Financial Reporting
IASB Updates Published
By Brian Murphy, OmniPro
Aug 4, 2009 - 2:52:26 PM

Over the last few weeks the following noteworthy publications from both the IASB and FRC have been published:

-IFRS for SMEs

-IFRIC Update

-FRC Combined Code on Corporate Governance

IFRS for SMEs

With the introduction of The IFRS for SMEs last week we have received a number of queries with regard to the application date of these new standards

The IFRS for SMEs have not yet been adopted for use in Ireland. For the standard to apply to Irish companies it would have to be either (or both) adopted by the EU and rolled out across member states or adopted into UK and Irish GAAP by the Accounting Standards Board ('ASB'). Both ASB and EU will consider what to do in relation to the IFRS for SMEs but decisions have not yet been taken and there is likely to be considerable consultation in this regard.

We will continue to monitor the progress being made in this regard.

For a copy of the IFRS for SMEs follow the link below:

http://go.iasb.org/IFRSforSMEs

IFRIC Update

The International Accounting Standards have published their July 2009 IFRIC Update following their meeting in London on 9 July 2009, when it discussed:

• Debt to equity swap in a restructuring;
• Classification of vesting conditions;
• Rights issues denominated in a foreign currency;
• Agenda decisions;
• Tentative agenda decisions; and
• Work in progress.

See link below for full details of their discussions

http://www.iasb.org/Updates/IFRIC+Updates/2009/2009+IFRIC+Updates.htm

FRC Combined Code on Corporate Governance

On 28^th July 2009 The Financial Reporting Council (FRC) published a progress report on its review of the effectiveness of the Combined Code on Corporate Governance, which it began in March 2009.

The report summarises the results of the consultations and research that the FRC has carried out to date and invites views on various aspects of the Combined Code and its application. These are:

·        The responsibilities of the chairman and non-executive directors;

·        The composition of the board, including finding the right balance of independence and expertise;

·        The frequency of directors’ re-election;

·        Board information, development and support;

·        Evaluation of the board’s effectiveness;

·        The effectiveness of existing risk management systems;

·        Remuneration policy and process;

·        The usefulness of companies’ reporting on corporate governance; and

·        Engagement between boards and shareholders.

http://www.frc.org.uk/press/pub2037.html