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February

US SEC announces some 'post-Enron' disclosure changes

15 Feb 2002

The US SEC has announced proposed changes in corporate disclosure rules as the first in a series of steps designed to improve the US financial reporting and disclosure system.

The rule changes, which would apply to foreign as well as domestic registrants, "will provide significant improvements quickly while other proposals are considered". The proposed rules are intended to:
  • Accelerate reporting by companies of transactions by company insiders in company securities, including transactions with the company;
  • Accelerate filing by companies of their quarterly and annual reports;
  • Expand the list of significant events requiring current disclosure on existing Form 8-K, including changes in rating agency decisions, obligations that are not currently disclosed, and lock-out periods affecting employee stock-ownership plans.
  • Require public companies to post their annual and quarterly reports on their websites at the same time they are filed with the SEC; and
  • Require disclosure of critical accounting policies in Management's Discussion and Analysis of Financial Condition and Results of Operations, contained in annual reports.
Click for Details of Planned SEC Rules.

SIC will meet 26-27 February

14 Feb 2002

IASB's restructured Standing Interpretations Committee will hold its first meeting on 26 and 27 February 2002 at the IASB offices in London.

(IASB has proposed to rename the group as International Financial Reporting Interpretations Committee, or IFRIC.) Principal agenda items include IFRIC operating procedures, discussion of SIC D32, Website Costs, and proposals for the initial agenda of the committee. Click for the List of Members of the reorganised IFRIC.

Chairs of IASCF and IASB will testify before US Senate committee

12 Feb 2002

IASC Foundation Chairman Paul A.

Volcker and IASB Chairman Sir David Tweedie will testify before the United States Senate Committee on Banking, Housing, and Urban Affairs on 14 February 2002. They will give testimony at a hearing on "Accounting and Investor Protection Issues Raised by Enron and Other Public Companies: International Accounting Standards and Necessary Reforms to Improve Financial Reporting". Mr. Volcker was also recently appointed chairman of a new independent oversight board created by Andersen. Five former Chairmen of the US SEC (Roderick M. Hills, Harold M. Williams, David Ruder, Richard C. Breeden, and Arthur Levitt, Jr.) testified at a session of that hearing conducted on 12 February. Click for Hearing Information.

IAS required for all IPOs, secondary offerings in China

08 Feb 2002

The China Securities Regulatory Commission has announced that, for all initial public offerings of 'A Shares' (shares that can be purchased by Chinese investors) filed after 1 April 2002 and all secondary offerings by PRC listed companies after 1 January 2002, IAS financial statements must be published, and they must be audited by an international accounting firm.

These would supplement financial statements prepared using Chinese GAAP. It is estimated that the total number of such IAS audits will be around 400 per year. Companies issuing 'B Shares' (shares available for purchase by foreign investors) already are required to publish IAS financial statements at the time of an offering and thereafter.

Our comment letters on Preface and Constitution

06 Feb 2002

We have posted the Deloitte Touche Tohmatsu letters of comment on: (46k) (13k) Click here for links to Other DTT Comment Letters to IASC/IASB .

We have posted the Deloitte Touche Tohmatsu letters of comment on:

Technical agenda for IASB meeting 19-22 February

06 Feb 2002

The following issues are on the Agenda for the London Board meeting: Business Combinations First-Time Application of IFRS Amendments to IAS 32, Financial Instruments: Disclosure and Presentation, and IAS 39, Financial Instruments: Recognition and Measurement Improvements to Existing IFRS: -- IAS 27, Consolidated Financial Statements and Accounting for Investments in Subsidiaries -- IAS 28, Accounting for Investments in Associates -- Approval of Other Exposure Drafts Insurance Contracts Reporting Performance Share-based Payment .

The following issues are on the Agenda for the London Board meeting:

  • Business Combinations
  • First-Time Application of IFRS
  • Amendments to IAS 32, Financial Instruments: Disclosure and Presentation, and IAS 39, Financial Instruments: Recognition and Measurement
  • Improvements to Existing IFRS: -- IAS 27, Consolidated Financial Statements and Accounting for Investments in Subsidiaries -- IAS 28, Accounting for Investments in Associates -- Approval of Other Exposure Drafts
  • Insurance Contracts
  • Reporting Performance
  • Share-based Payment

US SEC launches fake scam websites to warn investors

01 Feb 2002

The US Securities and Exchange Commission in cooperation with other agencies has created a series of fake websites designed to warn investors who rush into investment opportunities on the Internet without fully investigating the offers.

The first site, publicised with the help of PR Newswire, had 150,000 hits in its first three days. Click for Press Release.

Americas edition of IAS Plus newsletter is posted

01 Feb 2002

We have posted the January 2002 Americas edition of our IAS Plus Newsletter.

It includes a commentary: Principles Versus Rules.

 

Five more chapters of insurance DSOP are available

01 Feb 2002

IASB has posted chapters 8 to 12 of its Draft Statement of Principles on Insurance Contracts.

The chapters cover reinsurance, measurement of direct insurance contracts by policyholders, other assets and liabilities, reporting entity and consolidation, and interim financial reporting. Click here for Project Information.

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.