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2000

Full fair value financial instruments proposal is published by IASC, others

15 Dec 2000

Accounting standards boards in Australia, Canada, Germany, Japan, New Zealand, and the United Kingdom have joined IASC in publishing the Joint Working Group's draft standard on Financial Instruments.

In the United States, FASB is expected to do the same thing late next week. Click for Project Details. Also, an SEC Deputy Chief Accountant urges Full Fair Value Accounting for All Financial Instruments.

IASC invites comment on Joint Working Group proposals on financial instruments

14 Dec 2000

IASC has published for comment a draft standard on Financial Instruments that was prepared by the Financial Instruments Joint Working Group of Standard Setters (JWG).

The JWG draft proposes that all financial instruments be measured at fair value, with fair value changes reported in measuring net income, and no hedge accounting. The draft standard is not an IASC exposure draft but, rather, a discussion paper on which the IASC and other standard-setters are seeking comments. Comment deadline is 30 September 2001, though submissions by 30 June are encouraged. Click here for IASC press release.

IASC approves new standard on agriculture

14 Dec 2000

The IASC Board has approved a new Standard on Agriculture.

IAS 41 will require that all biological assets (animals, crops, orchards, forests, etc.) be measured at fair value, with the change in fair value reported in net profit or loss, unless fair value cannot be estimated reliably. Agricultural produce would similarly be measured at fair value at the point of harvest. Click for Summary of the Standard.

Report on international implications of audit effectiveness proposals

12 Dec 2000

Portions of the Report of the US AICPA Public Oversight Board Panel on Audit Effectiveness relate to International Accounting Standards.

We have added to our Reference Materials the Executive Overview of the Report (PDF 59k) and the Chapter on International Implications (PDF 56k). The full report may be downloaded from POB Panel on Audit Effectiveness Website.

SEC publishes a review of international reporting issues

12 Dec 2000

We have posted a comprehensive review of US SEC International Financial Reporting and Disclosure Issues prepared by the staff of the US SEC Division of Corporation Finance.

Topics addressed are:
  • Overview of Disclosure Rules Applicable to Foreign Issuers
  • Recent Commission Actions and Other Topical Information
  • Staff Processing and Review of Filings
  • Audit Reports and Independent Auditors
  • Issues Encountered in Reconciliations to US GAAP
  • International Accounting Standards
  • Reporting Currency
  • Other Disclosure Issues and Staff Interpretations
  • Reporting in Highly Inflationary Economies
  • Privatizations of Government-Owned Enterprises
  • Domestic Issuers with Acquired Foreign Businesses
  • Multi-Jurisdictional Disclosure System (MJDS) Reconciliation Requirements
Update as of May 2006: The above review is now out of date. Currently, the most recent version was issued (PDF 362k). You can always find the latest summary of SEC International Financial Reporting and Disclosure Issues on the SEC Division of Corporation Finance Webpage.

IAS-related excerpts from speeches at AICPA annual SEC conference

10 Dec 2000

Each year in December, the American Institute of CPAs holds a National Conference on SEC Developments, at which representatives of the SEC discuss current issues with representatives of the accounting profession and others.

Here are links to three presentations by SEC officials at last week's 28th AICPA conference that relate directly to International Accounting Standards:

New reference materials section added to IASPlus website

09 Dec 2000

We've added a Reference Materials Section where we will gradually build a library of significant IAS-related documents or links to such documents.

Also, we have posted the DTT Comment Letters to IASC going back to E49 July 1995.

Most European CFOs want International Accounting Standards

08 Dec 2000

A study by Research International, commissioned by PricewaterhouseCoopers, found that 79 percent of 717 European CFOs support the European Commission's proposal (see previous news item) to require all listed companies in Europe to follow IAS in their consolidated financial statements by 2005. In fact, 75 percent want the option to publish IAS financials before 2005. The survey sought the views of CFOs of companies that have already converted to IAS, and 80 percent said there are more benefits than drawbacks. .

A study by Research International, commissioned by PricewaterhouseCoopers, found that 79 percent of 717 European CFOs support the European Commission's proposal (see previous news item) to require all listed companies in Europe to follow IAS in their consolidated financial statements by 2005. In fact, 75 percent want the option to publish IAS financials before 2005. The survey sought the views of CFOs of companies that have already converted to IAS, and 80 percent said there are more benefits than drawbacks.

Europe is moving toward IAS

08 Dec 2000

One of 10 'quantum leap' priorities announced by the European Commission on 7 November to achieve a single financial market in Europe is legislation to follow-up EU's Accounting Strategy Communication of June 2000 which proposed that IASC Standards be mandatory for all listed European companies by 2005. That proposal was endorsed in July by Council of European Economic and Finance Ministers of the 15 European states.

Improvements to IASPlus website

07 Dec 2000

We've made a few changes to our website: Expanded the pages of Links to Other Websites. Added a Chronology of IASC's structure review. Added a table of the Effective Dates of Recent IAS Added a table of the Effective Dates of Recent Interpretations. Added a Sitemap of this Website. .

We've made a few changes to our website:

 

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