News

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PCAOB gives non-US firms a little extra time

10 Mar 2004

The US Public Company Accounting Oversight Board changed the initial registration deadline for non-US auditing firms from 19 April 2004 to 19 July 2004. The Board also approved an auditing standard for audits of internal control over financial reporting.

The PCAOB will submit both decisions to the Securities and Exchange Commission for approval. PCAOB News Release.
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SEC bulletin on accounting for loan commitments

10 Mar 2004

The SEC staff have issued Staff Accounting Bulletin 105, Application of Accounting Principles to Loan Commitments, to provide guidance regarding loan commitments accounted for as derivative instruments.

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US SEC may ease transition for first-time IFRS adopters

09 Mar 2004

At its meeting on 11 March 2004, the US Securities and Exchange Commission will consider whether to propose amendments to Form 20-F that would allow an eligible foreign private issuer that adopts International Financial Reporting Standards as its basis of accounting for the first time for any financial year beginning no later than 1 January 2007 to file two years, rather than three years, of financial statements in a registration statement or annual report filed for the year in which it first adopts IFRS, with appropriate related disclosure.

In addition, the amendments would require all first-time adopters of IFRS to include certain information. Link to notice in SEC News Digest.
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EFRAG seeks views on whether to endorse IFRS 2

09 Mar 2004

The European Financial Reporting Advisory Group has Invited Comments on its draft letter to the European Commission recommending that the Commission adopt IFRS 2 Share-based Payment for use in Europe.

Comments are due 5 April 2004.
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Review of restatements and other US financial reporting matters

09 Mar 2004

A report by the Huron Consulting Group titled 2003 Annual Review of Financial Reporting Matters analyses the leading causes and trends in financial restatements filed with the SEC for the five years 1999-2003. The report categorises the restatements based on the size and industry of the restating company and the nature of the underlying accounting error.

The report also reviews the actions taken during 2003 by the US Securities and Exchange Commission, the Public Company Accounting Oversight Board, the FASB, and the IASB. "In a world where our economy is global and the free flow and formation of capital across borders is good for all, uniformity in accounting standards should be a high priority.". We have posted the Report (PDF 230k) with the kind permission of the Huron Consulting Group.
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Agenda for IASB March 2004 meeting

09 Mar 2004

The International Accounting Standards Board will meet Wednesday-Friday 17-19 March 2004 at its offices, 30 Cannon Street, London.

The announced Agenda is as follows:

AGENDA IASB MEETING 17-19 MARCH 2004

  • Accounting and Financial Reporting by Small and Medium-sized Entities
  • Business Combinations Phase I
  • Consolidation
  • Financial Instruments - Fair Value Option
  • Financial Instruments - Fair Value Hedge Accounting of a Portfolio Hedge of Interest Rate Risk (Macro Hedging)
  • Convergence - IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • Convergence - IAS 12 Income Taxes
  • IFRIC Issues
  • Post-employment Benefits
  • Reporting Comprehensive Income
  • Revenue Recognition
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UK will adopt six International Standards on Auditing

08 Mar 2004

The Auditing Practices Board of the United Kingdom and Ireland has Announced its intention to adopt six recent International Standards on Auditing as UK auditing standards effective for 2005.

The six standards relate to risk assessment, audit evidence, fraud, and quality control.

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PCAOB to vote on new registration deadline for non-US firms

07 Mar 2004

At its upcoming meeting on 9 March 2004, the US Public Company Accounting Oversight Board will consider a final vote on changing the registration deadline for non-US auditing firms.

The deadline under the existing rule is 19 April 2004. The PCAOB will vote on extending that to 19 July 2004. At the same meeting, the PCAOB will vote on an auditing standard for audits of internal control over financial reporting. More Info.
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Study on the future of the accounting profession

06 Mar 2004

Two years ago, The American Assembly, an arm of Columbia University in New York, began a project to determine whether America's current accounting model was able to deal effectively with contemporary business practices.

Members of the project steering committee include IASC Foundation Chairman Paul Volcker and IASB Chairman Sir David Tweedie. The project included numerous commissioned research papers and a national meeting from 13-15 November 2003 in which Mr. Volcker and IASB Vice Chairman Tom Jones participated. The report of that project, titled The Future of the Accounting Profession, has now been published. Click to Download the Report (PDF 836k) from the American Assembly website.
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Acceptability of IFRS for tax purposes in UK

05 Mar 2004

In our news story of 11 December 2003, we reported that UK Chancellor Gordon Brown told the House of Commons that "firms applying IAS will not have to submit a second and separate set of accounts to the Inland Revenue".

The Inland Revenue's Website now has details about what will be proposed. "Finance Bill 2004 will include measures to ensure that companies choosing to adopt International Accounting Standards (IAS) to draw up their accounts will receive broadly equivalent tax treatment to companies that continue to use UK GAAP." The website has a table comparing IAS and UK GAAP and "background on IAS/UK GAAP and why it is important for tax. This section gives details on why tax departs from the accounts and where IAS may lead to changes in the way items are accounted for, in particular the increased use of fair value accounting."

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