Details about the hearing may be found on the IASB Website.

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You can download all past Alerts Here.

Click for IFAC Press Release (PDF 61k).

This issue addresses recent New Zealand exposure drafts of equivalents of IAS 30 and IAS 31, several recent IASB exposure drafts, IFRIC D6, exposure drafts of a proposed preface to New Zealand accounting standards and New Zealand Framework, and the process for developing accounting standards in New Zealand. Past Alerts can be found Here.

The discussion paper focuses on issues relating to the Board's approach to the project. It does not include proposals for specific financial reporting standards for SMEs. That will come later.

Printed copies of the discussion paper will be sent to subscribers or may be purchased for £10 from the IASB. An electronic version of the discussion paper may be downloaded from www.iasb.org without charge starting 5 July. Comment deadline is 24 September 2004.

Click for IASB Press Release (PDF 26k).

 

Issues raised in the IASB's Discussion Paper on Standards for SMEs

Should the IASB develop special financial reporting standards for SMEs? What should be the objectives of a set of financial reporting standards for SMEs? For which entities would IASB Standards for SMEs be intended? If IASB Standards for SMEs do not address a particular accounting recognition or measurement issue confronting an entity, how should that entity resolve the issue? May an entity using IASB Standards for SMEs elect to follow a treatment permitted in an IFRS that differs from the treatment in the related IASB Standard for SMEs? How should the Board approach the development of IASB Standards for SMEs? To what extent should the foundation of SME standards be the concepts and principles and related mandatory guidance in IFRSs? If IASB Standards for SMEs are built on the concepts and principles and related mandatory guidance in full IFRSs, what should be the basis for modifying those concepts and principles for SMEs? In what format should IASB Standards for SMEs be published?

We have combined the preliminary and unofficial notes taken by the Deloitte observers at the meeting on a Separate Page.

We have combined the preliminary and unofficial notes taken by the Deloitte observers at the meeting on a Separate Page.

The two boards are working to achieve that goal, both in their individual standards setting activities and in short-term and longer-term convergence projects. Deloitte has published a booklet highlighting Key Differences Between IFRSs and US GAAP as of June 2004, with a brief note on what, if anything, is being done about each difference. The differences (or non-inclusion of what, until recently, was a difference) reflect all IFRSs issued and revised through mid-June 2004, including those that do not become mandatory until 2005. The status notes reflect current IASB and FASB proposals. You can (PDF 258k). We are pleased to grant permission for accounting educators and students to make copies for educational purposes.

We have combined the preliminary and unofficial notes taken by the Deloitte observers at the meeting on a Separate Page.