We have consolidated all of our notes from the 19-21 February 2003 IASB meeting onto a Single Web Page.

Atkins recently spoke to a German audience about The Sarbanes-Oxley Act of 2002: Goals, Content, and Status of Implementation. His Remarks addressed the effects of the Act on non-US companies that issue securities in the United States.

The CSA also proposed that Canadian companies registered with the US SEC could use US GAAP, with a reconciliation to Canadian GAAP for the first two years in which US GAAP is used. The CSA has announced that its consideration of the comments on the proposal is nearing completion and that it expects to publish a revised proposal for comment by mid-2003.

This new update, which replaces all previous updates, reflects the effects of standards and exposure drafts issued by the IASC, the IASB, and the UK Accounting Standards Board up to the end of December 2002. Click to download the (PDF 170k).

Publication of these standards is expected to commence in the middle of 2003.

We have consolidated all of our notes from the 19-21 February 2003 IASB meeting onto a Single Web Page.

The IASB has not yet established a timetable for the non-short-term issues in its Convergence Project.

We have consolidated all of our notes from the 19-21 February 2003 IASB meeting onto a Single Web Page.

Among the topics covered are new EITF consensuses; FASB Staff Positions; SEC studies on SEC enforcement actions, credit rating agencies, and disciplinary actions against securities professionals pursuant to the Sarbanes-Oxley Act; software revenue recognition; accounting by health-care organisations; AcSEC projects; and the 4 February PCAOB meeting.

Members of Congress have sent letters to the FASB In Favour (PDF 460k) and Against (PDF 1,354k) expense accrual. The IASB has Proposed that all share-based payment transactions (including employee options) should be recognised in the financial statements, using a fair value measurement basis. An expense should be recognised when the goods or services received are consumed. The same recognition and measurement standards would apply to both public and non-public companies. The US FASB has invited comments on the IASB proposal. The current US standard (Statement 123) gives companies an option, in most cases, to accrue an expense or to disclose in the notes the amount that would have been accrued. Both of the Congressional letters refer to the IASB proposal.