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News

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IASPlus website coverage of IASC agenda is expanded

09 Jan 2001

We have added, in the IASC Agenda section, more information about projects undertaken by the G4+1 standard-setters with IASC participation, including information about each G4+1 study. .

We have added, in the IASC Agenda section, more information about projects undertaken by the G4+1 standard-setters with IASC participation, including information about each G4+1 study.

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Progress toward IAS in Europe

09 Jan 2001

Reuters has reported that European Commission Internal Market Commissioner Frits Bolkestein announced that the Commission intends to directly impose International Accounting Standards on listed companies throughout the European Union via regulation, rather than seek new legislation.

Reuters reports that "Bolkestein told the European Parliament's economic and monetary affairs committee the EU executive had now decided to use a legal act which was directly enforceable in the 15 member states rather a 'directive', something which would have needed years to be adopted by the Parliament and EU governments."
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SEC Chairman Levitt speaks about high quality global accounting information

03 Jan 2001

Excerpt from Remarks by US SEC Chairman Arthur Levitt (PDF 58k) at a conference sponsored by the Federal Reserve Bank of New York, December 2000: High quality information is the lifeblood of markets.

But unless investors trust this information, investor confidence dies. Liquidity disappears. Capital dries up. Fair and orderly markets cease to exist. As the volume of information increases exponentially, the quality of information for investors and the markets they comprise must be our signal concern. As more countries move to an equity culture, high quality financial information – safeguarded by a rigorous process of corporate oversight – becomes the currency that will drive a more interconnected and global marketplace.

But incentives that bring us a more global market also demand that every market promote the very highest standards at home - not just to compete, but to survive. Like never before, the effects of a company's behavior resonate not only nationally, but more likely, globally. If a country does not have a reputation for strong corporate governance practices, capital will flow elsewhere. If investors are not confident with the level of disclosure, capital will flow elsewhere. If a country opts for lax accounting and reporting standards, capital will flow elsewhere. All enterprises in that country - regardless of how steadfast a particular company's practices may be - suffer the consequences.

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"Old" IASC Board publishes its transition report

01 Jan 2001

The outgoing IASC Board has published a statement in contemplation of the hand-over of its functions to a new IASC Board.

The IASC Board Statement comments on current projects in progress and sets out the old Board's views on other matters including the style of accounting standards, the need for a project on convergence of national GAAPs and IAS, fair value measurements, discussion of financial results, electronic financial reporting, public sector reporting, standards for small enterprises, and enforcement.
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Preparing for IAS seen as a critical US challenge

30 Dec 2000

Number 2 in the "ten most critical financial reporting challenges facing US public companies for the year 2001" identified by the Financial Executives Institute: "International Accounting Standards -- Prepare for changes in domestic GAAP that will ensure compatibility among the accounting principles of countries around the world." FEI News Release (PDF 23k). .

Number 2 in the "ten most critical financial reporting challenges facing US public companies for the year 2001" identified by the Financial Executives Institute: "International Accounting Standards -- Prepare for changes in domestic GAAP that will ensure compatibility among the accounting principles of countries around the world." FEI News Release (PDF 23k).

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Comparison of GAAP in four NAFTA countries and IAS

22 Dec 2000

Accounting standard-setters in four North American Free Trade Agreement (NAFTA) countries have participated in the third edition of a study, just published, of Significant Differences in GAAP in Canada, Chile, Mexico, and the United States.

The study also includes a comparison with IASC standards.
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IASC Board approves transition statement

22 Dec 2000

At its meeting last week, the outgoing IASC Board approved a statement that will be sent to the new IASC Board.

Among other things, the Board expressed a hope that its successor would continue work on the projects on:
  • business combinations,
  • present value,
  • reporting financial performance,
  • insurance,
  • extractive industries, and
  • financial instruments. In addition, the statement suggests two new projects:
  • a project on convergence of national and international standards, and
  • a new 'improvements project' to clean up relatively minor matters in the existing IASC Standards. Other possibilities noted for the new Board's work programme include:
  • share-based payment,
  • narrative reporting,
  • inflation accounting, and
  • a review of the IASC Framework.
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IASC invites comments on a fifth batch of IAS 39 Q&A

22 Dec 2000

IASC has published Batch 5 of Proposed Guidance on IAS 39, Financial Instruments (PDF 1,031k).

Comments due 19 Feb 2001.
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SEC Chairman Levitt will resign

22 Dec 2000

US SEC Chairman Arthur Levitt has submitted his resignation, effective mid-February. .

US SEC Chairman Arthur Levitt has submitted his resignation, effective mid-February.

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New British study on global accounting standards

21 Dec 2000

A "definitive examination of the issues affecting the drive towards global accounting standards" has been published by the Institute of Chartered Accountants in England & Wales (ICAEW).

The report, Global Accounting Standards - Achieving the Goal, is being treated as an exposure draft by the UK Accounting Standards Board and is also endorsed by the IASC. Here's the ICAEW Press Release.

 

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