- European Commission presents legislation to require use of IASC for all listed
companies no later than 2005. - EFRAG (European Financial Reporting Advisory Group) is created by the ac-
counting profession, preparers, users, and national standard setters in EU coun-
tries to advise the European Commission on acceptability of individual IAS for
Europe, as well as to respond to IASB comment documents. - European Directives amended to allow compliance with IAS 39.
- IASB moves into new offices at 30 Cannon Street, London.
- IASB meets with chairs of those national accounting standards-setting bodies
that have a formal liaison relationship with IASB—Australia/New Zealand,
Canada, France, Germany, Japan, the United Kingdom, and the United States—
to begin coordinating agendas and setting out convergence goals. - IASB adopts its initial agenda of nine technical projects and agrees to have an
advisory or monitoring role on 16 additional projects being worked on by part-
ner national standard setters. - Debate over IASB’s stock options project reaches U.S. Congress.
- Seven largest accounting firms strongly endorse IAS for Europe.
- Trustees appoint the members of the restructured Standing Interpretations Com-
mittee. - IFAD publishes GAAP 2000—a comparison of IASs and GAAP in 53 coun-
tries—as part of its effort to bring national GAAP up to an IAS benchmark. - IASB holds board meetings in London (6), Washington, and Paris.
Exposure Drafts Published
Exposure Draft: Preface to International Financial Reporting Standards
Final Standards Published
New:IAS 41 (2001), Agriculture (approved by old IASC Board in December 2000).
Final Interpretations Published
- SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease
- SIC 28, Business Combinations—“Date of Exchange” and Fair Value of Equity
Instruments - SIC 29, Disclosure—Service Concession Arrangements
- SIC 30, Reporting Currency—Translation from Measurement Currency to Pre-
sentation Currency - SIC 31, Revenue—Barter Transactions Involving Advertising Services
- SIC 33, Consolidation and Equity Method—Potential Voting Rights and Allo-
cation of Ownership Interests
2002
- IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Vol-
cker testify at U.S. Senate hearing on Accounting and Investor Protection Issues
Raised by Enron and Other Public Companies. - IASB issues its first exposure draft and final Standard on an accounting issue
(IAS 19, Employee Benefits: The Asset Ceiling).
16 • 36 INTERNATIONAL FINANCIAL REPORTING STANDARDS