December

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EU ambassador urges global accounting standards

29 Dec 2002

In a Speech (PDF 28k) at the European Institute in Washington, Guenter Burghardt, European Union Ambassador to the United States, spoke about Creating a Transatlantic Securities Market: EU/US Regulatory Convergence.

He supported a market in which investors on both sides of the Atlantic have access to adequate and timely information based on one set of principles-based global accounting rules. "The EU will adopt International Accounting Standards from 2005, greatly reducing the burdens and costs on companies looking to do business cross-border on the basis of accounts prepared in accordance with high quality international standards. However, those looking to do business in the US will still be faced with the costs of reconciling those accounts to US GAAP standards."
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Notes from the first day of the December IASB meeting

24 Dec 2002

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page. .

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page.

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Views from the SEC on convergence

24 Dec 2002

In a presentation titled International Developments: Convergence and You at the annual AICPA SEC conference, Jackson M.

Day, Acting Chief Accountant of the US Securities and Exchange Commission, said: [ (PDF 52k)]

Convergence of accounting standards is the centerpiece of the efforts to build a global financial reporting infrastructure. And, the desire for convergence of accounting standards is greater than ever. Achieving this would greatly aid cross-border investing and decision-making....

IAS will soon be applied in at least fifteen different countries in Europe and in other regions of the world. We recognize that achieving the right balance of sufficiently detailed principles and base implementation guidance is extremely important. Appropriate use of national and international interpretive bodies, such as the Emerging Issues Task Force in the U.S. and the International Financial Reporting Interpretations Committee, or IFRIC, is a critical element to the success of this effort. While not every question can be answered, there cannot be fifteen answers to a pervasive question as well. That would undermine the credibility of the system.

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Comment letters on IAS 32-39 amendments can be downloaded

24 Dec 2002

The IASB has posted on its website 142 comment letters it has received on its proposed amendments to IAS 32 and IAS 39, plus another 24 letters that were sent to the UK Accounting Standards Board. .

The IASB has posted on its website 142 comment letters it has received on its proposed amendments to IAS 32 and IAS 39, plus another 24 letters that were sent to the UK Accounting Standards Board.

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New Publication: Quality of Financial Position

23 Dec 2002

We have published Quality of Financial Position: The Balance Sheet and Beyond, the third in our series of booklets on Integrity and Quality intended to help members of management, audit committees, boards of directors, and others better understand and assess key accounting, business, and other issues that companies currently face.

This booklet reviews many of the qualitative and quantitative factors that influence a company's financial position, including factors that may not necessarily be evident from the financial statements themselves. , PDF 104k. You can download the others in this series and other DTT Publications here.
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New Deloitte & Touche (US) Accounting Roundup

22 Dec 2002

We have posted the 23 December 2002 edition of Accounting Roundup, a newsletter published by Deloitte & Touche (US).

This issue covers SPEs, investment companies, recent AcSEC activity, IASB's ED on business combinations, and the second meeting of the new US Public Company Accounting Oversight Board.
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Two IASC Foundation trustees appointed

22 Dec 2002

Max Kley, Deputy Chairman, BASF AG, and Dennis Weatherstone, former Chairman, J.P.

Morgan & Co., have been appointed to the Board of Trustees of the IASC Foundation effective 1 January 2003. They fill the vacancies left by the departures of Hilmar Kopper and William Steere, respectively. Press Release (PDF 26k).
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Notes from the third day of the December IASB meeting

21 Dec 2002

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page. .

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page.

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Notes from the second day of the December IASB meeting

20 Dec 2002

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page. .

We have combined all of our notes from the 18-20 December 2002 IASB meeting into a Single Page.

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The Year 2002 in Review – by Deloitte & Touche (US)

19 Dec 2002

The articles included in Accounting Roundup: The Year 2002 in Review were drawn from issues of Accounting Roundup dated 11 January through 9 December 2002, and have been updated where appropriate.

These articles also provide links to locations where additional information can be found on each topic. You can download this and earlier editions of Accounting Roundup here.

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.