Overall, we support the opening balance sheet approach of ED1. We believe the approach addresses the practical problems of applying the previous requirements under SIC-8, First-Time Application of IASs as the Primary Basis of Accounting, and the IASB has accomplished its objective of ensuring that an entity's first IFRS financial statements contain high quality information. Nonetheless, our review of ED1 identified a number of issues that arise from applying the different options and exemptions under the opening balance sheet approach that we believe should be addressed by the IASB. You will find all of our past comment letters Here.

The IASB and the FASB presented the agreement to the chairs of leading national standard setters at a two-day meeting in London on 28-29 October. Click for:

• Memorandum of Understanding (PDF 10k).
• Press Release (PDF 24k).
• SEC Press Release, "Actions by FASB, IASB Praised" (PDF 28k).
• EC Press Release, "Commission Welcomes IASB/FASB Convergence Agreement" (PDF 21k).

 

We have posted the EFRAG Comment Letter to IASB on proposed amendments to IAS 32 and IAS 39

It deals with the accounting implications of Australia's new business tax system (tax consolidation). Earlier editions are also available for downloading.

This issue covers special purpose entities, amendment to SFAS 133 (derivatives and hedging), principles-based approach to US standards, implementation of the Sarbanes-Oxley Act, appointment of PCAOB members, EDGAR filings for foreign issuers, our book on implementing IAS 32 and IAS 39, and the IASB's exposure draft on first-time application of IFRS.

Task force will identify and analyse the causes of the loss of credibility, and consider alternative courses of action to restore credibility. These may include recommendations on principles of best practice in the areas of financial and business reporting, corporate governance, and auditor performance. The task force will be chaired by John Crow, former Governor of the Bank of Canada, and includes representatives from company management, boards of directors, the investment community, and the accountancy profession. They expect to issue their report in mid-2003. Click for IFAC Press Release (PDF 21k).

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

Webster, PCAOB chairman, former US court judge and director of the FBI; Kayla J. Gillan, pension fund attorney; Daniel L. Goelzer, former SEC general counsel; Willis D. Gradison Jr., former Congressman; and Charles D. Niemeier, SEC Enforcement Division Chief Accountant. Want more information? Click for:

• SEC Announcement.
• One-Page Summary of the Sarbanes-Oxley Act (PDF 19k).
• Full Text of the Act (PDF 230k).

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.