International Finance and Accounting Handbook

(avery) #1

  • 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
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