Once the proposal becomes law (a Directive), then a prospectus approved by securities authorities in one member state must be accepted in all other states. The proposal sets out the minimum content for a prospectus and how it should be presented, based on Disclosure Standards adopted in 1998 by IOSCO. Required disclosures would include key information on risk factors, related-party transactions, corporate governance, and management's discussion and analysis, none of which is currently required by the existing EU Directive on prospectuses. The specific financial statements, periods covered by them, and other information of a financial nature to be included in prospectuses will be established by EC regulation within 180 days of adoption of the proposed Directive. The EC's goal is final approval of the Directive by the end of 2002. Click for:

• EC Press Release (PDF 55k).
• Full Text of Proposed Directive (PDF 268k).

The 12 August 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA covers stock options, disposal activities, US accounting reform legislation, the SEC's signature filing requirement, and IASB's ED 1 on First-Time Application of IFRS.

Comments are requested by 31 October 2002. Click for:

• Link to Download Site. Please note that ED 1 is published in three separate PDF documents: Requirements (131k), Basis for Conclusions (151k), and Implementation Guidance (96k).
• Background Information on the project.
• IASB Press Release (PDF 37k).

We have updated our Statistics Page to reflect the latest cross-border listings reported by NYSE, NASDAQ, LSE, and the World Federation of Exchanges (50 exchanges).

Download it from our South Africa Page.

Implementation will begin in January 2003.

The NYSE considered requiring listed companies to expense stock options but did not do so. At its July meeting, the IASB voted to develop an Exposure Draft of an IFRS that will require expense recognition.