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2002

Third edition of IAS: A Guide to Preparing Accounts

09 Jan 2002

The Third Edition of International Accounting Standards: A Guide to Preparing Accounts has been published by ABG Professional Information, London.

Written by Deloitte & Touche, this comprehensive guide to IAS includes:
  • 29 chapters
  • 4 appendices, including model financial statements and disclosure checklist
  • 1,316 pages.
It can be ordered directly from the Publisher.

Country information updated for seven jurisdictions

09 Jan 2002

Reports on recent standard-setting activity in Australia, China, Hong Kong, India, Philippines, Singapore, and Thailand. .

Reports on recent standard-setting activity in Australia, China, Hong Kong, India, Philippines, Singapore, and Thailand.

Agenda announced for IASB January meeting

08 Jan 2002

21-22 January 2002: Meeting with National Standard Setters: Accounting by Small and Medium-Sized Entities and in Emerging Economies Amendments to IAS 39, Financial Instruments: Recognition and Measurement First-Time Application of IFRS Improvements to Existing IASB Standards Joint Working Group on Financial Instruments: Analysis of Comment Letters Work Programme - Update on Standard Setters' Activities 22-25 January 2002: IASB Technical Agenda Business Combinations First-Time Application of IFRS Improvements to Existing IFRS IAS 1, Presentation of Financial Statements IAS 16, Property, Plant and Equipment IAS 17, Leases IAS 21, The Effects of Changes in Foreign Exchange Rates IAS 23, Borrowing Costs IAS 40, Investment Property Insurance Contracts Amendments to IAS 39, Financial Instruments: Recognition and Measurement Reporting Performance .

21-22 January 2002: Meeting with National Standard Setters:

  • Accounting by Small and Medium-Sized Entities and in Emerging Economies
  • Amendments to IAS 39, Financial Instruments: Recognition and Measurement
  • First-Time Application of IFRS
  • Improvements to Existing IASB Standards
  • Joint Working Group on Financial Instruments: Analysis of Comment Letters
  • Work Programme - Update on Standard Setters' Activities
22-25 January 2002: IASB Technical Agenda

FEE study urges EU to require International Standards on Auditing

07 Jan 2002

A discussion paper published by the Federation of European Accountants (FEE) proposes that by 2005 national auditing standards in the European Union should require auditors of financial statements to: perform audit procedures that comply with International Standards on Auditing (ISAs); report on financial statements in accordance with ISAs; and perform additional audit procedures and report on additional matters in response to specific legal, regulatory, or other needs established at a national level. Click to Download the Study (PDF 160k).

Click for FEE Website.

IAS model financial statements in Chinese

04 Jan 2002

We have posted the Chinese version of our (PDF 607k). .

We have posted the Chinese version of our (PDF 607k).

AICPA members soundly defeat global credential

04 Jan 2002

By a vote of 83,390 (62.5%) opposed to 50,034 (37.5%) in favour, members of the American Institute of CPAs have defeated the proposal to create a global professional credential.

The global credential, alternatively referred to as XYZ, Cognitor, and Strategic Business Professional (IISBP), was proposed as a supplement to the national accounting credential such as CPA and CA. The credential was intended to recognise an individual's ability to integrate knowledge from multiple business disciplines and to apply that knowledge to provide strategic business insight. Besides the AICPA, a number of other national accounting bodies had agreed to participate in the global credential process, including Australia, Canada, France, Italy, and New Zealand. The AICPA had spent about $5 million over the past three years in developing the initiative.

Meeting dates are set for IASB, IASCF, SAC

03 Jan 2002

Meetings of the IASB: 21-25 January 2002, London, UK (21-22 January with chairs of national standard setters) 18-23 February 2002, London.

UK (18-19 February with the Standards Advisory Council)
  • 20-22 March 2002, Tokyo, Japan
  • 17-19 April 2002, London, UK
  • 20-24 May 2002, London, UK (20-21 May with chairs of national standard setters)
  • 17-21 June 2002, Berlin, Germany (20-21 June with the Standards Advisory Council)
  • 17-19 July 2002, London, UK
  • Meetings of IASC Foundation Trustees:

    • 5 March 2002, London, UK
    • 12 June 2002, London, UK
    • 19 November 2002, Hong Kong, China

    Meetings of Standards Advisory Council:

    • 19-20 February 2002, London, UK
    • 20-21 June 2002, Berlin, Germany

    Full text of new IASB Interpretations can be downloaded

    03 Jan 2002

    Yesterday, IASB released the full text of its six new Interpretations.

    IASB is making them available for download from its website "for a limited time". Several of the Interpretations took effect on 31 December, and the others on 1 January 2002.

    SEC Chairman - 'How to Prevent Future Enrons'

    02 Jan 2002

    Harvey Pitt, chairman of the US SEC, has issued a public statement on (PDF 42k) in which he outlines his views on modernisation of financial reporting and disclosure systems for public companies.

    Parts of Mr. Pitt's action plan are directly relevant to accounting standard-setters, including IASB.

    Interpretation files updated for recent decisions

    02 Jan 2002

    Our Interpretation Summaries were updated to reflect the six new ones: SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease SIC 28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments SIC 29, Disclosure - Service Concession Arrangements SIC 30, Reporting Currency - Translation from Measurement Currency to Presentation Currency SIC 31, Revenue - Barter Transactions Involving Advertising Services SIC 33, Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests We also updated our Table of Effective Dates. Click for IASB Press Release on SIC 27 to 33 (PDF 43k). .

    Our Interpretation Summaries were updated to reflect the six new ones:

    • SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease
    • SIC 28, Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments
    • SIC 29, Disclosure - Service Concession Arrangements
    • SIC 30, Reporting Currency - Translation from Measurement Currency to Presentation Currency
    • SIC 31, Revenue - Barter Transactions Involving Advertising Services
    • SIC 33, Consolidation and Equity Method - Potential Voting Rights and Allocation of Ownership Interests
    We also updated our Table of Effective Dates. Click for IASB Press Release on SIC 27 to 33 (PDF 43k).

    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.