News

News default Image

Agreement between SEC and European regulators

29 May 2004

The Director of the Office of International Affairs of the US Securities and Exchange Commission and the Secretary-General of the Committee of European Securities Regulators (CESR) have announced an agreement for enhanced cooperation and collaboration on cross-border securities regulatory matters.

The overall goals of the cooperation are to identify emerging risks in the US and EU securities markets, and to engage in early discussions of potential regulatory initiatives in the interest of promoting convergence where possible. Detailed terms of the agreement will be announced at the upcoming CESR plenary meeting on 4 June 2004. Click for SEC Announcement (link to SEC website). The announcement is also on CESR's Website.
IASC Foundation (blue) Image

IASC Foundation is seeking an Asia-Pacific trustee

28 May 2004

The IASC Foundation is seeking to appoint a Trustee resident in the Asia-Pacific region with senior experience in the field of accounting.

Click for Announcement (PDF 7k).
IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

IFRIC issues its first interpretation

28 May 2004

The International Financial Reporting Interpretations Committee (IFRIC) has published its first interpretation.

IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities contains guidance on accounting for changes in decommissioning, restoration and similar liabilities that have previously been recognised both as part of the cost of an item of property, plant and equipment and as a provision (liability). An example would be a liability that was recognised by the operator of a nuclear power plant for costs that it expects to incur in the future when the plant is shut down (decommissioned). The interpretation addresses subsequent changes to the amount of the liability that may arise from (a) a revision in the timing or amount of the estimated decommissioning or restoration costs or from (b) a change in the current market-based discount rate. Click for Press Release (PDF 27k).
News default Image

Four IASB members are reappointed

28 May 2004

The trustees of the foundation that oversees the International Accounting Standards Board have reappointed four members of the Board with effect from 1 July 2004. Thomas E.

Jones (who is the Board's vice-chairman) and Mary E. Barth will each serve a further term of five years, expiring on 30 June 2009, and Anthony T. Cope and Patricia L. O'Malley will each serve a second three-year term, expiring on 30 June 2007. Click for Press Release (PDF 26k), which includes biographies of the four Board members.
EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG technical group meetings open to public observation

27 May 2004

The European Financial Reporting Advisory Group (EFRAG) will open the meetings of its Technical Expert Group to public observation starting with its meeting to be held on 2-4 June 2004. For more information and to download the registration form go to the EFRAG Website.

Registration must be completed no later than 1 June 2004.
Australia Image

New Australian Accounting Alert

26 May 2004

We have posted the latest (PDF 45k) from Deloitte Australia.

This issue is a Financial Instruments Update, reflecting the AASB's approval of a change to Pending AASB 139 to incorporate the macro hedging amendments to IAS 39 and the AASB's request for comments on the proposed "fair value option" amendment to IAS 39. This Accounting Alert provides an overview of the actual and proposed amendments to AASB 139 and some analysis of the issues arising.
IOSCO (International Organization of Securities Commissions) (dark gray) Image

IOSCO is addressing several IFRS matters

24 May 2004

The Final Communiqué (PDF 200k) of the XXIXth Annual Conference of the International Organization of Securities Commissions (IOSCO) addresses a number of accounting and auditing standards issues from the perspective of the world's securities and futures regulators.

Several relate directly to IFRSs, including the following:

The [IOSCO] Technical Committee has initiated a project on Regulatory Interpretations of International Financial Reporting Standards to address communications among IOSCO members to promote the consistent application and enforcement of IFRSs. The major outputs of this project are expected to be a central database of regulatory decisions and a process for facilitating communications and cooperation among regulators and other enforcers relating to IFRSs. The Technical Committee also will seek to coordinate its work on this project with a comparable project being undertaken by CESRFIN [the Standing Committee on Financial Reporting of the Committee of European Securities Regulators].

The Technical Committee also will undertake another initiative on Review and Enforcement of Application of Financial Reporting Standards focusing on the range of activities and powers that relate to reviews of public company financial statements by securities regulators and others. This project will focus on the powers and activities of a review process, and criteria and actions needed, regardless of the accounting standards in use. The major output of this project is expected to be an IOSCO statement of principles, best practices, and/or descriptions of effective models in use for such review functions. This project should conclude in 2005.

Ireland Image

Ireland will allow all unlisted companies to use IFRSs

23 May 2004

The government of the Republic of Ireland has announced that all unlisted entities in Ireland will be permitted to follow International Financial Reporting Standards starting in 2005. Irish listed companies are already required to switch to IFRSs in 2005 under the European Union accounting regulation.

Click for Press Release from the Institute of Chartered Accountants in Ireland.

 

News default Image

Agenda project pages updated

22 May 2004

We have updated the following agenda project pages on IASPlus to reflect the IASB's deliberations and decisions at its meeting on 18-19 May 2004: Business Combinations Phase II Consolidation including SPEs Financial Activities - Risk Disclosures Financial Instruments: Cash Flow Hedge Accounting of Forecast Intra-group Transactions Accounting Standards for Small and Medium-sized Entities IAS 37 Provisions, Contingent Liabilities and Contingent Assets Revenue Recognition .

News default Image

Coalition formed in US to support FASB stock option proposal

21 May 2004

A broad coalition of 30 pension funds, consumer/investor groups, and labour unions is urging the United States Congress to stay out of the Financial Accounting Standards Board's process for considering a proposed standard that would require companies to expense all stock options and other share-based payment.

FASB's proposed standard is similar to IFRS 2. The coalition – known as the Financial Accounting Coalition for Truthful Statements (FACTS) said that "H.R. 3574/S. 1890, 'The Stock Option Accounting Reform Act,' would establish the dangerous precedent of Congress intervening to substitute special interest provisions in place of standards that are set independently and objectively to achieve accurate and transparent financial reporting." Click to download the Coalition's Public Statement and list of members (PDF 30k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.