Preliminary ED from IASC: how the big four complied

Article Abstract:

The exposure draft issued by the International Accounting Standards Committee entitled 'Disclosure in Financial Statements of Banks' recommends that audited financial statements published by banks stipulate the basis used to calculate the banks' provision for uncollectable accounts and any changes in that provision from year to year. The bad debt accounting policies followed by four British banks are analyzed in light of the exposure draft. Barclays, LLoyds, Midland and National Westminster have attempted to comply with the proposed standard.

DEPOSITORY INSTITUTIONS, Banking industry, Corporation reports, Company reports, Great Britain, Bank examinations

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International exposure draft 28: accounting for investments in associates and joint ventures

Article Abstract:

An international accounting exposure draft is described for investments in associates and joint ventures. A joint venture is an agreement between two or more investors to invest in a business activity in such a way that no one investor can control the business; however, the term has different meanings in different parts of the world. Accounting methods to be used are the equity method, proportionate consolidation, and the cost method. Contingencies and disclosures are also to be taken into account.

Affiliated corporations, Investments, Joint ventures

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Exposure draft No. 25: materiality and audit risk

Article Abstract:

An exposure draft is described which was issued by the International Auditing Practices Committee. The draft introduces the concept of materiality and audit risk at the financial statement level and at the level of account balance and transactions. The application of materiality and audit risk principles is also discussed, and an illustration is given of the interrelationships of the components of audit risk.

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