Centerra Gold Reports First Quarter Results Apr 30, 2009
See "Non-GAAP Measures below. Major Assumptions and SensitivitiesThe following material assumptions have been updated from the prior disclosed guidance in light of current market conditions. In particular, material assumptions or factors used to forecast production and costs include the following:- a gold price of $900 per ounce,- exchange rates:-- $1USD:$1.26CAD-- $1USD:41 Kyrgyz Som-- $1USD:1,500 Mongolian Tugrik-- $1USD:0.80 Euro- diesel price assumption:-- $0.55/litre at Kumtor-- $0.85/litre... (CCNMatthews Press Releases)
IFRS convergence on track in US Apr 30, 2009
The plan to accelerate convergence between international and US accounting rules remains on track, according to the International Accounting Standards Board (IASB). The IASB and the US Financial Accounting Standards Board (FASB) have agreed to complete 11 major joint projects by 2011 to improve and converge major areas of accounting such as revenue recognition and pension accounting. (Accounting Web, UK)
Msian firms move closer to new accounting standard Apr 30, 2009
KUALA LUMPUR: Malaysian companies are getting closer to international accounting standard convergence, says International Accounting Standards Board (IASB) chairman Sir David Tweedie. They should be ready to use the International Financial Reporting Standards (IFRS) by 2012, he said after a conference on international accounting standards organised by the Malaysian Accounting Standards Board yesterday. (The Star Online, Malaysia -- Business)
US changes should not be adopted, says ICAS Apr 30, 2009
ICAS argues that the International Accounting Standards Boards' (IASB) existing guidance in this area is sufficient and any further changes will question the ability of the standard setter to withstand political pressure. The IASB should resist following the example of the United States", said High Shield, chief economic adviser at ICAS."The US changes are an attempt to respond to institutional concern about current market conditions but risk undermining investor confidence at a critical time... (Accounting Web, UK)
Mark-to-Market takes Precedence in ... Apr 30, 2009
The group was established by and receives staff support from the two global accounting standard setting authorities - the London-based International Accounting Standards Board (IASB) and US-based Financial Accounting Standards Board (FASB). The two boards have been for some years working on converging the US General Accepted Accounting Principles (GAAP) and International Finance Reporting Standards (IFRS). (Suite101.com)
Cut off for IFRS implementation draws nearer Apr 20, 2009
The rate the international standards setting body, International Accounting Standards Board (IASB), had been issuing the new standards in recent years clearly indicates that the body of knowledge in accounting has been changing, and strongly points towards a new breed of accountants and financial experts. This new skill set is crucial for adequate handling of the complex standards related to FRS 139 and the whole set of IFRS. The amount of knowledge necessary to handle such work should not be... (The Star Online, Malaysia -- Business)
Panel zeros in on the relevance of fair value accounting Apr 20, 2009
In view of the criticism levelled at fair-value accounting, the International Accounting Standards Board (IASB) is considering revising its rules and some European countries are even looking for exemptions from the international standards. And on the homefront, the reality of fair-value accounting will set in when Financial Reporting Standard (FRS139) Financial Instruments: Recognition and Measurement comes into effect Jan 1, 2010. (The Star Online, Malaysia -- Business)
Banks must take their medicine Apr 18, 2009
Over the years, international accounting standards have been adopted and enforced. This did not come about overnight. (Sydney Morning Herald -- Business)
Banks and accounting standards: Messenger, shot Apr 11, 2009
European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise. The IASB says it does not want to be piecemeal , but the pressure to fold when it completes its overhaul of rules later this year is strong. (The Economist)
Boost to transparency Apr 10, 2009
However, the International Accounting Standards Board believes that companies are unlikely to suffer competitive harm from the required disclosures since most competitors would have sources of detailed information about a company other than its financial statements. Developing good strategy. (The Star Online, Malaysia -- Business)
REMINDER: XBRL Canada Webinar: Regulatory Filing for Canadian Companies in the Face of XBRL and IFRS Apr 9, 2009
