September

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New China Today newsletter posted

22 Sep 2003

We have posted the newsletter (PDF 309k), which contains an update on accounting standards in the People's Republic of China.

You can download prior editions of China Today from our China Page.
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Notes from third day of the September IASB meeting

20 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Notes from second day of the September IASB meeting

19 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Notes from first day of the September IASB meeting

18 Sep 2003

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page. .

We have combined our notes from the three-day Board meeting on 17-19 September 2003 into a Single Page.

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Financial Stability Forum cites IASB progress

17 Sep 2003

At its meeting in Paris on 10 September 2003, the Financial Stability Forum (FSF) discussions focused on three topics: vulnerabilities in the international financial system; market foundations and corporate governance; and offshore financial centers.

Regarding market foundations and corporate governance, the FSF said:

"Accounting standards. Members noted that good progress has been made in the IASB and FASB short-term convergence project and in strengthening accounting standards internationally. However, some complex and difficult issues remain unresolved. Reaching an international consensus on these issues will require consultation on all sides, and the larger objectives that motivate the need for convergent accounting standards – including financial efficiency, stability and transparency – should be kept in mind."

Click for News Release (PDF 157k).

 

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Latest Accounting Roundup newsletter is available

17 Sep 2003

We have posted the 15 September 2003 Edition of Accounting Roundup from Deloitte & Touche (USA).

Topics covered include IFRIC Draft Interpretation D2, Changes in Decommissioning, Restoration and Similar Liabilities. Click to download this or any of the prior issues of Accounting Roundup or our new EITF Roundup newsletter.
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IASB will meet this week and the next

15 Sep 2003

The International Accounting Standards Board will hold its monthly meeting on 17-19 September 2003 at its offices in London.

A meeting of World Accounting Standard Setters will take place on 22 September 2003, and the Board will meet with representatives of its partner standard-setters on 23 September 2003. The latter two meetings are at the Renaissance Chancery Court Hotel, London. All meetings are open to public observation.

AGENDA OF THE IASB MEETING 17-19 SEPTEMBER 2003

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Report on Sarbanes-Oxley Act after one year

14 Sep 2003

The US House of Representatives Committee on Financial Services has released a report reviewing the impact of the Sarbanes-Oxley Act of 2002.

The report, Rebuilding Investor Confidence, Protecting U.S. Capital Markets (PDF 891k) explores the impact of the Sarbanes-Oxley Act of 2002 one year after its enactment.

A section of the report reviews how the Act has begun to create "a level playing field for international companies and auditing firms", including a review of steps taken by the European Commission.

The report also includes a summary of the findings of a study by Huron Consulting Group of restatements of financial statement filed with the Securities and Exchange Commission. For the 12 months ended 30 June 2003, 354 public companies restated earnings because of accounting errors. Of those, 158 restatements were filed during the first six months of 2003. Problems applying accounting rules, human and system errors, and fraudulent behaviour were the three primary causes for accounting restatements.

 

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FASB makes some stock compensation decisions

11 Sep 2003

At its meeting yesterday, the US Financial Accounting Standards Board agreed to delay issuance of an exposure draft on stock-based compensation until the first quarter of 2004. The FASB also expressed a preference for using a specific mathematical model – known as the binomial model – to measure the fair value of employee share options because that model is better able to take into account such factors as performance conditions and vesting and holding periods than is the Black-Scholes model.

The IASB's ED 2, Share-Based Payment, would not prescribe any particular model. The IASB's current timetable calls for issuing a final IFRS in the first quarter of 2004.
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IFRIC announces upcoming meeting agenda

11 Sep 2003

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on 30 September and 1 October 2003. Topics on the agenda are: Decommissioning and environmental rehabilitation funds First-time adoption of IAS 29, Financial Reporting in Hyperinflationary Economies IAS 11, Construction Contracts: Combining and segmenting contracts IAS 19, Employee Benefits: Multi-employer plans IAS 19 and IAS 27 - Employee benefit trusts IAS 37, Provisions, Contingent Liabilities and Contingent Assets: Onerous contracts IAS 41, Agriculture: Use of net present value techniques IFRIC D1, Emission Rights: Comment letter analysis Rights of use Service concession arrangements .

The International Financial Reporting Interpretations Committee (IFRIC) will meet at the IASB's offices in London on 30 September and 1 October 2003. Topics on the agenda are:

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