The last word on IASs

Article Abstract:

Six members of the International Accounting Standards Committee (IASC) participated in a roundtable discussion on the development of international accounting standards. They were UK Accounting Standards Board Chmn. Sir David Tweedie, IASC Sec. Gen. Sir Bryan Carsberg, Deloitte & Touche (South Africa) Chmn. Peter Wilmot, Keio University Prof. Etsuo Sawa, OK Bazaar Finance Dir. Ian Somerville and Bear Stearns analyst Patricia McConnell. They expressed their belief that the introduction of international standards will not mean the demise of national standard-setters. They also agreed that the IASs will not be a copy of the US GAAP because they will take into account the particular situations in the other parts of the world. Some of the issues that were cited as likely to cause problems for the IASC in the coming months were financial instruments, pensions and the discount rate, and goodwill and intangibles.

Standards

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Concerted US opposition bodes ill for eventual SEC acceptance of IASs

Article Abstract:

The International Accounting Standards Committee (IASC) held its 1997 board meeting in Beijing. The event covered discussions and resolutions on two standards and five exposure drafts. The British and the American delegates were in firm opposition over several matters, although the former emerged victorious in certain key issues. Among the subjects covered during the conference was the true and fair override in the International Accounting Standards (IAS) 1. The other standard discussed was IAS 14 Exposure drafts were also tackled on provisions and contingencies, interim reporting, employee benefits, intangible assets, business combinations and discontinuing operations. US board member Michael Crooch and SEC Mike Sutton expressed their disappointment over the outcomes of the meetings, which could seriously hamper SEC acceptance of the standards.

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How shall we regulate this?

Article Abstract:

The challenges of enforcing international accounting standards (IASs) and other issues were discussed during the International Accounting Standards Committee's (IASC) board meeting in Jul 1998. IASC Chmn Stig Enevoldsen, for instance, said that enforcement is made difficult by the fact that companies are the ones responsible for the proper implementation of standards followed by auditors and then regulators. He says that one solution to this problem is to audit IAS-based financial statements using international auditing standards. Another question was raised on the role of the EC in enforcing IASs. German Accounting Standards Committee Chmn Herbert Biener responded by citing the EC's lack of authority to enforce standards. The EC's Karel Van Hulle also called for increased cooperation between European standard-setting organizations.

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