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2001

European capital market integration and IAS

04 Dec 2001

We have posted the text of a presentation by Michel Prada, Member of IOSCO Technical Committee and President of the Commission des Operations de Bourse (France), titled European Capital Markets Following the Adoption of IAS by the EU (PDF 43k).

Mr. Prada made the presentation to the Council if IFAC at the Council's 14-15 November meeting.

Jamaica adopts IAS and ISAs effective 1 July 2002

03 Dec 2001

The Institute of Chartered Accountants of Jamaica has adopted International Accounting Standards and International Standards on Auditing as Jamaica's national standards effective 1 July 2002.

Click for Press Release (PDF 82k).

IASB Trustees propose revisions to Constitution

02 Dec 2001

The Trustees of the IASC Foundation, which oversees the IASB, have proposed revisions to the IASC Constitution that are necessary to implement certain aspects of the draft Preface to IFRS relating to the Standing Interpretations Committee.

The constitutional changes include:
  • Changing the committee's name to International Financial Reporting Issues Committee (IFRIC).
  • Broadening the committee's mandate so it can address issues not specifically covered in an existing IFRS.
  • Creating the position of a non-voting chair of IFRIC, that position to be filled by one of the members of the IASB, the Director of Technical Activities, or a member of the IASB's senior technical staff. Click here for the Full Constitution. Comments are requested by 15 February 2002. Comments on the draft Preface are also due on this date. [Note: link to 'Full Constitution' now reflects the revisions as of 1 July 2005.]

Notes from the third and fourth days of the 27-30 November IASB meeting

01 Dec 2001

We have moved the summary of discussions at the November 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 27-30 November 2001 Meeting. It had originally been presented as several lengthy news items.

Notes from the second day of the 27-30 November IASB meeting

30 Nov 2001

We have moved the summary of discussions at the November 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 27-30 November 2001 Meeting. It had originally been presented as several lengthy news items.

Financial analysts worldwide strongly favour expense recognition for stock options

29 Nov 2001

More than 80% of 1,944 investment analysts and portfolio managers surveyed by the Association for Investment Management and Research believe that all stock options granted to employees are compensation whose cost should be recognised as an expense in measuring net income.

A quarter of the respondents were from Europe and Asia-Pacific, the rest from North America. AIMR surveyed its members "to gauge their response to a proposed agenda topic of the International Accounting Standards Board (IASB) that could require companies to report the fair value of stock options granted – including those to employees – as an expense on the income statement, reducing earnings". 81% of respondents use information about stock options when evaluating a firm's performance and determining its value. Click for AIMR Press Release. Click here for Information about IASB's Project.

Notes from the first day of the 27-30 November IASB meeting

28 Nov 2001

We have moved the summary of discussions at the November 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 27-30 November 2001 Meeting. It had originally been presented as several lengthy news items.

New SEC Chairman speaks about IAS

27 Nov 2001

In his first public remarks about International Accounting Standards, new SEC Chairman Harvey L.

Pitt said (click for PDF 55k:

We are inspired and encouraged by all of the cooperative efforts aimed at crafting high quality international accounting standards. While work remains to be done, we are certainly well on the road toward creating the type of standards in which investors can have confidence. Looking into the future, we also must appreciate that compatible core accounting standards will lose some of their value unless we work together toward consistency among nations in interpretation and application of these standards.

IFAC changes its structure for setting auditing standards

27 Nov 2001

The Council of the International Federation of Accountants (IFAC) has revised significantly the structure and operation of the International Auditing Practices Committee (IAPC), which sets International Standards on Auditing (ISAs).

Among the changes:
  • New name: International Auditing and Assurance Standards Board (IAASB).
  • Revised objectives: To more clearly reflect that IAASB's goals are to develop auditing standards of high quality in the public interest.
  • Expanded membership: From 14 to 18 members, including 10 from IFAC member bodies, five from international audit firms (to be proposed by the Forum of Firms), and three non-auditor representatives.
  • IAASB meetings: Open to the public.
  • IAASB agendas and minutes: Available to the public.
  • Relationships with national auditing standard setters: A mandate to work closely, including undertaking joint coordinated projects, with the goal of convergence of standards for global acceptance.
  • IAASB technical resources: Increased.
Many of these changes are similar to those adopted when IASB replaced IASC earlier this year. The changes result from a study by a special task force: Final Task Force Report (PDF 87k).

IASB meeting 27-30 November

24 Nov 2001

IASB will meet this coming Tuesday-Friday at its offices in London to discuss the following agenda projects: Business Combinations Financial Institutions First-Time Application of IFRS Improvements to the Following IFRS: -- IAS 21, The Effects of Changes in Foreign Exchange Rates -- IAS 23, Borrowing Costs -- IAS 33, Earnings per Share Insurance Contracts Amendments to IAS 39, Financial Instruments: Recognition and Measurements .

IASB will meet this coming Tuesday-Friday at its offices in London to discuss the following agenda projects:

Correction list for hyphenation

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