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31 January 2002: IASC/IASB chronology posted
We have compiled a Chronology of the history of IASC and IASB. We intend to update it from time to time.
30 January 2002: IASB comment deadline - reminder
Comments on the following proposals are due 15 February 2002:
30 January 2002: Agenda for February SAC meeting
IASB will discuss the following matters with the Standards Advisory Council on 18-19 February (click for More Info):
- Amendments to IAS 39, Financial Instruments: Recognition and Measurement
- Business combinations
- First-time application of IFRS
- Improvements to existing IASB Standards
29 January 2002: FASB considers project on revenue and liability recognition
The US FASB has invited comments on whether it should undertake a proposed new project on the recognition of revenues and liabilities. FASB's invitation notes that "the IASB also has indicated that it expects to consider adding a project on liabilities and revenue recognition to its technical agenda.". Click for FASB Website.
29 January 2002: IASB will propose to correct an IAS 19 anomaly
When applying IAS 19, Employee Benefits, in a falling equity market, in some situations enterprises will report an asset and a gain as a consequence of an actuarial loss. IASB finds this "an unacceptable consequence of applying IAS 19" and has therefore decided to prepare an Exposure Draft of a small amendment to IAS 19 to ensure that no such gains would be recognised. The draft is expected to be published at the end of February. Click for IASB Press Release (PDF 10k).
29 January 2002: Country information updated for six European jurisdictions
Reports on recent standard-setting activity in
28 January 2002: New SEC statement on disclosure requirements
The US SEC has issued a statement on disclosure requirements for public companies that applies to both domestic and foreign registrants. The statement sets forth the Commission's views regarding certain disclosures that should be considered by public companies while preparing annual reports for the year recently ended. The disclosure areas are liquidity and capital resources including off-balance sheet arrangements; certain trading activities that include non-exchange traded contracts accounted for at fair value; and effects of transactions with related and certain other parties.
Click here for The SEC Statement (167k) and here for the
SEC Press Release (PDF 11k).
28 January 2002: Project pages updated for January 2002 IASB meeting
We have updated the following agenda project pages to reflect discussions at last week's IASB meeting:
28 January 2002: Summary of IASB meeting with national standard setters
- Accounting by small and medium-sized entities and in emerging economies
- Possible amendments to IAS 32 and IAS 39
- First-time application of IAS
- Improvements project
- Responses to the Report of the Joint Working Group of Standard Setters on Financial Instruments
28 January 2002: US Public Oversight Board votes to cease operations
The US Public Oversight Board (POB) – which since 1977 has been the independent, private-sector oversight body for the accounting profession – has voted to terminate operations not later than 31 March 2002. The decision (by a Resolution dated 20 January 2002) (27k) was made as a result of a Public Statement (PDF 43k) issued by Harvey Pitt, Chairman of the SEC – precipitated by the Enron case – that seemed to suggest the SEC's "proposals for changing the system of self-regulation of the accounting profession do not include a place for the POB". The POB communicated its views to the SEC in a Letter to Mr. Pitt dated 21 January (PDF 38k). Mr. Pitt's Reply of 22 January (GIF 25k) expressed regret at the POB's decision, saying that "the issues, I think, are too important for the POB simply to walk away". A number of countries have set up or are considering a professional self-regulatory structure similar to that in the United States. The POB reaffirmed its decision to close in a 31 January Letter to Chairman Pitt (PDF 36k).
28 January 2002: Notes from IASB meeting 22-25 January
We have replaced our individual daily meeting notes with a Combined Summary of the Entire IASB Meeting 22-25 January 2002.
24 January 2002: Europe-Africa IAS Plus newsletter is posted
We have posted the January 2002 Europe-Africa edition of our IAS Plus Newsletter.
23 January 2002: Notes from 22 January IASB discussions with standard setters
18 January 2002: FEI's 'Stock Option Accounting' Web Page
Financial Executives International, a US-based organisation of senior financial officers of primarily large enterprises, is maintaining a web page devoted to IASB's project on share-based compensation. Click to Open FEI's Website in a new window.
