2002

SEC Chairman Harvey Pitt resigns

05 Nov 2002

Harvey Pitt announced his resignation as Chairman of the US Securities and Exchange Commission.

An interim successor has not been selected. Mr. Pitt indicated in his letter that he would leave "as soon as I can help your staff ensure a smooth transaction of leadership".

IASB meeting dates for 2003 are announced

04 Nov 2002

The IASB will meet monthly, except August, in 2003. The Board will meet in April and again in September with the chairs of its partner national standard setters.

The Standards Advisory Council will meet in February, June, and November:
  • 20-24 January 2003, London
  • 19-25 February 2003 (24-25 February: Meeting with the Standards Advisory Council), London
  • 19-21 March 2003, London
  • 24 April-2 May 2003 (24-25 April: Meeting with National Chairs), London
  • 21-23 May 2003, London
  • 16-20 June 2003 (19-20 June: Meeting with the Standards Advisory Council), Rome, Italy
  • 23-25 July 2003, London
  • 17-23 September (22-23 September: Meeting with National Chairs), London
  • 22-24 October 2003, Toronto
  • 17-21 November 2003 (20-21 November: Meeting with the Standards Advisory Council), London
  • 17-19 December 2003, London

IFRIC meeting dates for 2003

04 Nov 2002

IFRIC has announced its meeting schedule for 2003, all in London: 4-5 February 2003 1-2 April 2003 1-2 July 2003 30-31 July 2003 30 September-1 October 2003 2-3 December 2003 .

IFRIC has announced its meeting schedule for 2003, all in London:

  • 4-5 February 2003
  • 1-2 April 2003
  • 1-2 July 2003
  • 30-31 July 2003
  • 30 September-1 October 2003
  • 2-3 December 2003

EFRAG comment letter on first-time application

02 Nov 2002

We have posted the Comment Letter (PDF 24k) of EFRAG on IASB Exposure Draft 1. Click Here for our EFRAG page. .

We have posted the Comment Letter (PDF 24k) of EFRAG on IASB Exposure Draft 1. Click Here for our EFRAG page.

SEC proposes rules to implement Sarbanes-Oxley Act

01 Nov 2002

The US SEC has proposed rules to implement the Sarbanes-Oxley accounting reform legislation adopted in late July.

Two financial reporting issues covered by the proposed rules are:
  • Disclosure of non-GAAP financial information (including "pro forma" information) and
  • MD&A; disclosure about off-balance sheet arrangements, contractual obligations, and contingent liabilities and commitments,
Click for the (PDF 63k).

Deloitte Touche Tohmatsu comment letter on first-time application

31 Oct 2002

We have posted the (PDF 63k) of Deloitte Touche Tohmatsu to IASB on IASB Exposure Draft 1, First-Time Application of IFRS.

Overall, we support the opening balance sheet approach of ED1. We believe the approach addresses the practical problems of applying the previous requirements under SIC-8, First-Time Application of IASs as the Primary Basis of Accounting, and the IASB has accomplished its objective of ensuring that an entity's first IFRS financial statements contain high quality information. Nonetheless, our review of ED1 identified a number of issues that arise from applying the different options and exemptions under the opening balance sheet approach that we believe should be addressed by the IASB. You will find all of our past comment letters Here.

IASB and FASB agreement on convergence

30 Oct 2002

The International Accounting Standards Board and the US Financial Accounting Standards Board have jointly issued a memorandum of understanding, marking a significant step toward formalising their commitment to the convergence of US and international accounting standards.

The IASB and the FASB presented the agreement to the chairs of leading national standard setters at a two-day meeting in London on 28-29 October. Click for:

 

EFRAG comment letter posted

30 Oct 2002

We have posted the EFRAG Comment Letter to IASB on proposed amendments to IAS 32 and IAS 39 .

We have posted the EFRAG Comment Letter to IASB on proposed amendments to IAS 32 and IAS 39

New Australian Accounting Alert posted

29 Oct 2002

We have posted the 28 October 2002 edition of Accounting Alert from Deloitte Touche Tohmatsu (Australia).

It deals with the accounting implications of Australia's new business tax system (tax consolidation). Earlier editions are also available for downloading.

New Accounting Roundup newsletter is published

28 Oct 2002

We have posted the 28 October 2002 edition of Accounting Roundup, a newsletter published by Deloitte & Touche (USA).

This issue covers special purpose entities, amendment to SFAS 133 (derivatives and hedging), principles-based approach to US standards, implementation of the Sarbanes-Oxley Act, appointment of PCAOB members, EDGAR filings for foreign issuers, our book on implementing IAS 32 and IAS 39, and the IASB's exposure draft on first-time application of IFRS.

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.