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  • SEC will study a 'principles-based' accounting system

    30 Jul 2002

    The accounting reform legislation in the United States requires the SEC to conduct a study on the "adoption by the United States financial reporting system of a principles-based accounting system", including: the extent to which principles-based accounting and financial reporting exists in the United States; the length of time required for change from a rules-based to a principles-based financial reporting system; the feasibility of and proposed methods by which a principles-based system may be implemented; and a thorough economic analysis of the implementation of a principles-based system. The SEC must complete the study in one year and must submit its report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. .

  • New Accounting Roundup newsletter posted

    30 Jul 2002

    The 29 July 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA covers the AcSEC project on valuation of private equity securities, the July IASB meeting, the US accounting reform legislation, and securitisations. .

  • Comparison of IFRS and US GAAP

    30 Jul 2002

    We have posted the latest Deloitte Touche Tohmatsu publication about IAS: GAAP Differences in your Pocket: IAS and US GAAP.

  • Accounting reform legislation passed in United States

    29 Jul 2002

    By vote of 99-0 in the Senate and 423-3 in the House, the United States Congress has approved legislation creating a Public Company Accounting Oversight Board (PCAOB) to oversee the accounting profession.

  • Country updates posted for Europe and Africa

    29 Jul 2002

    We have updated our summaries of recent accounting standards activities in six Jurisdictions in Europe and Africa: France, Germany, Russia, South Africa, Sweden, and United Kingdom. .