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Description of the G4+1 Group of Accounting Standard Setters At its meeting in London on 30 January-1 February 2001, the G4+1 group of standard-setters agreed that because the new International Accounting Standards Board is ready to start its activities, the G4+1 group would disband and cancel its planned future activities. G4+1 does not plan any further publications. The London meeting was declared the last meeting of the group. Here is the G4+1 Announcement. The G4+1 was an association of the following accounting standard-setting bodies: Australian Accounting Standards Board Canadian Accounting Standards Board New Zealand Financial Reporting Standards Board United Kingdom Accounting Standards Board United States Financial Accounting Standards Board The International Accounting Standards Committee participates in the work of the G4+1 as an observer. The G4+1 organisations have set out the following broad objectives of the group: To develop quality financial reporting standards for the primary purpose of providing information useful to capital market participants. To seek common solutions to financial reporting issues. To develop standards based on a conceptual framework accepted by all G4+1 members. To resolve the issues within the context of the conceptual framework. Among other things, they analyse financial reporting issues by conducting research and publishing reports and by exchanging information and ideas by correspondence and at periodic meetings. PAPERS ISSUED BY THE G4+1 GROUP 1. Future Events (1994) 2. Major Issues Related to Hedge Accounting (1995) 3. Provisions (1995) 4. Accounting for Leases: A New Approach (1996) 5. International Review of Accounting Standards Specifying a Recoverable Amount Test for Long-Lived Assets (1997) 6. Reporting Financial Performance: Current Developments and Future Directions (1998) (Unnumbered) Recommendations for Achieving Convergence on the Methods of Accounting for Business Combinations (1998) 7. Reporting Financial Performance (1999) 8. Reporting Interests in Joint Ventures and Similar Arrangements (1999) 9. Accounting by Recipients for Non-reciprocal Transfers, Excluding Contributions by Owners (1999) 10. Leases: Implementation of a New Approach (2000) 11. Accounting for Share-based Payment (2000) G4+1 STUDIES ON WHICH IASC SOLICITED PUBLIC COMMENT Recommendations for Achieving Convergence on the Methods of Accounting for Business Combinations Published December 1998. This is now on IASC's agenda (see above). More information. Reporting Financial Performance Published September 1999. This is now on IASC's agenda (see above). More information. Reporting Interests in Joint Ventures and Similar Arrangements Published October 1999. More information. Accounting by Recipients for Non-Reciprocal Transfers, Excluding Contributions by Owners: Their Definition, Recognition and Measurement Published January 2000. More information. Leases: Implementation of a New Approach Published February 2000. More information. Accounting Share-Based Payments ("Stock Compensation") Published July 2000. More information. G4+1 PROJECTS NOT BEING PURSUED FURTHER Although G4+1 had begun work on the following additional projects with a view toward publishing a study or research report, G4+1 has announced that it will not publish any further documents. Equity method Revenue recognition Intangibles Liabilities Measurement of nonfinancial items New basis of accounting Comparison of the conceptual frameworks of the G4+1 member bodies As noted above, in February 2001 the G4+1 group of standard-setters agreed to disband and cancel its planned future activities. G4+1 does not plan any further publications. ORDERING G4+1 PUBLICATIONS You may still be able to purchase G4+1 studies from some of the members.