International Finance and Accounting Handbook

(avery) #1

  • IASC board unanimously approves restructuring into 14-member board (12 full-
    time) under an independent board of trustees.

  • IASC board appoints a Nominating Committee, chaired by U.S. SEC Chairman
    Arthur Levitt, to select first trustees under new IASC structure.

  • Looking beyond financial statements, IASC publishes a study of business re-
    porting on the Internet.

  • IASC holds board meetings in Washington, Warsaw, Venice, and Amsterdam.


Exposure Drafts Published



  • E64, Investment Property

  • E65, Agriculture


Final Standards Published


Revision:IAS 10 (revised 1999), Events after the Balance Sheet Date


Final Interpretations Published



  • SIC 15, Operating Leases—Incentives

  • SIC 16, Share Capital—Reacquired Own Equity Instruments (Treasury Shares)


2000



  • Thomas E. Jones (U.K. citizen, career primarily in the United States) becomes
    chairman of IASC.

  • SIC meetings open to public observation.

  • Basel Committee expresses support for IAS and for efforts to harmonize ac-
    counting internationally.

  • SEC issues a concept release inviting comments on the use of international ac-
    counting standards in the United States.

  • As part of restructuring program, IASC board approves a new constitution.

  • IOSCO recommends that its members allow multinational issuers to use IASC
    standards in cross-border offerings and listings.

  • Nominating Committee announces initial trustees of the restructured IASC. Paul
    Volcker, former U.S. Federal Reserve Board Chairman, will chair the board of
    trustees.

  • IASC member bodies approve IASC’s restructuring and a new IASC constitu-
    tion.

  • European Commission announces a plan to require all EU listed companies to
    use IASs starting no later than 2005.

  • Trustees name Sir David Tweedie (chairman of the U.K. Accounting Standards
    Board) as the first chairman of the restructured IASC board.

  • Trustees announce search for new board members. Over 200 applications are re-
    ceived.

  • IASC Board approves limited revisions to IAS 12, IAS 19, and IAS 39.

  • IASC publishes first batch of Implementation Guidance Q&A on IAS 39.

  • IAS 41, Agriculture, is approved at the last meeting of the IASC board (pub-
    lished in 2001).


16 • 34 INTERNATIONAL FINANCIAL REPORTING STANDARDS
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