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  • IFAC study on rebuilding confidence in financial reporting

    11 Aug 2003

    A task force commissioned by the International Federation of Accountants to address, from an international perspective, the loss of credibility in financial reporting and to suggest approaches to resolving the problem has issued its report.

  • US bank regulators jointly adopt rules on bank audits

    11 Aug 2003

    The United States Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, and Treasury Department Office of Thrift Supervision have jointly adopted rules and procedures for the removal, suspension, or debarment of independent public accountants and their accounting firms from performing independent audit and attestation services to banks operating in the United States.

  • Changes to IASB's project timetables

    10 Aug 2003

    The IASB has made the following changes to its project Timetables: Final Standards resulting from the Improvements project moved to 4th quarter 2003. Final Standards on Amendments to IAS 32 and IAS 39 moved to 4th quarter 2003 (with a further revision in 1st quarter 2004 on macro hedging). Final Standards on Share-Based Payment moved to 1st quarter 2004. Exposure Draft on Business Combinations Phase II – Application of the Purchase Method moved to 4th quarter 2003. Concepts of Revenue, Liabilities, and Equity moved to an unspecified period after 1st quarter 2004. Exposure Draft on replacement of IAS 20 (Government Grants) – part of the IASB's Convergence Project – moved to an unspecified period after 1st quarter 2004. Exposure Draft on Consolidation Including SPEs to be issued in 2004 after 1st quarter. An Exposure Draft on Reporting Comprehensive Income (Performance Reporting) is still planned for 4th quarter 2003 but that is "subject to review in August 2003". .

  • Companies requiring "subcertifications" of financial information

    06 Aug 2003

    A survey of 555 corporate treasury and finance officials by the Association of Finance Professionals has found a substantial "trickle-down effect" of the CEO-CFO financial statement certifications required by the Sarbanes-Oxley Act of 2002. Over two-thirds of respondents from both public and private companies are required to certify the information they provide – most commonly account balances and specific disclosures in the notes to financial statements or MD&A.