The Q&A; are developed by a committee (chaired by John T. Smith of Deloitte & Touche) and exposed for public comment before final adoption.

We've added a page listing open IASC Comment Deadlines.

Click here for Details of the JWG Project and Links to the Electronic Version of the Draft.

We've added Links to the websites of around 100 professional accountancy organisations in 60 countries.

Click for Accounting Standard Setting in Europe (PDF 209k). Go to FEE Website.

Control is the principle in IAS 27 and most national standards. FASB has also been developing an exposure draft on consolidation of special purpose entities, a matter addressed in SIC 12. However, FASB has just announced that "there is not sufficient Board member support to proceed with either a final statement on consolidation policy, or an exposure draft on entities with specific limits on their powers (SPEs)".

Day, Deputy Chief Accountant of the US SEC, on January 8, 2001:

The staff believes that the one way to deal with the reconciling items we commonly see today is for the recently enhanced IASC to set an initial agenda in cooperation with the national standards setting bodies, which would result in the identification of the reconciling items which are most common and for which the greatest diversity exists, and then the IASC and national standard setters converge on the highest possible standard. That would in and of itself eliminate some of the items requiring reconciliation today. In the meantime, the staff will continue to take a keen interest in monitoring and supporting this work.

We've updated the Sitemap to reflect recent changes to the website.

The Advisory Council will meet three times each year to:

• advise the Board on priorities in the Board's work,
• inform the Board of the implications of proposed standards for users and preparers of financial statements. and
• give other advice to the Board or the Trustees. Nominations for Advisory Council membership are invited.

We have added, in the IASC Agenda section, more information about projects undertaken by the G4+1 standard-setters with IASC participation, including information about each G4+1 study.