Around 23,000 modules have been downloaded by nearly 3,000 unique visitors from over 130 different countries. The modules for IAS 12, IAS 19, IAS 32/39, IAS 33, and IFRS 1 are in the late stages of development. You can access all available modules by clicking the IFRS e-Learning button on the IASPlus home page or by clicking Here. Deloitte is making our IFRS e-Learning programme available in the public interest without charge.

707/2004 of 06 April 2004 endorsing IFRS 1 for use under the European Accounting Regulation. Click for (PDF 181k).

We have combined onto a Single Page our notes from (a) the IASB meeting on 21 April 2004, (b) the IASB and FASB joint meeting on 22-23 April 2004, and (c) the IASB meeting with chairs of its partner national standard setters on 26-27 April 2004.

FASB has proposed to require recognition of compensation expense for the fair value of stock options given to employees. The IASB recently adopted a similar requirement in IFRS 2. Click for More Info about the FASB round-tables.

We have combined onto a Single Page our notes from (a) the IASB meeting on 21 April 2004, (b) the IASB and FASB joint meeting on 22-23 April 2004, and (c) the IASB meeting with chairs of its partner national standard setters on 26-27 April 2004.

A special commission has been created to define the implementation process. It is considering the following proposed steps for implementation:

• 2005 – Listed companies
• 2006 – Large companies
• 2007 – Small and medium sized companies; state companies, and companies under specific rules or regulations (banks and insurance companies)

 

The option was added to IAS 39 when it was amended in December 2003. Following dialogue with banking supervisory authorities, who expressed concern that the fair value option might be used inappropriately, the IASB's latest exposure draft, Amendments to IAS 39 Financial Instruments: Recognition and Measurement - The Fair Value Option, proposes to limit the option's availability by:

• Limiting the types of financial assets and financial liabilities to which the option may be applied to the following five specified categories:
  • Financial assets and financial liabilities that contain embedded derivatives.
  • Financial liabilities whose cash flows are contractually linked to the performance
  • of assets that are measured at fair value.
  • Cases when the exposure to changes in the fair value of the financial asset or
  • financial liability is substantially offset by the exposure to the changes in the fair
  • value of another financial asset or financial liability, including a derivative.
  • Financial assets other than loans and receivables.
  • Items that other Standards allow or require to be designated as at fair value
  • through profit or loss.
• Requiring that the option may be applied only to financial assets and financial liabilities whose fair value is verifiable.

Click for Press Release (PDF 29k).

 

Mr Engstrom's term will expire on 30 June 2009. Click for Press Release (PDF 16k).

Volcker and FASB Chairman Robert H. Herz both testified on the importance of independent, non-politicised accounting standard setting before a US Senate committee. The committee is considering possible legislation that would restrict the adoption of a proposed FASB standard that would require recognition of compensation expense for the fair value of stock options given to employees.

• Click to Download Mr. Volcker's Testimony (PDF 10k).
• Mr. Herz's testimony can be found on FASB's Website. An excerpt: "Like investors and creditors, Congress and other policy makers need an independent FASB to maintain and improve the integrity of accounting standards in order to obtain the financial information necessary to properly assess and implement the public policies that you favor. While current efforts by certain parties to block improvements to the accounting for equity-based compensation may seem attractive to some in the short run, in the long run biased accounting standards are harmful to investors, creditors, the capital markets, and the US economy." In making his case, Mr. Herz cited IFRS 2 and the "benefit of achieving greater international comparability in the area of accounting for equity-based compensation".

The two groups are Nippon Keidanren (whose membership includes 1,600 companies and industry organisations in Japan) and UNICE (a federation of 36 industry groups in 29 European countries).