This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


News default Image

Progress by IAS 39 Implementation Guidance Committee (IGC)

09 May 2001

At its meeting on 24-25 April, the IGC approved most of the Batch 5 Q&A in final form.

They also began work on Batch 6, soon to be exposed for public comment.
News default Image

Vienna Stock Exchange expands use of IAS

07 May 2001

Starting in April, the Vienna Stock Exchange has required all domestic and foreign companies listed on the A-Market and the Austrian Growth Market to submit consolidated financial statements under either IAS or US GAAP.

Other listed companies may use IAS or US GAAP, as well as Austrian GAAP.
News default Image

Former FASB chairman urges generalised IASB standards

04 May 2001

Former FASB Chairman Dennis R.

Beresford, writing in Accountancy Age, is concerned about the trend, particularly in the US, to have a "detailed accounting rule for everything, no matter how narrow or obscure the issue.... Accountants should encourage the new IASB to emphasise a principles-based approach. Further, as part of the commitment to convergence, it is time for the FASB and SEC to change their behaviour and become more like the rest of the world."
News default Image

April edition of IASPlus newsletter is posted

04 May 2001

The may be downloaded (206k pdf).

This version includes a quarterly summary of IASB news plus Asia-Pacific country updates.
News default Image

Conflict of IAS and European Accounting Directives

03 May 2001

In February the European Commission proposed that listed companies be required to apply IAS in their consolidated accounts from the financial year 2005 onwards.

The Federation des Experts Comptables Europeens (FEE), which represents the accounting profession in Europe, points out that compliance with the existing EC Accounting Directives would continue to be required. FEE is concerned that there are incompatibilities between the Directives and IAS and sees an "urgent need for modernisation of the Directives". FEE has published a Discussion Paper on the Modernisation of the Directives (PDF, 114 kb). The paper discusses both the strategic and technical issues that are at stake and gives the advantages and disadvantages of the various approaches for modernisation. FEE's preferred solution would be to exempt listed companies that apply IAS from the EC Accounting Directives. Click for FEE Press Release.
News default Image

The World According to GAAP

03 May 2001

Writing in the Financial Times, 1 May 2001, former US SEC Chairman Arthur Levitt focuses on The World According to GAAP: Investors, public companies, accounting firms, stock markets and regulators around the world today face one of the great challenges for the global financial system's future: how to fashion an enduring system of comparable, uniform and high-quality financial reporting that is accepted just as much in Europe as it is in the US, and in developed countries as in emerging ones.

It is a challenge born less out of crisis and more out of evolutionary progress.... As regulators around the world continue the process of developing a set of international accounting standards, some would like the US to embrace standards that would be of higher quality than those currently used in many countries but less rigorous than US GAAP. That would be a mistake.
News default Image

Concern that US goodwill proposal may impede international harmonisation

03 May 2001

In February, FASB issued a revised exposure draft on business combinations in which it proposed a model that calls for use of the purchase method for all business combinations, with goodwill not amortised but, rather, tested for impairment.

FASB has just released an analysis of the comments on the exposure draft. While many respondents agreed with the basic proposal that goodwill is a non-wasting asset, most respondents disagreed with the details of the goodwill-impairment model. A sizeable group of respondents, primarily auditors and accounting academicians, disagreed with the basic model. A principal concern expressed by this group is that "an impairment-only accounting method for goodwill moves U.S. GAAP further from international harmonization". Business Combinations is one of the IASC projects handed over to the new IASB.
News default Image

Agenda for IASB's May meeting is announced

02 May 2001

IASB will meet in London 22-25 May.

On the agenda:

  • Business Combinations - preliminary discussions
  • Extractive Industries - presentation and discussion
  • IAS 39 Implementation Guidance - discussion
  • Improvements Project - preliminary discussion
  • Interpretations - discussion
  • Preface to the Standards - preliminary discussion
  • Reporting on the Internet - presentation and discussion
  • Style of new Standards - discussion
  • Technical Agenda - further discussion of administrative items
On 24 May IASB will meet, in a public session, with the chairs of those national accounting standards-setting bodies that have a formal liaison relationship with IASB. They are Australia/New Zealand, Canada, France, Germany, Japan, UK, and US. The meeting will focus on coordinating agendas and setting out convergence goals.
News default Image

German stock exchange to require IAS or US GAAP for small-cap companies

29 Apr 2001

Deutsche Bourse will require small-cap companies listed on the Smax index to use IAS or US GAAP starting in 2002. The goal is to enhance understandability of financial information for international investors.

Currently, 127 companies are included in the Smax list. Smax is intended to be a "quality segment" of companies that have agreed to "meet increased criteria of transparency and publicity according to international standards".
News default Image

SIC to meet 9-11 May

28 Apr 2001

The Standing Interpretations Committee will meet 9-11 May in Melbourne, Australia.

Agenda items:
  • SIC-D27: Transactions in the Legal Form of a Lease and Leaseback
  • Business Combinations - Transactions among enterprises under common control
  • Revenue - Barter transactions involving advertising services
  • Intangible Assets - website costs
  • Reporting Currency - Translation from measurement currency to presentation currency
  • Disclosure - Service concessions
  • Consolidation / Equity Method - Potential voting rights
  • Earnings per share - Preference dividends
  • Financial Instruments - Issuance with a put option exercisable at the instrument's fair value
  • Indefeasible right of use of assets
  • Financial Instruments - Classification of preference shares
  • SIC-12 Consolidation - Special Purpose Entities (SPEs)

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.