News

IASB (International Accounting Standards Board) (blue) Image

Report of IASB's first Board meeting

27 Apr 2001

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

Click to go to Summary of IASB's 18-20 April Meeting. It had originally been presented as several lengthy news items.

 

News default Image

Progress on accounting standards in a number of countries

19 Apr 2001

We have updated the country accounting standards information for Australia, China, Hong Kong, Pakistan, Singapore, and Vietnam. .

We have updated the country accounting standards information for Australia, China, Hong Kong, Pakistan, Singapore, and Vietnam.

News default Image

IASB holds its first formal Board meeting

18 Apr 2001

The International Accounting Standards Board is holding its inaugural Board meeting on 18-20 April in London.

The Board is expected to decide which topics to put on its initial technical agenda. Click here for a List of Possible Topics that Have Been Proposed for IASB's Agenda. [Note: The list was updated to reflect decisions at the July 2001 IASB meeting.] The Board will also be presented with status reports on the following projects: Present Value, Insurance Contracts, and Reporting Financial Performance. The Board is also asked to approve SIC 26, Property, Plant and Equipment: Incidental Operations. The Board will be asked to consider an Improvements Project to address relatively small topics that can be dealt with quickly. Finally, the Board will be presented a proposed resolution of the IASB to Adopt the Existing IASC Standards and SIC Interpretations.
News default Image

Audit report must clearly state financial reporting framework

07 Apr 2001

Under a new proposal from IFAC's International Auditing Practices Committee, the auditor's standard audit report must clearly state the financial reporting framework being used to prepare financial statements.

The amendment to International Standard on Auditing 700, The Auditor's Report on Financial Statements, will enable users to better understand the context in which the auditor's opinion is expressed. ISA 700 would require that the auditor refer to financial reporting framework in such terms as:

In our opinion, the financial statements, which have been prepared in accordance with International Accounting Standards (or '[title of national standards] being the accounting principles generally accepted in country A'), give a true and fair view of (or 'present fairly, in all material respects,') the financial position of the Company as of December 31, 20X1, and of the results of its operations and its cash flows for the year then ended, in accordance with... (and comply with...).

The proposed effective date is for financial statements for periods ending on or after September 30, 2002. [The IAPC ED had been available on IFAC's website but is no longer.] Comment deadline 31 May 2001.
Hong Kong Image

Hong Kong companies may use IAS

02 Apr 2001

Effective 1 April, companies that have a primary listing on the Stock Exchange of Hong Kong (SEHK) are permitted to adopt IAS instead of Hong Kong GAAP.

They will be required to explain any significant differences with Hong Kong GAAP, including a reconciliation of the financial effect. The reconciliation requirement will not apply to companies from mainland China whose "H Shares" are listed on SEHK; they have previously been allowed to use IAS without reconciliation. Overseas-incorporated issuers and applicants that have or will have only a secondary listing on the SEHK are permitted also to follow US GAAP.

 

iasb.gif Image

IASB officially takes over from IASC

01 Apr 2001

The International Accounting Standards Board assumed its responsibilities on 1 April 2001, succeeding the International Accounting Standards Committee.

 

News default Image

IASC has published its 2001 Bound Volume

31 Mar 2001

Standards up to IAS 41 and Interpretations up to SIC 25. Order from IASC Publications Department, £46 or US$71. .

Standards up to IAS 41 and Interpretations up to SIC 25. Order from IASC Publications Department, £46 or US$71.

News default Image

No shortage of projects for the new IASB

30 Mar 2001

Listed below are the most important suggested potential projects for the new IASB's agenda.

The Board will hold its inaugural public meeting in London 18-20 April to plan its initial agenda:

Improvements Projects

Critical Path Projects

  • Reporting Financial Performance
  • Distinguishing Between Liabilities and Equity
  • Consolidation Policy
  • Present Value

Conceptual Framework Projects

  • Definitions of the Elements of Financial Statements
  • Measurement
  • Liability Recognition
  • Revenue Recognition

Leadership Projects

  • Share-Based Payments
  • Intangible Assets
  • Leases
  • Measurement of Financial Instruments at Fair Value
  • Insurance Contracts
  • Extractive Industries
  • Rate-Regulated Enterprises, including Privatisation Issues
  • Mutual Funds

Convergence Projects

  • Impairment
  • Business Combinations
  • Consolidation Procedures
  • Pension Accounting
  • Income Taxes
  • Joint Venture Accounting
  • Derecognition
  • Revaluations
  • Non-Reciprocal Transfers
  • Segment Reporting
  • Accounting for Borrowing Costs

Other Financial Reporting Issues

  • Financial Reporting by "Small" Enterprises and Emerging Markets
  • Management Discussion and Analysis
  • Transition and First Time Application of IAS
  • Preface to International Accounting Standards
  • Elimination of Alternatives and Choices
  • Business Reporting on the Internet and XBRL Taxonomy
  • Bank Disclosures and Presentation
  • Implementation Guidance on IAS 41, Agriculture
  • Long Operating Leases
  • Venture Capital Enterprises
  • Accounting for Associates
  • Accounting for Commodity Inventories
  • Financial Reporting in Hyperinflationary Economies
News default Image

IASB will be asked to approve SIC 26 in April

29 Mar 2001

IASB is expected to ratify SIC 26, Property, Plant, and Equipment--Results of Incidental Operations, at its April meeting.

SIC approved the Interpretation at its February meeting. Under the IASB Constitution, the Board must approve Interpretations before they become final.
News default Image

Timetable changes for present value and insurance projects

28 Mar 2001

Under the new IASB structure, Issues Papers will normally be issued by the Board, not by the steering committee as in the past.

The steering committee's work on an issues paper on Present Value is at an advanced stage. The IASB will have its initial discussion of the project at its inaugural meeting 18-20 April, but additional "educational sessions" will be needed, most likely continuing into the summer. Therefore, publication of a paper in the first half of 2001 is no longer a realistic expectation. Second half of 2001 is more likely.

For IASB start-up reasons, as well, publication of a Draft Statement of Principles on Insurance Contracts is now no longer expected in the first half of 2001. Late 2001 or early 2002 is the most likely time frame at present.

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.