website comment letters received on the following projects: IASB Discussion Paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities IFRIC D7 Scope of SIC-12 Consolidation–Special Purpose Entities* IFRIC D8 Members' Shares in Co-operative Entities* IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions *Some letters on D7 and D8 had previously been posted.

These are additional letters.
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Agenda for October 2004 IASB meeting

07 Oct 2004

The IASB will meet at the offices of the Financial Accounting Standards Board (FASB), Norwalk, Connecticut, USA, on 18-20 October 2004. The third day will be a joint meeting with the FASB.

The agenda topics for the meeting are as follows:

Agenda of the IASB Meeting 18-20 October 2004

Agenda – IASB only, 18-19 October 2004

  • Business Combinations II
  • Convergence - Post-employment Benefits
  • Convergence - Income Taxes
  • IAS 37 Amendments
  • IFRIC Matters
  • Financial Reporting by Small and Medium-sized Entities
Agenda – Joint IASB/FASB Meeting, 20 October 2004
  • Convergence - Income Taxes
  • Conceptual Framework
  • Financial Instruments
  • Revenue Recognition
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IFAC exposure draft on ethics

06 Oct 2004

The International Federation of Accountants has invited comment on an exposure draft of a Revised Code of Ethics for Professional Accountants.

The revisions are intended to clarify the independence requirements for professional accountants in public practice who perform assurance engagements. Comment deadline is 30 November 2004.
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Latest Accounting Roundup posted

06 Oct 2004

The (PDF 245k) is now available.

This newsletter is published by Deloitte (USA) and includes the latest news from FASB, GASB, SEC, PCAOB, AICPA, IASB, and IFRIC. You will find past issues of Accounting Roundup Here.
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Financial reporting in Bhutan

05 Oct 2004

The Companies Act of Bhutan (2000) states that listed companies must present their financial statements in compliance with GAAP.

Whilst there is no defined Bhutanese GAAP, the provision of the Companies Act is usually construed to mean India GAAP, to which Bhutan is closely linked. Listed companies in Bhutan are therefore not permitted to apply IFRSs directly. We have updated our Table of Country Use of IFRSs accordingly.
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ARC endorses IAS 39 with two parts modified

04 Oct 2004

At its meeting in Brussels on 1 October 2004, the Accounting Regulatory Committee of the European Commission voted to recommend endorsement of IAS 39 for use in Europe, with two modifications.

The modifications (1) prohibit use of the IAS 39 fair value option as it applies to liabilities, and (2) allow using fair value hedge accounting for interest rate hedges of core deposits on a portfolio basis. With respect to hedging of core deposits, EU member states can elect to require the unmodified version of IAS 39. Further, if a Member State permits the modified version, companies can elect to apply the unmodified IAS 39. Click to download the published (PDF 13k). The fair value option as it applies to liabilities is regarded as inconsistent with the IV Accounting Directive and therefore the modification is required for all companies. Even though IFRSs become mandatory in Europe in 2005, the ARC has yet to vote on endorsement of the revised versions of 14 IASs that were adopted by the IASB in December 2003 as part of its Improvements Project (to date, the EC has endorsed only the pre-2003 versions). Nor has the ARC endorsed IAS 32, IFRSs 2 through 5, or IFRIC 1. These are expected to be considered at ARC's 30 November 2004 meeting.
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David Tweedie's testimony on IAS 39 is available

04 Oct 2004

The IASB has released the (PDF 63k) of IASB Chairman Sir David Tweedie before the Committee on Monetary and Economic Affairs of the European Parliament on 22 September 2004. Sir David's prepared statement includes a report on the history, background, and progress of discussions on IAS 39. An excerpt: The Committee asked the IASB to appear to discuss progress with IAS 39 and the proposals of the European Commission.

