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September

SEC proposes that foreign issuers must file electronically

28 Sep 2001

Under a new (PDF 20k), foreign companies and foreign governments that issue securities in the United States would no longer be exempt from filing their SEC documents electronically through the Commission's Electronic Data Gathering, Analysis and Retrieval (EDGAR) System.

Comments are due in 60 days.

EITF issues guidance on 11 September terrorist attacks

27 Sep 2001

FASB's Emerging Issues Task Force has published EITF issue No.

01-10 on financial reporting of losses stemming from the terrorist attacks of September 11 in the USA. Key issues covered:
  • Which losses or costs should be classified as extraordinary items [in a follow-up meeting on 28 September, EITF concluded that none should be classified as extraordinary items]
  • When losses stemming from the attacks should be recognised
  • Accounting for insurance payments covering those losses
  • Note disclosures
More info at FASB Website.

Four new public sector standards based on IAS

26 Sep 2001

IFAC's Public Sector Committee has published new International Public Sector Accounting Standards based on IAS 10, IAS 17, IAS 32, and IAS 40. Click for More Information. .

IFAC's Public Sector Committee has published new International Public Sector Accounting Standards based on IAS 10, IAS 17, IAS 32, and IAS 40. Click for More Information.

Guidance from Deloitte on applying IAS 39

25 Sep 2001

164 Questions and Answers 151 Examples (many with journal entries) 52 US GAAP Comparisons Comprehensive summaries of IAS 39 and IAS 32 Coming soon.

Here's a Preview! More information next week.

Financial reporting implications of terrorist attacks in US

23 Sep 2001

At its regularly scheduled meeting on 20 September, FASB's Emerging Issues Task Force discussed the financial reporting implications of the 11 September terrorist acts.

In addition to the tragic loss of thousands of lives, businesses are now faced with the challenge of providing meaningful financial information to the public reflecting changes precipitated by recent events. EITF discussions focused on three issues:
  • how losses or other costs caused by the incident should be reported in financial statements,
  • when those losses or costs should be recognized (on September 11 or some later date), and
  • whether other information about the economic effects of the incident should be provided in financial statements.
The SEC has also taken steps (some of which have financial reporting and independence implications) to provide relief to market participants.

Upcoming forum on IAS and the insurance industry

23 Sep 2001

Deloitte Touche Tohmatsu and others will sponsor a two-day Forum on the Insurance Industry and IAS: Challenges and Opportunities, in Paris 9-10 October.

Other sponosors include Allianz, AXA, CGNU, Munich Re, Swiss Re, and Zurich Financial Services. Among the 26 speakers are IASB Chairman Sir David Tweedie, IASB Insurance Steering Committee Chairman Warren McGregor, and representatives of the IAIS, EU, other regulators, financial analysts, the auditing profession, and the industry. Click for Conference Information.

Battle may be looming on stock option accounting

23 Sep 2001

From a press release from Financial Executive International:"Requiring expense recognition for employee stock options could well undermine any chance that we will see harmonization of accounting standards....

The priority given to this bitter issue, and the manner in which the IASB press release treated expense recognition as a foregone conclusion, has disturbing implications about the fairness of the IASB deliberation process going forward."

IASB seeks comments on share-based payments

21 Sep 2001

IASB has invited additional comments on the July 2000 G4+1 discussion paper 'Accounting for Share-based Payment'.

Comment deadline is 15 December 2001.

That paper had proposed that all goods and services acquired by payment of shares or share options be accounted for at fair value, with a charge against earnings when the goods/services are consumed. For employee share options, fair value would be measured at vesting date.

IASB's predecessor, IASC, had sought comments on the paper in 2000.

Click for:

 

More information about first-time application of IFRS

20 Sep 2001

We have updated the page on First-Time Application of IFRS to reflect in detail the discussion at the 13 September IASB meeting.

IFRS includes IAS.
Herdman, partner at Ernst & Young, has been appointed SEC Chief Accountant effective 8 October 2001. He has been the senior partner responsible for his firm's relationships with the SEC, FASB, and the AICPA. (PDF 33k).

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.