The event features prominent speakers from the SEC, the CSA and the International Accounting Standards Committee (IASC) Foundation (creators of the IFRS XBRL taxonomy), and is a must attend for IROs, Canadian cross-listed companies, other Canadian public companies, investment analysts and advisors. EVENT DETAILS: DATE: Wednesday, April 15, 2009, 12:00 - 4:00 pm Eastern SPEAKERS/AGENDA: - 'The Impact of New SEC Rules on Canada', Stephen Sadoski, SEC, 12:00 - 12:20 pm - 'Canadian Companies,... (CCNMatthews Press Releases)
Canada Hasn't Made Decision on Mark-to-Market Accounting, Regulator Says Apr 8, 2009
The International Accounting Standards Board will discuss fair-value accounting on April 23 and 24, the Canadian group said in a statement. To contact the reporter on this story: in Toronto at. (Bloomberg -- Canada)
South Africa: Accounting 'Not to Blame' for Crisis Apr 8, 2009
Tweedie, who is the chairman of the International Accounting Standards Board, said a number of initiatives had been highlighted by the board as cause for concern in light of the global financial crisis ... The International Accounting Standards Board (IASB) is striving to amend accounting standards in light of the financial crisis. (allAfrica.com)
Banks press accounting body to adopt U.S. rules Apr 8, 2009
Canada's Accounting Standards Board is waiting because it wants to see what the International Accounting Standards Board (IASB) decides to do about the U.S. amendments at a meeting on April 23 and 24 in London, said Paul Cherry, chairman of the Canadian board. He said Canada is caught in a dilemma because it normally harmonizes with U.S. accounting rules, owing to the integrated nature of the two economies: We're sensitive to the fact we have strong economic ties to the United States. (Globe and Mail)
Well done, India Apr 8, 2009
The Basel Committee, which aims to improve banking supervision worldwide, is a member of the FSF along with other international standard-setting bodies - the committee on the global financial system, the committee on payment and settlement systems, the International Association of Insurance Supervisors, the International Accounting Standards Board and the International Organization of Securities Commissions. The Switzerland-based FSF in turn coordinates with senior representatives of national... (Asia Times Online)
Too much data, not enough information says ICAS Apr 7, 2009
The accounting body put forward this view in a submission to the Financial Crisis Advisory Group recently, a panel set up by the International Accounting Standards Board and its US counterpart, the Financial Accounting Standards Board to consider the standard setting implications of the global financial crisis. ICAS strongly believes that accounting has not caused the economic crisis and should not become a scapegoat for failures in decision-making, said Hugh Shields, chief economic adviser at... (Accounting Web, UK)
* EU struggles to implement reform Apr 6, 2009
They called on the standard-bearer for Europe, the London-based International Accounting Standards Board, to work with its US counterpart with the aim of achieving equivalent treatment for European banks. The ministers said that bringing the international accounting standards in force in Europe in line with the US rules was necessary to avoid risks of competitive distortions emerging. (Taipei Times, Taiwan -- Sports)
EU finance chiefs battle to overhaul bank rules Apr 6, 2009
They called on the standard bearer for Europe, the London based International Accounting Standards Board, to work with its US counterpart with the aim of achieving equivalent treatment for European banks. BUSINESS SERVICES. (Business Report, South Africa)
ECB Considers Use of New Tools to Bolster Economy as Finance Chiefs Bicker Apr 6, 2009
The International Accounting Standards Board, which writes the rules used in Europe, must cooperate with the U.S. Financial Accounting Standards Board, the ministers said in a statement on April 4. A goal is to avoid competitive distortions, they said. (Bloomberg -- Europe)
Europe lays blame firmly at US door Apr 4, 2009
Drawing up a new set of international accounting standards and creating some kind of uber regulator are both interesting concepts. This may or may not prevent this mess from reoccurring but it's a good public relations exercise and ticks lots of the right boxes. (Sydney Morning Herald -- Business)
G20 offers $1-trillion in aid, few specifics Apr 4, 2009
The G20 countries also agreed to rein in the world's financial system through the creation of international accounting standards, the regulation of debt-ratings agencies and hedge funds, a clampdown on tax havens and controls on executive pay. But the lack of details on these proposals suggests they will not become effective any time soon. (Globe and Mail -- International)
