News

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Agenda for IASB meeting with partner standard setters

17 Apr 2004

The IASB will meet with the chairs of its eight liaison national standard setters on Monday and Tuesday 26-27 April at Painters Hall, 9 Little Trinity Lane, London.

The agenda for the meeting is noted below.

AGENDA – IASB MEETING WITH LIAISON STANDARD SETTERS 26-27 APRIL 2004

  • Meeting with Trustees Re Constitutional Review
  • Board Priorities
  • Research Project - Measurement
  • Research Project - Leases
  • Role of National Standard Setters After Adopting or Converging with IASB GAAP
  • Research Project - Extractive Industries
  • Research Project - Intangibles
  • Research Project - Joint Ventures
  • Management Commentary
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Deloitte comments on ED 6 on mineral exploration

16 Apr 2004

We have posted the Exploration for and Evaluation of Mineral Resources (PDF 240k).

Excerpt:

While we applaud the IASB for its efforts to address accounting for the exploration for and evaluation of mineral resources, we question the approach taken in ED 6. That is, to develop an "interim standard" that exempts entities within the scope of the draft standard from complying with certain parts of the Framework and defers addressing recognition and measurement principles until a later date. We do not believe this approach should be precedent for future projects. In contrast, we would prefer that the IASB address these issues as part of a comprehensive project involving the development of proper recognition and measurement principles for the extractive industries.

We understand the IASB's desire to finalise as many of its projects prior to the implementation of International Financial Reporting Standards (IFRS) in Europe. Consequently, we accept the need to provide some interim guidance on the accounting for exploration for and evaluation of mineral resources before a final standard on recognition and measurement principles is completed. Accordingly, we support the development of ED 6 into an International Financial Reporting Standard until such time as the IASB's comprehensive project can be completed.

Deloitte comment letters back to 1995 can be found Here.
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Asia-Pacific country standards pages updated

16 Apr 2004

We have updated the following pages to reflect recent local standards setting activity: Australia, China, Hong Kong, India, New Zealand, Philippines, and Singapore. .

We have updated the following pages to reflect recent local standards setting activity: Australia, China, Hong Kong, India, New Zealand, Philippines, and Singapore.

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PCAOB forms a Standing Advisory Group

16 Apr 2004

The US Public Company Accounting Oversight Board has formed a Standing Advisory Group to assist the Board in carrying out its standards-setting responsibilities.

From 170 nominees, the PCAOB selected 30 individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies. Advisory Group members include Robert J. Kueppers, National Managing Partner – Risk, Professional, Regulatory Matters, Deloitte & Touche (USA). The International Auditing and Assurance Standards Board is one of four groups invited to participate as observers. Click for More Information.
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Agenda for April IASB meeting is announced

16 Apr 2004

The April 2004 monthly meeting of the International Accounting Standards Board will be held in London in three parts: Wednesday 21 April: Meeting of the IASB itself (at the IASB offices, 30 Cannon Street, London) Thursday and Friday 22-23 April: Joint meeting of the IASB and the US FASB (at the Radisson SAS Portman Hotel, 22 Portman Square, London) Monday and Tuesday 26-27 April: Meeting of the IASB with chairs of its partner national standard setters (at Painters Hall, 9 Little Trinity Lane, London) The agenda for the 21 April Board meeting is set out below.AGENDA – IASB MEETING 21 APRIL 2004 Standards for Small and Medium-Sized Entities IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IAS 39 – Transitional Provisions and 'Day One' Profit Recognition Business Combinations Phase II Revenue Recognition Short-term Convergence Reporting Comprehensive Income .

The April 2004 monthly meeting of the International Accounting Standards Board will be held in London in three parts:

  • Wednesday 21 April: Meeting of the IASB itself (at the IASB offices, 30 Cannon Street, London)
  • Thursday and Friday 22-23 April: Joint meeting of the IASB and the US FASB (at the Radisson SAS Portman Hotel, 22 Portman Square, London)
  • Monday and Tuesday 26-27 April: Meeting of the IASB with chairs of its partner national standard setters (at Painters Hall, 9 Little Trinity Lane, London)
The agenda for the 21 April Board meeting is set out below.

AGENDA – IASB MEETING 21 APRIL 2004

  • Standards for Small and Medium-Sized Entities
  • IFRIC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
  • IAS 39 – Transitional Provisions and 'Day One' Profit Recognition
  • Business Combinations Phase II
  • Revenue Recognition
  • Short-term Convergence
  • Reporting Comprehensive Income
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SEC proposes to adopt PCAOB standard on internal control

15 Apr 2004

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

2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements, issued by the Public Company Accounting Oversight Board. The proposed effective date for "accelerated filers" (generally domestic companies with public float over $75 million) is financial years ending on or after 15 November 2004. Other companies have until financial years ending on or after 15 July 2005.
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New Deloitte newsletter explains FASB's stock option proposals

15 Apr 2004

Narrowing Your Options! Fair Value Accounting for Share-Based Payments is the latest edition of the Heads Up newsletter from Deloitte (United States).

The 18-page newsletter provides Deloitte's initial insights into FASB's proposed standard that would require public companies to record share-based payments at fair value and to recognise this amount as compensation expense, typically as the awards vest. The newsletter includes 28 Q&As. The FASB proposal is similar to IFRS 2 issued in February by the IASB. Click to (PDF 183k).
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Deloitte Australian accounting alert on IFRS 5

15 Apr 2004

A new Accounting Alert from Deloitte Australia Non-current Assets Held for Sale and Discontinued Operations provides an overview of the requirements of IFRS 5 and some analysis of the issues arising.

The Australian Accounting Standards Board is expected to issue an Australian equivalent to this Standard in due course. Click to (PDF 57k). Other Australian Alerts.
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Special edition of IASPlus on IFRS 3 Business Combinations

14 Apr 2004

We have published a of our -->IAS Plus --> newsletter (PDF 56k) devoted to IFRS 3 Business Combinations and the related amendments to IAS 36 Impairment of Assets and IAS 38 Intangible Assets issued by the IASB on 31 March 2004. The newsletter outlines the main features of IFRS 3 and discusses the impairment testing requirements of the revised IAS 36 as they relate to goodwill acquired in a business combination.

All past issues of the IAS Plus newsletter can be found Here.
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New Zealand accounting alert on financial instruments

14 Apr 2004

We have posted the latest (PDF 317k), which provides an overview of proposals to adopt equivalents of IAS 32 and IAS 39 (financial instruments) in New Zealand.

These EDs would will fill a major gap in New Zealand's current reporting framework, given that the recognition and measurement of financial instruments has not previously been the subject of a financial reporting standard in New Zealand. Past NZ Alerts can be found Here.

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