IASB has announced its meeting dates for the remainder of 2002:

• 20-24 May 2002, London, UK (20-21 May with National Standard Setters)
• 17-21 June 2002, Berlin, Germany (20-21 June with the Standards Advisory Council)
• 17-19 July 2002, London, UK
• 18-20 September 2002, Norwalk, CT, USA
• 23-25 and 28-29 October 2002, London, UK (28-29 October with National Standard Setters)
• 12-16 November 2002, Hong Kong SAR, China (15-16 November with the Standards Advisory Council)
• 18-20 December 2002, London, UK

This little 80-page booklet includes:

Chronology of IASC and IASB Details about the IASB structure Recent developments in adoption of IAS/IFRS around the world Summaries of each IAS and each Interpretation For each IAS, key tentative conclusions of the IASB about possible amendments to the IAS Background on each of the IASB agenda projects Useful contact information

A PDF version of IAS in Your Pocket can be downloaded at our Publications Page.

The Commission intends to submit a proposal for new legislation to the European Parliament and the Council by the end of 2002. Among the proposals on which comment is sought is a differential approach to financial reporting. An equity issuer whose annual turnover exceeds €25 million would have to provide, on a quarterly basis, a condensed set of financial statements and a management report. Smaller equity issuers would also report quarterly, but only on net turnover and profit or loss before and after deduction of tax. Issuers of debt securities whose shares were not publicly traded could be subject only to half-yearly reporting requirements. Click for EC Press Release. Comments on the proposals are due 5 July 2002.

Starting 4 November 2002, foreign companies (including Canadian issuers operating under the Multijurisdictional Disclosure System) and foreign governments must file their Securities Act and Exchange Act documents electronically. Click for (PDF 54k).

The following projects are on the agenda for discussion at IASB's upcoming meeting on 22-24 May at its offices in London:

• Business Combinations (Phases I and II)
• Consolidation
• First-Time Application of IFRSs
• Insurance Contracts
• Reporting Performance
• Share-Based Payment

Click for Information about the PSC.

Agenda topics:

• Consolidation and Special Purpose Entities
• Convergence - Possible Topics for Convergence of Standards
• Leases and Related Issues
• Reporting Performance
• Revenue/Liabilities/Elements of Financial Statements
• Discussion of Potential Topics for IASB's Technical Agenda
• Updates on Critical Developments

IASB expects to publish its 400-page exposure draft on Improvements to Existing IFRS on 15 May with a comment period of approximately 120 days.

Jenkins addresses how the FASB is supporting convergence of international accounting standards:

The FASB has jointly agreed with the other standard setters and the International Accounting Standards Board (IASB) to commitments and protocols that mutually support efforts of cooperation and convergence of accounting standards that should create truly efficient global markets. Central to the FASB's participation in the development of international accounting standards is its commitment to increasing global comparability while maintaining the highest quality accounting standards in the U.S. In supporting convergence, the FASB's goal is to ensure that international accounting standards are of the highest quality. To accomplish that goal, the FASB supports the IASB as the focal point for the development of international accounting standards. The FASB intends to participate as fully as possible in the IASB's process while maintaining the highest quality standards domestically. In September 2001, the FASB and the IASB agreed to work together on a second phase of the former's business combinations project. The focus of this joint project is on procedures for applying the purchase method of accounting.

Herdman, raised the possibility that the SEC will accept financial statements from foreign registrants prepared on the basis of IFRS without reconciliation to US GAAP:

The prospect that 7,000 listed companies in the European Union member states will be satisfying their listing requirements by disseminating financial statements prepared under IAS is one that we at the SEC must give serious consideration to vis à vis our filing requirements. The following matters will influence whether the SEC will arrive at the result you all, I am sure, hope for - that we would accept those filings in the U.S.

• The standards themselves, through the IASB's existing projects on improvements, etc., as well as what I hope can be achieved through cooperative efforts between the IASB and the FASB, achieve sufficient short-term convergence.
• Infrastructure is sufficiently developed so that the standards are interpreted and applied in the manner intended with sufficient consistency across countries and firms. IFRIC alone is not enough, I believe, to accomplish that goal.
• Training of thousands of accountants and auditors who have not previously worked with IAS, keeping in mind the standards will be moving targets.
• Continued progress is made in the areas of regulatory oversight of the auditing profession and in CESR's determination of appropriate regulation of filing and other processes.

Mr. Herdman also offered his thoughts on globalisation of the world's capital markets, 'convergence' of accounting standards, and accounting reforms in the United States. Click for Full Text of Mr. Herdman's Speech.

The Commission is also proposing expanded disclosures about the initial adoption of an accounting policy. The disclosures would apply to both domestic and foreign registrants. Click for News Release. As part of its Improvements Project, IASB is expected to propose amending IAS 1 to require disclosure of key assumptions and judgements made by management in applying those accounting policies that have the most significant effect on the amounts of items recognised in the financial statements.