International Finance and Accounting Handbook

(avery) #1

  • SIC renamed to International Financial Reporting Interpretations Committee,
    with a mandate not only to interpret existing IAS and IFRS but also to provide
    timely guidance on matters not addressed in an IAS or IFRS.

  • Europe adopts regulation requiring all listed companies, including banks and in-
    surance companies, to prepare their consolidated accounts in accordance with
    IASs starting 2005.

  • IASB board member Robert Herz is appointed chairman of the U.S. Financial
    Accounting Standards Board. John T. Smith, partner, Deloitte Touche Tohmatsu,
    replaces Mr. Herz on the IASB.

  • IASB issues its first exposure draft of a Standard that will be in its new series of
    International Financial Reporting Standards: ED1, First-Time Application of In-
    ternational Financial Reporting Standards.


Exposure Drafts Published



  • Exposure Draft: Amendment to IAS 19, Employe Benefits: The Asset Ceiling

  • Exposure Draft: Improvements to International Accounting Standards

  • Exposure Draft: First-Time Application of International Financial Reporting
    Standards

  • Exposure Draft: Amendments to IAS 32, Financial Instruments: Disclosure and
    Presentation, and IAS 39, Financial Instruments: Recognition and Measurement

  • Exposure Draft ED 2: Share-Based Payment

  • Exposure Draft ED 3: Business Combinations

  • Exposure Draft: Amendments to IAS 36 and IAS 38


Final Standards Published
Revisions:



  • Preface to International Financial Reporting Standards (2002), replaced Preface
    to Statements of International Accounting Standards (1982)

  • IAS 19 (Revised 2002), Employee Benefits


Final Interpretations Published
SIC 32, Intangible Assets—Web Site Costs


APPENDIX 16 • 37
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