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News

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Thailand issues ten accounting standards based on IAS

06 Mar 2001

Ten new accounting standards based on IAS have been issued in Thailand.

Eight are effective for 2000, one starting in 2001, and one in 2002.
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Relationship of IASC and FASB

03 Mar 2001

We have added a page of information on the relationship of the U.S.

Financial Accounting Standards Board and International Accounting Standards.
Securities and Exchange Commission has significantly reorganised the SEC Website including Information for Accountants and a section on international accounting and auditing.
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Public Sector Committee looks to IAS

27 Feb 2001

The Public Sector Committee (PSC) of the International Federation of Accountants (IFAC) is developing International Public Sector Accounting Standards (IPSAS) based on International Accounting Standards.

To date, the PSC has issued eight IPSAS, Exposure Drafts of seven further proposed IPSAS, and several other discussion documents. We have added a PSC Page to keep you informed of PSC activities.
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ICAI, ICAEW applaud Board appointments

23 Feb 2001

Press releases have been issued by both The Institute of Chartered Accountants in Ireland (ICAI) and The Institute of Chartered Accountants in England and Wales (ICAEW) welcoming the European Commission's proposal for a regulation that would require all listed EU companies to prepare consolidated accounts in accordance with IAS.

ICAEW President Graham Ward said:

The adoption of International Accounting Standards should be a great boon to European companies, particularly large multinationals, due to the reduced cost of compliance and raising capital. Transparency of financial reporting should benefit investors, who will be able to compare company performance more easily across the member states.

Brian Walsh, Chief Executive of the ICAI, said:

There are many compelling reasons for moving to IAS including marketability, cross border mergers and acquisitions, shareholder communication and finance raising. The implementation of this Regulation will improve competition and greatly facilitate free movement of capital. It makes complete sense to have one method of accounting for a transaction, whether it takes place in Berlin, Dublin, or Boston.

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IAS 41 on agriculture is issued

23 Feb 2001

IASC has issued IAS 41, Agriculture.

Under IAS 41, starting 1 January 2003, all crops, livestock, orchards, and forests are measured at fair value until harvest (unless fair value cannot be measured reliably), with fair value changes reported in earnings. IASC Press Release (PDF 30k).
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IASC publishes annual review 2000

23 Feb 2001

IASC has published its annual review for 2000. IASC Chairman's and Secretary-General's Review (PDF 34k). .

IASC has published its annual review for 2000. IASC Chairman's and Secretary-General's Review (PDF 34k).

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IASC drafts web-reporting specification

22 Feb 2001

At its first global meeting this week in London, the XBRL.org Committee announced that IASC has released a draft taxonomy of XBRL for IAS Financial Statements.

The IASC taxonomy is an XML-based specification for the commercial and industrial' sector that allows users and suppliers of financial information to create, exchange, and analyse financial statements across all software and technologies, including the Internet. Click for:
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SIC approves one final, one draft interpretation

21 Feb 2001

At its meeting earlier this month, IASC's Standing Interpretations Committee approved a final Interpretation on results of incidental operations (subject to drafting and approval by the IASB) and a new draft Interpretation on measurement of shares issued in a business combination (also subject to drafting). .

At its meeting earlier this month, IASC's Standing Interpretations Committee approved a final Interpretation on results of incidental operations (subject to drafting and approval by the IASB) and a new draft Interpretation on measurement of shares issued in a business combination (also subject to drafting).

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New PRC standards based in part on IAS

19 Feb 2001

The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises. .

The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises.

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