International convergence and coordination with standard-setters is on the agenda for discussion at the first meeting of the first meeting of the Standing Advisory Group of the US Public Company Accounting Oversight Board in Washington on 21-22 June 2004. Click for Details.

Also, EFRAG plans to set up a "working group on Service Concession Arrangements with the objective to discuss urgent matters for the concession industry regarding the adoption of IFRS for 2005." EFRAG seeks nominees by 23 June.

The FRC believes that the adoption of IAS 39 is particularly important to regulate accounting for off-balance sheet finance and to ensure that the impact of derivatives is recorded in financial statements." Click for (PDF 60k) and (PDF 93k). The UK Association of Corporate Treasurers has written a similar (PDF 34k) to the EC.

The video presentations are in Danish and include:

• Business combinations, goodwill, intangible assets, and impairment test.
• An update on the new rules and principles on financial instruments in IAS 39.
• Share-based payment – new rules, new considerations.

You can watch the whole video-streaming (or parts of it) Here. Best results are achieved by watching the individual part from the start to the end.

The agenda, set out below and in more detail Here, includes a meeting with the Nordic Regional Standard-Setters on the afternoon of 23 June. The Board will meet with the Standards Advisory Council at the same location on 24-25 June (agenda previously reported in our News Story of 7 June 2004).

AGENDA – IASB MEETING 21-23 JUNE 2004 Monday 21 June 2004 Accounting Standards for Small and Medium-sized Entities Matters Arising from IFRIC Meeting 3-4 June (see earlier news stories, this page) Business Combinations (Phase II) Short-term Convergence - Income taxes: Definition of 'Tax Base' Tuesday 22 June 2004 Financial Instruments that Are Equity-Linked Revenue Recognition Concepts Leases - Changes in Assets and Liabilities Wednesday 23 June 2004 Exploration for and Evaluation of Mineral Resources - Redeliberation of ED 6 Consolidation Financial instruments - Amendment to IAS 32: Financial Instruments Puttable at Fair Value Financial instruments - Disclosures: Sweep Issues 2:00-6:00pm: Meeting with Nordic Regional Standard-Setters

The committee is chaired by Rep. Michael G. Oxley, principal author of the Sarbanes-Oxley Act. The bill (known as H.R. 3574, the Stock Option Accounting Reform Act) would also delay implementing any standard for a year, until completion of a study. Approval by the committee means that the bill is now sent to the full House for consideration. The Senate must also pass the same legislation before the bill becomes law. Click for Press Release (PDF 103k).

"EFRAG welcomes each of the detailed improvements as presented in the paper and regards them as a great improvement to the transparency and democratic process within the IASB." Additionally, the EFRAG draft makes further proposals in the areas of comment periods, changes to existing standards, basis for conclusions, use of field tests or field visits, use of discussion papers, and re-exposure of proposals. EFRAG seeks comments by 8 July 2004.

BV 2004 includes all of the Improved IASs published by the Board in December 2003, IFRSs 1 to 5 and related amendments to IAS 36 and IAS 38, and the macro hedging amendments to IAS 39. Interpretations and IASB-issued supporting documentation (Bases for Conclusions, Implementation Guidance, and Illustrative Examples) are also included. The price of the printed bound volume is £54. Editorial updates will be Posted periodically to the IASB's website. A CD-ROM version may be purchased for £120 per user, including updates during the year.

"Once Congress starts setting accounting standards through its political process, the integrity of U.S. accounting standard setting and the credibility of U.S. financial reporting will be dangerously compromised." Link to Press Release.

The ARC includes one representative from each of the 25 EU member states. Although there is no report yet on the ARC Website or other announcement from the Commission, the New York Times and the Financial Times have both reported that the governments of four European countries – Belgium, France, Italy, and Spain – objected to the rule and six others, including Germany, abstained. Fifteen voted in favour. The Commission has asked the countries to put their views in writing by 30 June. After then, the Commission will make a decision.