Number 2 in the "ten most critical financial reporting challenges facing US public companies for the year 2001" identified by the Financial Executives Institute: "International Accounting Standards -- Prepare for changes in domestic GAAP that will ensure compatibility among the accounting principles of countries around the world." FEI News Release (PDF 23k).

• business combinations,
• present value,
• reporting financial performance,
• insurance,
• extractive industries, and
• financial instruments. In addition, the statement suggests two new projects:
• a project on convergence of national and international standards, and
• a new 'improvements project' to clean up relatively minor matters in the existing IASC Standards. Other possibilities noted for the new Board's work programme include:
• share-based payment,
• narrative reporting,
• inflation accounting, and
• a review of the IASC Framework.

US SEC Chairman Arthur Levitt has submitted his resignation, effective mid-February.

We've begun to add Country Updates on accounting standards.