This newsletter briefly describes key regulatory and professional developments that have recently occurred and provides links to locations where additional information can be found on each topic. This issue includes updates on activities of FASB, SEC, PCAOB, and IASB (including the 17-19 March 2004 IASB meeting). You will find past issues Here.

We have updated our summaries of the following IASB agenda projects to reflect the discussions at the Board's March 2004 meeting:

• Business Combinations Phase I
• Consolidation including SPEs
• Financial Instruments: Amendments to IAS 32 and IAS 39
• Revenue Recognition
• Short-Term Convergence Project
• Comprehensive Income (Performance Reporting)
• Small and Medium-Sized Entities

The IASB's timetable calls for publication of the following documents by 31 March 2004. These will all be effective for adoptions of IFRSs in 2005:

• Amendments to IAS 39 Financial Instruments relating to macro hedging
• IFRS 3 Business Combinations (replacing IAS 22)
• Revisions to IAS 36 Impairment of Assets
• Revisions to IAS 38 Intangible Assets
• IFRS 4 Insurance Contracts
• IFRS 5 Asset Disposals

The Handbook includes all of the currently effective International Public Sector Accounting Standards and other pronouncements related to public sector accounting issued by IFAC as of 1 January 2004. It is available in print, PDF, and electronic formats. There is no charge to download the 2.8mb PDF version. Click for Information. IFAC also recently released its auditing and ethics handbook – see our news story of 25 March.

The Exchange has now announced an exception for companies that are not multinational: "From 2005, companies listed on the Swiss Exchange will have to carry out their accounting according to IFRS or US GAAP. Companies that are oriented towards their home markets in terms of financing may, however, continue to use the Swiss GAAP ARR standards which are tailored to the Swiss marketplace."

We have updated the following Project Pages to reflect the deliberations at IFRIC's meeting on 23-24 March 2004:

• Changes in Decommissioning and Similar Liabilities (D2)
• Combining and Segmenting Contracts
• Emission Rights (D1)
• Employee Benefit Plans with a Guaranteed Return (Expected to be D6)
• IAS 39 Financial Instruments: Transitional Requirements on Impairment of Available-for-Sale Equity Instruments (New issue)
• Members' Shares in a Co-operative Bank
• Service Concession Arrangements

The Paper proposes a phased approach to convergence, including:

• New standards effective in 2005 and 2006 that will "enhance existing UK financial reporting requirements, maintain their position as highly regarded internationally, and adapt to changes in the law"; and
• Thereafter, a series of 'step changes' replacing one or more existing UK accounting standards with standards based on IFRS as prospective IASB projects are completed.

Click for Press Release (PDF 28k). The Discussion Paper itself must be purchased from ASB. Comments are due 30 June 2004.

In (PDF 67k) at a meeting of the European Policy Centre, Frits Bolkestein, Member of the European Commission in charge of the Internal Market, Taxation and Customs, addressed the issue of Ensuring Robust International Audit.

This edition provides an overview of the issues discussed, consensuses reached, and administrative matters discussed at the 17-18 March 2004 meeting of FASB's Emerging Issues Task Force. EITF Roundup is published after each Task Force meeting. You will find past issues Here.

The Handbook includes all pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) and the Ethics Committee through 31 December 2003. It is available in print, PDF, and electronic formats. There is no charge to download the 4.8mb PDF version. Click for Information.