Accounting

Accountancy SA,  Sep 2003  by de Beer, Linda

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INTERNATIONAL FINANCIAL REPORTING STANDARDS NOW AVAILABLE ONLINE

We are pleased to announce that our members are now able to access the International Accounting Standards Board (IASB) pronouncements on the SAICA website. This includes the International Financial Reporting Standards, International Accounting Standards, Interpretations, exposure drafts and other publications. The IASB Handbook online can be found via our SAICA website, SAICA-Handbook-online link (www.saica.co.za/handbook). The only requirements are that you enter your membership number and e-mail address. The IASB Handbook together with the SAICA Handbook can be located under the contents section. Members will now be able to download all the International Financial Reporting Standards and other pronouncements as and when required.

For further information contact Sue Ludolph (see contact details on last page).

NEW STANDARDS AND EDs RECENTLY ISSUED

The standard on First Time Adoption of International Financial Reporting Standards (IFRS 1) and the two exposure drafts on Disposal of Non-current Assets and Presentation of Discontinued Operations (ED 4) and Insurance Contracts (ED 5) recently issued by the IASB, were also issued in South Africa. The exposure drafts are available on the SAICA website for review and comments.

For further information contact Sue Ludolph (see contact details on last page).

THE IASB'S PROJECT TIMETABLE

In light of the European switchover to International Financial Reporting Standards (IFRS) from 1 January 2005, the IASB is attempting to issue as many standards and exposure drafts as possible by the end of March 2004. Detailed below is a summary of the IASB's project timetable in this regard.

Standards not changing

The following standards are not scheduled for change before 31 March 2004, other than for consequential or editorial changes that may result from any changes to other statements:

* IAS 7 (AC 118) Cash Flow Statements

* IAS 11 (AC 109) Construction Contracts

* IAS 14 (AC 115) Segment Reporting

* IAS 18 (AC 111) Revenue

* IAS 20 (AC 134) Accounting for Government Grants and Disclosure of Government Assistance

* IAS 23 (AC 114) Borrowing Costs

* IAS 26 (AC 136) Accounting and Reporting by Retirement Benefit Funds

* IAS 29 (AC 124) Financial Reporting in Hyperinflationary Economies

* IAS 30 (AC 120) Disclosures in the Financial Statements of Banks and Similar Financial Institutions

* IAS 31 (AC 119) Financial Reporting of Interests in Joint Ventures

* IAS 34 (AC 127) Interim Financial Reporting

* IAS 37 (AC 130) Provisions, Contingent Liabilities and Contingent Assets

* IAS 41 (AC 137) Agriculture

The IASB is currently working towards issuing exposure drafts that will replace IAS 18 and IAS 30.

Standards for reissue in 2003 as a result of the improvements project

In May 2002, the IASB issued an improvement's exposure draft (ED 155 in South Africa). In terms of this process the IASB plans to issue the following improved standards by October 2003. As these standards reflect only limited changes, not a full reconsideration of the subject matter, the existing numbers have been retained, but titles for IAS 8 and IAS 27 have been modified.

* IAS 1 (AC 101) Presentation of Financial Statements

* IAS 2 (AC 108) Inventories

* IAS 8 (AC 103) Accounting Policies, Changes in Accounting Estimates and Errors

* IAS 10 (AC 107) Events After the Balance Sheet Date

* IAS 16 (AC 123) Property, Plant and Equipment

* IAS 17 (AC 105) Leases

* IAS 21 (AC 112) The Effects of Changes in Foreign Exchange Rates

* IAS 24 (AC 126) Related Party Disclosures

* IAS 27 (AC 132) Consolidated and Separate Financial Statements

* IAS 28 (AC 110) Investments in Associates

* IAS 33 (AC 104) Earnings per Share

* IAS 40 (AC 135) Investment Property

Following on from the improvements project, IAS 15 - Information Reflecting the Effects of Changing Prices, will be withdrawn.

Standards for issue/re-issue by March 2004

* IFRS 2 Share-based Payment

* IFRS 3 (AC 131) Business Combinations (Phase I)

* IAS 36 (AC 128) Impairment of Assets*

* IAS 38 (AC 129) Intangible Assets*

* IFRS 4 (AC 119) Disposable of Non-current Assets and Presentation of Discontinued Operations (this standard will replace IAS 35 (AC 117))

* IFRS 5 Insurance Contracts (Phase 1)

* Consequential changes from IFRS 3 on Business Combinations I

Exposure drafts due before March 2004

* Exposure draft on amendments to IAS 19 (AC 116) - Employee Benefits (expected September 2003)

* New exposure draft on Business Combinations Phase II (expected November 2003)

* Exposure draft on IAS 12 (AC 102) - Income Taxes (expected December 2003)

* New exposure draft on Reporting Performance (expected March 2004)

* New exposure draft on Financial Risk Disclosures (expected March 2004) which when issued as a standard will result in the withdrawal of IAS 30 (AC 120) Disclosure in the Financial Statements of Banks and Similar Financial Institutions.

Financial Instruments

* Improvements to IAS 32 (AC 125) - Financial Instruments: Disclosure and Presentation,