The final agenda now shows that only IAS 39 will be considered at the 1 October 2004 meeting. The other standards, along with IAS 32 and IFRIC 1, will be considered at ARC's 30 November 2004 meeting.

"With the introduction of International Financial Reporting Standards in many parts of the world, including for all publicly listed companies in the European Union in 2005, the correct application of Fair Value on a consistent and transparent basis is vitally important," the IVSC notes. The newsletter examines the differences between "fair value" as used in IASB and FASB literature and "market value" as used in IVSC standards. Also in the newsletter is an analysis of fair values under IFRS 3 and IFRS 5 and a summary of the FASB's Fair Value Measurements exposure draft.

The comment periods on three IASB exposure drafts of amendments to IAS 39 end on 8 October 2004:

• Exposure Draft: IAS 39 – Financial Guarantee Contracts and Credit Insurance
• Exposure Draft: IAS 39 – Cash Flow Hedge Accounting of Forecast Intragroup Transactions
• Exposure Draft: IAS 39 – Transition and Initial Recognition of Financial Assets and Financial Liabilities

The main agenda items will be the IASB projects on measurement and concession arrangements, and EFRAG's letter of comment on the IASB's proposed amendments to IAS 39. The EFRAG Technical Experts Group will then meet on 7-8 October 2004. Click for More Information on EFRAG website.

Also included is an overview of a discussion paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities and a list of the latest New Zealand Pending Accounting Standards. Click for Past Issues.

The publication is relevant to current IAS reporters that are adopting both of the revised standards, as well for first time adopters of IFRSs. The publication includes:

• Classification of financial assets and liabilities, derivatives and embedded derivatives, measurement, derecognition, extensive guidance on hedge accounting, as well as specific guidance on how to apply both of these complex standards if you are a first time reporter using IFRS.
• Detailed application guidance, illustrative examples, and interpretations of the standards.

iGAAP 2005 Financial Instruments: IAS 32 and 39 Explained can be purchased through CCH Online or by phone at +44 (0) 870 777 2906. iGAAP 2005 Financial Statements for UK Listed Groups is also available, and the complete iGAAP 2005 Manual will be available from November 2004.

This newsletter is published by Deloitte's Global Offerings Services group, which is a global team of practitioners assisting non-US companies and non-US practice office engagement teams in applying US and international accounting standards (that is, US GAAP and IFRSs) and in complying with the SEC's financial reporting rules. You can find past issues Here.

In this module, you will learn about the content of IASs 32 and 39 and how to apply those standards in practice. Several case studies are included. This module reflects both the December 2003 revisions to IAS 32 and IAS 39 and the March 2004 macro hedging revisions to IAS 39. Subsequent to those revisions, the IASB has issued four exposure drafts of further changes to IAS 39 as well as a new financial instruments disclosure exposure draft that would replace and expand the disclosures now in IAS 32. The e-learning module does not address these proposed changes.

The proposal will be considered by the EC's Accounting Regulatory Committee at a meeting on 1 October 2004. Click to download:

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IPSASs are developed by the Public Sector Committee of IFAC and are based, to the extent appropriate on IFRSs. Click for (PDF 121k).