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The IASB published today exposure draft Removal of Fixed Dates for First-time Adopters and draft interpretation Stripping Costs in the Production Phase of a Surface Mine

The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposal would amend IFRS 1 by replacing references to a fixed transition date of '1 January 2004' with 'the date of transition to IFRSs'.

The IFRS Interpretations Committee, the interpretative body of the IASB, has also today published for public comment proposed guidance on the accounting for stripping costs in the production phase of a surface mine.

More information:

Read the press release on exposure draft Removal of Fixed Dates for First-time Adopters
Read the press release on draft interpretation Stripping Costs in the Production Phase of a Surface Mine

Access the documents online:

To access the documents visit the "Get involved / Comment on a proposal" section on www.ifrs.org
If you are an eIFRS/Comprehensive subscriber, you can also view the documents in the 'Latest Additions' section of eIFRS (you will be required to provide your login details).

Printed copies of the exposure draft:

Printed copies of the exposure draft will be available to purchase shortly from the IFRS Foundation's online shop.
Comprehensive subscribers will receive a print copy shortly.

On 12 August 2010, PCAOB Adopts New Auditing Standards on Risk Assessment

The Public Company Accounting Oversight Board (PCAOB) today adopted eight auditing standards related to an auditor's assessment of and response to audit risk. The eight standards are:

Auditing Standard 8 (AS No. 8) - Audit Risk
Auditing Standard 9 (AS No. 9) - Audit Planning
Auditing Standard 10 (AS No. 10) - Supervision of the Audit Engagement
Auditing Standard 11 (AS No. 11) - Consideration of Materiality in Planning and Performing an Audit
Auditing Standard 12 (AS No. 12) - Identifying and Assessing Risks of Material Misstatement
Auditing Standard 13 (AS No. 13) - The Auditor's Responses to the Risks of Material Misstatement
Auditing Standard 14 (AS No. 14) - Evaluating Audit Results
Auditing Standard 15 (AS No. 15) - Audit Evidence

The standards, if approved by the Securities and Exchange Commission, will become effective for audits of fiscal periods beginning on or after Dec. 15, 2010. Click here for more details and to view this and other news releases on the PCAOB website.

IFRS Foundation appoints members of the SME Implementation Group

12 August 2010

The IFRS Foundation today announced the membership of the newly created SME Implementation Group. The mission of the Group is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation. The Group has two main responsibilities:

to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and
to make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.

Although members of the group do not act as country representatives, the Trustees of the IFRS Foundation have sought to ensure a balanced geographical distribution in selecting its members. The members of the Group will serve a renewable term of two years from July 2010; the chairman is the IASB member Paul Pacter.

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Workshop on IFRSs

From 11 to 13 August 2010, there is a workshop on " International Financial Reporting Statdards-IFRS " which is co-organized by the NAC

and the ACCA. The workshop opening ceremony is presided over by H.E Ngy Tayi, Secretary of State of MEF and Chairman of the NAC. Two ACCA's managements are invited to provide the presentation on IFRSs. There are approximately 70 participants from various sector of businesses doing business in Cambodia and from SECC and MEF's departments.

During this workshop, H.E Ngy Tayi give his remarks on the importance of the IFRS in ensuring the financial sector improvement and sustainable economic development in Cambodia in the context of the opening of stock exchanges in Cambodia in July 2011.

Public Consultation on the Draft Prakas on " Implementation of Financial Reporting Standards for Securities Issuers "

In 5 August 2010, at Sunway Hotel, there was a public consultation on the Draft Prakas on " Implementation of IFRS for Securities Issuers , co-organized by the Securities and Exchanges Commission of Cambodia and the National Accounting Council. The PC was presided over by H.E Ngy Tayi, Secretary of State of the MEF and Chairman of the NAC, as the representative of H.E Keat Chhon, Deputy Prime Minister, Minister of Economy and Finance.

This PC is organized to response to the need of the existence of securities market in the near future.

In conclusion, many firms provided their comments that the securities issuers should implement full IFRS.

Training on CIFRSs for General Tax Department's Staff

From August 02-10 2010, there is a training on CIFRSs for the staff from the General Tax Department and will be organized by the National Accounting Council under the program loan of ABD. This is the second time of training for GTD's staff on CIFRSs and it is the implementation of the NAC's Action Plan for 2010. According to the decision of H.E Keat Chhon, Deputy Prime Minister, Minister of Economy and Finance, the NAC will have more trainings on CIFRSs and also CIFRS for SMEs especially for the staff from General Tax Department, both in head office and from municipality/provincial branches, and for other public and private sectors. It is noted that the last two standards were fully adopted by the NAC by 2009. The first will become into effect by January 01, 2012 and the second will be applied from January 01, 2010 onward.

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