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Notes from insurance-related roundtables on IAS 32 and 39

26 Mar 2003

The IASB held public roundtable discussions about its exposure draft of proposed Amendments to IAS 32 and IAS 39 in Brussels and London from 10 to 14 March 2003. The last two of the nine sessions were dedicated to discussion of issues related to insurance companies.

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IASB will meet with national standard setters

25 Mar 2003

The IASB will meet with the chairs of its eight partner national accounting standard setters in London on 24 and 25 April 2003. Agenda topics for the meeting are: .

The IASB will meet with the chairs of its eight partner national accounting standard setters in London on 24 and 25 April 2003. Agenda topics for the meeting are:

  • Convergence: review of progress
  • IAS 32 and IAS 39, Financial Instruments – roundtable debriefing
  • Insurance: review of progress
  • Measurement objectives
  • Partnership working arrangements
  • Project priorities
  • Reporting performance
  • Reports on research projects
The IASB will hold its own monthly meeting on 30 April to 2 May 2003. The agenda for that meeting has not yet been announced.
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Agenda for April IFRIC meeting is announced

22 Mar 2003

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB offices in London on 1 and 2 April 2003. The meeting agenda includes the following issues (click Here for summaries of those issues that IFRIC has previously discussed): Changes in decommissioning liabilities IAS 19 – multi-employer plan exemption Decommissioning and environmental rehabilitation funds Rights of use Emission rights Update on partner and liaison activities Non-monetary exchanges of assets Exchange rate for remeasuring foreign currency transactions and translation of foreign operations under IAS 21 IAS 19 – money purchase plan with minimum guarantee Hyperinflation and deferred tax .

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB offices in London on 1 and 2 April 2003. The meeting agenda includes the following issues (click Here for summaries of those issues that IFRIC has previously discussed):

  • Changes in decommissioning liabilities
  • IAS 19 – multi-employer plan exemption
  • Decommissioning and environmental rehabilitation funds
  • Rights of use
  • Emission rights
  • Update on partner and liaison activities
  • Non-monetary exchanges of assets
  • Exchange rate for remeasuring foreign currency transactions and translation of foreign operations under IAS 21
  • IAS 19 – money purchase plan with minimum guarantee
  • Hyperinflation and deferred tax
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IASC Foundation's 2002 annual report is available

22 Mar 2003

The IASC Foundation (under which the IASB operates) has published its annual report for 2002. Please click here to Download from IASB website (PDF 1,142k). .

The IASC Foundation (under which the IASB operates) has published its annual report for 2002. Please click here to Download from IASB website (PDF 1,142k).

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Agenda project pages updated

22 Mar 2003

We have updated our agenda project pages for the following projects to reflect decisions at this week's IASB meeting: Amendments to IAS 32 and IAS 39, Financial Instruments Business Combinations - Phase II First-Time Application of IFRS Insurance Contracts – Phase I .

We have updated our agenda project pages for the following projects to reflect decisions at this week's IASB meeting:

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Australian accounting standards set for major overhaul

21 Mar 2003

We have posted the latest edition of the Deloitte Touche Tohmatsu (PDF 108k).

It explains Australia's planned 'big bang' approach to convergence of Australian GAAP and IFRS. The Australian Accounting Standards Board (AASB) intends to issue 35 new or revised AASB Standards by 31 March 2004. All will be applicable from 1 January 2005. The AASB's revised standards will be equivalent to IFRS "with some possible minor amendments". In July 2002, the Financial Reporting Council (the Australian government agency that oversees the AASB) issued a Bulletin (PDF 14k) announcing its support for adoption by Australia of International Financial Reporting Standards by 1 January 2005. The FRC said that "after that date, audit reports will refer to companies' compliance with IASB standards". The new convergence approach would retain AASB standards rather than replace them with IFRS. We have modified our table on Country Use of IFRS accordingly.
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Notes from roundtables on amendments to IAS 32 and 39

21 Mar 2003

The IASB held public roundtable discussions about its exposure draft of proposed Amendments to IAS 32 and IAS 39 in Brussels and London from 10 to 14 March 2003. A total of 108 respondents to the Exposure Draft participated in the roundtables.

There were nine sessions of roundtable discussions, each with a different group of constituents. However, all of the discussions covered similar topic areas and the issues raised in each session generally were similar, with the exception of the last two sessions, which were dedicated to discussion of issues related to insurance companies. Click to download our Unofficial Summary of the 10-13 March Discussions (PDF 52k).
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Notes from the second day of the March 2003 IASB meeting

21 Mar 2003

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting. .

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

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Details of PCAOB roundtable on registration of foreign audit firms

20 Mar 2003

The PCAOB roundtable meeting on registration and oversight of foreign public accounting firms (see our Story on 17 March below) will take place from 2:00pm to 5:00pm 31 March 2003 in the William O.

Douglas Room at SEC headquarters, 450 Fifth Street, N.W., Washington, DC, USA. The meeting will be open to the public and available by webcast. SEC Commissioners will attend. Details at SEC Website.
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Notes from the first day of the March 2003 IASB meeting

20 Mar 2003

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting. .

Click here to go to our combined Observers' Notes from the March 2003 IASB Meeting.

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