We have consolidated our unofficial notes from the meeting onto a Single Page.

FASB will consider the timing of recognition and measurement issues at future meetings. The IASB has also proposed to expense the cost of all share-based payments in Exposure Draft 2.

The letter, sent at the request of the European Union's Finance Ministers, says that "the rules and the registration requirements they contain will cause major difficulties for European audit firms". The EU is requesting "full exemption for EU audit firms" from the rules on registration under section 106(c) of the Sarbanes-Oxley Act – or at least a one-year moratorium to allow time for further discussion. An attachment to the letter cites instances of conflicts of the PCAOB's proposed rules and EU and national laws.

Comments are due 30 June 2003:

• Proposed International Framework for Assurance Engagements and a proposed International Standard on Assurance Engagements (ISAE) 2000, Assurance Engagements on Subject Matters Other Than Historical Financial Information
• The Special Considerations in the Audit of Small Entities, Proposed Amendment to International Auditing Practice Statement 1005

The 2003 Bound Volume (1,952 pages, price £47,.€75, US$73) contains the full text of all existing IFRS and Interpretations, plus the IAS 39 Implementation Guidance Q&A. A glossary and a history of all IAS/IFRSs are also included. The IASB has also published an Abbreviated Text of IFRS 2003 (412 pages, price £20,.€32, US$31) suitable for students and others who want a concise introduction to IFRS. Both books may be ordered on IASB's Website or by telephone (+44 20 7332 2730) or fax (+44 20 7332 2749). Press Release (PDF 14k).

This is the Asia-Pacific edition, which includes all of the general IASB/IFRS update information plus jurisdiction updates for that region. Our Europe-Africa and Americas editions will be published soon. Special features of this edition include summaries of our comment letters on business combinations and share-based payment, status reports on each IASB agenda project, and updates on events in Europe and the United States.

Heretofore, for over 60 years, the American Institute of CPAs has promulgated auditing standards in the United States. The Financial Accounting Standards Board will continue to set accounting standards. All auditors of public companies will need to follow PCAOB standards. On an interim basis, compliance with existing generally accepted auditing standards is required. The PCAOB said its standard setting process will continue to involve participation, dialogue and open observation by a large and diverse group of participants. The PCAOB's auditing standards will include matters of quality control, professional ethics, and independence of auditors from companies whose financial statements they audit. Though the PCAOB has authority to regulate all auditors – American or foreign – of all public companies in the United States, the extent to which PCAOB auditing standards would apply to foreign auditors remains to be addressed. The PCAOB also voted to finance its operations by fees paid by publicly traded companies in proportion to their size. Auditing firms will also pay fees to fund the PCAOB's auditor registration system.

We have updated our summaries of accounting standards activity in China, India, Japan, New Zealand, Singapore, Taiwan, and Vietnam.

The following standards have now been approved (Nos. 02, 03, 04, and 14 effective for 2002 reporting, the others for 2003 reporting):

• VAS 01, Framework
• VAS 02, Inventories
• VAS 03, Tangible Fixed Assets
• VAS 04, Intangible Fixed Assets
• VAS 06, Leases
• VAS 10, The Effects of Changes in Foreign Exchange Rates
• VAS 14, Revenue and Other Incomes
• VAS 15, Construction Contracts
• VAS 16, Borrowing Costs
• VAS 24, Cash Flow Statement

You can download a Comprehensive Summary of the New VAS (PDF 187k) prepared by VACO-Deloitte Touche Tohmatsu. Click here for Vietnam Information.

In summary (see pages 2 and 55 to 58 for details):

• From financial years beginning on or after 1 January 2004, companies on the Nextprime and Nexteconomy segments must publish quarterly reports.
• In the second quarterly report for the financial year beginning on or after 1 January 2004, the company must publish a note describing the relevant effects of switching to IFRS on a later date on the IFRS opening balance sheet and the income of the current period. This information should be updated in subsequent quarters as needed. This only applies to entities that have not already published their latest annual consolidated financial statements in accordance with IFRS.
• Auditors must perform a limited review on the second quarter report.