April

FASB voting changed to simple majority; staff reorganised

25 Apr 2002

The Trustees of the Financial Accounting Foundation, which oversees FASB, have approved a change of the FASB voting requirement for standards and exposure drafts from 5 out of 7 to a simple 4-3 majority.

The voting requirement for IASB is also a simple majority. The Trustees also discussed the FASB's reorganisation of its research and technical activities staff into three components: (1) major projects and technical activities (to be headed by Suzanne Q. Bielstein, formerly Assistant Director, Research and Technical Activities), (2) technical application and implementation activities (director to be named), and (3) planning, development and support activities (to be headed by Kimberley R. Petrone, formerly Project Manager). The Director, Technical Application and Implementation Activities will serve as Chair of the EITF. Until that position is filled, G. Michael Crooch, an FASB Board member, serves as the EITF Chair. Click for FAF Press Release (PDF 31k)

Country pages updated for recent accounting standards activity

25 Apr 2002

We have updated our pages for the following European and African countries to reflect recent developments in accounting and related matters: Denmark, France, Germany, Greece, and South Africa. Also, we have added a new page for Sweden with an explanation of how accounting standards are set in that country as well as comparisons with IAS. .

We have updated our pages for the following European and African countries to reflect recent developments in accounting and related matters: Denmark, France, Germany, Greece, and South Africa. Also, we have added a new page for Sweden with an explanation of how accounting standards are set in that country as well as comparisons with IAS.

US House approves accounting regulatory and disclosure legislation

25 Apr 2002

The US House of Representatives has approved a bill that would create a regulatory board under the direct authority of the US Securities and Exchange Commission to certify auditors of publicly traded companies.

The Board would have the power to impose sanctions for auditor misconduct. The bill would bar accounting firms from doing certain financial-systems consulting and internal auditing for audit clients. The bill would require "real-time disclosure" of insider transactions. And it would require disclosure of:

  • "the issuer's off-balance sheet transactions and relationships with unconsolidated entities or other persons, to the extent they are not disclosed in the financial statements and are reasonably likely to materially affect the liquidity or the availability of, or requirements for, capital resources, or the financial condition or results of operations of the issuer;" and
  • loans to officers, directors, and other insiders. The Senate is considering a similar but not identical bill. Joint approval of the legislation is required.

IASB member Robert Herz to be new FASB chairman

24 Apr 2002

Robert Herz, a partner at PricewaterhouseCoopers and a part-time member of the International Accounting Standards Board, has been selected as the new chairman of FASB.

Edmund Jenkins, the current FASB chairman, retires on 30 June. FASB Press Release (PDF 17k).

Project pages updated for April Board decisions

24 Apr 2002

We have updated our project pages to reflect April 2002 IASB Board decisions on Business Combinations, IAS 19 Asset Ceiling Revision, Performance Reporting, Preface to IFRS, and Share-Based Payment. .

We have updated our project pages to reflect April 2002 IASB Board decisions on Business Combinations, IAS 19 Asset Ceiling Revision, Performance Reporting, Preface to IFRS, and Share-Based Payment.

ECOFIN meeting notes

24 Apr 2002

We have posted the Meeting Notes (PDF 39k) for the April meeting of the European Council of Finance Ministers in which the following 'policy actions' on financial reporting are urged: .

We have posted the Meeting Notes (PDF 39k) for the April meeting of the European Council of Finance Ministers in which the following 'policy actions' on financial reporting are urged:

  • Speedy adoption this year of the Proposed Regulation requiring the use of IAS by listed EU companies from 2005, in line with the Barcelona Council conclusions;
  • Preparation of the Commission's endorsement decision of existing IAS so as to make it possible for listed EU companies to prepare the change-over in time for the 2005 deadline;
  • Further development of EU and national enforcement mechanisms so as to ensure proper and harmonised application of IAS within the EU in co-ordination with the Committee of European Securities Regulators (CESR);
  • Sustained and co-ordinated upstream pressure within the IAS process to ensure that new IAS continue to follow the principle-based approach and reflect, as much as possible, European concerns;
  • Continuation of the dialogue with US authorities to encourage their acceptance of IAS financial statements prepared by listed EU companies for listing within the US without reconciliation to US GAAP from 2005 onwards;
  • EU support for global convergence through the IAS process on important accounting issues such as the treatment of financial instruments, share based payments and off-balance sheet financing schemes;
  • Urgent modernisation of existing Accounting Directives in order to apply IAS principles to unlisted companies, when a Member State so chooses;
  • Before Summer 2002, publication by the Commission of a second consultative document on Regular Reporting. This document will address issues such as the periodicity of financial reporting (quarterly reporting) and on-going disclosure obligations.

Country pages updated for recent accounting standards activity

24 Apr 2002

We have updated our pages for the following Asia-Pacific countries to reflect recent developments in accounting and related matters: Australia, China, Hong Kong, India, Singapore, and Thailand. .

We have updated our pages for the following Asia-Pacific countries to reflect recent developments in accounting and related matters: Australia, China, Hong Kong, India, Singapore, and Thailand.

Comparison of Chinese GAAP and IAS

23 Apr 2002

We have posted a Comparison of Chinese GAAP and IAS.

Chinese Accounting Standards are developed by the Ministry of Finance, with Deloitte Touche Tohmatsu serving as consultants. To date 16 Standards have been adopted, and others are under development or in the exposure draft stage. Click for China Country Information.

April 2002 IASPlus newsletter is posted

23 Apr 2002

We have posted the Asia-Pacific edition of our IASPlus Newsletter.

The Europe-Africa and Americas editions will be posted in the next few days.

Reports from the April IASB meeting

17 Apr 2002

We have moved all of our reports of decisions at the April 2002 IASB meeting to a Combined Report page. .

We have moved all of our reports of decisions at the April 2002 IASB meeting to a Combined Report page.

Correction list for hyphenation

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