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.
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.
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.
IASC has issued IAS 41, Agriculture.
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).
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.
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).
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.
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".
13 Feb 2001
US President George W.
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.
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.
Links to:
These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.