News

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New European environmental accounting rules

28 Jun 2001

The European Commission has adopted a Recommendation on recognition, measurement, and disclosure of environmental liabilities and expenditures in the annual accounts and annual reports of EU companies.

"The Recommendation has been prepared taking into account relevant requirements in International Accounting Standards (IAS).... However, there exists little guidance directly related to environmental issues in IAS and no specific IAS is solely focused on these issues." Click for Full Text of Recommendation (PDF 144k).
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Kevin Stevenson is named IASB Technical Director

28 Jun 2001

IASB has named Kevin M.

Stevenson of Australia as its Director of Technical Activities, its senior technical staff position. Kevin Stevenson currently is managing director of Stevenson McGregor and is a member of the Australian Accounting Standards Board. Formerly, he was Senior Technical Partner, PricewaterhouseCoopers, Australia and a member of IASC's Standing Interpretations Committtee and the Australian Urgent Issues Group. He is also a former Executive Director of the Australian Accounting Research Foundation. He will begin his position in February 2002. James Saloman will remain Technical Director of the IASB until the end of the year and will return to PricewaterhouseCoopers in 2002. Click for IASB News Release (PDF 14k).
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Preliminary report of IASB's 26-28 June Board meeting

28 Jun 2001

We have moved the summary of discussions at the June 2001 IASB meeting to its own page.

Click to go to Summary of IASB's 26-28 June 2001 Meeting. It had originally been presented as several lengthy news items.
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Wayne Upton of FASB appointed IASB Research Director

27 Jun 2001

Wayne S.

Upton, formerly Senior Project Manager at the US Financial Accounting Standards Board, will be IASB's Director of Research. The Director of Research will directly oversee IASB's technical agenda projects and will report to the Director of Technical Activities.
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Europe creates IAS technical expert and oversight boards

26 Jun 2001

The European Financial Reporting Advisory Group -- an organisation established in March by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters -- has created a Technical Expert Group and a Supervisory Board to serve as Europe's "IAS Endorsement Mechanism".

Technical Expert Group members are Johan van Helleman, Chairman, Yves Bernheim, Andreas Bezold, Allan Cook, Stig Enevoldsen, Begoña Giner, Hans Leeuwerik, Freddy Méan, Eberhard Scheffler, Friedrich Spandl, and Giuseppe Verna. The Technical Expert Group will assess the acceptability of IAS within the European legal environment as well as provide views to IASB as standards are being developed.

 

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Trustees name Standards Advisory Council Members

25 Jun 2001

The IASC Foundation Trustees have named 49 people to the Standards Advisory Council.

SAC members will advise the IASB on technical standards-setting issues, including agenda selection. SAC will hold its first meeting with the Board 23-24 July. SAC members include four Deloitte partners (Messrs. Wilmot, Malegam, Enevoldsen, and Inbar). Click for More Information about the SAC.

Africa

  • Peter Wilmot, South Africa
  • Ndungu Gathinji, Kenya

Asia, Excluding Japan

  • Raja Arched, Malaysia
  • Marvin Cheung, Hong Kong
  • Feng Shuping, China
  • Kim Il-Sup, Korea
  • Yezdi Malegam, India
  • Reyaz Mihular, Sri Lanka

Australia / New Zealand

  • Ian Ball, New Zealand
  • Peter Day, Australia

Central and Eastern Europe

  • Larissa Gorbatova, Russia
  • Rita Illison, Estonia

European Union

  • David Damant, United Kingdom
  • Philippe Danjou, France
  • Stig Enevoldsen, Denmark
  • Douglas Flint, United Kingdom
  • Alberto Guissani, Italy
  • Sigvard Heurlin, Sweden
  • Benoit Jaspar, Belgium
  • Jean Keller, France
  • Carmelo de las Morenas, Spain
  • Jochen Pape, Germany
  • Maija Torkko, Finland
  • Willem van der Loos, Netherlands

Japan

  • Eiko Tsujiyama, Japan
  • Yoshiki Yagi, Japan

Latin America

  • Nelson Carvalho, Brazil
  • Hector Estruga, Argentina
  • Rafael Gomez, Mexico

Middle East

  • Adir Inbar, Israel
  • Rifaat Ahmed Abdel Karin, Bahrain

United States and Canada

  • Jeannot Blanchet, Canada
  • Michael Conway, United States
  • Jerry Edwards, United States
  • Trevor Harris, United States
  • Philip Livingston, United States
  • Patricia McConnell, United States
  • Paul McCrossan, Canada
  • Gabrielle Napolitano, United States
  • David L. Shedlarz, United States
  • Keith Sherin, United States
  • David Sidwell, United States
  • Norman Strauss, United States

International Organizations

  • Fayezul Choudhury, World Bank
  • Arne Petersen, IMF
  • Ian Mackintosh, IFAC
  • Rafael Sanchez de la Pena, IOSCO
  • John Carchrae, IOSCO
  • Arnold Schilder, BIS Official Observers
  • European Commission
  • United States SEC
  • Financial Services Agency of Japan
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Proposed IAS 39 guidance addresses bank "macro-hedging"

23 Jun 2001

On 22 June 2001, the IAS 39 Implementation Guidance Committee published for comment proposed Batch 6 of IAS 39 implementation guidance.

Batch 6 includes 24 Q&A; and illustrative examples. Comment deadline is 24 August. One of the questions and related examples address the particularly thorny issue of applying hedge accounting when a bank or other financial institution manages its interest rate risk on an enterprise-wide basis. The guidance includes an example of a methodology that allows for the use of hedge accounting and takes advantage of existing bank risk management systems so as to avoid unnecessary changes to it and to avoid unnecessary bookkeeping and tracking.
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IAS In Your Pocket guide published

22 Jun 2001

Deloitte Touche Tohmatsu has published a 64-page guide, IAS In Your Pocket.

This guide includes summaries of all IAS and SICs, background on IASB projects, and other useful IASB-related information. Click to download .
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Insurance Steering Committee approves a draft DSOP

21 Jun 2001

At its meeting 12-15 June, IASB's Insurance Steering Committee (ISC) reached agreement on a final Draft Statement of Principles that it will submit to IASB by the end of October.

Prior to this meeting, ISC's tentative conclusions on accounting for insurance contracts were all in the assumed context of a future standard that would require full fair value for financial instruments. Because ISC believes that the Financial Instruments Project is viewed by the IASB as a long-term project, ISC has decided to propose to IASB a "non-fair value" version of the asset/liability model for accounting for insurance contracts. Click here for More Detailed Information. Click to download Deloitte Touche Tohmatsu's International Insurance News, June 2001 (PDF 39k).
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IASB's initial agenda is taking shape

20 Jun 2001

We have updated our list of Potential Items for IASB's Initial Technical Agenda based on Board discussions at the April and May meetings.

Discussions continue in June and July (which will include assignment of priorities to the projects), and the Board will consult with the Standards Advisory Council regarding its agenda on 23-24 July. [Note: The list was further updated to reflect decisions at the July 2001 IASB meeting.]

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