April

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European Finance Ministers urge speedy adoption of IAS

16 Apr 2002

The Finance Ministers of the 15 European Union countries urged the adoption of the EU regulation that would require all listed EU companies to use IAS starting in 2005. The Ministers also agreed to push the US Securities and Exchange Commission to accept IAS financial statements filed by European companies without the reconciliation to US GAAP that is currently required.

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Accelerated SEC filing deadlines would not apply to foreign issuers

15 Apr 2002

The US SEC has voted to propose accelerating the filing deadlines for quarterly reports on Form 10-Q to within 30 days from quarter end (currently it is 45 days) and for annual reports on Form 10-K to within 60 days of year end (currently 90 days).

The new deadlines would not apply to foreign issuers or very small domestic issuers. (PDF 14k).
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IOSCO responds to Enron-related issues

11 Apr 2002

The IOSCO Technical Committee, consisting of 16 securities regulators from developed markets, has set up a high level sub-committee to coordinate and focus IOSCO's response to the securities regulatory issues highlighted by the bankruptcy of Enron and other high-profile business failures around the world.

IOSCO Press Release (PDF 61k).
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Agenda for April IFRIC meeting

11 Apr 2002

The newly reconstituted International Financial Reporting Interpretations Committee (IFRIC) will hold its first meeting on 23-24 April.

All projects on the agenda of the former Standing Interpretations Committee have either been completed or withdrawn. At its April meeting, IFRIC will consider the following potential agenda issues:
  • Discretionary distributions
  • Economic compulsion
  • Effective date and transition provisions
  • IAS 19 Employee Benefits - the asset ceiling
  • IAS 19 Employee Benefits - post-employment benefits liability measurement
  • Linkage of transactions
  • Transactions with owners
IFRIC will also discuss effective date and transition provisions in Interpretations.
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FEE study of accounting for business combinations in Europe

09 Apr 2002

The European Federation of Accountants (FEE) has published the results of a study of accounting practices for 96 business combinations in 16 European countries in 1999 and 2000. Using the IAS 22 definition of a business combination, the study examines in detail the following six issues: What is being obtained: shares (in entities) or other assets What is the consideration: transferring shares or other assets The substance of the transaction: an acquisition or a uniting How is it accounted for: purchase, pooling or fresh start Calculation of goodwill Treatment of goodwill The study also examines the accounting standards and regulations for business combinations in 21 European countries. Click for Press Release (PDF 26k).

Click to Download the Study (PDF 165k).
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International Auditing and Assurance Standards Board Website

09 Apr 2002

IFAC has created a separate section of its website for the new International Auditing and Assurance Standards Board (IAASB): www.iaasb.org. .

IFAC has created a separate section of its website for the new International Auditing and Assurance Standards Board (IAASB): www.iaasb.org.

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Timetable for three final Standards moved to 2003

08 Apr 2002

IASB has postponed its planned issuance of final standards on First-Time Application, Improvements to Existing IAS, and Amendments to IAS 32 and 39 from late 2002 to 2003. Exposure Drafts on those projects, which had been expected in March, are now scheduled for some time in the second quarter of 2002. .

IASB has postponed its planned issuance of final standards on First-Time Application, Improvements to Existing IAS, and Amendments to IAS 32 and 39 from late 2002 to 2003. Exposure Drafts on those projects, which had been expected in March, are now scheduled for some time in the second quarter of 2002.

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Agenda for IASB's April meeting is set

08 Apr 2002

The Technical Agenda for IASB's 16-19 April meeting is as follows: .

The Technical Agenda for IASB's 16-19 April meeting is as follows:

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IASCF is planning certification programmes in IAS/IFRS

08 Apr 2002

The anticipated adoption of IAS throughout Europe and elsewhere has created a demand for high quality learning materials and training programmes.

The IASC Foundation (IASCF) Trustees have invited those who are experienced in providing learning materials and training programmes to submit proposals for materials and programmes to train and examine individuals on their skills in financial reporting under IASs and IFRSs. These programmes would carry the certificate 'IASCF-approved training'. Two levels of certification are envisioned: Application level (Certification in IASs and IFRSs) and Advanced level (Diploma in IASs and IFRSs). Click for IASCF Press Release (PDF 13k).

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