News

IFAC (International Federation of Accountants) (lt gray) Image

IFAC will establish a public interest oversight board

01 Oct 2003

The International Federation of Accountants will propose significant reform initiatives at the annual meeting of its governing Council in Singapore in November.

The reforms would strengthen IFAC's role in protecting the public interest and enhance its standard-setting processes. IFAC, the global organisation for the accountancy profession, has 155 member organizations in 113 countries. The Council comprises one representative per member body. IFAC promulgates international standards and related guidance in the areas of auditing, assurance, related services and quality control; education; ethics; information technology; professional accountants in business; and public sector accounting. Key among the planned reform initiatives is the establishment of a public interest oversight board to oversee IFAC's public interest activities.
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Preliminary revised version of IAS 33 is available to subscribers

01 Oct 2003

The IASB is making available on-line to subscribers the preliminary final texts of Standards being revised under the Improvements Project (IAS 1, 2, 8, 10, 16, 17, 21, 24, 27, 28, 32, 33, 39, and 40).

The Preliminary Final version of IAS 33, Earnings per Share, is now available at IASB's Website. You can purchase subscriptions on line (click here for information about the Annual Comprehensive Subscription).
European Union (old) Image

European endorsement of IFRS is completed

30 Sep 2003

The European Commission has formally adopted a regulation endorsing IFRS and related interpretations, as Recommended by the Commission's Accounting Regulatory Committee in July.

The endorsement confirms that IFRS must be followed under the terms of the general IAS Regulation adopted by the European Parliament and the Council in 2002. The Commission's endorsement covers all existing IASB standards and interpretations except for IAS 32 and IAS 39 and related SICs 5, 16, and 17. IAS 32 and 39, which deal with the accounting and disclosure of financial instruments, are not included because they are currently being revised by the IASB. The EC has also announced that the endorsed IFRS will shortly be published in the official EU languages in the Official Journal of the EU. In total, there are at present 34 existing IASs (including IAS 32 and IAS 39) and 31 existing interpretations (including SICs 5, 16, and 17), which cover about 1,500 pages. Click for EC Press Release (PDF 69k).
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SEC Chairman's remarks on convergence

29 Sep 2003

In a Speech before the Foreign Policy Association in New York, SEC Chairman William H.

Donaldson made the following comments about the convergence of IFRS and US GAAP:

We are also working hard to accelerate progress on a number of other important international issues. One such issue is the convergence of international accounting standards and the Generally Accepted Accounting Principles used in the United States. While sounding arcane, this issue has major implications for cross-border business. If the difficult issues involved in convergence can be resolved - no easy task for sure - investors and issuers alike will benefit, by increasing comparability and reducing the cost of capital.

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IASB Board member Harry Schmid will retire in March

29 Sep 2003

IASB Member Harry K.

Schmid will retire from the Board in March 2004, the IASC Foundation has Announced (PDF 13k). Before joining the IASB, Mr. Schmid served as a Senior Vice President of Nestlé, responsible for corporate reporting, and was involved in preparing Nestlé's financial statements for 40 years. The Trustees of the Foundation have begun a Search (PDF 31k) for another individual with a background in the preparation of financial accounts as Mr. Schmid's successor.
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IASB and SAC meeting schedule for 2004

27 Sep 2003

The International Accounting Standards Board will meet monthly (except August) in 2004, including three meetings with the Standards Advisory Council (SAC).

The following is the meeting schedule for the balance of 2003 and 2004. In the future you can find it by clicking "Future IASB Meetings" at the left:

I A S B and S A C M E E T I N G S 2 0 0 3

Toronto, Canada

20 and 22-24 October 2003Meeting will include joint sessions with the US Financial Accounting Standards Board and the Accounting Standards Board of Canada

London, UK

17-19 November 2003 20-21 November Meeting with Standards Advisory Council

London, UK

17-19 December 2003

I A S B and S A C M E E T I N G S 2 0 0 4

London, UK

21-23 January 2004

London, UK

18-20 February 2004 23-24 February 2004 Meeting with Standards Advisory Council

London, UK

17-19 March 2004

London, UK

21-23 April 2004 26-27 April 2004 Meeting with chairs of Partner National Standard Setters

London, UK

19-21 May 2004

Oslo, Norway

21-23 June 2004 24-25 June 2004 Meeting with Standards Advisory Council

London, UK

21-23 July 2004

London, UK

22-24 September 2004 27 September 2004 Meeting with World Standard Setters 28 September 2004 Meeting with chairs of Partner National Standard Setters

Norwalk, Connecticut, USA

20-22 October 2004

London, UK

15-17 November 2004 18-19 November 2004 Meeting with Standards Advisory Council

London, UK

15-17 December 2004

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IFRIC meeting schedule for 2004

27 Sep 2003

The International Financial Reporting Interpretations Committee has scheduled seven meetings during 2004. All will be held at the IASB's offices in London: I F R I C M E E T I N G S 2 0 0 3 London, UK 30 September-1 October 2003 London, UK 2-3 December 2003 I F R I C M E E T I N G S 2 0 0 4 London, UK 3-4 February 2004 London, UK 23-24 March 2004 London, UK 4-5 May 2004 London, UK 3-4 June 2004 London, UK 29-30 July 2004 London, UK 7-8 October 2004 London, UK 2-3 December 2004 .

The International Financial Reporting Interpretations Committee has scheduled seven meetings during 2004. All will be held at the IASB's offices in London:

I F R I C M E E T I N G S 2 0 0 3

London, UK

30 September-1 October 2003

London, UK

2-3 December 2003

I F R I C M E E T I N G S 2 0 0 4

London, UK

3-4 February 2004

London, UK

23-24 March 2004

London, UK

4-5 May 2004

London, UK

3-4 June 2004

London, UK

29-30 July 2004

London, UK

7-8 October 2004

London, UK

2-3 December 2004

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New Australia Accounting Alert posted

25 Sep 2003

We have posted the 22 September 2003 newsletter (PDF 111k), which contains an update on recent releases issued by the Australian Accounting Standards Board as part of the convergence process with International Financial Reporting Standards.

You can download prior editions of Deloitte's Australia Accounting Alert Here.
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Fourth update of UK Convergence Handbook is available

25 Sep 2003

The Institute of Chartered Accountants in England and Wales has issued the fourth update of its Convergence Handbook, originally published in November 2000. The Handbook compared IFRS and UK GAAP.

This new update, which replaces all previous updates, reflects the effects of standards and exposure drafts issued by the IASC, the IASB, and the UK Accounting Standards Board up to the end of August 2003. Click to download the Convergence Handbook Update (PDF 291k). You can find More Information here.
IFRIC (International Financial Reporting Interpretations Committee) (blue) Image

Five draft Interpretations expected before year end

25 Sep 2003

In a presentation at the IASB's meeting with world standard setters on 22 September 2003, Kevin Stevenson, chairman of the International Financial Reporting Interpretations Committee (IFRIC), announced that IFRIC is likely to issue five draft interpretations in the fourth quarter of 2003. They will deal with: Rights of Use of Assets IAS 37, Decommissioning Funds IAS 19, Pension Plans with Minimum Return Guarantees IAS 19, Multi-Employer Pension Plans IAS 11, Construction Contracts Two Draft Interpretations (D1 on Emission Rights and D2 on Decommissioning) are currently outstanding.

IFRIC will meet at the IASB's offices in London on 30 September and 1 October 2003. See news story of 11 September 2003 for the agenda.

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