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31 January 2001: Extractive industries issues paper available electronically
IASC has released an electronic version of the Extractive Industries Issues Paper (ZIP 568k). There is also a separate Issues Summary (PDF 198k).
29 January 2001: Members of International Accounting Standards Board appointed
The IASC Foundation Trustees have announced the appointment of the new, 14-member International Accounting Standards Board (IASB):
MEMBERS OF THE INTERNATIONAL ACCOUNTING STANDARDS BOARD
- Sir David Tweedie, Chairman
- Thomas E. Jones, Vice Chairman
- Mary E. Barth
- Hans-Georg Bruns - Liaison to German Standard Setter
- Anthony T. Cope
- Robert P. Garnett
- Gilbert Gelard - Liaison to French Standard Setter
- Robert H. Herz
- James J. Leisenring - Liaison to US Standard Setter
- Warren McGregor - Liaison to Australian and New Zealand Standard Setters
- Patricia O'Malley - Liaison to Canadian Standard-Setter
- Harry K. Schmid
- Geoffrey Whittington - Liaison to UK Standard Setter
- Tatsumi Yamada - Liaison to Japanese Standard Setter
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Ms. Barth and Mr. Herz will serve part time, the others full time. Click for:
International Accounting Standards Board is the new name of the board. IASB is expected to hold its first meeting in April 2001.
24 January 2001: January 2001 edition of IASPlus Newsletter is published
We have posted the January 2001 edition of the IAS PLUS newsletter.
24 January 2001: IASC publishes an index to IAS 39 guidance
IASC has posted an Index to IAS 39 Guidance Q&A.
22 January 2001: French COB recommends preparing for IAS now
The French securities regulator COB has issued a Bulletin recommending that French listed companies commence without delay their preparations for the transition to IAS by 2005 and reminding the companies that they will have to present comparative figures for 2003 and 2004.
21 January 2001: Global quality standards for transnational audits
Twenty-three international accountancy firms have begun to develop a Global Quality Standard for firms conducting transnational audits. The intention is to ensure consistent, high-quality auditing practices worldwide as a means of protecting the interests of cross-border investors and of promoting financial market stability. IFAC has created a Forum of Firms whose members must agree to conform to the Forum's Global Quality Standard, and to subject their assurance work to periodic external reviews. Click for Country-by-Country Information to reflect recent standards-setting activity in Australia, Brunei Darussalam, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Pakistan, Philippines, Singapore, and Vietnam.
18 January 2001: Comparison of IAS and national GAAP in 53 countries
As part of their commitment to implementing the Vision of the International Forum for Accountancy Development (IFAD), the large accounting firms have published a study, GAAP 2000: A Survey of National Accounting Rules in 53 Countries. The study demonstrates the continuing problems of cross-border interpretation of company financial data. It provides an overview of some of the differences between national accounting rules and 60 key accounting measures (including a few areas of disclosure) under International Accounting Standards. The study highlights instances where a country's rules at December 2000 would not allow, or would not require, the IAS accounting treatment.
16 January 2001: IASC publishes 164 Q&A guidance for IAS 39
IASC has consolidated its first four batches of IAS 39 guidance into a single document with 164 Final IAS 39 Questions and Answers available on the IASC website. The Q&A are developed by a committee (chaired by John T. Smith of Deloitte & Touche) and exposed for public comment before final adoption.
16 January 2001: New IASPlus page lists IASC comment deadlines
We've added a page listing open IASC Comment Deadlines.
15 January 2001: Financial instruments proposals available electronically
IASC and the other standard setters participating in the Joint Working Group on Financial Instruments have posted a three-part electronic version of the JWG Draft Standard and Basis for Conclusions. Click here for Details of the JWG Project and Links to the Electronic Version of the Draft.
13 January 2001: Links to 100 professional accountancy organisations added to our website
We've added Links to the websites of around 100 professional accountancy organisations in 60 countries.
