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News

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EU to consider requiring International Standards on Auditing

07 Oct 2001

The Committee on Auditing of the European Commission will meet in November to consider a proposal to require that audits of listed companies comply with International Standards on Auditing (IASs).

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Philippe Richard is the new IOSCO Secretary General

04 Oct 2001

IOSCO has named Philippe Richard as its new Secretary General for a three-year term starting tomorrow.

He replaces Peter B. Clark. Mr. Richard was until recently Deputy Director at the Secretariat of the French Credit Institutions and Investment Firms Committee. Prior to that, he has worked for the European Bank for Reconstruction and Development and the French Banking Commission. Click for:
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Implementation of a 'management approach' to segment definition

04 Oct 2001

Both IAS 14 and FASB 131 take a 'management approach' to defining business and geographical segments, and the segment definitions in both standards are quite similar.

For that reason, the following comments in a recent speech by Robert Bayless, Chief Accountant of the US SEC Division of Corporation Finance, are of interest:

The staff also has focused on the Statement 131 disclosures because, frankly, we are concerned that too many companies have not responded adequately to Statement 131's mandate to present separately financial information for those business components that are regularly reviewed by the chief operating decision maker. It's difficult to believe that chief operating decision makers review as little disaggregated information as some companies' segment disclosure would have us believe.

Click for (PDF 71k).

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No extraordinary item treatment for terrorist attack costs

03 Oct 2001

Reversing an earlier decision, FASB's EITF concluded that losses relating to the 11 September terrorist attack in the USA should not be reported as extraordinary items. .

Reversing an earlier decision, FASB's EITF concluded that losses relating to the 11 September terrorist attack in the USA should not be reported as extraordinary items.

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Agenda is set for IASB's October meeting

03 Oct 2001

IASB will meet in Washington 16-17 October with its Advisory Council.

On 18-20 October, IASB will hold its own meeting at which the agenda will include: Click for Detailed Agenda.
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SEC proposes that foreign issuers must file electronically

28 Sep 2001

Under a new (PDF 20k), foreign companies and foreign governments that issue securities in the United States would no longer be exempt from filing their SEC documents electronically through the Commission's Electronic Data Gathering, Analysis and Retrieval (EDGAR) System.

Comments are due in 60 days.
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EITF issues guidance on 11 September terrorist attacks

27 Sep 2001

FASB's Emerging Issues Task Force has published EITF issue No.

01-10 on financial reporting of losses stemming from the terrorist attacks of September 11 in the USA. Key issues covered:
  • Which losses or costs should be classified as extraordinary items [in a follow-up meeting on 28 September, EITF concluded that none should be classified as extraordinary items]
  • When losses stemming from the attacks should be recognised
  • Accounting for insurance payments covering those losses
  • Note disclosures
More info at FASB Website.
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Four new public sector standards based on IAS

26 Sep 2001

IFAC's Public Sector Committee has published new International Public Sector Accounting Standards based on IAS 10, IAS 17, IAS 32, and IAS 40. Click for More Information. .

IFAC's Public Sector Committee has published new International Public Sector Accounting Standards based on IAS 10, IAS 17, IAS 32, and IAS 40. Click for More Information.

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Guidance from Deloitte on applying IAS 39

25 Sep 2001

164 Questions and Answers 151 Examples (many with journal entries) 52 US GAAP Comparisons Comprehensive summaries of IAS 39 and IAS 32 Coming soon.

Here's a Preview! More information next week.
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Financial reporting implications of terrorist attacks in US

23 Sep 2001

At its regularly scheduled meeting on 20 September, FASB's Emerging Issues Task Force discussed the financial reporting implications of the 11 September terrorist acts.

In addition to the tragic loss of thousands of lives, businesses are now faced with the challenge of providing meaningful financial information to the public reflecting changes precipitated by recent events. EITF discussions focused on three issues:
  • how losses or other costs caused by the incident should be reported in financial statements,
  • when those losses or costs should be recognized (on September 11 or some later date), and
  • whether other information about the economic effects of the incident should be provided in financial statements.
The SEC has also taken steps (some of which have financial reporting and independence implications) to provide relief to market participants.

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