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Changes to IASB's project timetable

29 May 2003

The IASB has made some changes in its project Timetables, delaying several EDs or final standards and announcing timetables for several projects not previously scheduled: .

The IASB has made some changes in its project Timetables, delaying several EDs or final standards and announcing timetables for several projects not previously scheduled:

Projects for which a timetable had not previously been announced:

  • Convergence Project: Exposure Drafts:
    • Joint Project with FASB: EDs in 3rd and 4th quarters 2003
    • Employee Benefits: ED 4th quarter 2003
    • Replacement of IAS 20: ED 4th quarter 2003 Final Standards:
    • Joint Project with FASB: Final Standards 2004
    • Employee Benefits: Final Standards 2004 after 1st quarter
    • Replacement of IAS 20: Final Standards 2004 after 1st quarter
  • Insurance Contracts Phase II: ED in 2004
Changes of timetable:
  • Insurance Contracts Phase I: ED now 3rd quarter 2003
  • Improvements to IFRS: Final IFRSs now 3rd quarter 2003
  • Financial Activities: ED now 2004 later than 1st quarter
  • Business Combinations Phase I: Final IFRS now 1st quarter 2004
  • Business Combinations Phase II: ED now 3rd quarter 2003 and Final IFRS now 2004 later than 1st quarter
  • Amendments to IAS 32 and IAS 39: IFRS is still planned for 3rd quarter 2003. However, if the IASB decides to re-expose certain proposed changes to IAS 39, the final IFRS would be issued in 1st quarter 2004.
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SEC requires reports on internal control with auditor attestation

28 May 2003

The US Securities and Exchange Commission has adopted new Final Rules on management's report on internal control over financial reporting.

The effective date for large US issuers is financial years ending on or after 15 June 2004. Foreign private issuers and small US issuers have until years ending on or after 15 April 2005. The rules require, among other things, that annual reports include a report by management on the effectiveness of the company's system of internal controls over financial reporting and a statement that its auditor has issued an attestation report on management's assessment. The rules also require that the CEO and CFO certifications of financial statements be identified as exhibits to periodic reports such as those on Form 10-K, 10-Q, and 20-F, effective in 60 days.
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New Accounting Roundup newsletter posted

28 May 2003

We have posted the 27 May 2003 Edition of Accounting Roundup from Deloitte & Touche (USA).

Topics covered include SFAS 150 on financial instruments; the 15 May 2003 EITF meeting; new SEC rules on improper influence on audits, electronic filing, and website posting; and SEC Staff Accounting Bulletin 103. You can also download all 35 past editions of Accounting Roundup at the above link.
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Final PCAOB auditor registration rules apply to non-US firms

27 May 2003

The US Public Company Accounting Oversight Board has adopted (PDF 393k).

All public accounting firms must be registered with the PCAOB if they wish to prepare or issue audit reports on US public companies, or to play a substantial role in preparing or issuing such reports. Registration deadlines:
  • US public accounting firms – 22 October 2003
  • Non-US public accounting firms – 19 April 2004
Registration will be via an on-line form on the PCAOB's Website. The form is currently being developed, with availability expected late June or early July 2003. Applicants must pay a registration fee. Registered firms will be required to file annual reports with the PCAOB and perhaps other periodic reports.
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Agenda project pages updated

26 May 2003

We have updated the following agenda project pages to reflect the Board's deliberations at last week's Board meeting: Business Combinations - Phase II Convergence (issues relating to IAS 19, IAS 35, IAS 37) Financial Activities Financial Instruments: Amendments to IAS 32 and IAS 39 IFRIC issues (decommissioning liabilities and reimbursements) The Income Statement [Reporting Performance] Leases Revenue Recognition Share-Based Payment .

We have updated the following agenda project pages to reflect the Board's deliberations at last week's Board meeting:

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Notes from the fourth day of the IASB's May 2003 meeting

24 May 2003

We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page. .

We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page.

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Belgium proposes to adopt IAS/IFRS in 2007

24 May 2003

The Belgian Commission for Accounting Standards (CBN/CNC) has recently proposed a comprehensive approach to adopting IAS/IFRS in Belgium by all Belgian entities starting in 2007: .

The Belgian Commission for Accounting Standards (CBN/CNC) has recently proposed a comprehensive approach to adopting IAS/IFRS in Belgium by all Belgian entities starting in 2007:

Consolidated annual accounts: CBN/CNC is proposing that IAS/IFRS be mandatory for all consolidated annual accounts starting from 2007. This would impact more than 600 Belgian non-listed entities that now prepare consolidated annual accounts. Until the EU IAS regulation comes into force in 2005 (which obliges listed entities to adopt IAS/IFRS in preparing their consolidated accounts), the CBN/CNC would reform its policy with respect to the use of non-Belgian GAAP. Specifically, it would make it easier for both listed and non-listed companies to get permission to use IAS/IFRS for their consolidated financial statements and would no longer allow a company to adopt US GAAP or any other GAAP in substitution for the Belgian GAAP. As a result, entities would be able to use IAS/IFRS for their consolidated annual accounts even before 2005.

Statutory annual accounts: CBN/CNC also has proposed an ambitious plan to converge the Belgian Accounting Law with IAS/IFRS as from 2007. Taking into account the scope and the importance of this harmonisation task, the CBN foresees putting all adaptations simultaneously into effect on 1 January 2007. The CBN/CNC indicated that the adaptations to the Belgian Accounting Law would be tackled pragmatically and that the Belgian context and the scope of the entities concerned would be taken into account explicitly.

Click here for the proposal in Dutch (PDF 169k) or French (PDF 165k).

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New DTT Australian Accounting Alert on international convergence

23 May 2003

We have posted two new Australian Accounting Alerts.

One deals with accounting for Australia's new tax consolidation system and the other with AASB's First Instalment on International Convergence.
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Notes from the third day of the IASB's May 2003 meeting

23 May 2003

We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page. .

We have combined our notes from all four days of the IASB meeting on 20-23 May 2003 into a Single Page.

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Principales diferencias: IAS vs US GAAP

23 May 2003

We have posted Principales Diferencias: IAS vs US GAAP, the Spanish translation of our comparison of International Financial Reporting Standards and US GAAP.

We are pleased to grant permission for accounting educators and students to make copies for educational use. Click to (PDF 305k). You will find a complete list of available DTT publications relating to IFRS Here. Also, please visit our Spanish Language IASPlus Website.

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