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April

German stock exchange to require IAS or US GAAP for small-cap companies

29 Apr 2001

Deutsche Bourse will require small-cap companies listed on the Smax index to use IAS or US GAAP starting in 2002. The goal is to enhance understandability of financial information for international investors.

Currently, 127 companies are included in the Smax list. Smax is intended to be a "quality segment" of companies that have agreed to "meet increased criteria of transparency and publicity according to international standards".

SIC to meet 9-11 May

28 Apr 2001

The Standing Interpretations Committee will meet 9-11 May in Melbourne, Australia.

Agenda items:
  • SIC-D27: Transactions in the Legal Form of a Lease and Leaseback
  • Business Combinations - Transactions among enterprises under common control
  • Revenue - Barter transactions involving advertising services
  • Intangible Assets - website costs
  • Reporting Currency - Translation from measurement currency to presentation currency
  • Disclosure - Service concessions
  • Consolidation / Equity Method - Potential voting rights
  • Earnings per share - Preference dividends
  • Financial Instruments - Issuance with a put option exercisable at the instrument's fair value
  • Indefeasible right of use of assets
  • Financial Instruments - Classification of preference shares
  • SIC-12 Consolidation - Special Purpose Entities (SPEs)

Report of IASB's first Board meeting

27 Apr 2001

We have moved the summary of discussions at the April 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 18-20 April Meeting. It had originally been presented as several lengthy news items.

 

Progress on accounting standards in a number of countries

19 Apr 2001

We have updated the country accounting standards information for Australia, China, Hong Kong, Pakistan, Singapore, and Vietnam. .

We have updated the country accounting standards information for Australia, China, Hong Kong, Pakistan, Singapore, and Vietnam.

IASB holds its first formal Board meeting

18 Apr 2001

The International Accounting Standards Board is holding its inaugural Board meeting on 18-20 April in London.

The Board is expected to decide which topics to put on its initial technical agenda. Click here for a List of Possible Topics that Have Been Proposed for IASB's Agenda. [Note: The list was updated to reflect decisions at the July 2001 IASB meeting.] The Board will also be presented with status reports on the following projects: Present Value, Insurance Contracts, and Reporting Financial Performance. The Board is also asked to approve SIC 26, Property, Plant and Equipment: Incidental Operations. The Board will be asked to consider an Improvements Project to address relatively small topics that can be dealt with quickly. Finally, the Board will be presented a proposed resolution of the IASB to Adopt the Existing IASC Standards and SIC Interpretations.

Audit report must clearly state financial reporting framework

07 Apr 2001

Under a new proposal from IFAC's International Auditing Practices Committee, the auditor's standard audit report must clearly state the financial reporting framework being used to prepare financial statements.

The amendment to International Standard on Auditing 700, The Auditor's Report on Financial Statements, will enable users to better understand the context in which the auditor's opinion is expressed. ISA 700 would require that the auditor refer to financial reporting framework in such terms as:

In our opinion, the financial statements, which have been prepared in accordance with International Accounting Standards (or '[title of national standards] being the accounting principles generally accepted in country A'), give a true and fair view of (or 'present fairly, in all material respects,') the financial position of the Company as of December 31, 20X1, and of the results of its operations and its cash flows for the year then ended, in accordance with... (and comply with...).

The proposed effective date is for financial statements for periods ending on or after September 30, 2002. [The IAPC ED had been available on IFAC's website but is no longer.] Comment deadline 31 May 2001.

Hong Kong companies may use IAS

02 Apr 2001

Effective 1 April, companies that have a primary listing on the Stock Exchange of Hong Kong (SEHK) are permitted to adopt IAS instead of Hong Kong GAAP.

They will be required to explain any significant differences with Hong Kong GAAP, including a reconciliation of the financial effect. The reconciliation requirement will not apply to companies from mainland China whose "H Shares" are listed on SEHK; they have previously been allowed to use IAS without reconciliation. Overseas-incorporated issuers and applicants that have or will have only a secondary listing on the SEHK are permitted also to follow US GAAP.

 

IASB officially takes over from IASC

01 Apr 2001

The International Accounting Standards Board assumed its responsibilities on 1 April 2001, succeeding the International Accounting Standards Committee.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.