News

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Reminder – comment deadline on IASB ED 6 is 16 April 2004

09 Apr 2004

The deadline for comments on the IASB's Exposure Draft 6 Exploration for and Evaluation of Mineral Resources is one week from today. .

The deadline for comments on the IASB's Exposure Draft 6 Exploration for and Evaluation of Mineral Resources is one week from today.

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Only 11 of 31 SIC interpretations will remain in force

08 Apr 2004

Of the 31 Interpretations published by the Standing Interpretations Committee (SIC) – which was replaced by the International Financial Reporting Interpretations Committee (IFRIC) in April 2001 – only the following 11 remain in effect as part of the body of standards that companies in Europe and elsewhere will adopt in 2005. The others have been superseded by either new IFRSs or revised IASs issued by the IASB.

The IFRIC has not yet issued any final interpretations.

The 11 remaining Interpretations are:

  • SIC-7 Introduction of the Euro
  • SIC-10 Government Assistance – No Specific Relation to Operating Activities
  • SIC-12 Consolidation – Special Purpose Entities
  • SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
  • SIC-15 Operating Leases – Incentives
  • SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
  • SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders
  • SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease
  • SIC-29 Disclosure – Service Concession Arrangements
  • SIC-31 Revenue – Barter Transactions Involving Advertising Services
  • SIC-32 Intangible Assets – Web Site Costs

 

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Deloitte (Denmark) newsletters on IFRS 3 and IFRS 5

08 Apr 2004

Deloitte (Denmark) has published a newsletter in Danish about IFRS 3 Business Combinations (PDF 281k) and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (PDF 185k). .

Deloitte (Denmark) has published a newsletter in Danish about IFRS 3 Business Combinations (PDF 281k) and IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (PDF 185k).

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Reference to PCAOB standards in reports on SEC registrants

08 Apr 2004

The US Securities and Exchange Commission has Proposed to adopt Auditing Standard No.

1 of the Public Company Accounting Oversight Board that would require that auditors' reports on SEC registrants state that the audit was performed in accordance with "the standards of the Public Company Accounting Oversight Board (United States)". The current reference to generally accepted auditing standards would no longer be appropriate.
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UK adopts share-based payment standard

08 Apr 2004

The United Kingdom Accounting Standards Board has adopted the equivalent of IFRS 2, Share-based Payment.

Click for Press Notice.
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IASC Foundation welcomes Australia's move to IFRSs in 2005

07 Apr 2004

The IASC Foundation trustees have issued a Press Release (PDF 14k) welcoming the decision by the Australian Financial Reporting Council regarding adoption of IFRSs in Australia starting in 2005 (see 5 April news story). .

The IASC Foundation trustees have issued a Press Release (PDF 14k) welcoming the decision by the Australian Financial Reporting Council regarding adoption of IFRSs in Australia starting in 2005 (see 5 April news story).

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Deloitte supports Australian decision for IFRSs in 2005

05 Apr 2004

The Australian Financial Reporting Council (FRC) – the government agency that oversees the Australian Accounting Standards Board (AASB) – has unanimously agreed "in principle" to stick with its announced timetable for adopting Australian equivalents of IFRSs as Australian GAAP effective from 1 January 2005. However the FRC said that "this is subject to receiving assurance from the AASB that the set of international accounting standards issued by the IASB is complete and meets the requirements of the Australian market place and that the AASB will be able to make available on its website the corresponding versions of Australian standards by 30 June 2004." Deloitte Australia has (PDF 45k) for the FRC's decision.

Deloitte partner Bruce Porter said that keeping the 2005 start date "will ensure that Australia remains at the forefront of global accounting trends".
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Summary of IAS 39 is updated for macro hedging

03 Apr 2004

We have updated our summary of IAS 39 Financial Instruments: Recognition and Measurement to reflect the Macro Hedging Amendments (PDF 43k) released earlier this week. .

We have updated our summary of IAS 39 Financial Instruments: Recognition and Measurement to reflect the Macro Hedging Amendments (PDF 43k) released earlier this week.

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Summaries of standards are posted

02 Apr 2004

We have posted summaries of the three new IFRSs issued by the IASB earlier this week, and we have updated our summaries of two other standards, as follows: IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IAS 36 Impairment of Assets IAS 38 Intangible Assets .

We have posted summaries of the three new IFRSs issued by the IASB earlier this week, and we have updated our summaries of two other standards, as follows:

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EFRAG seeks views on whether to endorse IFRIC D5

02 Apr 2004

The European Financial Reporting Advisory Group has Invited Comments on its draft letter to the International Financial Reporting Interpretations Committee commenting on Draft Interpretation D5 Applying IAS 29 Financial Reporting in Hyperinflationary Economies for the First Time.

EFRAG requests comments by 27 April 2004.

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