The fifth Webcast was run on 23 September 2004 and covered IAS 24 Related Party Disclosures and IAS 38 Intangible Assets. 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.

An FSF roundtable in October 2004 will consider challenges associated with the implementation of international accounting and auditing standards. Click for Press Release (PDF 36k). The FSF was convened in April 1999 to promote international financial stability through information exchange and international co-operation in financial supervision and surveillance.

 

The European Financial Reporting Advisory Group has submitted to IFRIC its Letter of Comment (PDF 34k) on IFRIC D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions.

We have updated our summaries of the following agenda projects to reflect decisions at the September 2004 IASB meeting:

• Business Combinations Phase II
• Concepts
• Convergence: Exposure Draft of Proposed Amendments to IAS 19
• Convergence: Employee Benefits (IAS 19)
• Convergence: Income Taxes (IAS 12)
• Convergence: IAS 37 Provisions, Contingent Liabilities and Contingent Assets
• ED 6 Exploration for and Evaluation of Mineral Resources
• Financial Instruments: the Fair Value Option
• Financial Reporting by Small and Medium-sized Entities
• IAS 12 Income Taxes - Backwards Tracing
• IFRIC - Concessions
• IFRS 3: Business Combinations – Combinations Involving Mutual Entities
• Insurance Contracts Phase II
• Strengthening IASB Due Process

The IAASB Press Release (PDF 85k) has links for downloading the EDs:

• Proposed Policy Statement on Clarifying Professional Requirements in International Standards. The ED defines two categories of professional requirements – "requirements" and "presumptive requirements". A requirement, to be fulfilled in all cases, would be identified by the word "shall" and a presumptive requirement by the word "should". The IAASB also issued a consultation paper, Improving the Clarity and Structure of IAASB Standards and Related Considerations for Practice Statements, which seeks feedback on whether there is a need to change the way IAASB standards are drafted. Comments on the exposure draft and related consultation paper are requested by 31 December 2004.
• Revision to International Standard on Auditing (ISA) 230, Audit Documentation. The proposed revisions include clarification on the form, content, and extent of audit documentation, guidance on changes to audit documentation after the date of the auditor's report, and matters to be considered in connection with confidentiality, safe custody, and retention of audit documentation. An appendix to the exposure draft identifies additional specific audit documentation requirements set out in other ISAs. Comments on this exposure draft are requested by 31 January 2005.

The Board also met with its partner national standard-setters 27 and 29 September 2004 and with representatives of standard setting bodies from over 30 countries on 27 and 28 September.

Several stories relate to IFRSs including the lead story "Call for Global Standards: IFRS". Click to (PDF 219k). Also, FEE is sponsoring a European Congress for SMP/SME Accountants in 7-8 October 2004 in Spain. The IASB's SME Project is on the agenda.

Mr Humphry will fill the vacancy left by the death of Kenneth Spencer and will begin his three-year term on 1 January 2005. Mr Humphry is Managing Director and Chief Executive Officer of the Australian Stock Exchange (ASX) Limited. His nomination carries the support of the International Federation of Accountants and the Financial Reporting Council of Australia. Click for Press Release (PDF 18k).

The Board also met with its partner national standard-setters 27 and 29 September 2004 and with representatives of standard setting bodies from over 30 countries on 27 and 28 September.

The URL is http://aaahq.org/international/index.html.