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European valuers will follow IVSC standards

13 Dec 2001

The European Public Real Estate Association (EPRA) has recommended adoption of valuation standards set by the International Valuation Standards Committee (IVSC).

In announcing that decision, EPRA noted that accounting standards in Europe are in a state of transition from national to International Accounting Standards (IAS). By adopting IVSC valuation standards, EPRA "has ensured that its recommendations are fully consistent with IAS".

Click for IVSC News Release (PDF 22k).

IFAD publishes GAAP 2001 report

11 Dec 2001

The International Forum for Accountancy Development had updated and expanded its GAAP 2000 survey of national accounting rules.

The GAAP 2001 study highlights instances where a country's rules either do not allow or do not require the IAS accounting treatment. The 2001 report includes 62 countries, compared to 53 in the 2000 report. Also, the revised report covers approximately 80 accounting and disclosure requirements, compared to 60 in the 2000 report. Click for More Information. You may download the GAAP 2001 Report here (PDF 792k).

IASB releases three more chapters of insurance DSOP

10 Dec 2001

IASB has released chapters 4, 5, and 6 of its Draft Statement of Principles on Insurance.

They address estimating cash flows, adjusting for risk and uncertainty, and discounting.

New SEC Chief Accountant urges convergence of accounting standards

09 Dec 2001

In a presentation titled (PDF 88k), SEC Chief Accountant Robert K.

Herdman stressed the importance of convergence of global accounting standards. Speaking before the AICPA's 29th National Conference on Current SEC Developments in Washington on December 6, 2001, the new Chief Accountant said:

Another issue facing standard-setters is the need for convergence of domestic and international accounting standards. Converging accounting standards is critical to a continued, efficient expansion of our global capital markets. Standard-setters should be cognizant of the effects on international accounting as they carry out their activities in the future, and I hope that convergence becomes a more near-term objective. Time does not permit a full discussion of my views on international accounting today, but it will be a major focus for the Chief Accountant's Office.

New accounting standard setter in Italy

08 Dec 2001

On November 27, 2001, a new accounting standard setter - the Italian Accounting Committee (Organismo Italiano di Contabilità or OIC) - was established in Italy.

The OIC has been constituted in the legal form of a Foundation, which is governed by a board of directors consisting of 15 members. The members have been appointed by a large representative group of Italian institutions, such as the Italian National Council of Accountants, the 'ABI' (National Association of Banks), the 'Confcommercio' (National Confederation of Commerce), the 'Assirevi' (Association of the Italian Auditors), Italian Government Accountants, Confindustria (Italian Confederation of Industry), Italian Stock Exchange, and others.

The Board of Directors will soon appoint the members of the Executive Committee (7 members and 1 Chairman). The Executive Committee will also appoint the Technical-Scientific Committee, whose aim is to draft the national accounting principles to be approved by the Executive Committee. The Board of Directors' consist of: 6 members of the accounting profession, 5 preparers, 2 users, 1 representative of the Italian Stock Exchange and 1 representative of the Public Administration. The OIC will begin to operate in a few months when it has finished the formalities connected with legal recognition. The OIC will sit alongside the corresponding European body, EFRAG (European Finance Reporting Advisory Group) and the international body, the IASB. The principal activities of the OIC will be the following:

  • issue accounting principles, for use in the preparation of financial statements for which the application of the international accounting principles has not been provided, by coordinating activity with the other European standard setters;
  • issue accounting principles for the preparation of the financial statements of not for profit entities and of national and local public administrations;
  • provide support in connection with the application of the international accounting principles in Italy.

In the meantime, the accounting standards committee of the Italian National Councils of Accountants (the previous Italian accounting standard setter) has recently approved its last accounting principle: Accounting Principle 30 - Interim Financial Reporting. This accounting principle is substantially in line with IAS 34.

Global Accounting Standards: Fact or Fiction?

07 Dec 2001

A single set of accounting standards, for so long just an ideal, is on the verge of becoming a reality.

Sir David Tweedie, chairman of the IASB, debates the issues with Jim Copeland, Global CEO of Deloitte Touche Tohmatsu, on a new CD available from Deloitte Touche Tohmatsu. Please Click for More Information.

Fast track urged for EU IAS regulation

07 Dec 2001

The European Commission has published its Fifth Report on Implementing the EU Financial Services Action Plan.

"The proposals on pension funds, prospectuses, financial conglomerates and International Accounting Standards, and a new proposal on Takeover Bids following the European Parliament setback in July, are key measures that should be adopted by end 2002 if they are to be implemented by the agreed deadlines." The IAS Regulation is proposed for approval during the EU's Spanish Presidency (first half of 2002).

IASB is proposing to withdraw IAS 15

07 Dec 2001

At its upcoming meeting, IASB will discuss withdrawing IAS 15, Information Reflecting the Effects of Changing Prices.

IAS 15 (1981) had required enterprises to present supplementary information on one of two bases: (1) adjusted for changes in the general price level or (2) balance sheet items measured at replacement cost. In 1989, the IASC had made the Standard optional, and companies stopped providing the information. Meanwhile, subsequent Standards, including IAS 16, 39, 40, and 41, have addressed reporting the effects of changing prices for individual classes of assets.

Project files updated to reflect November IASB discussions

05 Dec 2001

We have updated the following agenda project pages on our website: Business Combinations Financial Activities First-Time Application of IFRS IAS 39 Revisions. Improvements to IAS Insurance Contracts .

Agenda topics for December IASB meeting announced

04 Dec 2001

IASB will meet in Paris 18-20 December.

Agenda topics are:
  • Business Combinations
  • Improvements to Existing IFRS: IAS 1, IAS 8, IAS 15, IAS 17, IAS 27, and IAS 28
  • Insurance Contracts
  • IAS 39, Financial Instruments: Recognition and Measurements - proposed amendments
  • Standing Interpretations Committee: Interpretations for Approval

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