Deloitte Publishes Free Practical Guide to IAS

In its April 1, 2002 "Accounting Roundup," Deloitte & Touche, the U.S. arm of Deloitte Touche Tohmatsu, summarized the results of the March meeting of the International Accounting Standards Board (IASB) and provided a link to a free electronic copy of its updated guide to international accounting standards (IAS).

Key developments at the March IASB meeting included:

  • Consideration of a project plan on stock-based payments. This project will address how a company should report transactions in which it pays for goods and services with shares of its stock or with options on such shares. An exposure draft is expected by the end of 2002.

  • Discussion of a portion of a draft statement on principles of insurance contracts. The draft addresses the fundamental reporting model for such contracts.

  • Discussion of issues related to how changes in the value of tangible fixed assets should be reported in a statement of financial performance (i.e., statement of income and comprehensive income).

The firm's publication "International Accounting Standards: A Practical Guide to Financial Reporting" contains background information about the process for setting international accounting standards, a summary of current standards, model financial statements, and a presentation and disclosure checklist. It is available for download on the firm's website. This site provides a wealth of well-organized and up-to-date information about international accounting standards, along with related issues and developments.

-Rosemary Schlank

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.