17 January 2002: EU is developing comprehensive disclosure legislation
With the objective of creating a fully integrated pan-European securities market, the European Commission is preparing a new proposal for a Directive dealing with ongoing and periodic transparency requirements of securities issuers. The proposed Directive is likely to be submitted to the European Parliament and Council by the summer of 2002. The proposal will be based on views expressed by 90 respondents to a July 2001 invitation to comment. The main points expressed by respondents related to:
- Consolidation of all existing periodic and ongoing disclosure obligations into a single legal text.
- Upgrading of the periodic disclosure obligations of enterprises admitted for trading on a regulated market.
- Publication of information via the Internet.
- Each Member State should have a single authority responsible for public disclosure by securities issuers.
Click for our Progress Report on IAS in Europe.
17 January 2002: Technical agenda for next week's IASB meeting
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IASB will meet in London on 22-25 January to discuss the following projects: |
17 January 2002: IASB will meet with national standard setters next week
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IASB will meet in London on 21-22 January with the chairs of its liaison national standard setters (AU/NZ, CA, DE, FR, JP, UK, and US) to discuss the following issues: |
- Accounting by Small and Medium-Sized Entities and in Emerging Economies
- Amendments to IAS 39, Financial Instruments: Recognition and Measurement
- First-Time Application of IFRS
- Improvements to Existing IASB Standards
- Joint Working Group on Financial Instruments: Analysis of Comment Letters
- Work Programme - Update on Standard Setters' Activities
15 January 2002: Polish version of IAS In Your Pocket is available
Our popular guide, IAS In Your Pocket, is now available in Polish (kieszonkowy przewodnik po MSR). Click here to Download the 80-page booklet (PDF 400k). Information about the English version and other Deloitte Touche Tohmatsu publications may be found Here.
15 January 2002: January IAS Plus newsletter is posted
We have posted the January 2002 Asia-Pacific edition of our IAS Plus Newsletter. It includes 32 pages of reports about IASB activities (including project summaries), updates on adoption of IAS in Europe and elsewhere, and summaries of standard setting activities in the Asia-Pacific region. Printed copies will be mailed to subscribers next week. The Europe-Africa and Americas editions will be posted shortly.
14 January 2002: Steps toward IAS in Denmark
A new accountancy act went into effect in Denmark on 1 January 2002, as did new accounting standards on investment property, provisions, and business combinations. While broadly based on the IASC Framework and IAS, some important differences with IAS remain. Also, the Copenhagen Stock Exchange has recommended that Danish listed companies consider adopting IAS earlier than the proposed 1 January 2005 date for all EU listed companies.
14 January 2002: EFRAG reports on consistency of 'modernised' Directives and IAS
Responding to a request from the European Commission, the EFRAG Technical Expert Group has concluded, in a Report to the Commission (PDF 74k), that there are "no actual inconsistencies between IAS 1 to 41 (and related SIC) and the ['modernised'] 4th and 7th Directives". However, EFRAG has recommended clarification of the Directives with respect to treatment of fundamental errors and accounting policy changes under IAS 8, the corridor approach under IAS 19, and reverse acquisitions under IAS 22. EFRAG also noted that "a number of standards are in the process of being changed and these could result in conflicts with the Directives".
10 January 2002: Big 5 petition SEC to require more disclosure
In response to the Enron bankruptcy, the Big 5 accounting firms, including Deloitte & Touche, and the AICPA have jointly petitioned the SEC to issue an interpretive release that would require enhanced disclosures about: (1) liquidity and capital resources including off-balance sheet arrangements; (2) certain trading activities that include non-exchange traded contracts accounted for at fair value; and (3) relationships (including those with special purpose entities) and transactions on terms that would not be available from clearly independent third parties. This would apply to annual reports on Form 10-K and other reports filed after the date of the issuance of the release. Click to Download the Full Text of the Petition (PDF 105k). The Big 5 and the AICPA have also jointly issued an Assessment of Risk Factors for 2001 Financial Statements (PDF 52k).
9 January 2002: Third edition of IAS: A Guide to Preparing Accounts
 | The Third Edition of International Accounting Standards: A Guide to Preparing Accounts has been published by ABG Professional Information, London. Written by Deloitte & Touche, this comprehensive guide to IAS includes:
- 29 chapters
- 4 appendices, including model financial statements and disclosure checklist
- 1,316 pages.
