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2001

FEE website now includes expanded EFRAG information

27 Oct 2001

The website of the European Federation of Accountants (FEE) has expanded its information about the European Financial Reporting Advisory Group (EFRAG), including meeting agendas, summaries of decisions reached, and press releases.

EFRAG's roles are to provide input to IASB from the perspective of the European accounting profession and to advise the European Commission on the technical assessment of IASB Standards and Interpretations for application in Europe. The European Commission has proposed that listed companies in Europe be required to use IAS by 2005.

Americas edition of IASPlus newsletter posted

26 Oct 2001

The October 2001 Americas edition of our IASPlus newsletter has been posted.

FEE study on how European companies are applying IAS 19

25 Oct 2001

The Federation of European Accountants (FEE) has published a study of the experience of 47 European companies (the majority of which are listed) in applying IAS 19 (revised 1998), Employee Benefits, in their consolidated financial statements.

It also includes a survey of national legislation and standards regarding pension accounting in the countries concerned. Click for: FEE Press Release (PDF 41k) or Download the IAS 19 Study (PDF 143k).

FEE study on how European companies are applying IAS 19

25 Oct 2001

The Federation of European Accountants (FEE) has published a study of the experience of 47 European companies (the majority of which are listed) in applying IAS 19 (revised 1998), Employee Benefits, in their consolidated financial statements.

It also includes a survey of national legislation and standards regarding pension accounting in the countries concerned. Click for: FEE Press Release (PDF 41k) or Download the IAS 19 Study (PDF 143k).

IASB remands SIC D27 for further work

24 Oct 2001

At its meeting last week, the IASB Board considered the latest draft of a proposed SIC Interpretation, Transactions in the Legal Form of a Lease and Leaseback and concluded that the SIC should do further work on the document, including addressing the issue of derecognition of the leased asset.

This is the second time that the Board has remanded D27 to the SIC without approval.

Europe-Africa edition of IASPlus newsletter posted

24 Oct 2001

The October 2001 Europe-Africa edition of our IASPlus newsletter has been posted.

Paul Rutteman named EFRAG secretary general

24 Oct 2001

Paul Rutteman, retired partner of Ernst & Young, has been named the first secretary general of the European Financial Reporting Advisory Group (EFRAG).

EFRAG is an accounting technical committee that has been set up as a private-sector initiative by the principal European organisations interested in financial reporting. EFRAG will serve as the "IAS endorsement mechanism" for Europe by making recommendations to the European Commission regarding acceptance of IASB Standards. Click for EFRAG Press Release (PDF 73k).

Report on IASB meeting 16-20 October 2001

23 Oct 2001

We have posted a Summary of IASB's Meeting in Washington 16-20 October 2001.

The Board met with its Advisory Council on 16-17 October and then deliberated four agenda projects on 18-20 October. We have also updated our individual project files for the four projects to reflect discussions at the meeting:

Debate over IASB's project on stock options in US Congress

21 Oct 2001

Excerpt from a story, Time to Look at Stock Options' Real Cost, in The New York Times of 21 October 2001: "Last week, word came that Representative Michael G.

Oxley, the Ohio Republican who is chairman of the House Committee on Financial Services, had taken a stand against true evil: the International Accounting Standards Board. His act of bravery was voicing his determination to keep America safe from the proper accounting of companies' stock options...."

Netherlands proposes to allow reporting under IAS or US GAAP

19 Oct 2001

The Netherlands Council of Ministers has agreed to a bill that would permit Dutch companies to prepare their financial statements using IAS or US GAAP instead of Dutch accounting rules.

The action was taken for two reasons. First, since all European listed companies will be required to use IAS in 2005, Dutch companies will be able to make the switch sooner if they choose. Second, allowing IAS or US GAAP will ease the burden on the many Dutch companies that now have to prepare two sets of financial statements because they seek capital in overseas markets. The bill has been sent to the Council of State for advice, after which the House of Commons must approve.

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.