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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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Expanded IAS Plus coverage of IOSCO, SEC, EC

21 Dec 2000

IOSCO, the SEC, and the EC are key to the success of the restructured IASC.

We have added pages (still under development) describing their recent activities with respect to IASC: IOSCO, the US SEC, and the European Commission.


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Deloitte Touche Tohmatsu's views on stock compensation, leases

20 Dec 2000

Here are two new Deloitte Touche Tohmatsu comment letters to IASC on: (PDF 182k) (PDF 142k) Regarding stock comp, the Firm encourages IASC to work toward a solution that can be accepted globally and can satisfy the quality of measurement reliability.

The Firm believes that can be achieved by using the minimum value method at grant date for employee stock options that are not transferable.
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Executive summary of financial instruments proposal is available

19 Dec 2000

We have posted the Executive Summary of the Draft Standard on Financial Instruments developed by the Joint Working Group and recently issued by IASC for comment (PDF 24k).

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Country updates on accounting standards added to IAS Plus website

16 Dec 2000

We've begun to add country updates on accounting standards to IAS Plus.

The country updates can be found on our jurisdiction pages.

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Full fair value financial instruments proposal is published by IASC, others

15 Dec 2000

Accounting standards boards in Australia, Canada, Germany, Japan, New Zealand, and the United Kingdom have joined IASC in publishing the Joint Working Group's draft standard on Financial Instruments.

In the United States, FASB is expected to do the same thing late next week. Click for Project Details. Also, an SEC Deputy Chief Accountant urges Full Fair Value Accounting for All Financial Instruments.
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IASC invites comment on Joint Working Group proposals on financial instruments

14 Dec 2000

IASC has published for comment a draft standard on Financial Instruments that was prepared by the Financial Instruments Joint Working Group of Standard Setters (JWG).

The JWG draft proposes that all financial instruments be measured at fair value, with fair value changes reported in measuring net income, and no hedge accounting. The draft standard is not an IASC exposure draft but, rather, a discussion paper on which the IASC and other standard-setters are seeking comments. Comment deadline is 30 September 2001, though submissions by 30 June are encouraged. Click here for IASC press release.
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IASC approves new standard on agriculture

14 Dec 2000

The IASC Board has approved a new Standard on Agriculture.

IAS 41 will require that all biological assets (animals, crops, orchards, forests, etc.) be measured at fair value, with the change in fair value reported in net profit or loss, unless fair value cannot be estimated reliably. Agricultural produce would similarly be measured at fair value at the point of harvest. Click for Summary of the Standard.
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Report on international implications of audit effectiveness proposals

12 Dec 2000

Portions of the Report of the US AICPA Public Oversight Board Panel on Audit Effectiveness relate to International Accounting Standards.

We have added to our Reference Materials the Executive Overview of the Report (PDF 59k) and the Chapter on International Implications (PDF 56k). The full report may be downloaded from POB Panel on Audit Effectiveness Website.
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SEC publishes a review of international reporting issues

12 Dec 2000

We have posted a comprehensive review of US SEC International Financial Reporting and Disclosure Issues prepared by the staff of the US SEC Division of Corporation Finance.

Topics addressed are:
  • Overview of Disclosure Rules Applicable to Foreign Issuers
  • Recent Commission Actions and Other Topical Information
  • Staff Processing and Review of Filings
  • Audit Reports and Independent Auditors
  • Issues Encountered in Reconciliations to US GAAP
  • International Accounting Standards
  • Reporting Currency
  • Other Disclosure Issues and Staff Interpretations
  • Reporting in Highly Inflationary Economies
  • Privatizations of Government-Owned Enterprises
  • Domestic Issuers with Acquired Foreign Businesses
  • Multi-Jurisdictional Disclosure System (MJDS) Reconciliation Requirements
Update as of May 2006: The above review is now out of date. Currently, the most recent version was issued (PDF 362k). You can always find the latest summary of SEC International Financial Reporting and Disclosure Issues on the SEC Division of Corporation Finance Webpage.

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