21 Dec 2003
The Chief Accountant of the US Securities and Exchange Commission welcomed the publication by the Financial Accounting Standards Board (FASB) of proposals that would modify several aspects of American accounting standards to be consistent with the guidance on those issues currently included in international accounting standards.
20 Dec 2003
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 19 December 2003 to a Separate Page. .
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 19 December 2003 to a Separate Page.
19 Dec 2003
The International Accounting Standards Board has published 13 revised International Accounting Standards reflecting changes resulting from the Improvements Project.
The revised standards mark the near-completion of the Improvements project. The completion of these improved standards brings the IASB closer to its commitment to have a platform of high quality, improved standards in place by the end of March 2004. The IASB has set itself this deadline to ease the implementation of its standards in the many countries, including those of the European Union, that will be adopting international standards from 2005.
The revised standards issued are:
The Board also withdrew IAS 15 Information Reflecting the Effects of Changing Prices.
Click here for IASB Press Release (PDF 39k).
The IASB has published the final texts of the revised versions of IAS 32 and IAS 39 on financial instruments.
IASB subscribers may download them from the IASB's Website. Click for IASB Press Release (PDF 81k).
IAS 39 is expected to be further revised in first quarter 2004 to reflect the Board's decisions regarding macro hedging.
We have posted the 16 December 2003 Edition of Accounting Roundup, a Deloitte newsletter that summarises selected recent accounting and financial reporting developments and provides Internet links to related content where appropriate.
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 17 December 2003 to a Separate Page. .
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 17 December 2003 to a Separate Page.
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 18 December 2003 to a Separate Page. .
The IASB met in London 17-19 December 2003. We have moved our notes from the IASB meeting on 18 December 2003 to a Separate Page.
17 Dec 2003
With the recent issuance of two exposure drafts by the Philippine Accounting Standards Council, every existing International Accounting Standard has now either been adopted virtually word for word or proposed for adoption in the Philippines.
16 Dec 2003
The US Financial Accounting Standards Board has published four exposure drafts that would result in US accounting standards converging to existing International Financial Reporting Standards.
15 Dec 2003
Convergence of IFRS and US GAAP was one of the major themes in a presentation by FASB Chairman Robert H.
While getting the [IASB and the FASB] to agree on a common answer to particular issues can be quite challenging, that is not, in my view, the greatest hurdle facing international convergence. Rather, the biggest challenge and potential obstacle thus far has seemed to come from particular constituent groups who have lobbied heavily against particular proposals from either the FASB or the IASB that would move our standards closer together. We have seen this here with the campaign in Congress and elsewhere by the hi-tech lobby against expensing stock options and in Europe with certain financial institutions who have lobbied the European Commission and national governments against the introduction in Europe of international standards on the accounting for financial instruments that are in many respects similar to those in U.S. GAAP. Let's be clear, convergence is a two-way street. If you are truly in favor of international convergence, then inevitably there will be changes on both sides. Convergence does not mean convergence to my way, rather it must mean convergence to the better approach. And while U.S. GAAP may be more highly developed and tested than international standards, we don't have a monopoly on all the right answers. Indeed in some cases, the international folks have addressed a subject more recently than we have and may have come up with a higher quality approach. And in some cases (like revenue recognition), neither U.S. GAAP nor international standards are particularly good in my view and thus we need to work together to find a better approach.
So can we get to convergence? I believe so but it will take time, a lot of hard work, and a relentless determination. And, as I just suggested, the biggest potential obstacle I see is the political one. That is whether the politicians on either side of the Atlantic will have the vision and political will to restrain themselves from intervening into what are supposed to be the independent and objective processes of either the FASB or the IASB each time a powerful lobbying group asks them to block a particular proposal they don't like.
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