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News

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IASB will hold a seminar on share-based payment

05 Jun 2002

IASB will conduct a Seminar on Share-Based Payment (including accounting for stock options) in conjunction with its meeting in Berlin later this month.

The seminar will be held on Tuesday, 18 June 2002 at 15:00 at the Forum der Konrad-Adenauer-Stiftung, Tiergartenstrasse 35, Berlin. Speakers will be IASB Chairman Sir David Tweedie; Timothy Plaut, Head of the Frankfurt Office of Goldman Sachs; and Professor Dr. Eberhard Scheffler, Member of the German Accounting Standards Board. Their presentations will be followed by a panel discussion. Click for:
IOSCO (International Organization of Securities Commissions) (dark gray) Image

IOSCO cautions on non-GAAP earnings measures

05 Jun 2002

The IOSCO Technical Committee has issued a "Cautionary Statement" urging issuers, investors, and other users of financial information to use care when presenting and interpreting non-GAAP measures of results.

These measures are often identified by such terms as operating earnings, cash earnings, earnings before one-time charges, EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted earnings, and pro forma net income. The IOSCO statement "reminds issuers of the responsibility in all instances to ensure that the information they provide to the public is not misleading. Selective editing of financial information may be misleading if it results in the omission of material information. Issuers are cautioned that regulatory actions may be taken if information is disclosed in a manner considered misleading." Click for Full Text of IOSCO Statement (PDF 44k).
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EC proposes revised accounting directives

04 Jun 2002

The European Commission has proposed to amend the existing European Union Accounting Directives as part of its plan to create an integrated financial services market in Europe.

The proposal complements the IAS Regulation, due for final adoption by the Council in the next few days, that will require all EU companies listed on a regulated market to use IAS from 2005 onwards and will allow Member States to extend the IAS requirement to all companies. The proposed changes will remove all inconsistencies between the Directives and IAS in existence at 1 May 2002.

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EC adopts auditor independence recommendations

04 Jun 2002

The European Commission has adopted non-binding recommendations regarding auditor independence.Click for: Text of recommendations (PDF 168k) Press Release (PDF 42k) .

The European Commission has adopted non-binding recommendations regarding auditor independence.Click for:

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SEC likely to propose rules on completeness of disclosures

03 Jun 2002

In a (PDF 54k) before the Rocky Mountain Securities Conference, Alan L.

Beller, the new head of the US SEC's Division of Corporation Finance, revealed a proposal for increased accountability of individual corporate leaders:

We will be recommending to the Commission in the near future that it propose rules that will require [individual corporate] leaders to certify that everything they know that they believe is important to investors has been disclosed in a company's periodic reports. This is a simple but powerful approach. We believe that it will increase involvement of corporate leaders in disclosure, make them focus on what they themselves consider important and improve the overall quality of a company's reports.

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FEE position paper on accounting and auditing in Europe

03 Jun 2002

The European Federation of Accountants (FEE) has published a Position Paper on the Role of Accounting and Auditing in Europe.

The report identifies a series of action items in light of recent high profile international business failures and concerns about the current state of corporate governance and financial reporting in Europe. Click for More Information.
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IASB issues 'Asset Ceiling' amendment to IAS 19

31 May 2002

The IASB has published a limited amendment to IAS 19, Employee Benefits.

The amendment fixes a perceived problem caused by the interaction of two aspects of IAS 19 - the option to defer actuarial gains and losses and the limit on the amount that can be recognised as an asset (the 'asset ceiling').

The Board concluded that IAS 19 was giving rise to counter-intuitive results because an actuarial loss in the pension plan could give rise to a reported gain in the entity's financial statements and an actuarial gain in the pension plan could give rise to a reported loss. The amendment prohibits gain or loss recognition in these circumstances.

Click for IASB Press Release (PDF 12k). Click here for Project Info.

 

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Free real-time access to all SEC filings

31 May 2002

The US Securities and Exchange Commission's website has begun providing free, real-time access to its EDGAR Database of Corporate Filings.

Previously, EDGAR filings did not appear on the SEC's website for at least 24 hours. The SEC requires all public companies (except those with less than $10 million in assets and fewer than 500 shareholders) to file registration statements, quarterly and annual reports, and other forms electronically through the EDGAR (Electronic Data Gathering, Analysis and Retrieval) system. (PDF 35k).
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Summary of Preface to IFRS

30 May 2002

We have posted a Summary of the Preface to International Financial Reporting Standards, published by IASB earlier this month.

We have posted a Summary of the Preface to International Financial Reporting Standards, published by IASB earlier this month.

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Newsletter summarising IASB Improvements ED is available

29 May 2002

We have posted a Special Edition of our IAS Plus Newsletter (12 pages, bullet points) summarising the main proposals in the 400-page IASB Exposure Draft, Improvements to International Accounting Standards. (PDF 113k). Project Information. .

We have posted a Special Edition of our IAS Plus Newsletter (12 pages, bullet points) summarising the main proposals in the 400-page IASB Exposure Draft, Improvements to International Accounting Standards.

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