It also includes a survey of national legislation and standards regarding pension accounting in the countries concerned. Click for: FEE Press Release (PDF 41k) or Download the IAS 19 Study (PDF 143k).

It also includes a survey of national legislation and standards regarding pension accounting in the countries concerned. Click for: FEE Press Release (PDF 41k) or Download the IAS 19 Study (PDF 143k).

This is the second time that the Board has remanded D27 to the SIC without approval.

Click: (PDF 625k) or More Information and Prior Issues.

EFRAG is an accounting technical committee that has been set up as a private-sector initiative by the principal European organisations interested in financial reporting. EFRAG will serve as the "IAS endorsement mechanism" for Europe by making recommendations to the European Commission regarding acceptance of IASB Standards. Click for EFRAG Press Release (PDF 73k).

The Board met with its Advisory Council on 16-17 October and then deliberated four agenda projects on 18-20 October. We have also updated our individual project files for the four projects to reflect discussions at the meeting:

• Business Combinations
• Share-Based Payments
• Improvements to IAS
• Performance Reporting

Oxley, the Ohio Republican who is chairman of the House Committee on Financial Services, had taken a stand against true evil: the International Accounting Standards Board. His act of bravery was voicing his determination to keep America safe from the proper accounting of companies' stock options...."

The action was taken for two reasons. First, since all European listed companies will be required to use IAS in 2005, Dutch companies will be able to make the switch sooner if they choose. Second, allowing IAS or US GAAP will ease the burden on the many Dutch companies that now have to prepare two sets of financial statements because they seek capital in overseas markets. The bill has been sent to the Council of State for advice, after which the House of Commons must approve.

The forum brought together CEOs and CFOs of major insurance companies, investors, analysts, standard-setters including representatives from the IASB, regulators, actuaries, and auditors to debate the issues surrounding financial reporting by insurance groups, particularly on the accounting for insurance contracts and performance reporting. Click for IASB Project Information. You can download these key conference documents:

• (PDF 15k)
• Analysis by Deloitte Touche Tohmatsu (PDF 1,003k)
• Analysis by Deloitte Touche Tohmatsu (PDF 322k)
• Analysis by Deloitte Touche Tohmatsu (PDF 440k)
• (PDF 1,329k)

Our basic position:

• We support the increased use of fair values for financial instruments in financial statements as part of the evolutionary process that may ultimately result in a full fair value accounting model for financial instruments. However, we will not support the recognition in the income statement of changes in the fair values of financial instruments that are not being held for trading until issues relating to performance reporting and fair value measurement are resolved.
• We believe that a movement to fair value accounting should be an evolutionary process that is accomplished in stages. IAS 32 started the movement by requiring disclosures of fair values of financial instruments. IAS 39 continued that movement by requiring that all derivatives and most financial instruments be reported at fair value. We believe the next step in the evolution could be a partial increase in the use of fair value accounting.
• We recommend that the next step in the process of moving to fair value accounting for financial instruments be accomplished by amending IAS 39 to eliminate the use of amortised cost for originated loans, held-to-maturity financial assets and financial liabilities. Enterprises would have a choice of recognising changes in fair value in equity or in the income statement, except that there should be no choice for financial instruments held for trading. Enterprises would continue to be permitted to use hedge accounting.

Click for:

• Deloitte response to the Joint Working Group Proposal on Financial Instruments
• Project information.