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30 September 2002: Overview of ED 1 on first-time application of IFRS
Click for a Two-Page Overview (PDF 18k) of the proposals set out in IASB Exposure Draft 1, First-Time Application of International Financial Reporting Standards.
30 September 2002: French bankers express concerns about IAS/IFRS
The French Banking Federation has issued a public statement expressing serious concerns about the suitability of IAS/IFRS for banks and other enterprises in Europe. Click to Download the statement (PDF 353k). Click here for a Link to French Banking Federation Website.
24 September 2002: New USA Accounting Roundup
We have posted the 23 September 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche (USA).
23 September 2002: New Deloitte Publication in Danish: Introduction to IAS
Deloitte & Touche in Denmark has developed a new Introduction to International Accounting Standards in Danish. The publication summarises each IAS and Interpretation, emphasising those accounting areas expected to influence a typical service, trading, or production company listed on the Copenhagen Stock Exchange. The booklet is also relevant to banks and insurance companies in certain areas, especially regarding IAS 39. Click to Download (PDF 1640k).
20 September 2002: Report from the final day of the IASB meeting
We have moved our summaries of the September IASB Board meeting to a Combined Summary Page.
19 September 2002: Report from the third day of the IASB meeting
We have moved our summaries of the September IASB Board meeting to a Combined Summary Page.
18 September 2002: Report from the second day of the IASB meeting
We have moved our summaries of the September IASB Board meeting to a Combined Summary Page.
18 September 2002: Deloitte & Touche partner appointed to IASB
The IASC Foundation Trustees have appointed John T. Smith, Partner, Deloitte & Touche (USA), as a part-time member of the International Accounting Standards Board beginning on 1 October 2002. Mr Smith fills the vacancy left by Robert H. Herz, who resigned in June 2002 to become chairman of the US Financial Accounting Standards Board. Mr. Smith currently serves as director of accounting policies for Deloitte & Touche, where he provides accounting consultation to the Firm's national office and client service personnel, and oversees the development of guidance on accounting matters. In that role, he has established himself as a leading expert on standard-setting issues in general, and accounting issues related to financial instruments in particular. He is responsible for preparing his firm's responses to accounting standard-setting initiatives in the United States and as a member of the Deloitte Touche Tohmatsu international accounting committee he participates in responding to IASB standard-setting initiatives. As a part-time member of the IASB, Mr. Smith will remain a partner of Deloitte & Touche. He has participated in the activities of the IASB and its predecessor, the International Accounting Standards Committee. He is currently a member of the International Financial Reporting Interpretations Committee, from which he will resign, and has served as chairman of the IAS 39 (Financial Instruments) Implementation Guidance Committee. He will serve a five-year term expiring on 30 June 2007.
17 September 2002: Report from the first day of the IASB meeting
We have moved our summaries of the September IASB Board meeting to a Combined Summary Page.
15 September 2002: EC regulations on IAS published
The European Commission has published the Final Regulations on IAS as approved by the European Parliament (PDF 114k).
15 September 2002: DTT comments on Improvements exposure draft
We have posted the Deloitte Touche Tohmatsu Letter of Comment to IASB on the Improvements Exposure Draft (PDF 171k).
12 September 2002: New IASC Foundation trustee from Japan
Toru Hashimoto of Japan has been appointed as an at-large Trustee of the IASC Foundation (IASB's oversight body), replacing Toshikatsu Fukuma, who had resigned in June 2002. Mr. Hashimoto is former chairman of Fuji Bank and a director of several Japanese and international business organisations. Press Release (PDF 19k).
7 September 2002: Financial Stability Forum urges stronger accounting
At its meeting in Toronto, the Financial Stability Forum (FSF) identified five areas of weakness in the international financial system: corporate governance, international accounting standards, auditing standards and practices, disclosure, and policies and procedures of credit rating agencies. Regarding international accounting standards, the FSF concluded:
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Accounting treatment of consolidated entities, revenue recognition and equity-based remuneration has been a key issue in the current undermining of confidence. The FSF calls upon national and international standard setters to accelerate their efforts at developing more comparable, accurate and transparent ways of accounting for these in financial statements; to improve international accounting standards; and to bring about greater international convergence on principles-based standards.
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Go to Report of FSF or to Financial Stability Forum Website.
6 September 2002: International auditing pronouncements to be available without charge
The International Auditing and Assurance Standards Board has agreed that all of its final pronouncements (International Standards on Auditing and International Auditing Practice Statements) will be available without charge electronically through its Website effective 1 January 2003. Click for More Information about the IAASB.
4 September 2002: Hong Kong proposes to adopt IAS 32 and IAS 39 in full
The Hong Kong Society of Accountants plans to adopt IAS 32 and IAS 39 (financial instruments) in their entirety as Hong Kong Statements of Standard Accounting Practice, including the amendments recently proposed by the IASB. The IASB's IAS 39 implementation guidance would also be adopted as Hong Kong guidance. For details, see Hong Kong GAAP Update No. 18 on our Hong Kong page.
4 September 2002: Updated IAS presentation and disclosure checklist
We have posted an updated version of our IAS Presentation and Disclosure Checklist. It reflects all IAS through IAS 41 and Interpretations through SIC 33.
3 September 2002: UK government is considering extending the applicability of IAS
The United Kingdom Department of Trade and Industry has issued a consultation paper asking whether the EU requirement that listed companies follow IAS in their consolidated financial statements starting in 2005 should be extended to non-listed companies and/or to individual company (non-consolidated) financial statements. Such extension might be on a voluntary basis or a compulsory basis. The consultation also asks whether UK companies that only have publicly traded debt (not equity) should be given until 2007 to adopt IAS (the EU regulation allows member States to grant such a two-year extension). Click here to Download the DTI Consultation Paper (PDF 537k). Comments are due 26 November 2002. Click to go to DTI Website.
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