Click to download (PDF 92k). CESR's announcement states: "The standards adopted will contribute to the creation within Europe of robust and consistent enforcement of the internationally recognised set of accounting standards (as published by the International Accounting Standards Board, IASB, and endorsed by the European Commission) to be implemented by 2005." Note: CESR's website address has recently changed to http://www.cesr-eu.org/.

The update identifies possible approaches that the committee is considering for each of the 10 main issues that it had previously identified for consideration. The committee has also announced the dates and places of a public meetings and hearings it will hold, as follows:

Public Meeting with Subcommittee of the Standards Advisory Council
Date and Time(time subject to change)	City	Venue
2 June2:00 p.m.	New York, NY United States	Intercontinental Barclay Hotel 111 East 48th Street New York, NY 10017 United States
Public Hearings
Date and Time(time subject to change)	City	Venue
3 June8:30 a.m.-2:30 p.m.	New York, NYUnited States	Baruch College 55 Lexington Avenue Room 14-220 (14th Floor)New York, NY 10010 United States
29 June 9:00 a.m.-4:30 p.m.	London, UK	IASC Foundation offices 30 Cannon Street London EC4M 6XH United Kingdom
13 July Morning (times to be announced)	Tokyo, Japan	Nippon Keidanren Keidanren Kaikan 1-9-4 Otemachi Chiyoda-kuTokyo 100-8188 Japan
6 OctoberAfternoon (times to be announced)	Mexico CityMexico	Venue to be announced

We have a page with Information about the Constitution Review and another related page about the IASB's own Internal Review of the Board's deliberative processes.

Interested parties are invited to complete the questionnaire and submit it electronically before 4 June 2004.

"Advancing this bill in the legislative process harms the credibility of America's system for providing transparent and unbiased financial information to investors," Mr. Denham said. "By inserting Congress into the setting of standards for accounting by publicly traded companies, HR 3574 [the bill] would undermine the independence of the Financial Accounting Standards Board, which Congress recently reaffirmed in the Sarbanes-Oxley Act." The FASB has agreed to propose a stock options standard very similar to IFRS 2. Click for FAF News Release (PDF 23k).

The IASB will meet at its offices in London on 18-19 May 2004. An issue related to Financial Reporting by Small and Medium-sized Entities has been added to the Meeting Agenda.

The role of the FREP is solely to discover infringements of financial reporting requirements by listed entities, including matters of compliance with IFRSs. It does not have any authority to impose sanctions. The FREP will inform the entity and the government's Financial Services Authority of any possible irregularity it has discovered. Thereafter, the Financial Services Authority has responsibility to take appropriate enforcement action. Click for Announcement (PDF 29k).

 

The Institute of Chartered Accountants of New Zealand has Announced (PDF 27k) that the New Zealand government and the IASC Foundation have reached a copyright agreement that will allow the free use of IFRSs in New Zealand.

Also, EFRAG has posted on its Website its draft letter of comment to the IASB on the Board's exposure draft of Proposed Amendments to IFRS 3 Business Combinations: Combinations by Contract Alone or Involving Mutual Entities.

3574, the Stock Option Accounting Reform Act – that would restrict the expensing of stock options in the United States to options granted to chief executives and the next four highest paid officers. Small businesses would be exempt from expensing options entirely, and newly public companies could delay expensing for three years. And the bill would prohibit the Securities and Exchange Commission from enforcing the proposed FASB rule until the SEC studies its economic impact. The legislation moves on to consideration by the full committee and, if approved, then on to the House. Before it could become law, identical legislation would have to be passed in the US Senate. Supporters of the legislation say it would "would preserve broad-based employee stock option plans and improve American competitiveness." A number of members of Congress have said they will oppose this legislation. For example, one senator issued a statement calling the House bill "misguided", saying that "stock option compensation is an expense that should be recorded on a company's income statement.... Companies that do not expense stock option compensation are misleading investors. [He] also expressed concern that members of Congress were substituting political decisions for complex technical accounting decisions and were undermining the independence of the nation's private accounting standards board."

Donaldson reviewed the SEC's progress and plans for restoring investor confidence, holding accountable those who have violated the public trust, promoting responsible corporate governance, and making the securities markets more efficient and transparent. Link to Remarks on SEC Website.