Wall Street rallied on Thursday with all major indexes rising more than 2 percent, and Chinese equities closed 0.72 percent up to stand at 2425.29 points, setting a new high since late August last year.• Brown: G20 summit results will shorten recession Apr 3, 2009
He said that international accounting standards would have to be set and that there would need to be tighter regulation with regards hedge funds and tax havens. "We will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure," Brown added. (Xinhuanet, China)
At a glance: G20 agreement Apr 3, 2009
International accounting standards will be set. Credit rating agencies will be regulated in order to remove their conflicts of interest. (BBC News -- Business)
Banks may boost profits under new rules Apr 3, 2009
The Australian Accounting Standards Board (AASB) has called for an urgent decision from the International Accounting Standards Board (IASB) on how banks worldwide value assets. The move follows the United States Financial Accounting Standards Board (FASB) voting unanimously to soften its mark-to-market valuation rules, which has spurred a global rally in banking stocks. (Sydney Morning Herald -- Business)
Fresh hope sends London shares ov... Apr 2, 2009
Mr Gardiner played down today's G20 meeting as an explanation for the rally, arguing that international accounting standards setters could have a bigger impact later today. They are due to rule on whether to relax the mark-to-market accounting rules which have arguably exaggerated the banks' losses and so worsened the market fall. (New York Post -- Business)
Theratechnologies Announces Financial Results of the First Quarter 2009 Mar 26, 2009
In February 2008, Canada's Accounting Standards Board of Canada ("AcSB") confirmed that Canadian GAAP, as used by publicly accountable enterprises, would be fully converged into IFRS, as issued by the International Accounting Standards Board ("IASB"). The changeover date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. (CCNMatthews Press Releases)
FRC backs Turner's cycle reserve plans Mar 24, 2009
The International Accounting Standards Board (IASB) should look at the requirements of IAS 39, particularly the relative merits of the incurred loss and expected loss models. There are likely to be unforeseen circumstances affecting all the potential solutions being considered. (Accounting Web, UK)
ICAEW signs Romanian agreement Mar 24, 2009
The ICAEW and the Body of Expert and Licensed Accountants of Romania (CECCAR) have signed an agreement to jointly promote and develop the accounting and auditing profession in both countries. The agreement involves undertaking joint activities such as conferences, sharing of expertise and experience on technical matters and CPD iniatives for members. (Accounting Web, UK)
Open Range Energy Corp. Announces 2008 Financial and Operating Results Mar 20, 2009
The International Accounting Standards Board (IASB) has also issued an exposure draft relating to certain amendments and exemptions to IFRS 1 ... The International Accounting Standards Board (IASB) has also issued an exposure draft relating to certain amendments and exemptions to IFRS 1. (CCNMatthews Press Releases)
Advantage Announces Release of Fourth Quarter and Year Ended December 31, 2008 Financial Results Mar 19, 2009
It is also important to note that the International Accounting Standards Board ("IASB") is currently undertaking an extractive industries project, to develop accounting standards specifically for businesses like that of the Fund ... Management is currently evaluating the effects of all current and pending pronouncements of the International Accounting Standards Board on the financial statements of the Fund, and has developed a plan for implementation. (PR Newswire)
Delphi Energy Achieves Record Fourth Quarter 2008 Results Mar 19, 2009
Delphi will update its IFRS changeover plan to reflect new and amended accounting standards issued by the International Accounting Standards Board ... The International Accounting Standards Board (IASB) has issued an exposure draft relating to certain amendments to IFRS 1 in response to potential challenges in jurisdictions, including Canada, adopting IFRS for the first time. (CCNMatthews Press Releases)
Rambler Metals & Mining 2nd Quarter Results 2009 and Operations Update Mar 18, 2009
The accounting policies and methods of computation used in the preparation of the unaudited consolidated financial information are the same as those described in the Company's audited consolidated financial statements and notes thereto for the year ended 31 July 2008 and are consistent with the principles of International Financial Reporting Standards ("IFRS") and its interpretations adopted by the International Accounting Standards Board ("IASB"), as those adopted by the European Union and with... (CCNMatthews Press Releases)
