Professional Publications

In November 2005 the Professional Practice Committee of the Israel Accounting Standards Board decided that as from January 1, 2008 the financial statements of public companies in Israel would be prepared according to IFRS. This dramatic decision is expected to complete the process of converting to IFRS that began in Israel in recent years. The transition process was reflected in the issuance of a number of accounting standards, proposals for accounting standards and a terms framework for the preparation and presentation of financial statements according to IFRS. Furthermore, the Israel Accounting Standards Board established a number of committees for examining the adoption of additional IFRS, with respect to matters such as: revenue recognition, business combinations, earnings per share, fixed assets, financial instruments, etc.
The broshure written by the Professional Practice Department of KPMG Somekh Chaikin reviews the principal changes that are anticipated to occur following the adoption of IFRS in Israel.
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During September 2004 amendments to the Securities Regulations were published which drastically changed public corporation reporting requirements in Israel, based on the recommendations of the Barnea Committee. Similarly, amendment 25 to the Securities Law was enacted in November 2004 dealing with off-the-shelf registration statements following the recommendations of the Bachar committee.
This booklet includes analysis of the principal changes effective as a result of the changes in regulation, with stress on implementation issues.
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During August 2004 the Israel Accounting Standards Board published Accounting Standard No.19 - Taxes on Income. The standard applies to financial statements covering periods commencing on January 1, 2005 or subsequently. The standard is based on the International Accounting Standard No.12 - Taxes on Income, and determines the accounting treatment required for taxes on income, including recognition, measurement, presentation and disclosure criteria. This book includes the standards instructions, clarifications and examples designed to assist in the understanding of the standard and its initial implementation in Israel.
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