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June

SEC concern about the integrity of financial statements

30 Jun 2001

Expressing concern about accounting irregularities and the integrity of financial statements, Acting US SEC Chairman Laura S.

Unger said in a recent Speech (PDF 57k):

The Commission was also seeing many companies restate their financial statements: 104 in 1997, 116 in 1998, and 142 in 1999. The growing trend in the number of restatements did not abate in 2000. According to a recent study, there were 156 restatements last year. The study further reports that the restatements resulted in total market losses of $31.2 billion in 2000, $24.2 billion in 1999 and $17.7 billion in 1998.

2,400 follow-ups from IOSCO International Internet Surf Day

29 Jun 2001

The SEC and 37 of its IOSCO counterparts conducted a second International Internet Surf Day in an ongoing effort by securities regulators to detect and deter securities violations occurring on the Internet, particularly those involving cross-border activity.

Approximately 300 staff of IOSCO members surfed the Internet for fraudulent solicitation of investors, manipulation, the circulation of false or misleading information, and insider trading. Regulatory authorities collectively identified over 2,400 sites for follow-up review, with over 278 of the sites involving cross-border activity. IASB recently decided not to pursue the IASC Project on Business Reporting on the Internet. Click for SEC Press Release (PDF 9k).

 

New European environmental accounting rules

28 Jun 2001

The European Commission has adopted a Recommendation on recognition, measurement, and disclosure of environmental liabilities and expenditures in the annual accounts and annual reports of EU companies.

"The Recommendation has been prepared taking into account relevant requirements in International Accounting Standards (IAS).... However, there exists little guidance directly related to environmental issues in IAS and no specific IAS is solely focused on these issues." Click for Full Text of Recommendation (PDF 144k).

Kevin Stevenson is named IASB Technical Director

28 Jun 2001

IASB has named Kevin M.

Stevenson of Australia as its Director of Technical Activities, its senior technical staff position. Kevin Stevenson currently is managing director of Stevenson McGregor and is a member of the Australian Accounting Standards Board. Formerly, he was Senior Technical Partner, PricewaterhouseCoopers, Australia and a member of IASC's Standing Interpretations Committtee and the Australian Urgent Issues Group. He is also a former Executive Director of the Australian Accounting Research Foundation. He will begin his position in February 2002. James Saloman will remain Technical Director of the IASB until the end of the year and will return to PricewaterhouseCoopers in 2002. Click for IASB News Release (PDF 14k).

Preliminary report of IASB's 26-28 June Board meeting

28 Jun 2001

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

Click to go to Summary of IASB's 26-28 June 2001 Meeting. It had originally been presented as several lengthy news items.
Upton, formerly Senior Project Manager at the US Financial Accounting Standards Board, will be IASB's Director of Research. The Director of Research will directly oversee IASB's technical agenda projects and will report to the Director of Technical Activities.

Europe creates IAS technical expert and oversight boards

26 Jun 2001

The European Financial Reporting Advisory Group -- an organisation established in March by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters -- has created a Technical Expert Group and a Supervisory Board to serve as Europe's "IAS Endorsement Mechanism".

Technical Expert Group members are Johan van Helleman, Chairman, Yves Bernheim, Andreas Bezold, Allan Cook, Stig Enevoldsen, Begoña Giner, Hans Leeuwerik, Freddy Méan, Eberhard Scheffler, Friedrich Spandl, and Giuseppe Verna. The Technical Expert Group will assess the acceptability of IAS within the European legal environment as well as provide views to IASB as standards are being developed.

 

Trustees name Standards Advisory Council Members

25 Jun 2001

The IASC Foundation Trustees have named 49 people to the Standards Advisory Council.

SAC members will advise the IASB on technical standards-setting issues, including agenda selection. SAC will hold its first meeting with the Board 23-24 July. SAC members include four Deloitte partners (Messrs. Wilmot, Malegam, Enevoldsen, and Inbar). Click for More Information about the SAC.

Africa

  • Peter Wilmot, South Africa
  • Ndungu Gathinji, Kenya

Asia, Excluding Japan

  • Raja Arched, Malaysia
  • Marvin Cheung, Hong Kong
  • Feng Shuping, China
  • Kim Il-Sup, Korea
  • Yezdi Malegam, India
  • Reyaz Mihular, Sri Lanka

Australia / New Zealand

  • Ian Ball, New Zealand
  • Peter Day, Australia

Central and Eastern Europe

  • Larissa Gorbatova, Russia
  • Rita Illison, Estonia

European Union

  • David Damant, United Kingdom
  • Philippe Danjou, France
  • Stig Enevoldsen, Denmark
  • Douglas Flint, United Kingdom
  • Alberto Guissani, Italy
  • Sigvard Heurlin, Sweden
  • Benoit Jaspar, Belgium
  • Jean Keller, France
  • Carmelo de las Morenas, Spain
  • Jochen Pape, Germany
  • Maija Torkko, Finland
  • Willem van der Loos, Netherlands

Japan

  • Eiko Tsujiyama, Japan
  • Yoshiki Yagi, Japan

Latin America

  • Nelson Carvalho, Brazil
  • Hector Estruga, Argentina
  • Rafael Gomez, Mexico

Middle East

  • Adir Inbar, Israel
  • Rifaat Ahmed Abdel Karin, Bahrain

United States and Canada

  • Jeannot Blanchet, Canada
  • Michael Conway, United States
  • Jerry Edwards, United States
  • Trevor Harris, United States
  • Philip Livingston, United States
  • Patricia McConnell, United States
  • Paul McCrossan, Canada
  • Gabrielle Napolitano, United States
  • David L. Shedlarz, United States
  • Keith Sherin, United States
  • David Sidwell, United States
  • Norman Strauss, United States

International Organizations

  • Fayezul Choudhury, World Bank
  • Arne Petersen, IMF
  • Ian Mackintosh, IFAC
  • Rafael Sanchez de la Pena, IOSCO
  • John Carchrae, IOSCO
  • Arnold Schilder, BIS Official Observers
  • European Commission
  • United States SEC
  • Financial Services Agency of Japan

Proposed IAS 39 guidance addresses bank "macro-hedging"

23 Jun 2001

On 22 June 2001, the IAS 39 Implementation Guidance Committee published for comment proposed Batch 6 of IAS 39 implementation guidance.

Batch 6 includes 24 Q&A; and illustrative examples. Comment deadline is 24 August. One of the questions and related examples address the particularly thorny issue of applying hedge accounting when a bank or other financial institution manages its interest rate risk on an enterprise-wide basis. The guidance includes an example of a methodology that allows for the use of hedge accounting and takes advantage of existing bank risk management systems so as to avoid unnecessary changes to it and to avoid unnecessary bookkeeping and tracking.

IAS In Your Pocket guide published

22 Jun 2001

Deloitte Touche Tohmatsu has published a 64-page guide, IAS In Your Pocket.

This guide includes summaries of all IAS and SICs, background on IASB projects, and other useful IASB-related information. Click to download .

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