BRIC countries demand more say in financial system reform Mar 15, 2009
The BRIC nations also welcomed the expansion of the Basle Committee on Banking Supervision and said the International Accounting Standards Board and other standard setting bodies also need to become more representative. The BRIC ministers agreed that stabilization of the international financial system through recapitalization, liquidity support and cleaning of bank balance sheets is a priority. (Xinhuanet, China)
WHAT FREDDIE SAYS: Read the announcement Mar 12, 2009
He also is a director of Moody's Corporation; a trustee of the International Accounting Standards Committee Foundation; and lead director of XL Capital Ltd. Glauber has been a senior advisor at Peter J. Solomon Co., an investment bank, since November 2006. Freddie Mac's board of directors is working with the company's conservator, the Federal Housing Finance Agency, to appoint a permanent chief executive officer. (USA Today -- Money)
AEGON Maintains Strong Capital Position Despite Fourth Quarter 2008 Loss Mar 12, 2009
For AEGON this is equal to IFRS as published by the International Accounting Standards Board. The published figures in these interim financial statements are unaudited. (PR Newswire)
Letting a good crisis go to waste? Mar 6, 2009
An Institute that really did the right thing, that stood up for the profession in general and was not afraid about the clout of the Big Four, overly precious of the ear of government, or too cosy with the Financial Reporting Council and the International Accounting Standards Board. Nevertheless, it is trying to make a difference. (Accounting Web, UK)
Gabriel Resources Ltd: Fourth Quarter 2008 Report Mar 5, 2009
Due to anticipated changes in International Accounting Standards prior to our transition to IFRS, we are not in a position to determine the impact on our financial results. CEO/CFO Certification. (CCNMatthews Press Releases)
Trican- 2008 Fourth Quarter and Year End Results Mar 5, 2009
In February 2008, the Canadian Accounting Standards Board confirmed that effective January 1, 2011, all publicly accountable enterprises will be required to report under IFRS as issued by the International Accounting Standards Board (IASB). On January 1, 2011, these standards will apply to the Company. (CCNMatthews Press Releases)
Daylight Resources Trust Reports Year End 2008 Financials and Delivers Record Results- Increased Production and 175% Reserve Replacement Highlight Record Year Mar 5, 2009
The International Accounting Standards Board ("IASB") has also issued an exposure draft relating to certain amendments and exemptions to IFRS 1. It is anticipated that this exposure draft will not result in an amended IFRS 1 standard until late 2009. (CCNMatthews Press Releases)
BMO Financial Group Reports First Quarter Net Income of $225 Million, Reflecting Difficult Conditions in the Credit and Capital Markets Environments Mar 3, 2009
Transition to International Financial Reporting Standards Canadian public companies will be required to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, for financial years beginning on or after January 1, 2011. Effective November 1, 2011, we expect to adopt IFRS as the basis for preparing our consolidated financial statements. (Canada Newswire)
Cellcom Israel Announces Fourth Quarter and Full Year 2008 Results Mar 2, 2009
This is the first year in which we prepare our consolidated annual financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), and IFRS 1-"First Time Adoption of International Financial Reporting Standards" ... The Company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). (PR Newswire)
Enerplus announces 2008 year end results and reserves information Feb 26, 2009
CALGARY, Feb. 26 /CNW/ - Enerplus Resources Fund ('Enerplus') is pleased to announce our financial and operating results for the year ended December 31, 2008. All amounts are stated in Canadian dollars unless otherwise specified. (Canada Newswire)
Banks' Books Finally Start Seeping Some Truth Feb 26, 2009
Since 2005, the FASB and its London-based counterpart, the International Accounting Standards Board, have they eventually want all financial instruments, including loans, to be measured at fair value, with gains and losses recognized on a quarterly basis. U.S. banking regulators, echoing many bankers views, expanding fair-value accounting further. (Bloomberg -- Columnists)
Sharpening a watchdog's teeth Feb 24, 2009
