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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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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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