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January

Financial instruments proposals available electronically

15 Jan 2001

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.

Links to 100 professional accountancy organisations added to our website

13 Jan 2001

We've added Links to the websites of around 100 professional accountancy organisations in 60 countries. .

We've added Links to the websites of around 100 professional accountancy organisations in 60 countries.

Comparison of European accounting standards setters is published

12 Jan 2001

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.

FASB drops proposal to align consolidation policies with IAS 27

12 Jan 2001

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)".

SEC official proposes a way toward international convergence

11 Jan 2001

Excerpt from Remarks (PDF 75k) by Jackson M.

Day, Deputy Chief Accountant of the US SEC, on January 8, 2001:

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.

Better site map added to IASPlus website

10 Jan 2001

We've updated the Sitemap to reflect recent changes to the website. .

We've updated the Sitemap to reflect recent changes to the website.

Foundation IASC Trustees invite nominations for Advisory Council

09 Jan 2001

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.

IASPlus website coverage of IASC agenda is expanded

09 Jan 2001

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. .

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.

Progress toward IAS in Europe

09 Jan 2001

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."

SEC Chairman Levitt speaks about high quality global accounting information

03 Jan 2001

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: 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.

"Old" IASC Board publishes its transition report

01 Jan 2001

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.