Niemeier was an outspoken critic of Cox's effort to allow American companies to adopt international accounting standards, a change that he and other experts said would lead to the watering down of many of the current rules in use in the United States. Schapiro's other top aides include Stephen Cohen, a former enforcement official who has been involved in significant fraud cases. (International Herald Tribune -- Business)
U.S. regulator pursues reversal of years of lax enforcement Feb 23, 2009
Niemeier was an outspoken critic of Cox's effort to allow American companies to adopt international accounting standards, a change that he and other experts say would lead to watering down many of the current rules in use in the United States. 1. (International Herald Tribune -- Business)
Canfor Pulp Income Fund Announces Fourth Quarter 2008 Results Feb 18, 2009
The Partnership will continue to review all proposed and continuing projects of the International Accounting Standards Board to determine their impact on the Fund, and will continue to invest in training and resources throughout the transition period to facilitate a timely conversion ... The Partnership will continue to review all proposed and continuing projects of the International Accounting Standards Board to determine their impact on the Partnership, and will continue to invest in training... (CCNMatthews Press Releases)
Applying IFRS to small companies - update. By Steve Collings Feb 14, 2009
The International Accounting Standards Board (IASB) has been busy developing a financial reporting framework for companies in the UK that fall under the umbrella of small and medium. This will typically affect approximately 90% of companies within the UK. The IASB published a document in February 2007 International Financial Reporting Standard for Small-Medium Entities which was commonly referred to as IFRSSME. (Accounting Web, UK)
Goldman, BofA Call Treasury on Its Capital Bluff Feb 12, 2009
That ensured the U.S. rules would be with those of the London- based International Accounting Standards Board. The timing was convenient, just weeks after the Treasury paid nine banks $125 billion for its initial round of preferred- share stakes. (Bloomberg -- Columnists)
Banco Santander Chile Announces Fourth Quarter 2008 Earnings Feb 10, 2009
(3) As of January 1, 2008, and following the guidelines of the Superintendency of Banks of Chile, SBIF, a re-categorization of certain line items in the balance sheet and income statement was introduced in line with a gradual shift towards International Accounting Standards to be fully adopted in 2009. These changes did not involve any changes in accounting principles, but do involve a change in total equity as banks must provision for mandatory dividends and include minority interest as... (PR Newswire)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation withBolivia Feb 9, 2009
Directors welcomed plans to fully adopt international accounting standards and the ongoing efforts to improve risk management practices in banks. They encouraged the authorities to introduce prudential regulations that mitigate market risks and credit risks from dollarization. (IMF News)
Slow response to new accounting standards Feb 8, 2009
Currently, MASB incorporates the provisions of the international standards, issued by the International Accounting Standards Board (IASB), into the local accounting standards. As such, account preparers and users in Malaysia have substantial time to digest the effect of new standards because there is effectively two periods of draft review during the development of a standard one before IASB issues the standard and the second before MASB adopts the new international standard. (The Star Online, Malaysia -- Business)
The fair-value fall-out. By Rob Lewis Mar 21, 2008
In March 2007 fair value caused an unusual breach of solidarity between its chief advocate, the International Accounting Standards Board (IASB) and the Accounting Standards Board (ASB). The ASB issued a draft report that called several of the IASBs fair values proposals into question, particularly the assumption that fair value should always be equated with exit value. (Accounting Web, UK)
Public Information Notice: IMF Executive Board Concludes 2007 Article IV Consultation with the Philippines Mar 17, 2008
While welcoming the progress in disposing of non-performing assets and in implementing international accounting standards and Basel II, Directors pointed to the need to reduce the remaining large stock of non-performing assets. They also noted that banks hold a significant amount of government debt that is sensitive to changes in sovereign spreads. (IMF News)
Sasol Limited interim financial results for the six months ended 31 December 2007 Mar 10, 2008
