The newsletter summarises the ED, including its objective, exemptions, and requirements for macro hedging of interest rate risk on a portfolio basis. The newslettefr also summarises briefly the current requirements for hedge accounting under IAS 39 and as proposed in the improvements project for IAS 39.

The IASB is meeting in Toronto this week, in part on its own and in part in joint meetings with the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Canada (AcSB):

• Monday, 20 October 2003 - IASB meeting
• Wednesday, 22 October 2003 - Joint IASB/FASB/AcSB Meeting
• Thursday, 23 October 2003 - Joint IASB/FASB Meeting
• Friday, 24 October 2003 - IASB meeting

We have combined all of our notes from the IASB's October 2003 meeting onto a Separate Page.

This is the Asia-Pacific edition, which includes 24 pages of general IASB/IFRS news plus 7 pages of country accounting standards activity for that region. Our Europe-Africa and United Kingdom editions will be published soon. As usual, the newsletter includes updates to the IASB's timetable; status reports on the IASB's various agenda projects; a "convergence" update; and summaries of events in Europe, the United States, and the rest of the World.

Click Here to View the Official Journal of the EU that includes the text of all IASs and SICs adopted in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council in all EU languages.

At the heart of this analysis are detailed global and regional telecom indices developed by Deloitte, with each of the regional indices – the Americas, Asia Pacific and Europe – gauging market price to measure the performance of the key listed telecommunications equities for the period beginning 1 January 2000 and ending 31 July 2003. Click to Download (PDF 1,388k).

The preliminary final version of IAS 10, Events after the Balance Sheet Date, is now available on IASB's Website.

This issue includes an FASB Update (including pension disclosures, effective date of FIN 46, and summaries of several proposed FASB Staff Positions); a PCAOB Update (final rules on withdrawal from registration and proposals on audits of internal control); an AICPA Update (auditing greenhouse gas emissions information and recent AcSEC activity); and an International Update (IFAC PSC proposals on impairment of assets and summaries of the September IASB and IFRIC meetings).

International Financial Reporting Standards will be required in Nicaragua for financial statements covering periods ending on or after 30 June 2005.

The proposal would apply to non-US SEC registrants, but with delayed implementation. The proposal essentially requires an integrated audit with two audit opinions: one on the effectiveness of internal control over financial reporting and one on the financial statements. Auditors of US companies with public equity float exceeding $75 million will be required to audit and report on the company's internal controls over financial reporting for fiscal years ending on or after 15 June 2004. Auditors of smaller companies, foreign private issuers, and companies with only registered debt securities have until fiscal years ending on or after 15 April 2005 to comply. Click for:

• PCAOB Press Release (PDF 20k)
• PCAOB Briefing Paper (PDF 197k)

2, Financial Information - Co-ordination of Enforcement Activities. The draft proposes greater co-ordination among supervisors of financial information in Europe. It also proposes a set of standards on enforcement activities to accomplish this, including co-ordination on a pan-European level. CESR will hold an open hearing on the proposal on 12 November 2003 at CESR's office in Paris. Written comments on the proposal are requested by 7 January 2004. Click to download the:

• CESR Press Release (PDF 101k).
• CESR Consultative Paper (Draft Standard No. 2) (PDF 91k).