December

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Preparing for IAS seen as a critical US challenge.

30 Dec 2000

Number 2 in the "ten most critical financial reporting challenges facing US public companies for the year 2001" identified by the Financial Executives Institute: "International Accounting Standards -- Prepare for changes in domestic GAAP that will ensure compatibility among the accounting principles of countries around the world." FEI News Release (PDF 23k). .

Number 2 in the "ten most critical financial reporting challenges facing US public companies for the year 2001" identified by the Financial Executives Institute: "International Accounting Standards -- Prepare for changes in domestic GAAP that will ensure compatibility among the accounting principles of countries around the world." FEI News Release (PDF 23k).

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Comparison of GAAP in four NAFTA countries and IAS

22 Dec 2000

Accounting standard-setters in four North American Free Trade Agreement (NAFTA) countries have participated in the third edition of a study, just published, of Significant Differences in GAAP in Canada, Chile, Mexico, and the United States.

The study also includes a comparison with IASC standards.
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IASC Board approves transition statement

22 Dec 2000

At its meeting last week, the outgoing IASC Board approved a statement that will be sent to the new IASC Board.

Among other things, the Board expressed a hope that its successor would continue work on the projects on:
  • business combinations,
  • present value,
  • reporting financial performance,
  • insurance,
  • extractive industries, and
  • financial instruments. In addition, the statement suggests two new projects:
  • a project on convergence of national and international standards, and
  • a new 'improvements project' to clean up relatively minor matters in the existing IASC Standards. Other possibilities noted for the new Board's work programme include:
  • share-based payment,
  • narrative reporting,
  • inflation accounting, and
  • a review of the IASC Framework.
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IASC invites comments on a fifth batch of IAS 39 Q&A

22 Dec 2000

IASC has published Batch 5 of Proposed Guidance on IAS 39, Financial Instruments (PDF 1,031k).

Comments due 19 Feb 2001.
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SEC Chairman Levitt will resign

22 Dec 2000

US SEC Chairman Arthur Levitt has submitted his resignation, effective mid-February. .

US SEC Chairman Arthur Levitt has submitted his resignation, effective mid-February.

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New British study on global accounting standards

21 Dec 2000

A "definitive examination of the issues affecting the drive towards global accounting standards" has been published by the Institute of Chartered Accountants in England & Wales (ICAEW).

The report, Global Accounting Standards - Achieving the Goal, is being treated as an exposure draft by the UK Accounting Standards Board and is also endorsed by the IASC. Here's the ICAEW Press Release.

 

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Expanded IAS Plus coverage of IOSCO, SEC, EC

21 Dec 2000

IOSCO, the SEC, and the EC are key to the success of the restructured IASC.

We have added pages (still under development) describing their recent activities with respect to IASC: IOSCO, the US SEC, and the European Commission.

 

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Deloitte Touche Tohmatsu's views on stock compensation, leases

20 Dec 2000

Here are two new Deloitte Touche Tohmatsu comment letters to IASC on: (PDF 182k) (PDF 142k) Regarding stock comp, the Firm encourages IASC to work toward a solution that can be accepted globally and can satisfy the quality of measurement reliability.

The Firm believes that can be achieved by using the minimum value method at grant date for employee stock options that are not transferable.
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Executive summary of financial instruments proposal is available

19 Dec 2000

We have posted the Executive Summary of the Draft Standard on Financial Instruments developed by the Joint Working Group and recently issued by IASC for comment (PDF 24k).

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Country updates on accounting standards added to IAS Plus website

16 Dec 2000

We've begun to add country updates on accounting standards to IAS Plus.

The country updates can be found on our jurisdiction pages.

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