Written by DTT partners Stephen Taylor and Norma Hall, this 1,440-page book includes 43 chapters and five appendices. Each chapter has a comparison with International Accounting Standards and with the standards in the United States, United Kingdom, and People's Republic of China. One appendix is a comprehensive comparison of Hong Kong SSAPs and IAS.

We have added new project pages for Consolidation Policy, Derecognition, Limited Revisions to IAS 39, Share-Based Payments, and Transition and First-Time Adoption.

New issues will be published later this month.

It sets out SEC staff views on loan and lease losses, focusing particularly on the documentation the SEC normally would expect registrants to maintain in support of their allowances for loan losses. Concurrently, US federal bank regulatory agencies issued essentially identical guidance. The guidance would apply to international registrants as well as domestic ones.

We have updated the country information pages for Australia, Hong Kong, India, Singapore, and Thailand.

Press Release (PDF 44k).

While SIC has reaffirmed the consensus in D27, it is redrafting the Interpretation to focus more on the principles involved rather than on a single fact pattern.

The pooling-of-interests method (called uniting of interests in IAS 22) is prohibited. Effective for business combinations initiated after 30 June 2001.

Under FAS 142, goodwill will not be amortised but must be tested for impairment annually at the reporting unit level based on fair value measurements. Effective for financial years beginning after 15 December 2001, early adoption permitted, retroactive application not permitted.

More information at FASB Website. Concurrently, the Canadian Accounting Standards Board approved standards on Business Combinations and Goodwill and Other Intangibles that are consistent with those in the US. Other standard-setters, including those in Australia and New Zealand, have also banned pooling. IASB has identified convergence on business combinations as a high priority potential agenda project.

Click for IASB and SAC July Meeting Information.

The proposal would introduce a 'single passport' to raising capital in Europe. There would be only one prospectus approved by the home country authority of the issuer, which would have to be accepted throughout the EU for public offer and/or admission to trading on regulated markets. Click to download the Full Text of EC Proposal (PDF 103k).