News

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European goal: an integrated securities market by 2003

03 Jul 2001

The European Commission has created two key committees as part of its financial services action plan: a European Securities Committee (ESC) and a Committee of European Securities Regulators (CESR).

The ESC will be composed of high-level representatives of the Member States. It will advise the Commission on issues relating to securities policy. At a future date, it will also act as a regulatory committee. The CESR is set up as an independent advisory body composed of representatives of the national public securities regulatory authorities to advise the ommission on the technical details of securities legislation. The Commission's goal is to achieve an integrated European securities market by the end of 2003. Click for Commission's June 2001 Progress report on its Financial Services Action Plan (PDF 69k).
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IASB technical agenda is taking shape

03 Jul 2001

Based on discussions at the IASB meeting last week, the agenda proposals that IASB will put before its Standards Advisory Council in 23-24 July would seem to include the following: .

Based on discussions at the IASB meeting last week, the agenda proposals that IASB will put before its Standards Advisory Council in 23-24 July would seem to include the following:

High Priority Projects

  • Improvements (including transition)
  • Preface
  • Reporting financial performance
  • Measurement
  • Share-based payments
  • Measurement of financial instruments at fair value

  • Business combinations
  • Consolidation
  • Derecognition
  • Banking activities: disclosure and presentation
  • Insurance contracts
  • Limited amendments to IAS 39

Second Level Projects

  • Definitions of elements of financial statements
  • Intangible assets
  • Leases

  • Extractive industries
  • Impairment
  • Revaluation of non-financial assets
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IASB agenda project files updated

01 Jul 2001

We have updated IASB agenda project pages for Banks, Business Combinations, Measurement (new project page), Performance Reporting, and Preface. .

We have updated IASB agenda project pages for

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SEC concern about the integrity of financial statements

30 Jun 2001

Expressing concern about accounting irregularities and the integrity of financial statements, Acting US SEC Chairman Laura S.

Unger said in a recent Speech (PDF 57k):

The Commission was also seeing many companies restate their financial statements: 104 in 1997, 116 in 1998, and 142 in 1999. The growing trend in the number of restatements did not abate in 2000. According to a recent study, there were 156 restatements last year. The study further reports that the restatements resulted in total market losses of $31.2 billion in 2000, $24.2 billion in 1999 and $17.7 billion in 1998.

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2,400 follow-ups from IOSCO International Internet Surf Day

29 Jun 2001

The SEC and 37 of its IOSCO counterparts conducted a second International Internet Surf Day in an ongoing effort by securities regulators to detect and deter securities violations occurring on the Internet, particularly those involving cross-border activity.

Approximately 300 staff of IOSCO members surfed the Internet for fraudulent solicitation of investors, manipulation, the circulation of false or misleading information, and insider trading. Regulatory authorities collectively identified over 2,400 sites for follow-up review, with over 278 of the sites involving cross-border activity. IASB recently decided not to pursue the IASC Project on Business Reporting on the Internet. Click for SEC Press Release (PDF 9k).

 

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New European environmental accounting rules

28 Jun 2001

The European Commission has adopted a Recommendation on recognition, measurement, and disclosure of environmental liabilities and expenditures in the annual accounts and annual reports of EU companies.

"The Recommendation has been prepared taking into account relevant requirements in International Accounting Standards (IAS).... However, there exists little guidance directly related to environmental issues in IAS and no specific IAS is solely focused on these issues." Click for Full Text of Recommendation (PDF 144k).
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Kevin Stevenson is named IASB Technical Director

28 Jun 2001

IASB has named Kevin M.

Stevenson of Australia as its Director of Technical Activities, its senior technical staff position. Kevin Stevenson currently is managing director of Stevenson McGregor and is a member of the Australian Accounting Standards Board. Formerly, he was Senior Technical Partner, PricewaterhouseCoopers, Australia and a member of IASC's Standing Interpretations Committtee and the Australian Urgent Issues Group. He is also a former Executive Director of the Australian Accounting Research Foundation. He will begin his position in February 2002. James Saloman will remain Technical Director of the IASB until the end of the year and will return to PricewaterhouseCoopers in 2002. Click for IASB News Release (PDF 14k).
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Preliminary report of IASB's 26-28 June Board meeting

28 Jun 2001

We have moved the summary of discussions at the June 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 26-28 June 2001 Meeting. It had originally been presented as several lengthy news items.
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Wayne Upton of FASB appointed IASB Research Director

27 Jun 2001

Wayne S.

Upton, formerly Senior Project Manager at the US Financial Accounting Standards Board, will be IASB's Director of Research. The Director of Research will directly oversee IASB's technical agenda projects and will report to the Director of Technical Activities.
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Europe creates IAS technical expert and oversight boards

26 Jun 2001

The European Financial Reporting Advisory Group -- an organisation established in March by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters -- has created a Technical Expert Group and a Supervisory Board to serve as Europe's "IAS Endorsement Mechanism".

Technical Expert Group members are Johan van Helleman, Chairman, Yves Bernheim, Andreas Bezold, Allan Cook, Stig Enevoldsen, Begoña Giner, Hans Leeuwerik, Freddy Méan, Eberhard Scheffler, Friedrich Spandl, and Giuseppe Verna. The Technical Expert Group will assess the acceptability of IAS within the European legal environment as well as provide views to IASB as standards are being developed.

 

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