It can be ordered directly from the Publisher. |
9 January 2002: Country information updated for seven jurisdictions
Reports on recent standard-setting activity in Australia, China, Hong Kong, India, Philippines, Singapore, and Thailand.
8 January 2002: Agenda announced for IASB January meeting
21-22 January 2002: Meeting with National Standard Setters:
- Accounting by Small and Medium-Sized Entities and in Emerging Economies
- Amendments to IAS 39, Financial Instruments: Recognition and Measurement
- First-Time Application of IFRS
- Improvements to Existing IASB Standards
- Joint Working Group on Financial Instruments: Analysis of Comment Letters
- Work Programme - Update on Standard Setters' Activities
22-25 January 2002: IASB Technical Agenda
7 January 2002: FEE study urges EU to require International Standards on Auditing
A discussion paper published by the Federation of European Accountants (FEE) proposes that by 2005 national auditing standards in the European Union should require auditors of financial statements to:
perform audit procedures that comply with International Standards on Auditing (ISAs);
report on financial statements in accordance with ISAs; and
perform additional audit procedures and report on additional matters in response to specific legal, regulatory, or other needs established at a national level.
Click to Download the Study (PDF 160k). Click for FEE Website.
4 January 2002: IAS model financial statements in Chinese
 We have posted the Chinese version of our IAS Model Financial Statements (PDF 607k).
4 January 2002: AICPA members soundly defeat global credential
By a vote of 83,390 (62.5%) opposed to 50,034 (37.5%) in favour, members of the American Institute of CPAs have defeated the proposal to create a global professional credential. The global credential, alternatively referred to as XYZ, Cognitor, and Strategic Business Professional (IISBP), was proposed as a supplement to the national accounting credential such as CPA and CA. The credential was intended to recognise an individual's ability to integrate knowledge from multiple business disciplines and to apply that knowledge to provide strategic business insight. Besides the AICPA, a number of other national accounting bodies had agreed to participate in the global credential process, including Australia, Canada, France, Italy, and New Zealand. The AICPA had spent about $5 million over the past three years in developing the initiative.
3 January 2002: Meeting dates are set for IASB, IASCF, SAC
Meetings of the IASB:
- 21-25 January 2002, London, UK (21-22 January with chairs of national standard setters)
- 18-23 February 2002, London. UK (18-19 February with the Standards Advisory Council)
- 20-22 March 2002, Tokyo, Japan
- 17-19 April 2002, London, UK
- 20-24 May 2002, London, UK (20-21 May with chairs of national standard setters)
- 17-21 June 2002, Berlin, Germany (20-21 June with the Standards Advisory Council)
- 17-19 July 2002, London, UK
Meetings of IASC Foundation Trustees:
- 5 March 2002, London, UK
- 12 June 2002, London, UK
- 19 November 2002, Hong Kong, China
Meetings of Standards Advisory Council:
- 19-20 February 2002, London, UK
- 20-21 June 2002, Berlin, Germany
3 January 2002: Full text of new IASB Interpretations can be downloaded
Yesterday, IASB released the full text of its six new Interpretations. IASB is making them available for download from its website "for a limited time". Several of the Interpretations took effect on 31 December, and the others on 1 January 2002.
2 January 2002: SEC Chairman - 'How to Prevent Future Enrons'
Harvey Pitt, chairman of the US SEC, has issued a public statement on 'How to Prevent Future Enrons' (PDF 42k) in which he outlines his views on modernisation of financial reporting and disclosure systems for public companies. Parts of Mr. Pitt's action plan are directly relevant to accounting standard-setters, including IASB.
2 January 2002: Interpretation files updated for recent decisions
Our Interpretation Summaries were updated to reflect the six new ones:
- SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease
- SIC 28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments
- SIC 29, Disclosure - Service Concession Arrangements
- SIC 30, Reporting Currency - Translation from Measurement Currency to Presentation Currency
- SIC 31, Revenue - Barter Transactions Involving Advertising Services
- SIC 33, Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests
We also updated our Table of Effective Dates.
Click for IASB Press Release on SIC 27 to 33 (PDF 43k).
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