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2002

Progress toward a single prospectus in Europe

17 Nov 2002

The Council of Finance Ministers from the 15 European member states has approved a Directive that would create a single prospectus to be used throughout Europe.

At its 5 November 2002 meeting, the EU's Council of Ministers agreed on an amended proposal for a Directive on prospectuses.

"This proposal would make it easier and cheaper for companies to raise capital throughout the EU, while reinforcing protection for investors by guaranteeing that all prospectuses, wherever in the EU they are issued, provide them with the clear and comprehensive information they need to make investment decisions."

The Directive would introduce a new 'single passport for issuers'. This means that once approved by the authority in one Member State, a prospectus would then have to be accepted everywhere else in the EU. To ensure investor protection, that approval would only be granted if prospectuses meet common EU standards for what information must be disclosed and how. Click for News Release (PDF 26k).

 

Europe pages reorganised

17 Nov 2002

Due to the growing amount of information about the adoption of IFRS in Europe and related matters, we have reorganised our Europe Pages.

Click for our Europe Pages.

David Tweedie, Paul Volcker to address World Congress

17 Nov 2002

IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul A.

Volcker will address the first plenary session of the 16th World Congress of Accountants on Tuesday morning, 19 November, in Hong Kong. Click for information about the World Congress.

Five country updates posted

16 Nov 2002

We have posted updates about accounting standards activity in the following countries: France, Germany, Sweden, South Africa, and United Kingdom. .

We have posted updates about accounting standards activity in the following countries: France, Germany, Sweden, South Africa, and United Kingdom.

IASB to meet with Standards Advisory Council

15 Nov 2002

The following topics are on the agenda for the meeting of the IASB with its Standards Advisory Council today and tomorrow in Hong Kong: Convergence Improvements Project Insurance Regulatory developments in EU Reporting performance Revenue recognition and liabilities Share-based payment Reports on the Board's research agenda and other project developments More information about the Standards Advisory Council. .

The following topics are on the agenda for the meeting of the IASB with its Standards Advisory Council today and tomorrow in Hong Kong:

  • Convergence
  • Improvements Project
  • Insurance
  • Regulatory developments in EU
  • Reporting performance
  • Revenue recognition and liabilities
  • Share-based payment
  • Reports on the Board's research agenda and other project developments More information about the Standards Advisory Council.

Report on European company law is published

15 Nov 2002

The European Commission's High-Level Group of Company Law Experts has published its final report on A Modern Regulatory Framework for Company Law in Europe.

The report covers the issues considered by the group under the second part of its mandate, including such corporate governance issues as the role of non-executive and supervisory directors; management remuneration; responsibility of management for financial statements; and auditing practices. The Commission is considering the presentation of an action plan for company law in early 2003. Click to Download the Report (PDF 458k). Among the recommendations:
  • "The costs of all share incentive schemes should be properly reflected in the annual accounts, and this accounting principle should be recognised in a European framework rule."
  • "The responsibility for supervision of the audit of the company's financial statements should lie with a committee of non-executive or supervisory directors who are at least in the majority independent."
  • "The Commission should review the Seventh Company Law Directive's provisions in the light of the need for better financial disclosure, and consider whether improvements can be made consistent with International Accounting Standards."

The SEC's changing approach to enforcement

15 Nov 2002

While he did not address International Accounting Standards directly, SEC Enforcement Division Director Stephen M.

Cutler's recent Remarks at the University of Michigan Law School address (among other things) accounting fraud, transformation of the accounting profession, and regulatory responses. An excerpt:

Perhaps also inhibiting the Commission's effectiveness at deterring financial fraud, particularly by gatekeepers, is its historical reluctance to sue accounting firms and attorneys. Through the exercise of its prosecutorial discretion, the Commission generally has reserved suing both groups for only the most egregious cases. In the case of accounting firms, the rationale generally has been that it is unreasonable to expect a firm to control the actions of thousands of employees conducting audits nationwide. Instead, in the typical case involving wrongdoing by a single accountant, the Commission has pursued only the individual. This practice stands in contrast to the Commission's approach to similar fact patterns at regulated entities, like broker-dealers. For instance, when the Commission charges an individual broker for a securities violation, it is not uncommon to also charge the firm with which the broker is associated. This reluctance to charge accounting firms, as well as attorneys, may have had the unintended consequence of holding both groups to a lower standard rather than to the high standard their special roles demand....

Today, of course, it's a whole new ballgame.

Notes from the third day of the November IASB meeting

14 Nov 2002

We have combined the notes taken by Deloitte observers at the IASB's meeting on 12-14 November 2002 in Hong Kong onto a Single Page. .

We have combined the notes taken by Deloitte observers at the IASB's meeting on 12-14 November 2002 in Hong Kong onto a Single Page.

Europe-Africa edition of IASPlus newsletter is posted

13 Nov 2002

We have posted the October 2002 Europe-Africa Edition of our quarterly newsletter -->IAS Plus -->.

The Americas and Asia-Pacific Editions are also available at this link.

Accounting Roundup newsletter is available

13 Nov 2002

We have posted the 11 November 2002 edition of Accounting Roundup published by Deloitte & Touche (US).

Topics covered include SPEs, recent EITF and SEC activity, implementation of the Sarbanes-Oxley Act, a new audit standard on fraud, and convergence of IFRS and US GAAP.

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.