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August

IASB will meet with national standard setters

29 Aug 2001

The IASB will meet with representatives of eight national accounting standard setters in London on 10-11 September to continue to develop a programme of partnership on certain technical agenda projects.

The goal is convergence of national and international accounting standards. This is the second such meeting. In May, discussion centred on the following possible partnership approach:
  • IASB and the national standard setters would agree on convergence projects and, to the extent possible, each would place them on their agendas.
  • One national standard setter would be the leader on a project, one or more others would agree to provide project support resources, and one or more others would agree to be consultants.
  • Flexibility would be needed to accommodate the varied due processes of the national standard setters.
Specific projects that will be discussed with the national standard-setters at the 10-11 September meeting are:
  • First-Time Application of IAS
  • Business Combinations
  • Share-Based Payments
  • Improvements to IASB Standards
IASB will meet on its own on 12-13 September when it is scheduled to discuss:
  • Business Combinations
  • Share-Based Payments
  • Insurance Contracts
  • First-Time Application of IAS

Japan's new Accounting Standards Board is in place

25 Aug 2001

A consortium of 10 private sector organisations, including Keidanren, JICPA, and the Tokyo Stock Exchange, have created a new Japan Accounting Standards Board (ASB) and related oversight foundation known as the Financial Accounting Standards Foundation (FASF).

Thirteen persons were appointed to ASB, of whom three serve full time. An Advisory Council will also be created. The organisation is expected to be self-funding through membership fees. Stated objectives:

The objectives of the FASF are to promote progress of corporate finance disclosure and soundness of the capital markets in Japan by developing generally accepted accounting standards. The FASF will also contribute to the development of a high quality set of internationally accepted accounting standards.

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Fair value accounting for financial instruments

23 Aug 2001

Shining a Light on Company Accounts, The Economist, 16th August 2001. .

Shining a Light on Company Accounts, The Economist, 16th August 2001.

Hong Kong GAAP will move even closer to IAS

22 Aug 2001

The Council of the Hong Kong Society of Accountants has decided that Hong Kong's approach to IASs should change from harmonisation (basing Hong Kong accounting standards on IAS with occasional differences) to adoption.

This means that Hong Kong would not change the IASB standards but could add guidance if appropriate.

 

Studies show integration of European financial markets

22 Aug 2001

The importance of a common set of accounting standards in Europe is highlighted by three studies just published by the European Central Bank.

The studies indicate, among other things, a move toward integrated European equity, bond, and money markets.

Are you unsure about an abbreviation on this website?

21 Aug 2001

We've created a new page which provides a summary of abbreviations and acronyms used throughout the site.

Click for our access to our abbreviations and acronyms page.

FASB proposes new projects on financial performance, intangibles

20 Aug 2001

FASB is proposing to add to its technical agenda two projects that relate to issues under consideration by IASB: Reporting Financial Performance and Disclosure about Intangibles.

Detailed project proposals can be found on FASB's Website. In seeking views on whether to undertake these projects, FASB noted:

In attempting to promote high-quality international standards, the Board also considers (a) the possibility that resolution of the issues addressed would increase convergence of standards worldwide, (b) the opportunities the topic presents for cooperation with the International Accounting Standards Board or other standard setters, and (c) whether appropriate and sufficient resources are available for a joint project or other cooperative effort.

Five SIC projects will not be pursued

19 Aug 2001

SIC has removed two projects from its agenda because they are being addressed in IASB projects and has decided not to pursue three other potential projects that it had been discussing.

The two cancelled projects are those on:
  • Transactions Among Enterprises Under Common Control
  • Earnings Per Share-Preference Dividends
The potential SIC projects that are not now being pursued are:
  • Indefeasible Right of Use of Assets
  • Financial Instruments - Classification of Preference Shares
  • Consideration of SIC 12: Consolidation of Special Purpose Entities
Click for More Information.

Study recommends changes to IAPC structure and procedures

19 Aug 2001

IFAC has invited comments on proposals for improving the organisation and procedures of the International Auditing Practices Committee.

Click to Download the Proposals from IFAC's Website. Comment deadline 21 September 2001.

IASB agenda projects pages updated

18 Aug 2001

We have updated the pages that describe the projects already added to IASB's Technical Agenda and the other projects identified by IASB as probable future projects. .

We have updated the pages that describe the projects already added to IASB's Technical Agenda and the other projects identified by IASB as probable future projects.

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