We have posted the January 2002 Europe-Africa edition of our IAS Plus Newsletter.

We have posted a single page combining observer notes from both days of Discussions with National Standard Setters.

Click to Open FEI's Website in a new window.

The proposed Directive is likely to be submitted to the European Parliament and Council by the summer of 2002. The proposal will be based on views expressed by 90 respondents to a July 2001 invitation to comment. The main points expressed by respondents related to:

• Consolidation of all existing periodic and ongoing disclosure obligations into a single legal text.
• Upgrading of the periodic disclosure obligations of enterprises admitted for trading on a regulated market.
• Publication of information via the Internet.
• Each Member State should have a single authority responsible for public disclosure by securities issuers.

Click for our Progress Report on IAS in Europe.

 

IASB will meet in London on 22-25 January to discuss the following projects:

• Business Combinations
• IAS 19, Employee Benefits - Asset Ceiling [new agenda issue]
• IAS 39, Financial Instruments: Recognition and Measurement - proposed amendments
• Improvements to Existing IFRS
  • IAS 1, Presentation of Financial Statements
  • IAS 16, Property, Plant and Equipment
  • IAS 17, Leases
  • IAS 21, The Effects of Changes in Foreign Exchange Rates
  • IAS 23, Borrowing Costs
  • IAS 40, Investment Property
• Insurance Contracts
• Reporting Performance

IASB will meet in London on 21-22 January with the chairs of its liaison national standard setters (AU/NZ, CA, DE, FR, JP, UK, and US) to discuss the following issues:

• Accounting by Small and Medium-Sized Entities and in Emerging Economies
• Amendments to IAS 39, Financial Instruments: Recognition and Measurement
• First-Time Application of IFRS
• Improvements to Existing IASB Standards
• Joint Working Group on Financial Instruments: Analysis of Comment Letters
• Work Programme - Update on Standard Setters' Activities

Click here to the 80-page booklet (PDF 400k). Information about the English version and other Deloitte Touche Tohmatsu publications may be found Here.

It includes 32 pages of reports about IASB activities (including project summaries), updates on adoption of IAS in Europe and elsewhere, and summaries of standard setting activities in the Asia-Pacific region. Printed copies will be mailed to subscribers next week. The Europe-Africa and Americas editions will be posted shortly.

While broadly based on the IASC Framework and IAS, some important differences with IAS remain. Also, the Copenhagen Stock Exchange has recommended that Danish listed companies consider adopting IAS earlier than the proposed 1 January 2005 date for all EU listed companies.

However, EFRAG has recommended clarification of the Directives with respect to treatment of fundamental errors and accounting policy changes under IAS 8, the corridor approach under IAS 19, and reverse acquisitions under IAS 22. EFRAG also noted that "a number of standards are in the process of being changed and these could result in conflicts with the Directives".