News

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January meeting notes combined, project pages updated

28 Jan 2003

We have combined our notes from the IASB meeting on 22 and 23 January 2003 onto a Single Page.

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Special edition – Sarbanes-Oxley update

27 Jan 2003

We have posted a special edition (dated 24 January 2003) of Accounting Roundup, a newsletter published by Deloitte & Touche (US).

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Hong Kong GAAP moves closer to IFRS

26 Jan 2003

A new Deloitte Touche Tohmatsu publication, Implementing Hong Kong GAAP: Moving Towards IFRS, reviews Hong Kong Standards and Interpretations effective in 2002 and later, focusing on likely implementation issues.

In addition, the 72-page book includes a discussion of current Hong Kong Exposure Drafts and IASB projects and their anticipated impact on Hong Kong GAAP. Six new standards took effect in Hong Kong in 2002, and two others will take effect in 2003 and 2004. The book also includes a comparison of Hong Kong SSAPs and IFRS at December 2002. Click to (PDF 920k).
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Deloitte & Touche study of expensing stock options

26 Jan 2003

Deloitte & Touche (US) has surveyed 120 Fortune 1000 companies regarding expensing employee stock options.

While a few companies currently expense stock options or have plans to do so, the majority of respondents (53%) are taking a 'wait-and-see' approach. A significant minority (35%) will not expense options unless mandated by legislation and/or regulatory change. (PDF 53k).
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SEC adopts additional Sarbanes-Oxley rules

26 Jan 2003

The US Securities and Exchange Commission has adopted additional rules to implement portions of the Sarbanes-Oxley Act.

Click below for SEC press release on each topic:
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Pages on IFRS in Europe are updated

25 Jan 2003

We've created a new page for 2003 to continue ourChronological Tracking of Adoption of IFRS in Europe.

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Asia-Pacific country summaries are updated

25 Jan 2003

We have updated our summaries of accounting standards activity in: Australia, China, Hong Kong, Indonesia, Japan, New Zealand, Singapore, Taiwan, and Thailand. .

We have updated our summaries of accounting standards activity in:

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Russia to begin requiring IAS in 2004

24 Jan 2003

Russian Vice-Premier and Finance Minister Alexei Kudrin has announced government approval of a plan to require all listed holding companies in Russia to prepare consolidated financial statements using IFRS starting in 2004. The individual company financial statements of members of the group would continue to be prepared using Russian GAAP.

For banks, not only would consolidated statements under IFRS be required starting in 2004, but also individual banks will have to prepare IFRS financial statements in addition to Russian GAAP statements. IFRS reporting would be extended to additional classes of companies in stages through 2007, though not to small companies. At the same time, the Finance Ministry will work to bring Russian GAAP more in line with international accounting standards.

 

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Accounting board in New Zealand recommends adoption of IFRS

24 Jan 2003

Following consultation with many interested parties, New Zealand's Accounting Standards Review Board has recommended to the Government the compulsory adoption of International Financial Reporting Standards by listed issuers by 1 January 2007.

The ASRB has also recommended that both the public and private sector entities have the option to adopt IFRSs from 1 January 2005. Press Release (PDF 12k).

In December 2002, the ASRB – the government appointed body that approves accounting standards – announced that it is recommending to government that listed issuers be required to comply with International Financial Reporting Standards by 2007. They would have the option to adopt IFRS earlier, say by 2005. The ASRB also reaffirmed its policy of aiming for a single set of standards to apply to both the private and public sectors. The ASRB is currently consulting with government, the stock exchange, the Securities Commission, the Office of the Auditor General, and others on their decision. Australia has also announced a plan to move to IFRS (by 2005), and ASRB is working with Australia regarding the transitional issues. Click for ICANZ Press Release (PDF 49k).

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Notes from the second day of the two-day IASB meeting

24 Jan 2003

We have combined all of our notes for the January 2003 IASB meeting onto a Single Page. .

We have combined all of our notes for the January 2003 IASB meeting onto a Single Page.

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