News

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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.
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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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Applying IFRS in the extractive industries

24 Sep 2003

The IASB has approved in principle the proposals that will be included in an exposure draft on how companies in the mining and oil and gas industries should apply existing IFRS.

Exploration costs would be added to the scopes of both IAS 16 and IAS 38 (those Standards currently exclude such costs). However, the exposure draft will propose that both current IFRS appliers and first-time adopters will be allowed to continue their current accounting practices for exploration costs.
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IASB plans for releasing final Standards

24 Sep 2003

The IASB is committed to providing a 'stable platform' for the transition to IFRS in Europe in 2005. 'Stable platform' means issuing, by 31 March 2004, all of the new and revised Standards that will be required for companies adopting IFRS in 2005, with no further changes until after 2005. At its meeting on 22 September 2003 with representatives of the accounting standard setting bodies in 40 countries, the IASB announced the following plans for releasing various Standards currently under development:IASB's Publications Programme for the 2005 "Stable Platform" Fourth Quarter 2003: Improvements – 10 revised IAS by 31 October and 2 more revised IAS by 30 November Amendments to IAS 32 and IAS 39 – by 30 November (without the proposed portfolio hedging amendments) Extractive Industries Exposure Draft – by 31 October First Quarter 2004 (all likely in March 2004): Share-based payment Business Combinations Phase I – 3 Standards Insurance Contracts Phase I Portfolio Hedging Amendments to IAS 39 Asset Disposals and Discontinued Operations The Board also announced that each of its final Standards and Interpretations will be made available on its Website without charge (not including basis for conclusions and implementation guidance).

The final Standards will be placed on the Board's website in "preliminary form" as soon as the ballots have been received from the 14 IASB members. "Preliminary form" means that there may be some final changes made in the process of preparing the printed versions. If any such changes are made, a revised version will be placed on the IASB's website. The Standards, along with the bases for conclusions and implementation guidance, will be available for purchase in printed form.
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New China Today newsletter posted

22 Sep 2003

We have posted the newsletter (PDF 309k), which contains an update on accounting standards in the People's Republic of China.

You can download prior editions of China Today from our China Page.
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Notes from third day of the September IASB meeting

20 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Notes from second day of the September IASB meeting

19 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Notes from first day of the September IASB meeting

18 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Financial Stability Forum cites IASB progress

17 Sep 2003

At its meeting in Paris on 10 September 2003, the Financial Stability Forum (FSF) discussions focused on three topics: vulnerabilities in the international financial system; market foundations and corporate governance; and offshore financial centers.

Regarding market foundations and corporate governance, the FSF said:

"Accounting standards. Members noted that good progress has been made in the IASB and FASB short-term convergence project and in strengthening accounting standards internationally. However, some complex and difficult issues remain unresolved. Reaching an international consensus on these issues will require consultation on all sides, and the larger objectives that motivate the need for convergent accounting standards – including financial efficiency, stability and transparency – should be kept in mind."

Click for News Release (PDF 157k).

 

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Latest Accounting Roundup newsletter is available

17 Sep 2003

We have posted the 15 September 2003 Edition of Accounting Roundup from Deloitte & Touche (USA).

Topics covered include IFRIC Draft Interpretation D2, Changes in Decommissioning, Restoration and Similar Liabilities. Click to download this or any of the prior issues of Accounting Roundup or our new EITF Roundup newsletter.

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