July

Four new public sector standards and two EDs based on IAS

19 Jul 2001

IFAC's Public Sector Committee (PSC) has released four new International Public Sector Accounting Standards (revenue, inventories, hyperinflation, and construction contracts) and two new exposure drafts (related party disclosures and provisions).

PSC is developing a comprehensive body of international accounting standards for governments and other public sector entities based on International Accounting Standards. PSC Media Release (PDF 43k).

Busy week ahead for IASB

18 Jul 2001

On Monday and Tuesday (23-24 July) the Board meets with the Standards Advisory Council.

Discussions will centre primarily on IASB's Technical Agenda and the draft Preface. It is SAC's inaugural meeting. Wednesday to Friday (25-27 July) IASB itself will meet. Click here for the Expected Meeting Agenda.

Letter to IASB outlines Deloitte views on Improvements Project

17 Jul 2001

We have posted a letter from Deloitte Touche Tohmatsu to IASB setting out our firm's views on (PDF 47k).

Other Deloitte comment letters can be found Here.

DTT Hong Kong GAAP book published

17 Jul 2001

The second edition of Hong Kong GAAP has been published.

Written by DTT partners Stephen Taylor and Norma Hall, this 1,440-page book includes 43 chapters and five appendices. Each chapter has a comparison with International Accounting Standards and with the standards in the United States, United Kingdom, and People's Republic of China. One appendix is a comprehensive comparison of Hong Kong SSAPs and IAS.

IASB agenda section of website updated

13 Jul 2001

We have considerably updated the Agenda Section of our website to reflect the discussions at IASB's first three meetings.

Americas edition of IASPlus newsletter posted

11 Jul 2001

We now have three regionial editions of our newsletter: Asia-Pacific, Europe-Africa, and Americas.

New issues will be published later this month.

New US rules on loan loss provisions apply to IAS filers

11 Jul 2001

The US SEC has issued Staff Accounting Bulletin 102, Selected Loan Loss Allowance Methodology and Documentation Issues.

It sets out SEC staff views on loan and lease losses, focusing particularly on the documentation the SEC normally would expect registrants to maintain in support of their allowances for loan losses. Concurrently, US federal bank regulatory agencies issued essentially identical guidance. The guidance would apply to international registrants as well as domestic ones.

Five new country updates posted

10 Jul 2001

We have updated the country information pages for Australia, Hong Kong, India, Singapore, and Thailand. .

We have updated the country information pages for Australia, Hong Kong, India, Singapore, and Thailand.

SIC publishes five Draft Interpretations for comment

09 Jul 2001

Click below for descriptions and links to full text: SIC D28, Business Combinations - Measurement of Shares Issued as Purchase Consideration, SIC D29, Disclosure - Service Concession Arrangements, SIC D30, Reporting Currency - Translation from Measurement Currency to Presentation Currency, SIC D31, Revenue - Barter Transactions Involving Advertising Services, and SIC D32, Intangible Assets - Website Costs Comment deadline on these proposals is 10 September.

Press Release (PDF 44k).

Final SIC 27 (lease-leaseback) will focus more on principles

09 Jul 2001

SIC has announced that it has completed its discussions of SIC D27, Transactions in the Legal Form of a Lease and Leaseback.

While SIC has reaffirmed the consensus in D27, it is redrafting the Interpretation to focus more on the principles involved rather than on a single fact pattern.

Correction list for hyphenation

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