At the end of March, the IASB published three new standards ('IFRS') and three amended standards.

The new standards are:

• IFRS 3 'Business Combinations';
• IFRS 4 'Insurance Contracts'; and
• IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'.

The amendments are to: IAS 36 'Impairment of Assets'; IAS 38 'Intangible Assets'; and IAS 39 'Financial Instruments: Recognition and Measurement' (fair value hedge accounting for a portfolio hedge of interest rate risk).

This completes the set of standards with which companies that will use IFRS from 2005 will be required to comply.

The ASB has acknowledged that the IASB has faced an enormous challenge in producing standards to meet the 2005 deadline and has welcomed its achievement in delivering the standards on time. It has also underlined the importance of the European Commission now acting swiftly to ensure these new and amended standards are promptly adopted for use in Europe.