News

News default Image

New Deloitte analysis of IASB insurance contracts project

02 Jul 2002

Click here to download , analysis by Deloitte Touche Tohmatsu updated as of May 2002 (PDF 612k) .

News default Image

Growing need for IAS as stock exchanges form alliances

02 Jul 2002

An alliance announced yesterday between the London Stock Exchange (LSE) and the Hong Kong Stock Exchange (HKEx) will allow 200 of each exchange's largest listed companies to trade on the other exchange starting in mid-2003. Significant differences between UK GAAP and HK GAAP highlight the need for global accounting standards. .

An alliance announced yesterday between the London Stock Exchange (LSE) and the Hong Kong Stock Exchange (HKEx) will allow 200 of each exchange's largest listed companies to trade on the other exchange starting in mid-2003. Significant differences between UK GAAP and HK GAAP highlight the need for global accounting standards.

Accounting Roundup Image

New Accounting Roundup newsletter posted

02 Jul 2002

We have posted the 1 July 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA. .

We have posted the 1 July 2002 edition of the Accounting Roundup newsletter from Deloitte & Touche USA.

News default Image

SEC orders management certification of financial statement accuracy

01 Jul 2002

The US Securities and Exchange Commission has posted a list of 947 companies whose chief executive and chief financial officers are now required to personally certify in writing, under oath, that their most recent reports filed with Commission are both complete and accurate.

Officers who make false certifications will face personal liability. The companies are domestic SEC registrants with annual revenues above $1.2 billion. Click for (PDF 36k).
News default Image

Agenda is set for IASB's July meeting

30 Jun 2002

The Board will Meet 17-19 July at its offices in London, when it will discuss insurance contracts; consolidation and special purpose entities; convergence topics; deposit-taking, lending, and securities activities; and performance reporting. .

The Board will Meet 17-19 July at its offices in London, when it will discuss insurance contracts; consolidation and special purpose entities; convergence topics; deposit-taking, lending, and securities activities; and performance reporting.

Canada Image

Canada proposes to allow certain foreign issuers to use IAS

29 Jun 2002

The Canadian Securities Administrators have Proposed (PDF 8k) that certain eligible foreign issuers would be allowed to submit financial statements prepared using International Accounting Standards or using GAAP in Australia, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, South Africa, Spain, Sweden, Switzerland, and the UK.

The CSA is also proposing that Canadian companies registered with the US SEC could use US GAAP, with a reconciliation to Canadian GAAP for the first two years in which US GAAP is used. Comments on the proposal are due 19 September 2002.
News default Image

Speech by IASC Foundation Chairman Paul Volcker

29 Jun 2002

We have posted the Remarks of Paul Volcker (PDF 123k), Chairman of the IASB's Board of Trustees, at a Conference on Credible Financial Disclosures, Northwestern University. .

We have posted the Remarks of Paul Volcker (PDF 123k), Chairman of the IASB's Board of Trustees, at a Conference on Credible Financial Disclosures, Northwestern University.

News default Image

Financial Times urges US move to 'principles-based' standards

28 Jun 2002

In an editorial titled 'The World After WorldCom', the Financial Times 27 June 2002 said: It is time for US accounting standards to move away from prescriptive rule-making towards the alternative used in many other countries, which focuses on 'substance over form'.

US regulators have been suspicious of principles-based standards drafted by the International Accounting Standards Board, arguing that the US approach is superior. As the list of US accounting scandals mounts, it is hard to maintain such a position.
European Union (old) Image

EFRAG recommends EC endorsement of all existing IAS 'en bloc'

26 Jun 2002

In response to a request from the European Commission, EFRAG (the European private sector's accounting technical committee) has reviewed IAS 1-41 and all extant SICs and has concluded that (a) they are not contrary to the 4th and 7th Directives and (b) they meet the required criteria of understandability, relevance, reliability, and comparability.

Therefore, EFRAG believes that "it is in the European interest that the process of adoption of the current standards should now be set in motion. Accordingly, we recommend endorsement of the current standards 'en bloc'." Click for EFRAG Letter to EC (PDF 28k).
Netherlands Image

Comparison of Dutch GAAP, US GAAP, and IAS

26 Jun 2002

Deloitte & Touche in the Netherlands has published, together with the Confederation of Netherlands Industry and Employers (VNO-NCW), the third edition of Accounting Standards Compared: Differences between IAS, NL-GAAP and US-GAAP.

This 221-page report analyses the differences in financial reporting between Netherlands legislation and regulations, IASB Standards, and US GAAP. Click here to (PDF 180k, 25 pages), which highlights the main GAAP differences.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.