12 January 2001: FASB drops proposal to align consolidation policies with IAS 27
The Financial Accounting Standards Board has been working since 1982 to revise the US standard on consolidation, adopted in 1959. Both FASB's 1995 exposure draft and its 1999 revised exposure draft would have moved the US from "majority voting interest" to "control" as the basic principle for consolidation. Control is the principle in IAS 27 and most national standards. FASB has also been developing an exposure draft on consolidation of special purpose entities, a matter addressed in SIC 12. However, FASB has just announced that "there is not sufficient Board member support to proceed with either a final statement on consolidation policy, or an exposure draft on entities with specific limits on their powers (SPEs)".
12 January 2001: Comparison of European accounting standards setters is published
A study published by the European Federation of Accountants (FEE) provides background information on the accounting standard setting bodies in Europe and compares them on a number of points. Click for Accounting Standard Setting in Europe (PDF 209k). Go to FEE Website.
11 January 2001: SEC official proposes a way toward international convergence
Excerpt from Remarks (PDF 75k) by Jackson M. Day, Deputy Chief Accountant of the US SEC, on January 8, 2001:
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The staff believes that the one way to deal with the reconciling items we commonly see today is for the recently enhanced IASC to set an initial agenda in cooperation with the national standards setting bodies, which would result in the identification of the reconciling items which are most common and for which the greatest diversity exists, and then the IASC and national standard setters converge on the highest possible standard. That would in and of itself eliminate some of the items requiring reconciliation today. In the meantime, the staff will continue to take a keen interest in monitoring and supporting this work. |
10 January 2001: Better site map added to IASPlus website
We've updated the Site Map to reflect recent changes to the website.
9 January 2001: Progress toward IAS in Europe
Reuters has reported that European Commission Internal Market Commissioner Frits Bolkestein announced that the Commission intends to directly impose International Accounting Standards on listed companies throughout the European Union via regulation, rather than seek new legislation. Reuters reports that "Bolkestein told the European Parliament's economic and monetary affairs committee the EU executive had now decided to use a legal act which was directly enforceable in the 15 member states rather a 'directive', something which would have needed years to be adopted by the Parliament and EU governments."
9 January 2001: Foundation IASC Trustees invite nominations for Advisory Council
The IASC Foundation Trustees are in process of appointing not only the initial 14-member IASC Board but also a 30-member Standards Advisory Council. The Advisory Council will meet three times each year to:
advise the Board on priorities in the Board's work,
inform the Board of the implications of proposed standards for users and preparers of financial statements. and
give other advice to the Board or the Trustees.
Nominations for Advisory Council membership are invited.
9 January 2001: IASPlus website coverage of IASC agenda is expanded
We have added, in the IASC Agenda section, more information about projects undertaken by the G4+1 standard-setters with IASC participation, including information about each G4+1 study.
3 January 2001: SEC Chairman Levitt speaks about high quality global accounting information
Excerpt from Remarks by US SEC Chairman Arthur Levitt (PDF 58k) at a conference sponsored by the Federal Reserve Bank of New York, December 2000:
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High quality information is the lifeblood of markets. But unless investors trust this information, investor confidence dies. Liquidity disappears. Capital dries up. Fair and orderly markets cease to exist. As the volume of information increases exponentially, the quality of information for investors and the markets they comprise must be our signal concern. As more countries move to an equity culture, high quality financial information – safeguarded by a rigorous process of corporate oversight – becomes the currency that will drive a more interconnected and global marketplace.
But incentives that bring us a more global market also demand that every market promote the very highest standards at home - not just to compete, but to survive. Like never before, the effects of a company's behavior resonate not only nationally, but more likely, globally. If a country does not have a reputation for strong corporate governance practices, capital will flow elsewhere. If investors are not confident with the level of disclosure, capital will flow elsewhere. If a country opts for lax accounting and reporting standards, capital will flow elsewhere. All enterprises in that country - regardless of how steadfast a particular company's practices may be - suffer the consequences.
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1 January 2001: "Old" IASC Board publishes its transition report
The outgoing IASC Board has published a statement in contemplation of the hand-over of its functions to a new IASC Board. The IASC Board Statement comments on current projects in progress and sets out the old Board's views on other matters including the style of accounting standards, the need for a project on convergence of national GAAPs and IAS, fair value measurements, discussion of financial results, electronic financial reporting, public sector reporting, standards for small enterprises, and enforcement.
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