June

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Agenda is set for IASB's July meeting

30 Jun 2002

The Board will Meet 17-19 July at its offices in London, when it will discuss insurance contracts; consolidation and special purpose entities; convergence topics; deposit-taking, lending, and securities activities; and performance reporting. .

The Board will Meet 17-19 July at its offices in London, when it will discuss insurance contracts; consolidation and special purpose entities; convergence topics; deposit-taking, lending, and securities activities; and performance reporting.

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Canada proposes to allow certain foreign issuers to use IAS

29 Jun 2002

The Canadian Securities Administrators have Proposed (PDF 8k) that certain eligible foreign issuers would be allowed to submit financial statements prepared using International Accounting Standards or using GAAP in Australia, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, South Africa, Spain, Sweden, Switzerland, and the UK.

The CSA is also proposing that Canadian companies registered with the US SEC could use US GAAP, with a reconciliation to Canadian GAAP for the first two years in which US GAAP is used. Comments on the proposal are due 19 September 2002.
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Speech by IASC Foundation Chairman Paul Volcker

29 Jun 2002

We have posted the Remarks of Paul Volcker (PDF 123k), Chairman of the IASB's Board of Trustees, at a Conference on Credible Financial Disclosures, Northwestern University. .

We have posted the Remarks of Paul Volcker (PDF 123k), Chairman of the IASB's Board of Trustees, at a Conference on Credible Financial Disclosures, Northwestern University.

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Financial Times urges US move to 'principles-based' standards

28 Jun 2002

In an editorial titled 'The World After WorldCom', the Financial Times 27 June 2002 said: It is time for US accounting standards to move away from prescriptive rule-making towards the alternative used in many other countries, which focuses on 'substance over form'.

US regulators have been suspicious of principles-based standards drafted by the International Accounting Standards Board, arguing that the US approach is superior. As the list of US accounting scandals mounts, it is hard to maintain such a position.
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EFRAG recommends EC endorsement of all existing IAS 'en bloc'

26 Jun 2002

In response to a request from the European Commission, EFRAG (the European private sector's accounting technical committee) has reviewed IAS 1-41 and all extant SICs and has concluded that (a) they are not contrary to the 4th and 7th Directives and (b) they meet the required criteria of understandability, relevance, reliability, and comparability.

Therefore, EFRAG believes that "it is in the European interest that the process of adoption of the current standards should now be set in motion. Accordingly, we recommend endorsement of the current standards 'en bloc'." Click for EFRAG Letter to EC (PDF 28k).
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Comparison of Dutch GAAP, US GAAP, and IAS

26 Jun 2002

Deloitte & Touche in the Netherlands has published, together with the Confederation of Netherlands Industry and Employers (VNO-NCW), the third edition of Accounting Standards Compared: Differences between IAS, NL-GAAP and US-GAAP.

This 221-page report analyses the differences in financial reporting between Netherlands legislation and regulations, IASB Standards, and US GAAP. Click here to (PDF 180k, 25 pages), which highlights the main GAAP differences.
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Background on financial reporting in United Kingdom

26 Jun 2002

In our section on accounting standards in individual countries, we have added a separate background page on Financial Reporting in the UK. .

In our section on accounting standards in individual countries, we have added a separate background page on Financial Reporting in the UK.

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Trustees seek replacement for Robert Herz

26 Jun 2002

The Trustees of the IASC Foundation have begun their search for a replacement for Robert Herz as a part-time member of the IASB.

Mr. Herz left the IASB on 30 June to become chairman of the US Financial Accounting Standards Board.
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Project pages updated for June Board meeting discussions

24 Jun 2002

We have created a new project page for IASB's potential project on Convergence Topics.

This project, though not yet formally added to the Board's agenda, is focusing on issues for which IASB and one or more partner standard setters have standards that are broadly similar but differ in a limited number of areas. Also, we have updated our project pages on
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New Accounting Roundup newsletter posted

24 Jun 2002

We have posted the 24 June 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA. .

We have posted the 24 June 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA.

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