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February

  • EC urges US SEC to replace US GAAP with IAS

    21 Feb 2002

    In an interview with the Financial Times, Frits Bolkestein, European internal market commissioner, urged the US SEC to replace the 'cookery book' approach of US GAAP with the more 'substance over form' approach of IAS.

  • Fast track for Improvements Exposure Draft

    19 Feb 2002

    At its meeting with the Standards Advisory Council yesterday, the IASB indicated that it intends to vote on all the proposals for the Improvements Project at its February Board meeting.

  • Support for IASB from former SEC Chairmen

    15 Feb 2002

    Five former SEC Chairmen (Roderick M. Hills, Harold M. Williams, David Ruder, Richard C. Breeden, and Arthur Levitt, Jr.) testified at the US Congressional committee hearing on "Accounting and Investor Protection Issues Raised by Enron and Other Public Companies".

  • Tweedie and Volcker testify to US Congress

    15 Feb 2002

    IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Volcker testified at a hearing conducted by the US Senate Committee on Banking, Housing, and Urban Affairs on 14 February 2002 on "Accounting and Investor Protection Issues Raised by Enron and Other Public Companies: International Accounting Standards and Necessary Reforms to Improve Financial Reporting". Excerpts from Sir David's statement. Click for Full Text (PDF 108k): I do not plan to comment on specific accounting and auditing issues surrounding Enron, although there are many.