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2002

IFRIC agenda information on IASPlus is reorganised

29 Nov 2002

We have reorganised the information on IASPlus about IFRIC's agenda issues: Chronological List and Listing by Issue .

We have reorganised the information on IASPlus about IFRIC's agenda issues: Chronological List and Listing by Issue

More on Australia moving to IAS in 2005

29 Nov 2002

We have posted a new (PDF 154k) that explains the planned adoption of International Accounting Standards as Australian GAAP for reporting periods beginning on or after 1 January 2005. Because of the need to present prior period comparatives, the transitional calculations will commence for reporting periods beginning on or after 1 January 2004. A few Australian accounting standards do not have an international counterpart, including concise financial reports, general and life insurance, and extractive industries.

Those are expected to be retained until IASB standards are developed.

Notes from the IFRIC meeting 25-26 November 2002

28 Nov 2002

We have moved our observer's unofficial notes of the discussions at the meeting of the International Financial Reporting Interpretations Committee of 25-26 November 2002 to our IFRIC Page. .

We have moved our observer's unofficial notes of the discussions at the meeting of the International Financial Reporting Interpretations Committee of 25-26 November 2002 to our IFRIC Page.

New edition of Accounting Roundup is available

27 Nov 2002

We have posted the 25 November 2002 edition of the Accounting Roundup newsletter published by Deloitte & Touche (US).

Topics covered include FASB's and IASB's exposure drafts on stock-based/share-based compensation, SPEs, SOP on accounting for financial instruments by non-profit health-care institutions, IASB's November meeting, and news about the new US Public Company Accounting Oversight Board.

Australia and New Zealand Accounting Alerts posted

27 Nov 2002

We have posted some new Australia and New Zealand Accounting Alerts. .

We have posted some new Australia and New Zealand Accounting Alerts.

IAASB proposes new preface and restructuring of standards

26 Nov 2002

The International Auditing and Assurance Standards Board has issued an Exposure Draft (PDF 237k) inviting comment on IAASB's Proposed Terms of Reference; the Preface to the International Standards on Quality Control, Auditing, Assurance, and Related Services; and Operations Policy No 1–Bold Type Lettering.

Comments are due 28 February 2003. The IAASB is proposing to restructure the Auditing and Assurance Handbook to include four separate sections covering:
  • Quality control. The documents in this section would be called International Standards on Quality Control (ISQCs). This section would address firm-wide quality control issues while ISAs and ISAEs will address engagement specific quality control matters.
  • Audits and reviews of historic financial information. The documents in this section would continue to be called International Standards on Auditing (ISAs) and International Auditing Practice Statements (IAPSs).
  • Assurance engagements on other subject matters. The documents in this section would be called International Standards on Assurance Engagements (ISAEs), and in time, if needed, International Assurance Engagement Practice Statements (IAEPSs) could be added.
  • Related services. The documents in this section would be called International Standards on Related Services (ISRSs), and over time, if needed, International Related Services Practice Statements (IRSPSs) could be added.

EFRAG seeks comments on share-based payments

25 Nov 2002

The European Financial Reporting Advisory Group is seeking comments (due by 7 February 2003) on its Draft Letter of Comment on IASB Exposure Draft 2, Share-Based Payment. .

The European Financial Reporting Advisory Group is seeking comments (due by 7 February 2003) on its Draft Letter of Comment on IASB Exposure Draft 2, Share-Based Payment.

SEC answers 'Frequently Asked Questions' on Sarbanes-Oxley

24 Nov 2002

The SEC's Division of Corporation Finance issued 28 Q&As that address issues relating to implementing the Public Company Accounting Reform and Investor Protection Act of 2002 (the Sarbanes-Oxley Act). .

The SEC's Division of Corporation Finance issued 28 Q&As; that address issues relating to implementing the Public Company Accounting Reform and Investor Protection Act of 2002 (the Sarbanes-Oxley Act).

Hong Kong and South Africa seek comments on ED 2

23 Nov 2002

Accounting standard setting bodies in Hong Kong and South Africa (ED 160) have requested comments on adoption of IASB ED 2, Share-Based Payment.

In Canada the AcSB expects to issue ED 2 for comment by 31 December 2002. Canadian standards currently require disclosure of the fair value of options granted, though the calculation differs from that proposed in ED 2.

Broad intention to comply with Sarbanes-Oxley in Europe

23 Nov 2002

A Citigate Financial Intelligence Survey (PDF 163k) of 50 of the 297 European companies listed in United States markets shows a broad intention to comply with the Sarbanes-Oxley Act.

Based on the survey, threats of non-compliance across Europe appear to have been substantially overstated.

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.