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February

Public Sector Committee looks to IAS

27 Feb 2001

The Public Sector Committee (PSC) of the International Federation of Accountants (IFAC) is developing International Public Sector Accounting Standards (IPSAS) based on International Accounting Standards.

To date, the PSC has issued eight IPSAS, Exposure Drafts of seven further proposed IPSAS, and several other discussion documents. We have added a PSC Page to keep you informed of PSC activities.

ICAI, ICAEW applaud Board appointments

23 Feb 2001

Press releases have been issued by both The Institute of Chartered Accountants in Ireland (ICAI) and The Institute of Chartered Accountants in England and Wales (ICAEW) welcoming the European Commission's proposal for a regulation that would require all listed EU companies to prepare consolidated accounts in accordance with IAS.

ICAEW President Graham Ward said:

The adoption of International Accounting Standards should be a great boon to European companies, particularly large multinationals, due to the reduced cost of compliance and raising capital. Transparency of financial reporting should benefit investors, who will be able to compare company performance more easily across the member states.

Brian Walsh, Chief Executive of the ICAI, said:

There are many compelling reasons for moving to IAS including marketability, cross border mergers and acquisitions, shareholder communication and finance raising. The implementation of this Regulation will improve competition and greatly facilitate free movement of capital. It makes complete sense to have one method of accounting for a transaction, whether it takes place in Berlin, Dublin, or Boston.

IAS 41 on agriculture is issued

23 Feb 2001

IASC has issued IAS 41, Agriculture.

Under IAS 41, starting 1 January 2003, all crops, livestock, orchards, and forests are measured at fair value until harvest (unless fair value cannot be measured reliably), with fair value changes reported in earnings. IASC Press Release (PDF 30k).

IASC publishes annual review 2000

23 Feb 2001

IASC has published its annual review for 2000. IASC Chairman's and Secretary-General's Review (PDF 34k). .

IASC has published its annual review for 2000. IASC Chairman's and Secretary-General's Review (PDF 34k).

IASC drafts web-reporting specification

22 Feb 2001

At its first global meeting this week in London, the XBRL.org Committee announced that IASC has released a draft taxonomy of XBRL for IAS Financial Statements.

The IASC taxonomy is an XML-based specification for the commercial and industrial' sector that allows users and suppliers of financial information to create, exchange, and analyse financial statements across all software and technologies, including the Internet. Click for:

SIC approves one final, one draft interpretation

21 Feb 2001

At its meeting earlier this month, IASC's Standing Interpretations Committee approved a final Interpretation on results of incidental operations (subject to drafting and approval by the IASB) and a new draft Interpretation on measurement of shares issued in a business combination (also subject to drafting). .

At its meeting earlier this month, IASC's Standing Interpretations Committee approved a final Interpretation on results of incidental operations (subject to drafting and approval by the IASB) and a new draft Interpretation on measurement of shares issued in a business combination (also subject to drafting).

New PRC standards based in part on IAS

19 Feb 2001

The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises. .

The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises.

ACCA voices concern about new Board

14 Feb 2001

The Association of Chartered Certified Accountants (ACCA) has taken the position that the announcement of the new IASC board "is a welcome step, but ACCA is concerned that the appointments do not give the new IASC board sufficient experience of the developing world". .

The Association of Chartered Certified Accountants (ACCA) has taken the position that the announcement of the new IASC board "is a welcome step, but ACCA is concerned that the appointments do not give the new IASC board sufficient experience of the developing world".

Laura S. Unger named acting SEC chairman

13 Feb 2001

US President George W.

Bush has designated SEC Commissioner Laura S. Unger as Acting Chairman of the U.S. Securities and Exchange Commission.

EC proposes IAS for all listed companies

13 Feb 2001

The European Commission has presented a proposal for a Regulation that would require all EU companies listed on a regulated market, including banks and insurance companies (about 7,000 companies in all), to prepare consolidated accounts in accordance with International Accounting Standards (IAS) by 2005, at the latest.

EU Member States would have the option to extend this requirement to unlisted companies and to individual company accounts. The EC announcement said:

The Regulation would help eliminate barriers to cross-border trading in securities by ensuring that company accounts throughout the EU are more transparent and can be more easily compared. This would in turn increase market efficiency and reduce the cost of raising capital for companies. The proposal is a priority measure under the Financial Services Action Plan, endorsed by the Lisbon European Council as a key element of the creation of an integrated financial services market. It is also in line with the strategy outlined in the Commission's June 2000 Communication on the future of financial reporting in Europe.

The Regulation proposes to establish a new EU mechanism to "assess IAS and give them legal endorsement for use within the EU. This mechanism will use an Accounting Regulatory Committee set up under the proposal that will operate at the political level under established EU rules on decision-making by regulatory committees. The Accounting Regulatory Committee, chaired by the Commission and composed of representatives of the Member States, will adopt or reject IAS on the basis of a proposal made by the Commission."

Currently, approximately 275 European listed companies prepare their consolidated financial statements under IAS, 300 under US GAAP, and the remainder (about 6,500 companies) use their national GAAP. (These figures do not include Switzerland, where most large companies already follow IAS.) The EC said:

IAS will offer [those now using US GAAP] the same high quality level of financial information as US GAAP, with the additional advantage that IAS have been conceived in a truly international perspective and are not modelled by a particular national environment. The Commission hopes and expects that the US Securities and Exchange Commission (SEC) will accept in the near future financial statements prepared by EU issuers without requiring a reconciliation to US GAAP.

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