News

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Page added for IASB Preface Project

07 Jun 2001

We have added to this website a page for IASB's project on the Preface to IASB Standards. .

We have added to this website a page for IASB's project on the Preface to IASB Standards.

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IASC Trustee Volcker will testify on IAS to US Congress

06 Jun 2001

Paul Volcker, the former US Federal Reserve Board chairman who currently chairs the Trustees of the IASC Foundation, will testify on Thursday before the US House of Representatives Subcommittee on Capital Markets.

The subcommittee is holding a hearing on Promotion of International Capital Flow through Accounting Standards. The subcommittee is concerned about lack of comparability of financial information disclosed in international capital markets. In announcing the hearing, the subcommittee chair, Congressman Richard Baker, said: "Without harmonization of accounting standards from country to country, investors face uncertainty when evaluating investment opportunities and companies face costly compliance when filing financial disclosures."
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Make note of IASB's new address, phones, email:

05 Jun 2001

Mailing address: International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Phones, Fax, Email: Main Phone: +44 20 7246 6410 Fax: +44 20 7246 6411 General Email: iasb@iasb.org.uk Board Members: Use IASB Main Phone: +44 20 7246 6410 Publications Orders: (these remain unchanged): Phone: +44 20 7427 5929 Fax: +44 20 7353 0562 Email: publications@iasb.org.uk Technical Director +44 20 7246 6460 Director of Operations (Tom Seidenstein) +44 20 7246 6450, tseidenstein@iasb.org.uk Website: http://www.iasb.org Direct Staff Email: first initial plus surname @ iasb.org.uk .

Mailing address:

International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

Phones, Fax, Email:

Main Phone: +44 20 7246 6410 Fax: +44 20 7246 6411 General Email: iasb@iasb.org.uk Board Members: Use IASB Main Phone: +44 20 7246 6410 Publications Orders: (these remain unchanged):

  • Phone: +44 20 7427 5929
  • Fax: +44 20 7353 0562
  • Email: publications@iasb.org.uk
Technical Director +44 20 7246 6460 Director of Operations (Tom Seidenstein) +44 20 7246 6450, tseidenstein@iasb.org.uk Website: http://www.iasb.org Direct Staff Email: first initial plus surname @ iasb.org.uk
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IASB subcommittee is working on Improvements Project

04 Jun 2001

In response to its request, IASB has received hundreds of ideas for possible Improvements to existing IAS.

The Board has appointed a subcommittee of IASB members (Robert Herz, Gilbert Gelard, Jim Leisenring, and Warren McGregor) to consider all proposed improvements. The subcommittee is expected to report to the Board at its June meeting. Regarding elimination of choices, IASB has identified the following nine choices as areas for possible change:

Accounting Issue

Current Choices

Inventories

FIFO/Average or LIFO

Correction of fundamental errors relating to prior periods

Restate or cumulative effect in earnings

Adjustments resulting from changes in accounting policies

If impracticable to restate, adjust retained earnings or cumulative effect in earnings

Foreign exchange losses from a severe devaluation or depreciation

Expense or capitalisation

Translation of goodwill and fair value adjustments on acquisition of a foreign entity

Closing rate or rate at transaction date

Measurement of minority's portion of identifiable assets and liabilities acquired

Fair value or carrying amount

Borrowing costs

Expense or capitalise

Investments in associates/subsidiaries in parent entity accounts

Cost or equity method or IAS 39

Reporting a venturer's interest in jointly controlled entities

Proportionate consolidation or equity method

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EU Council adopts IAS 39 amendments to Directives

02 Jun 2001

Meeting in Brussels 30-31 May, the Council of the European Union unanimously approved an amendment to Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions.

The amendments were presented by the Commission in February 2000 with a view to making it possible for companies to apply IAS 39, Financial Instruments: Recognition and Measurement, facilitating the valuation of certain financial instruments at fair value instead of historical cost. The European Parliament had approved the amendments earlier this month. The EU's announcement said:

The application of the standard will ensure that the financial impacts of the use of financial instruments are reflected in company financial statements appropriately and with full transparency. This standard has been prepared by a private accounting standard setter (IASB) and will become operative in 2001. The Community endeavours by this directive to facilitate the use of the standard by companies right from the beginning, since otherwise serious problems would be created. The directive now also contains amendments to the Banks Accounts Directive, in addition to the 4th and 7th Company Law Directives.

As regards the general legislative environment, the Commission has also presented, last February, a proposal for a regulation for a mandatory application of International Accounting Standards for listed companies by 2005.

Click for EC Press Release (PDF 24k).
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Agenda for IASB's June meeting

31 May 2001

IASB has announced the topics, but not yet the running order, for its upcoming meeting on 26-28 June: Banks and Financial Institutions - discussion Business Combinations - preliminary discussion (continued) Measurement - preliminary discussion Preface to the Standards - consideration of revised draft Reporting Financial Performance - discussion of reporting models Technical Agenda - further discussion Transition to IAS as the Primary Basis of Accounting - discussion Administrative Items .

IASB has announced the topics, but not yet the running order, for its upcoming meeting on 26-28 June:

  • Banks and Financial Institutions - discussion
  • Business Combinations - preliminary discussion (continued)
  • Measurement - preliminary discussion
  • Preface to the Standards - consideration of revised draft
  • Reporting Financial Performance - discussion of reporting models
  • Technical Agenda - further discussion
  • Transition to IAS as the Primary Basis of Accounting - discussion
  • Administrative Items
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IASB will relocate next week

31 May 2001

IASB will relocate next week to new offices at 30 Cannon Street, London EC4M 6XH.

Publications production and distribution staff will remain at the current Fleet Street facility. The June Board meeting will be at the Cannon Street office.
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Preliminary report of IASB's May Board meeting

30 May 2001

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

Click to go to Summary of IASB's 22-25 May 2001 Meeting. It had originally been presented as several lengthy news items.

 

 

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Adoption of IAS proposed in Singapore

29 May 2001

The Disclosure and Accounting Standards Committee (DASC) is an independent committee formed to propose changes to the financial reporting and disclosure requirements in Singapore. Earlier this month, the DASC published its recommendations on adopting IAS.

The DASC proposed that all companies incorporated in Singapore adopt International Accounting Standards for financial statement periods beginning on or after 1 January 2003, with one exception. The exception would be that companies listed both in Singapore and on a foreign exchange would be allowed to file under the standards required by the foreign exchange, without reconciliation to IAS, if the standards used are acceptable to the Singapore exchange.

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Four IAS-based IPSAS are approved

27 May 2001

At its meeting earlier this month, IFAC's Public Sector Committee (PSC) approved four final International Public Sector Accounting Standards that are based on IAS: IPSAS 9, Revenue from Exchange Transactions (based on IAS 18); IPSAS 10, Inventories (based on IAS 2); IPSAS 11, Construction Contracts (based on IAS 11); and IPSAS 12, Financial Reporting in Hyperinflationary Economies (based on IAS 29).

A fifth standard, IPSAS 13, Leases (based on IAS 17) was approved subject to a final editorial review. Click for a copy of the May 2001 Public Sector Committee Update Newsletter (35k PDF). Click for More Info about the PSC.

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