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.
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 The others have been superseded by either new IFRSs or revised IASs issued by the IASB.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:
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).
The US Securities and Exchange Commission has Proposed to adopt Auditing Standard No.
The United Kingdom Accounting Standards Board has adopted the equivalent of IFRS 2, Share-based Payment.
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).
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.
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.
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:
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.
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