January

European Parliament approves amended accounting Directives

16 Jan 2003

The European Parliament has approved amendments to the European Accounting Directives that would complement the Accounting Regulation adopted in June 2002. The Regulation requires virtually all 7,000 listed European companies to follow IFRS starting in 2005. The amended Directives would remove inconsistencies of the existing Directives with IFRS and would address accounting by the estimated 5 million European companies that are not subject to the IFRS Accounting Regulation.

The amended directives are scheduled for final vote by the Council of Ministers in March. Click for EC Press Release.

EFRAG seeks comments on its draft letter on ED 3

15 Jan 2003

Click here to Download EFRAG's draft comment letter ED 3, Business Combinations, and Proposed Amendments to IAS 36 and IAS 38. EFRAG needs comments by 7 March 2003. .

Click here to Download EFRAG's draft comment letter ED 3, Business Combinations, and Proposed Amendments to IAS 36 and IAS 38. EFRAG needs comments by 7 March 2003.

International responses to SEC independence proposals

15 Jan 2003

Both the Federation of European Accountants (FEE) and the International Federation of Accountants (IFAC) (PDF 80k) have responded to the SEC's auditor independence proposals. .

Both the Federation of European Accountants (FEE) and the International Federation of Accountants (IFAC) (PDF 80k) have responded to the SEC's auditor independence proposals.

Statistics page updated

15 Jan 2003

We have updated the data on our Statistics Page about cross-border listings on the NY Stock Exchange (474 non-US companies from 51 countries, roughly one-third of total market cap); NASDAQ (379 non-US companies from 40 countries); and London Stock Exchange (470 non-UK companies from 61 countries, roughly two-thirds of total market cap). .

We have updated the data on our Statistics Page about cross-border listings on the NY Stock Exchange (474 non-US companies from 51 countries, roughly one-third of total market cap); NASDAQ (379 non-US companies from 40 countries); and London Stock Exchange (470 non-UK companies from 61 countries, roughly two-thirds of total market cap).

EC will move to IPSAS and accrual accounting

14 Jan 2003

The European Commission has indicated that it is going to move its own accounting system from a cash basis to a new accounting framework that will be based on International Public Sector Accounting Standards (IPSAS), including accrual accounting.

Click for EC Press Release (PDF 40k). IPSAS are developed by the Public Sector Committee of IFAC and are based on International Financial Reporting Standards. The OECD and NATO have also adopted IPSAS for their financial reports.

Public discussion of ED 2 in Germany

13 Jan 2003

The German Accounting Standards Board (DRSC) will hold a public discussion of IASB ED 2, Share-Based Payment, in Berlin on 10 February 2003. Details on the DRSC Website. .

The German Accounting Standards Board (DRSC) will hold a public discussion of IASB ED 2, Share-Based Payment, in Berlin on 10 February 2003. Details on the DRSC Website.

Process of endorsing IFRS for use in Europe has started

12 Jan 2003

Adoption of an Accounting Regulation by the European Union in June 2002 did not, of itself, legally require the 7,000 European listed companies to follow IFRS starting in 2005. Two further steps are required: (1) translation of IFRS into the European languages and (2) endorsement of the IFRS by a new Accounting Regulatory Committee established by the European Commission to give them legal standing in Europe.

Both the translation and endorsement processes are now under way. A recent Commission (PDF 18k) indicates that their goal for completing both steps is Spring 2003.

US panel proposes reforms in auditing and accounting

12 Jan 2003

The Commission on Public Trust and Private Enterprise, a blue-ribbon panel appointed by the Conference Board (an American business research group), has recommended a wide range of actions to improve corporate governance, auditing, and accounting practices.

In the area of accounting, the Commission urged more timely response by accounting standard-setters and encouraged convergence between US and global accounting standards:

Global capital markets could be made more efficient if accounting standards were harmonized on a world-wide basis. We strongly support both the emphasis on convergence between U.S. and the global standards and significant improvement in both bodies of standards. We applaud the efforts of the leadership of FASB and the IASB toward finding common ground on higher quality standards so that the infrastructure of our global economy can advance towards an integrated international capital market.

In this regard, we further recommend that the SEC, the new Public Corporation Accounting Oversight Board, and the Financial Accounting Foundation find a way to finance the American share of the International Accounting Standards Board Foundation through the issuer assessments established under the Act. The international financial community is encouraged also to adopt such a funding mechanism.

Click to Download the Report (PDF 582k).

Las páginas web: IASPlus Spain (new website)

11 Jan 2003

En http://iasplus.deloitte.es podrá obtener toda la información necesaria para entender nuestra metodología y enfoque de cara a la integración a las normas contables y para estar al día de todas las novedades en cuanto a reglamentos, normativas, noticias, y eventos de las IAS. .

En http://iasplus.deloitte.es podrá obtener toda la información necesaria para entender nuestra metodología y enfoque de cara a la integración a las normas contables y para estar al día de todas las novedades en cuanto a reglamentos, normativas, noticias, y eventos de las IAS.

IAS: Guía Rápida (IAS in your Pocket: Spanish)

11 Jan 2003

Esta segunda edición de "IAS: Guía Rápida" es una guía excepcional para ayudarle a conocer y entender cómo las normas contables continúan convergiendo a nivel mundial.

Con el mayor énfasis en las Normas Internacionales de Contabilidad y el número creciente de empresas que deben adoptarlas en los próximos años, usted puede encontrar que (PDF 1,883k) es una guía muy útil. Al resumir la información clave sobre las NIC y sus interpretaciones, esta guía constituye una excelente introducción a un nuevo lenguaje que, en breve, será parte de su actividad profesional.

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