Basis of preparation and accounting policies The condensed consolidated interim financial results for the six months ended 31 December 2007 have been prepared in compliance with the Listings Requirements of the JSE Limited, International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (in particular International Accounting Standard 34 Interim Financial Reporting) and the South African Companies Act, 1973, as amended. The accounting policies... (PR Newswire)
Off-the-balance-sheet mysteries Feb 28, 2008
Reed, a Democrat, has sent letters to the Securities and Exchange Commission, as well as to the Financial Accounting Standards Board, which sets U.S. accounting rules, and the International Accounting Standards Board, which does the same for most of the rest of the world. He is asking detailed questions about what went wrong and how it should be fixed. (International Herald Tribune -- Business)
International convergence on business combinations. By Thayne Forbes Feb 20, 2008
Revisions to both the main accounting standards in this area have been issued; the International Accounting Standards Board has issued a revised IFRS 3R and the Financial Accounting Standards Board in the US has issued a revised SFAS 141R.. In fact the original two standards were already pretty similar, as the original IFRS 3 drew heavily on the original SFAS141. (Accounting Web, UK)
FRC levies more businesses for more money Feb 19, 2008
There is also an additional 700,000 to be found, which represents the FRCs contribution to the International Accounting Standards Board (IASB), a privately-owned company registered in Delaware and chaired by Sir David Tweedie. It is responsible for developing International Financial Reporting Standards. (Accounting Web, UK)
Intangibles and IFRS3: seen but not heard? Feb 8, 2008
Intangibles and IFRS3: seen but not heard. Intangibles must change to regain credibility, says Thayne Forbes, joint managing director of Intangible Business, the brand valuation consultancy. (Accounting Web, UK)
Azerbaijan: SOCARs Westward Expansion Could Hamper Russias Caspian Plans Feb 5, 2008
To allay outside concerns, Abdullayev, SOCAR s president, announced that the company would submit to an independent audit, and would conform to international accounting standards. . (EurasiaNet.org)
Push for pensions bombshells Jan 31, 2008
It may no longer be a standard-setter for big companies that role has passed to the International Accounting Standards Board. But the ASB has leadership status on this, and it is publishing just as its international counterpart gears up for its own review. (Financial Times)
Companhia de Concessoes Rodoviarias (CCR) Announces Execution of Agreement to Acquire Concessionaria Renovias S/A Jan 30, 2008
9% are traded on the New Market corporate governance segment of the Sao Paulo Stock Exchange (Bovespa), in accordance with international accounting standards. The company is included in the IBrX-50, IBrX-100, MSCI Latin America, Corporate Sustainability Index (ISE, for the third straight year) and Ibovespa indexes. (PR Newswire)
Toyota Takes Texas as Tundra Sales Gains Destroy Last Bastion for Detroit Jan 12, 2008
That year's loss for Auburn Hills, Michigan-based Chrysler, then owned by DaimlerChrysler AG, was $680 million using international accounting standards, or $1. 5 billion under traditional U.S. methods. (Bloomberg)
Cover off Tajikistan'smissing millions Jan 11, 2008
World Bank criticismCDH appears to have drawn criticism from the World Bank, which has publicly criticized the Tajik government and the Talco management for "very limited" international accounting standards; inappropriate selection of auditors; and firing auditors after conflicts over their reports. In a reference to the cutout arrangement, the World Bank said "the company is heavily reliant on a single group of companies as a supplier of material, purchaser of finished goods, and provider of... (Asia Times Online)
Staying positive in facing challenges Dec 29, 2007
While we see the introduction of many new and amended accounting standards in recent years, the challenge is to move to a full convergence with the international accounting standards (IAS). There are standards where modifications are currently made from a Malaysian perspective and at the same time we have deferred the adoption of other standards because of implementation challenges. (The Star Online, Malaysia -- Business)
Challenge to find land for oil palm expansion Dec 27, 2007
On the financial reporting standards front, the International Accounting Standards Board gave the corporate world a four-year reprieve from the last big wave of financial reporting standards in 2005. The next big wave is expected to be in 2009. (The Star Online, Malaysia -- Business)
