March

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IASC has published its 2001 Bound Volume

31 Mar 2001

Standards up to IAS 41 and Interpretations up to SIC 25. Order from IASC Publications Department, £46 or US$71. .

Standards up to IAS 41 and Interpretations up to SIC 25. Order from IASC Publications Department, £46 or US$71.

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No shortage of projects for the new IASB

30 Mar 2001

Listed below are the most important suggested potential projects for the new IASB's agenda.

The Board will hold its inaugural public meeting in London 18-20 April to plan its initial agenda:

Improvements Projects

Critical Path Projects

  • Reporting Financial Performance
  • Distinguishing Between Liabilities and Equity
  • Consolidation Policy
  • Present Value

Conceptual Framework Projects

  • Definitions of the Elements of Financial Statements
  • Measurement
  • Liability Recognition
  • Revenue Recognition

Leadership Projects

  • Share-Based Payments
  • Intangible Assets
  • Leases
  • Measurement of Financial Instruments at Fair Value
  • Insurance Contracts
  • Extractive Industries
  • Rate-Regulated Enterprises, including Privatisation Issues
  • Mutual Funds

Convergence Projects

  • Impairment
  • Business Combinations
  • Consolidation Procedures
  • Pension Accounting
  • Income Taxes
  • Joint Venture Accounting
  • Derecognition
  • Revaluations
  • Non-Reciprocal Transfers
  • Segment Reporting
  • Accounting for Borrowing Costs

Other Financial Reporting Issues

  • Financial Reporting by "Small" Enterprises and Emerging Markets
  • Management Discussion and Analysis
  • Transition and First Time Application of IAS
  • Preface to International Accounting Standards
  • Elimination of Alternatives and Choices
  • Business Reporting on the Internet and XBRL Taxonomy
  • Bank Disclosures and Presentation
  • Implementation Guidance on IAS 41, Agriculture
  • Long Operating Leases
  • Venture Capital Enterprises
  • Accounting for Associates
  • Accounting for Commodity Inventories
  • Financial Reporting in Hyperinflationary Economies
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IASB will be asked to approve SIC 26 in April

29 Mar 2001

IASB is expected to ratify SIC 26, Property, Plant, and Equipment--Results of Incidental Operations, at its April meeting.

SIC approved the Interpretation at its February meeting. Under the IASB Constitution, the Board must approve Interpretations before they become final.
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Timetable changes for present value and insurance projects

28 Mar 2001

Under the new IASB structure, Issues Papers will normally be issued by the Board, not by the steering committee as in the past.

The steering committee's work on an issues paper on Present Value is at an advanced stage. The IASB will have its initial discussion of the project at its inaugural meeting 18-20 April, but additional "educational sessions" will be needed, most likely continuing into the summer. Therefore, publication of a paper in the first half of 2001 is no longer a realistic expectation. Second half of 2001 is more likely.

For IASB start-up reasons, as well, publication of a Draft Statement of Principles on Insurance Contracts is now no longer expected in the first half of 2001. Late 2001 or early 2002 is the most likely time frame at present.

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European groups organise to provide input to IASB and "endorsement mechanism"

21 Mar 2001

A broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters has proposed to organise a private-sector structure that would (a) provide input to the IASB and (b) assess IAS and SIC Interpretations.

The Proposal [Press Release, PDF 73k] describes the latter process as "endorsement". The structure would be known as EFRAG: the European Financial Reporting Advisory Group. The proposal envisages a two-tier structure:

  1. An accounting technical committee of "highly-qualified technical experts" drawn from national standard setters, the accountancy profession, preparers and users, limited in size, and
  2. A Supervisory Board of European Organisations "to guarantee representation of the full European interest and to enhance the legitimacy and credibility of EFRAG".

"The accounting technical committee would provide technical expertise concerning the use of IAS within the European legal environment. It would participate actively in the international accounting standard setting process and organise the coordination within the EU of views concerning international accounting standards. This committee should be in place in the course of the second quarter of 2001, i.e. soon after the new IASC Board becomes operative (from 1 April 2001 onwards). The Commission would be represented in this committee in an observer capacity."

Organisations sponsoring the proposal include: Preparers:
  • UNICE - Union des Confederations de l'Industrie et des Employeurs d'Europe
  • GEBC - European Association of Cooperative Banks
  • ESBG - European Savings Banks Group
  • EBF - European Banking Federation
  • CEA - Comite Europeen des Assurances
Organisations of SMEs:
  • UEAPME - European Association of Craft, Small and Medium-sized Enterprises
  • EFAA - European Federation of Accountants and Auditors for SMEs
Users:
  • EFFAS - European Federation of Financial Analysts Societies
  • FESE - Federation of European Securities Exchanges
Accountancy profession:
  • FEE - Federation des Experts Comptables Europeens
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Canadian securities regulators consider whether to allow IAS, US GAAP

19 Mar 2001

Canadian securities regulators have requested comment on whether they should allow Canadian and foreign companies to file using IAS or US GAAP instead of Canadian GAAP.

Currently, Canadian registrants must use Canadian GAAP. Foreign registrants may use IAS but then generally must reconcile to Canadian GAAP. Many Canadian companies already prepare US GAAP statements, in additional to Canadian GAAP, because they have US as well as Canadian listings. In Canada, securities markets are regulated provincially rather than nationally. The provincial regulators have published a joint request for comments that is available on this website [Executive Summary, 10k PDF and Discussion Paper, 90k PDF] or on the websites of the Ontario Securities Commission, the Alberta Securities Commission, and the British Columbia Securities Commission.
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Deloitte Touche Tohmatsu analysis of mining industry accounting issues

19 Mar 2001

Deloitte Touche Tohmatsu has published a booklet summarising and analysing the issues in IASC's Extractive Industries Issues Paper from the perspective of mining enterprises.

IASC has asked for comments on its 412-page issues paper by 30 June. Click to (PDF, 519k). Click here for information about IASC's Extractive Industries Project.
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IASC Trustees begin Advisory Council selection process

18 Mar 2001

The IASC Trustees are reviewing 175 applications and nominations for membership on the Standards Advisory Council.

SAC will have approximately 30 members and will provide a forum for organisations and individuals with an interest in international financial reporting to participate in the standard setting process. Members will be appointed for a renewable term of three years and have diverse geographic and functional backgrounds. SAC will normally 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 to the Trustees.
The Trustees expect to complete the selection process for the Advisory Council by early April.
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IASB announces 2001 meeting schedule, agenda for first meeting

17 Mar 2001

IASB plans to meet for three days each month, except August, during 2001. The agenda for the 18-20 April meeting includes: Adoption of existing International Accounting Standards and SIC Interpretations Outline of Current Projects Financial Instruments, including IAS 39, impelementation guidance, and the JWG Project Present Value Insurance Contracts Reporting Financial Performance Improvements Project SIC Issues Planning: Board Agenda, Work Programme, May Meeting Agenda We have added a page for IASB Meeting Dates and the agenda of the upcoming meeting.

We will also be maintaining a Historical Record of IASB Meeting Agendas.
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IASC Trustees incorporate non-profit foundation, activate new constitution

17 Mar 2001

Meeting on 8 March in Brussels, the Trustees activated Part B of IASC's Constitution and established a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB. .

Meeting on 8 March in Brussels, the Trustees activated Part B of IASC's Constitution and established a non-profit Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB.

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