This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

2002

Notes from the second day of the November IASB meeting

13 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.

IAASB ED on reporting on compliance with IFRS

13 Nov 2002

International Auditing and Assurance Standards Board (IAASB) has proposed new guidance designed to clarify when financial statements are in full compliance with International Financial Reporting Standards (IFRSs).

The exposure draft of International Auditing Practice Statement (IAPS), Reporting on Compliance with International Financial Reporting Standards, makes clear that when an entity references compliance with IFRSs, auditors should issue an audit report with an unqualified opinion only if the entity complies fully with all applicable IFRSs. Click to download:
Webster has resigned as chairman of the US Public Company Accounting Oversight Board (PCAOB). The PCAOB was created by accounting reform legislation enacted in the United States in July to oversee the audits of public companies. Also, Jackson M. Day has been named Acting Chief Accountant of the SEC, replacing Robert K. Herdman, who had resigned last week. The resignations of Mr. Webster and Mr. Herdman, and that of SEC Chairman Harvey H. Pitt, relate to questions about the SEC's process for selecting members of the new five-member PCAOB.

Notes from the first day of the November IASB meeting

12 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.

SEC Chief Accountant resigns

11 Nov 2002

SEC Chief Accountant Robert Herdman has announced that he will step down immediately.

His resignation comes less than a week after that of SEC Chairman Harvey H. Pitt (see news story 5 November 2002). Mr. Herdman said he resigned "in light of recent events" – alluding to questions relating to the SEC's effort to select candidates for the five-member Public Company Accounting Oversight Board.

Agendas announced for IASB, SAC meetings

11 Nov 2002

The IASB will meet in Hong Kong on 12-14 November.

The Board's agenda includes Insurance, the Improvements Project (results of exposure), Business Combinations (Phase II), Revenue, Debt/Equity, and Convergence – IAS 19 Employee Benefits. We will post brief summaries of each day's discussions. On 15-16 November, the Board will meet with the Standards Advisory Council. On the agenda are Convergence, Reporting Performance, Share-Based Payment (update on North American developments), Revenue and Liabilities, the Board's Research Agenda, Insurance, Regulatory Developments in the European Union, the Improvements Project (update), and Other Project Developments. Agenda Details.

SEC proposes rules of conduct for attorneys

11 Nov 2002

The US SEC has proposed new rules to implement Sarbanes-Oxley Act provisions concerning standards of professional conduct for attorneys who appear or practice before the Commission on behalf of an SEC registrant.

The rules would apply to both in-house and outside counsel, including attorneys licensed, or otherwise qualified to practice, in foreign jurisdictions who appear and practice before the Commission. Click for SEC News Release.

Wide-ranging policy address by FASB chairman

11 Nov 2002

In a major policy address at the Annual Current Financial Reporting Issues Conference of Financial Executives International, FASB Chairman Robert H.

Herz addressed many aspects of convergence of US GAAP and IFRS and the implications of a principles-based approach to setting accounting standards in the United States. He also outlined the FASB's current examination of whether modifications in the current structure of US accounting standard setting – including the roles, composition, and processes of the EITF and AcSEC – would improve the overall quality and effectiveness of U.S. accounting standard setting. Click for:

Americas edition of IASPlus newsletter is posted

10 Nov 2002

We have posted the October 2002 Edition of our quarterly newsletter . .

We have posted the October 2002 Edition of our quarterly newsletter .

ED 2 Share-based Payment

07 Nov 2002

The IASB has today published for comment ED 2 'Share-Based Payment', a draft international standard.

The exposure draft addresses how entities should account for share-based payment transactions, including grants of share options to employees. The proposals reflect the following principles:

  • When goods or other services are received in exchange for a share-based payment, an expense should be recognised.
  • Recognition of the expense should be over the period in which the services involved are rendered or as the goods involved are received.
  • Measurement of the expense should be made by reference to fair value.

Comments on the proposals are requested by 7 March 2003. If a standard is issued by the end of 2003, it is expected to be effective for periods beginning on or after 1 January 2004.

The UK Accounting Standards Board has simultaneously published the exposure draft as FRED 31 Share-Based Payment. The FASB is also expected to publish the exposure draft, together with a summary of the key differences with current US accounting standards, and an invitation to comment.

The electronic version of ED 2 will be posted on the IASB's Website on 18 November (subscribers may download it now). Please note that ED 2 is published in three separate PDF documents: Requirements, Basis for Conclusions, and Implementation Guidance.

Click for:

 

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.