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Current SEC initiatives in accounting and disclosure

03 Jul 2002

In a Speech before the Economic Club of New York, SEC Chairman Harvey L.

Pitt summarised the Commission's key initiatives in the area of accounting and disclosure as follows:
  • A proposed framework for oversight of the accounting profession
  • CEO and CFO certification of financial statements
  • Actively assisting FASB in retaining its independence and addressing key issues on a more timely basis and in a way that will better adapt to changing business environments and emphasise overall accuracy
  • Requiring companies to discuss the effects of their critical accounting policies
  • Reminders to companies to disclose off-balance sheet financing arrangements, and about the appropriate use of, and limitations on, pro forma financial information
  • Enforcement actions underscoring that technical compliance with GAAP, without more, can still produce insufficient disclosure
  • Accelerated reporting of insider transactions, including company loans
  • Tripling the number of items that companies must report currently, and to accelerate those disclosures
  • Accelerating the deadline for annual reports from 90 to 60 days, and quarterly reports from 45 to 30 days.
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Exposure draft on IAS 32/39 amendments can be downloaded

03 Jul 2002

IASB's exposure draft on Amendments to IAS 32 and IAS 39 may now be Downloaded without charge; comment deadline is 14 October 2002. The ED on Improvements is also available at this same link, comment deadline 16 September 2002. .

IASB's exposure draft on Amendments to IAS 32 and IAS 39 may now be Downloaded without charge; comment deadline is 14 October 2002. The ED on Improvements is also available at this same link, comment deadline 16 September 2002.

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Agenda is set for IFRIC's meeting on 23-24 July

03 Jul 2002

IFRIC has announced the Agenda for its upcoming meeting on 23-24 July 2002. .

IFRIC has announced the Agenda for its upcoming meeting on 23-24 July 2002.

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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) .

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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.

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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.

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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).
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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.

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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.
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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.

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