The FASB also added issues relating to earnings per share to the project scope and decided the following:

• For annual and year-to-date computation of diluted EPS, the dilutive effect of options and warrants should be reflected by applying the treasury stock method for the year-to-date period independently from any interim computation. Options and warrants will have a dilutive effect under the treasury stock method only when the average market price of the common stock for the year-to-date period exceeds the exercise price of the options and warrants. The IASB has adopted a similar year-to-date approach.
• When an entity has issued a contract that may be settled either in shares or in cash at the entity's option, the entity should presume that the contract will be settled in shares if the effect is dilutive. That presumption may not be overcome, regardless of past practice or stated policy to the contrary. While the IASB Improvements ED had proposed that the presumption be rebuttable, the IASB decided at its February 2003 meeting that the presumption may not be overcome.

We have combined our notes from the three days of the IASB's June 2003 Board meeting in Rome, Italy into a Single Page.

We have combined our notes from the three days of the IASB's June 2003 Board meeting in Rome, Italy into a Single Page.

Campos spoke in Brussels on Embracing International Business in the Post-Enron Era before the Centre for European Policy Studies on 11 June. He reviewed international accounting- and auditing-related matters such as principles-based standards, accommodations for foreign market participants in implementing the Sarbanes-Oxley Act, accommodations for foreign auditing firms by the Public Company Accounting Oversight Board, the convergence project of the IASB and the FASB, and acceptance of International Accounting Standards in the United States. Link to Full Text of Commissioner Campos's Remarks.

You will find links to comparisons of IFRS and other national GAAPs Here.

Five of the Q&A; are specifically intended for foreign private issuers, addressing issues such as income statement subtotals and earnings per share amounts that are expressly permitted or required by a foreign GAAP but that are not calculated consistently with those permitted or required by US GAAP. The Q&A; are based on a (PDF 304k) that the SEC adopted on 22 January 2003 pursuant to the Sarbanes-Oxley Act of 2002.

Click here for Details and Preliminary Agendas for the meetings. We will post unofficial summaries of each day's discussions.

The full survey is available on the ICAEW's website.

The AASB is planning to adopt Australian 'equivalents' of international standards that will be mandatory effective 1 January 2005. The AASB hopes to issue its revised standards by 31 March 2004. They have already exposed IAS 7, IAS 23, IAS 29, IAS 30 and IAS 41 for comment. Click for AASB Media Release (PDF 114k).

The US Financial Accounting Standards Board has tentatively decided, as part of its short-term convergence project, to propose adoption of the positions in the IASB's Improvements Exposure Draft that:

• Long-term debt due within 12 months of the balance sheet date should be classified as a current liability unless an agreement to refinance the liability on a long-term basis is completed on or before the balance sheet date.
• Long-term debt payable on demand at the balance sheet date because the entity breached a condition of its loan agreement should be classified as current unless the lender has agreed on or before the balance sheet date to provide a grace period for rectifying the breach during which the obligation is not callable and either (a) the entity rectifies the breach within the grace period or (b) at the time that the financial statements are issued, it is probable that the breach will be rectified within the grace period.