We have updated the following project pages in the Agenda section of this website to reflect IASB discussion and decisions at the Board's October meeting:

• Business Combinations Phase II
• Consolidation, Including SPEs
• Convergence Topics
• Insurance Contracts Phase I
• Liabilities and Revenue Recognition
• Performance Reporting

Task force will identify and analyse the causes of the loss of credibility, and consider alternative courses of action to restore credibility. These may include recommendations on principles of best practice in the areas of financial and business reporting, corporate governance, and auditor performance. The task force will be chaired by John Crow, former Governor of the Bank of Canada, and includes representatives from company management, boards of directors, the investment community, and the accountancy profession. They expect to issue their report in mid-2003. Click for IFAC Press Release (PDF 21k).

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

Webster, PCAOB chairman, former US court judge and director of the FBI; Kayla J. Gillan, pension fund attorney; Daniel L. Goelzer, former SEC general counsel; Willis D. Gradison Jr., former Congressman; and Charles D. Niemeier, SEC Enforcement Division Chief Accountant. Want more information? Click for:

• SEC Announcement.
• One-Page Summary of the Sarbanes-Oxley Act (PDF 19k).
• Full Text of the Act (PDF 230k).

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

The eight-month study identified 885 companies (including 689 publicly traded companies) who made a total of 919 restatements during the 5½ years ending in June 2002. The principal finding is that, while the number of restating companies continues to make up a small percentage of all publicly listed companies annually, the number of restatements due to accounting irregularities grew significantly during the 5½ years studied. "The proportion of listed companies on NYSE, Amex, and Nasdaq identified as restating their financial reports tripled from less than 0.89 percent in 1997 to about 2.5 percent in 2001 and may reach almost 3 percent by the end of 2002. From January 1997 through June 2002, about 10 percent of all listed companies announced at least one restatement." Share prices of restating companies dropped by an average of 10% within one day after the restatement was announced. Issues involving revenue recognition (misreported or nonreported revenue) accounted for almost 38% of the 919 announced restatements. Issues relating to improper recognition or capitalisation of costs and expenses accounted for another 16% of the restatements. Click to from IASPlus (PDF 5,270k) -- it will take 30-60 minutes if you are using a modem rather than a broadband Internet connection. If you can handle ZIP files, click here for a (ZIP 3,008k).

We have combined all of the notes from the 23-25 October 2002 IASB meeting on a Single Page.

The principles describe essential features of regulatory systems requiring transparency and disclosure by listed entities; the independence of external auditors; and the need for public oversight of the audit function. You can download the three papers and the related IOSCO press release as follows:

• Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities (PDF 101k).
• Principles of Auditor Independence and the Role of Corporate Governance in Monitoring an Auditor's Independence (PDF 149k).
• Principles for Auditor Oversight (PDF 195k).
• IOSCO Press Release (PDF 30k).

This is the Asia-Pacific edition, which includes all of the general IASB/IFRS update information plus country updates for the Asia-Pacific region. Our Europe-Africa and Americas editions will be published soon.

The SOP will be used for developing standards of best practice on enforcement among CESR members. Principle 1 set out in the SOP states that "competent independent administrative authorities set up by member States should have the ultimate responsibility for enforcement of compliance of the financial information provided by the companies identified by Principle 7 [listed companies and those applying for listing] with the reporting framework." This seems to support the establishment of oversight boards in EU member States similar to the PCAOB set up in the United States by the Sarbanes-Oxley Act of 2002. Comments are requested by 15 January 2003. Click to download:

• CESR SOP (PDF 163k).
• CESR Press Release (PDF 101k).