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2002

William Donaldson will head the US SEC

11 Dec 2002

William Donaldson has been nominated to be the new chairman of the US Securities and Exchange Commission, replacing Harvey Pitt, who resigned amid questions relating to the SEC's effort to select candidates for the five-member Public Company Accounting Oversight Board.

Mr. Donaldson co-founded the investment banking firm Donaldson Lufkin & Jenrette. He was also chairman and CEO of the New York Stock Exchange and of Aetna Inc.

New edition of Accounting Roundup is available

10 Dec 2002

We have posted the 9 December 2002 edition of the Accounting Roundup newsletter published by Deloitte & Touche (US).

Topics covered include disclosure of guarantees, current EITF projects, the SEC's auditor independence and workpaper retention proposals, guidance on combating fraud, the World Congress of Accountants, and IASB's meeting with national standard setters.

New Practical Guide to IFRS is published

09 Dec 2002

Deloitte Touche Tohmatsu has published the third edition of International Financial Reporting Standards: A Practical Guide.

This 236-page book provides practical guidance for applying IFRS in preparing financial statements. It enables readers to see at a glance what their financial statements would look like, provides a quick summary of the standards and interpretations, and details the numerous disclosure requirements in an easy-to-check tabular format. Click to (PDF 2,586k). The guide is also available in an abbreviated version without the summaries of standards and interpretations (just model statements and checklist). Click to download the (PDF 2,155k, 160 pages). You can find other DTT publications on our Publications Page.

Update on accounting standards in Turkey

09 Dec 2002

We have added a new page for Turkey with an update on the development of accounting standards by the Banking Regulation and Supervision Agency for banks and by the Capital Market Board for publicly traded companies. .

We have added a new page for Turkey with an update on the development of accounting standards by the Banking Regulation and Supervision Agency for banks and by the Capital Market Board for publicly traded companies.

Updated model financial statements and disclosure checklist

09 Dec 2002

We have posted updated versions of our Model Financial Statements and Presentation and Disclosure Checklist reflecting International Financial Reporting Standards and Interpretations effective for 2002. .

We have posted updated versions of our Model Financial Statements and Presentation and Disclosure Checklist reflecting International Financial Reporting Standards and Interpretations effective for 2002.

SEC roundtable on international impact of independence rules

07 Dec 2002

The US Securities and Exchange Commission will hold two interactive roundtable meetings on Tuesday, 17 December 2002, to discuss the international impact of its proposed rules on auditor independence and attorney conduct to be promulgated under the Sarbanes-Oxley Act of 2002. The roundtable on auditor independence rules will begin at 9:00 a.m.

and the discussion of attorney conduct rules will start at 2:00 p.m. Both meetings will be open to the public and will be webcast. Real time and archived audio webcasts of the roundtables will be accessible at The SEC Website. Click for SEC Press Release.

IASB proposes to stop pooling and goodwill amortisation

05 Dec 2002

The International Accounting Standards Board has proposed major revisions to its standards on accounting for business combinations and intangible assets.

The proposals are set out in exposure draft ED 3 Business Combinations, and an Exposure Draft of Proposed Amendments to IAS 36 Impairment of Assets, and IAS 38 Intangible Assets.

The IASB invites comments on the Exposure Drafts by 4 April 2003. The most significant proposals are to prohibit the use of the pooling (uniting) of interests method of accounting for business combinations and to require that goodwill and other intangible assets with indefinite lives be tested for impairment but not amortised. Pooling has already been banned in Australia, Canada, Hong Kong, New Zealand, and the United States.

Click for IASB Press Release (PDF 42k). ED 3 will be available for download from IASB's website starting 16 December.

 

Ken Wild of Deloitte & Touche appointed to IFRIC

04 Dec 2002

Ken Wild, Global IAS Leader for Deloitte Touche Tohmatsu and a partner in Deloitte & Touche (United Kingdom), has been appointed to the International Financial Reporting Interpretations Committee (IFRIC).

Ken joined Deloitte & Touche in 1980 and was made a Partner in 1984. He is a member of the UK Accounting Standards Board and a member of its Public Sector and Not-for-Profit Committees. He is also a member of the Financial Reporting Advisory Board to the UK Treasury. On IFRIC, Ken replaces John Smith of Deloitte & Touche (USA), who recently became a member of the International Accounting Standards Board. Click for IASB Press Release (PDF 26k).

IFAC honours Sir Bryan Carsberg, former IASC Secretary-General

30 Nov 2002

The International Federation of Accountants has presented its prestigious Sempier Award to Sir Bryan Carsberg, former Secretary-General of the IASC.

The award recognises an outstanding leader who has made significant contributions to the development of the international accountancy profession over a period of years. As Secretary-General of the IASC from 1995 to 2001, Sir Bryan led the completion of a core body of Standards that has subsequently been endorsed by IOSCO and adopted by the European Union. He is widely recognised for his commitment to promoting worldwide convergence of those standards. Click for IFAC Announcement (PDF 79k).

XBRL page updated

30 Nov 2002

We have updated our IAS-XBRL Page to reflect the recent release, by the XBRL International Steering Committee, of the IAS Primary Financial Statements Taxonomy as an approved XBRL Recommendation.

The Committee has also released, as a Public Working Draft, the IAS Explanatory Disclosures and Accounting Policies Taxonomy. Both taxonomies are available on the Internet from the XBRL Organisation Website.

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.