- 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