19 Feb 2001
The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises. .
The Ministry of Finance of China has adopted three new standards (intangible assets, leases, and borrowing costs – based partly on IAS and partly on US GAAP), revised five existing standards, and adopted a new, comprehensive Accounting System for Business Enterprises.
14 Feb 2001
The Association of Chartered Certified Accountants (ACCA) has taken the position that the announcement of the new IASC board "is a welcome step, but ACCA is concerned that the appointments do not give the new IASC board sufficient experience of the developing world". .
The Association of Chartered Certified Accountants (ACCA) has taken the position that the announcement of the new IASC board "is a welcome step, but ACCA is concerned that the appointments do not give the new IASC board sufficient experience of the developing world".
13 Feb 2001
US President George W.
The European Commission has presented a proposal for a Regulation that would require all EU companies listed on a regulated market, including banks and insurance companies (about 7,000 companies in all), to prepare consolidated accounts in accordance with International Accounting Standards (IAS) by 2005, at the latest.
The Regulation would help eliminate barriers to cross-border trading in securities by ensuring that company accounts throughout the EU are more transparent and can be more easily compared. This would in turn increase market efficiency and reduce the cost of raising capital for companies. The proposal is a priority measure under the Financial Services Action Plan, endorsed by the Lisbon European Council as a key element of the creation of an integrated financial services market. It is also in line with the strategy outlined in the Commission's June 2000 Communication on the future of financial reporting in Europe.
The Regulation proposes to establish a new EU mechanism to "assess IAS and give them legal endorsement for use within the EU. This mechanism will use an Accounting Regulatory Committee set up under the proposal that will operate at the political level under established EU rules on decision-making by regulatory committees. The Accounting Regulatory Committee, chaired by the Commission and composed of representatives of the Member States, will adopt or reject IAS on the basis of a proposal made by the Commission."
Currently, approximately 275 European listed companies prepare their consolidated financial statements under IAS, 300 under US GAAP, and the remainder (about 6,500 companies) use their national GAAP. (These figures do not include Switzerland, where most large companies already follow IAS.) The EC said:
IAS will offer [those now using US GAAP] the same high quality level of financial information as US GAAP, with the additional advantage that IAS have been conceived in a truly international perspective and are not modelled by a particular national environment. The Commission hopes and expects that the US Securities and Exchange Commission (SEC) will accept in the near future financial statements prepared by EU issuers without requiring a reconciliation to US GAAP.
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12 Feb 2001
At its meeting in London on 30 January-1 February, the G4+1 group of standard-setters agreed that because the new International Accounting Standards Board is ready to start its activities, the G4+1 group would disband and cancel its planned future activities.
06 Feb 2001
In a speech on the integration of the European financial markets in Stockholm on 22 January, European Commission Internal Market Commissioner Frits Bolkestein said: The Commission is also about to issue a proposal for a single set of accounting standards based on International Accounting Standards (IAS).
05 Feb 2001
The section of our website describing IASC's new Structure has been expanded. .
The section of our website describing IASC's new Structure has been expanded.
01 Feb 2001
In a public statement to Canada's Accounting Standards Oversight Council, the Certified General Accountants Association of Canada strongly supported adopting the IASC standards in Canada.
31 Jan 2001
IASC has released an electronic version of the Extractive Industries Issues Paper (ZIP 568k).
29 Jan 2001
The IASC Foundation Trustees have announced the appointment of the new, 14-member International Accounting Standards Board (IASB).
Membership of the International Accounting Standards Board (IASB):
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