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May

IASB issues 'Asset Ceiling' amendment to IAS 19

31 May 2002

The IASB has published a limited amendment to IAS 19, Employee Benefits.

The amendment fixes a perceived problem caused by the interaction of two aspects of IAS 19 - the option to defer actuarial gains and losses and the limit on the amount that can be recognised as an asset (the 'asset ceiling').

The Board concluded that IAS 19 was giving rise to counter-intuitive results because an actuarial loss in the pension plan could give rise to a reported gain in the entity's financial statements and an actuarial gain in the pension plan could give rise to a reported loss. The amendment prohibits gain or loss recognition in these circumstances.

Click for IASB Press Release (PDF 12k). Click here for Project Info.

 

Free real-time access to all SEC filings

31 May 2002

The US Securities and Exchange Commission's website has begun providing free, real-time access to its EDGAR Database of Corporate Filings.

Previously, EDGAR filings did not appear on the SEC's website for at least 24 hours. The SEC requires all public companies (except those with less than $10 million in assets and fewer than 500 shareholders) to file registration statements, quarterly and annual reports, and other forms electronically through the EDGAR (Electronic Data Gathering, Analysis and Retrieval) system. (PDF 35k).

Summary of Preface to IFRS

30 May 2002

We have posted a Summary of the Preface to International Financial Reporting Standards, published by IASB earlier this month.

We have posted a Summary of the Preface to International Financial Reporting Standards, published by IASB earlier this month.

Newsletter summarising IASB Improvements ED is available

29 May 2002

We have posted a Special Edition of our IAS Plus Newsletter (12 pages, bullet points) summarising the main proposals in the 400-page IASB Exposure Draft, Improvements to International Accounting Standards. (PDF 113k). Project Information. .

We have posted a Special Edition of our IAS Plus Newsletter (12 pages, bullet points) summarising the main proposals in the 400-page IASB Exposure Draft, Improvements to International Accounting Standards.

IOSCO cites progress toward global accounting standards

29 May 2002

In the Final Communiqué of the XXVIIth Annual Conference (18-24 May 2002) of the International Organization of Securities Commissions, IOSCO noted considerable progress toward acceptance of IAS by its members: Following up on its Resolution Concerning the Use of IASC Standards for the Purpose of Facilitating Multinational Securities Offerings and Cross Border Listings adopted by the Presidents' Committee in May 2000, IOSCO conducted a survey of the acceptance of International Accounting Standards by IOSCO members.

The results indicate that many jurisdictions permit incoming issuers to use IAS, and others are actively working towards this end. Moreover, since May 2000, there have been a number of developments promoting the use of IAS. These include: (i) the decision of the EU Council of Ministers (ECOFIN Council) requiring the use of IAS by 2005; (ii) the completion of the reconstitution of the IASB into a full-time independent standard setter, and (iii) the formation of the Committee of European Securities Regulators with a special sub-group devoted to these issues. Looking ahead, to further these efforts, IOSCO encourages the IASB and national standard setters to work cooperatively and expeditiously to achieve convergence in order to facilitate cross-border offerings and listings and encourages regulators to address the broader issues of consistent interpretation, application and enforcement.

Project pages updated for May 2002 Board decisions

29 May 2002

We have updated the following project pages for Board decisions at the May 2002 meeting: Business Combinations First-Time Application of IFRS Insurance Contracts Performance Reporting Share-Based Payment .

We have updated the following project pages for Board decisions at the May 2002 meeting:

Project page updated for 'Improvements' ED

27 May 2002

We have updated the agenda project page for Improvements to IAS to reflect the proposals in the IASB's recent Exposure Draft.

Comment deadline on this 400-page document is 16 September 2002.

USA Accounting Roundup newsletters

26 May 2002

We have begun posting issues of Accounting Roundup, a newsletter published by Deloitte & Touche (United States) summarising recent accounting and financial reporting developments in the United States of America.

Accounting Roundup is published periodically as developments warrant – generally at least monthly.

SEC Chairman Pitt comments on accounting standard setting reforms

25 May 2002

Speaking before the Investment Company Institute on 24 May, SEC Chairman Harvey L.

Pitt said [ (PDF 76k)]:

In addition, accounting standard setting itself must be improved. For over 60 years we have looked to the private sector to assume the initiative in establishing accounting principles. We continue to support private sector standard setting but, the SEC has, in the past, abdicated far too much of its obligation to ensure that accounting standards meet the objectives of the federal securities laws. We will take a more active role to ensure that standards are implemented that benefit markets and investors. Going forward, we plan to

  • broaden funding sources and make funding involuntary;
  • meaningfully participate in setting the agenda of the Financial Accounting Standards Board;
  • exercise our authority to review adopted standards; and
  • ensure that FASB promulgates principle-based standards, which adapt faster to changing business environments and emphasize overall accuracy and completeness.

Notes from IASB meeting May 2002

25 May 2002

We have combined all of the notes taken by Deloitte observers at the 22-24 May 2002 IASB Meeting on a single page. .

We have combined all of the notes taken by Deloitte observers at the 22-24 May 2002 IASB Meeting on a single page.

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.