July

Russia will adopt IAS starting in 2004

25 Jul 2002

All companies and banks in Russia will be required to prepare their financial statements in accordance with International Accounting Standards starting 1 January 2004, Prime Minister Mikhail Kasyanov has announced.

The Prime Minister has ordered the Finance Ministry to develop implementation guidelines for the accounting changes by 1 January 2003.

 

July 2002 IASPlus Asia-Pacific newsletter available for download

25 Jul 2002

We have posted the July 2002 Asia-Pacific edition of our IASPlus Newsletter. .

We have posted the July 2002 Asia-Pacific edition of our IASPlus Newsletter.

Look for the exposure draft on first-time application next week

24 Jul 2002

We expect the IASB to publish for comment its exposure draft on First-Time Application of IFRS around 31 July (next week).

Three exposure drafts relating to Phase 1 of the Business Combinations project (revisions to IAS 22, 36, and 38) are planned for issuance by the end of September.

Performance reporting project will move directly to ED

23 Jul 2002

At its meeting last week, the Board decided that the Performance Reporting Project should move directly to an exposure draft, rather than first issuing a discussion paper.

Publication of the ED is planned for first quarter 2003. Click here for a Timetable for IASB projects.

Notes from IASB meeting 19 July

23 Jul 2002

We have combined all of our notes from the IASB meeting on 16-19 July 2002 on a Separate Page. .

We have combined all of our notes from the IASB meeting on 16-19 July 2002 on a Separate Page.

IFAC proposes education standards for professional accountants

22 Jul 2002

The International Federation of Accountants (IFAC) has invited comments on exposure drafts of seven standards and one guideline on international accounting education for professional accountants.

Comment deadline is 31 December 2002. The draft International Education Standards cover:
  • Entry Requirements
  • Content of Professional Education Programs
  • Professional Skills and General Education
  • Professional Values and Ethics
  • Experience Requirements
  • Assessment of Professional Competence
  • Continuing Professional Education and Development.
The International Education guideline is intended to assist member bodies in establishing an effective program of continuing professional education for their members.

Agenda project pages updated

22 Jul 2002

We have updated our project pages for the following Board agenda projects to reflect decisions at last week's meeting: Business Combinations Phase 2, Deposit-Taking, Lending, and Securities Activities: Disclosure and Presentation, Convergence Topics, Insurance Contracts, and Share-Based Payment. Also, we have created a new project page for Consolidation, Including Special Purpose Entities. .

We have updated our project pages for the following Board agenda projects to reflect decisions at last week's meeting:

Also, we have created a new project page for Consolidation, Including Special Purpose Entities.

Additional details from IASB meeting 16 July

20 Jul 2002

We have expanded substantially our earlier notes from the Board meeting on 16 July at which share-based payment was discussed.

Analysts want FASB to follow IASB lead on stock options

20 Jul 2002

The Association for Investment Management and Research wants FASB to follow IASB's plan to require companies to recognise the fair value of stock options given to employees as compensation expense.

"The International Accounting Standards Board is demonstrating leadership in putting the best interests of investors ahead of the preferences of corporate managements", AIMR said. AIMR is a professional association of 58,000 securities analysts, fund managers and other investment professionals in 112 countries. Click for AIMR Press Release (PDF 86k).

Notes from IASB meeting 18 July morning

19 Jul 2002

We have combined all of our notes from the IASB meeting on 16-19 July 2002 on a Separate Page. .

We have combined all of our notes from the IASB meeting on 16-19 July 2002 on a Separate Page.

Correction list for hyphenation

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