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News

FEI (Financial Executives International) (lt green) Image

FEI conference to highlight international accounting issues

04 Sep 2001

The Current Financial Reporting Issues Conference organised by Financial Executives International is one of the major annual US symposiums on accounting and finance.

The programme for this year's conference, to be held 12-13 November in New York, includes:
  • Keynote Address: "Global Accounting Standards" by Paul Volcker, Chairman, Trustees, IASC Foundation
  • A General Session on "Implications of IAS for US Companies and Capital Markets"
In its response to the SEC Concepts Release on IAS, FEI said [click for full text (PDF 89k)]:

FEI believes that US capital markets are better served by having foreign registrants use an investor-oriented accounting model like IAS in the primary financial statements rather than providing bits and pieces of financial data that reconcile to US GAAP supplementally. We also believe that the expanded use of IAS in world markets, which is much more likely to occur with SEC acceptance in the US, will further improve the comparability of financial results between US and foreign companies. We would therefore support the Commission's acceptance of IAS for use in US capital markets, provided that the following additional steps are taken:

  • Limit the choices of GAAP available to foreign registrants to two: US GAAP or IAS.
  • Require that foreign registrants comply fully with the same regulations that apply to US public companies, including reporting US or IAS GAAP financial statements for all interim periods.
  • Actively support processes that will accelerate the development of a single set of global accounting standards that will be used in all securities markets.
  • Ensure that US and foreign registrants are treated equally in all respects under federal securities laws, including the right of all registrants to follow IAS standards.
  • Require that these changes be effected over a time frame of no greater than five years and do not 'grandfather' existing foreign registrants.

 

 

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FASB to discuss IASB initial agenda

03 Sep 2001

In an open meeting starting at 9:30 a.m.

on Wednesday, 5 September 2001, the US Financial Accounting Standards Board will discuss the initial agenda of the International Accounting Standards Board and "the possibilities for cooperation between the FASB and the IASB on agenda topics of mutual interest".
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IOSCO to survey members about implementation of IAS

03 Sep 2001

IOSCO intends to survey its members by the end of 2001 regarding their implementation of the Resolutions Adopted by the IOSCO Presidents' Committee in May 2000 relating to the use of international accounting standards for cross-border offerings and listings.

Nearly 110 national securities regulatory commissions are members of IOSCO.
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Full fair value accounting for financial instruments

02 Sep 2001

Veronica Poole and Ken Wild of Deloitte & Touche, United Kingdom, have co-authored A Practitioner's Guide to Full Fair Value Accounting of Financial Instruments.

Their aim is to explain the Joint Working Group Proposal including practical examples of how it would work. More information may be found by searching the web for the book title or ISBN:189883041X.
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IASB will meet with national standard setters

29 Aug 2001

The IASB will meet with representatives of eight national accounting standard setters in London on 10-11 September to continue to develop a programme of partnership on certain technical agenda projects.

The goal is convergence of national and international accounting standards. This is the second such meeting. In May, discussion centred on the following possible partnership approach:
  • IASB and the national standard setters would agree on convergence projects and, to the extent possible, each would place them on their agendas.
  • One national standard setter would be the leader on a project, one or more others would agree to provide project support resources, and one or more others would agree to be consultants.
  • Flexibility would be needed to accommodate the varied due processes of the national standard setters.
Specific projects that will be discussed with the national standard-setters at the 10-11 September meeting are:
  • First-Time Application of IAS
  • Business Combinations
  • Share-Based Payments
  • Improvements to IASB Standards
IASB will meet on its own on 12-13 September when it is scheduled to discuss:
  • Business Combinations
  • Share-Based Payments
  • Insurance Contracts
  • First-Time Application of IAS
Japan Image

Japan's new Accounting Standards Board is in place

25 Aug 2001

A consortium of 10 private sector organisations, including Keidanren, JICPA, and the Tokyo Stock Exchange, have created a new Japan Accounting Standards Board (ASB) and related oversight foundation known as the Financial Accounting Standards Foundation (FASF).

Thirteen persons were appointed to ASB, of whom three serve full time. An Advisory Council will also be created. The organisation is expected to be self-funding through membership fees. Stated objectives:

The objectives of the FASF are to promote progress of corporate finance disclosure and soundness of the capital markets in Japan by developing generally accepted accounting standards. The FASF will also contribute to the development of a high quality set of internationally accepted accounting standards.

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Fair value accounting for financial instruments

23 Aug 2001

Shining a Light on Company Accounts, The Economist, 16th August 2001. .

Shining a Light on Company Accounts, The Economist, 16th August 2001.

Hong Kong Image

Hong Kong GAAP will move even closer to IAS

22 Aug 2001

The Council of the Hong Kong Society of Accountants has decided that Hong Kong's approach to IASs should change from harmonisation (basing Hong Kong accounting standards on IAS with occasional differences) to adoption.

This means that Hong Kong would not change the IASB standards but could add guidance if appropriate.

 

European Union (old) Image

Studies show integration of European financial markets

22 Aug 2001

The importance of a common set of accounting standards in Europe is highlighted by three studies just published by the European Central Bank.

The studies indicate, among other things, a move toward integrated European equity, bond, and money markets.
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Are you unsure about an abbreviation on this website?

21 Aug 2001

We've created a new page which provides a summary of abbreviations and acronyms used throughout the site.

Click for our access to our abbreviations and acronyms page.

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.