In this statement, I shall focus on IAS 39, because the IASB has not taken a position on the proposals for endorsement. But I should emphasise at the outset that full endorsement of all of the IASB's standards, including IAS 39, is our preferred option. Although we are aware of the challenges that endorsement would pose, we are concerned that piecemeal approval of any of the IASB's standards risks undermining the coherence and integrity of the standards and making them more difficult to apply consistently.
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Update on IASCF constitution review

04 Oct 2004

On 6 October 2004 in Mexico City, the Constitution Committee of the IASC Foundation will hold its fourth and last public hearing on possible changes to the Foundation's constitution, under which the IASB operates.

The three earlier hearings were held in New York, London and Tokyo. The Constitution Committee met on 22 September 2004 and reached some preliminary conclusions on possible amendments to the constitution. These preliminary conclusions are subject to further consideration after the Mexico City hearing. To bring participants in the Mexico City hearing up to date with the Committee's thinking, the Committee has published a paper titled An Update on the Constitution Review for the Public Hearing in Mexico City (PDF 23k).
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Enforcement of financial information in Europe

03 Oct 2004

In June 2004, the Committee of European Securities Regulators (CESR) invited comments on a proposed approach to implementing its Standard No.

2, Coordination of Enforcement Activities. Standard 2 establishes principles for coordinating enforcement of financial information, including information based on IFRSs, at a pan-European level. CESR's (PDF 99k) involves guidance for implementing those principles. CESR has now posted on its website the Responses to that Proposal.
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Our plan for the remaining IFRS e-learning modules

02 Oct 2004

Deloitte's IFRS e-learning programme, available for download and self-study to all without charge, has proved enormously popular.

So far, 24 modules are available. All of the remaining modules (namely IASs 23, 24, 29, 32/39 Parts 2 and 3, 36, and 38, and IFRSs 2, 3, and 5) are scheduled for release before the end of the year. The table below is a status report with estimated release dates for the remaining modules. Click on the light bulb icon on our home page for access.

Standard

E-learning Available

IAS 1 Presentation of Financial Statements

Now

IAS 2 Inventories

Now

IAS 7 Cash Flow Statements

Now

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Now

IAS 10 Events After the Balance Sheet Date

Now

IAS 11 Construction Contracts

Now

IAS 12 Income Taxes

Now

IAS 14 Segment Reporting

Now

IAS 16 Property, Plant and Equipment

Now

IAS 17 Leases

Now

IAS 18 Revenue

Now

IAS 19 Employee Benefits

Now

IAS 20 Accounting for Government Grants

Standard to be replaced

IAS 21 The Effect of Changes in Foreign Exchanges Rates

Now

IAS 22 Business Combinations

See IFRS 3

IAS 23 Borrowing Costs

31st October 2004

IAS 24 Related Party Disclosures

31st December 2004

IAS 26 Accounting and Reporting by Retirement Benefit Plans

Not required

IAS 27 Consolidated and Separate Financial Statements

Now

IAS 28 Accounting for Investments in Associates

Now

IAS 29 Financial Reporting in Hyperinflationary Economies

31st October 2004

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions

Standard to be replaced

IAS 31 Financial Reporting of Interests in Joint Ventures

Now

IAS 32/39 Part 1 Key Principles

Now

IAS 32/39 Parts 2 and 3 Hedging and Derecognition

31st December 2004

IAS 33 Earnings Per Share

Now

IAS 34 Interim Financial Statements

Now

IAS 35 Discontinuing Operations

See IFRS 5

IAS 36 Impairment of Assets

31st October 2004

IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Now

IAS 38 Intangible Assets

31st October 2004

IAS 40 Investment Property

Now

IAS 41 Agriculture

Now

IFRS 1 First time adoption

Now

IFRS 2 Share Based Payments

31st December 2004

IFRS 3 Business Combinations

31st October 2004

IFRS 4 Insurance

Not Required

IFRS 5 Discontinued Operations

31st December 2004

IFRS 6 Extractive Industries

Not Required

Framework

Now

Using IFRS E-learning

Now

Correction list for hyphenation

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