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Deloitte Denmark newsletter on IFRS 2

19 Feb 2004

Deloitte (Denmark) has published a (PDF 53k). .

Deloitte (Denmark) has published a (PDF 53k).

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Notes from the first day of the February IASB meeting

19 Feb 2004

To allow this home page to open more quickly, we have moved our observers' preliminary and unofficial notes from the February 2004 IASB meeting to a Separate Page. .

To allow this home page to open more quickly, we have moved our observers' preliminary and unofficial notes from the February 2004 IASB meeting to a Separate Page.

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Impact of IFRS on European banks – ECB views

18 Feb 2004

The February 2004 edition of the Monthly Bulletin of the European Central Bank (ECB) includes a 13-page article on The Impact of Fair Value Accounting on the European Banking Sector.

The article presents "an overview of the current debate" and expresses ECB's views about "how exogenous shocks to the banking sector are likely to manifest themselves in banks' financial statements under the new rules." Click to (PDF 1,475k – see pages 70-83). Also, in an address to a plenary session of the European Parliament on 16 February 2004, Jean-Claude Trichet, president of the ECB, spoke about what he views as significant negative consequences of recognising financial instruments at fair values.
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UK IFRS newsletter is published

18 Feb 2004

The February 2004 edition of the (PDF 132k) has been published.

This issue includes news about IFRS in Europe, project updates, and an IFRIC update. You can find all past newsletters Here.
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Coming – new European rules on auditing and SPE disclosures

14 Feb 2004

In a (PDF 64k) before a plenary session of the European Parliament, Frits Bolkestein, European Commissioner for Internal Market, Taxation and Customs, announced that, in March, he will be proposing to the Commission a revised Company Law Directive on the Statutory Audit function.

"It will strengthen controls over the audit profession in the EU. With independent oversight; strengthened inspection; stronger ethical and educational principles; high quality audit standards." It is likely also to include:
  • Full group auditor responsibility for consolidated accounts of a group of companies.
  • Obligatory independent audit committees for listed companies.
  • Stricter auditor rotation requirements.
  • Strengthened sanctions.

Mr. Bolkestein also said the Commission is developing proposals to require "full disclosure in the company accounts of offshore Special Purpose Vehicles, including why the company uses these offshore structures and much stricter verification by the group auditor of their content".

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New Zealand Accounting Alert

13 Feb 2004

Apologies for being a bit late in posting the latest (15 December 2003) (PDF 145k).

This issue discusses the major changes to existing practice that would result from three convergence exposure drafts issued by the Financial Reporting Standards Board (those for IAS 11, IAS 16, and IAS 19) and summarises recent guidance on accounting by trusts. Past Alerts can be downloaded Here.
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IFRIC project pages updated to reflect recent meeting

12 Feb 2004

We have updated the following project pages to reflect the deliberations at IFRIC's meeting on 3-4 February 2004: .

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USA accounting – year 2003 in review

12 Feb 2004

We have posted (PDF 1,108k) from Deloitte (United States of America).

The articles in this newsletter were drawn from issues of the Accounting Roundup newsletter dated 20 January through 16 December 2003, and have been updated where appropriate. Links are provided to locations where additional information can be found on each topic. Sections of this newsletter cover developments at FASB, EITF, GASB, AICPA, SEC, PCAOB, and IASB.
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IOSCO task force will address financial fraud

11 Feb 2004

The International Organization of Securities Commissions has appointed a special Chairmen's Task Force, composed of chairmen of a number of member commissions, to organise and coordinate IOSCO's response to recent high profile incidents of securities fraud and market abuse. "As a priority, the Task Force will: identify potential new issues arising from recent cases, including concerns about transparency in the bond markets, the role of unregulated entities, the role of complex group structures, and appropriate levels of sanctions; review implementation of existing standards, including current mechanisms for international cooperation; and suggest responses aimed at producing appropriate regulatory incentives, such as improving risk identification and assessment by regulators and giving attention to uncooperative and under-regulated jurisdictions. The recent revelations of accounting and auditing irregularities serve to emphasize the critical importance of the initiatives that IOSCO and its national securities commission members have taken relating to corporate disclosures and the quality of audits of public companies.

High quality accounting principles and the availability of high quality audits of public companies is critical to the proper functioning of securities markets and the protection of investors." Click for IOSCO Press Release (PDF 236k).
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Comments on IASCF constitution review issues are posted

11 Feb 2004

As part of their constitution review, the IASC Foundation Trustees invited commentators to identify issues to be addressed in the review.

Those comment letters have been posted on the IASB Website.

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