Off to a cracking start

Article Abstract:

The International Accounting Standards Committee's (IASC) Standing Interpretations Committee (SIC) was established to formulate sound, practical and globally applicable interpretations of IASs where standards are lacking or unclear. The SIC comprises of accounting experts with different professional backgrounds and experiences with different accounting environments, and representing 13 countries. Since its first meeting in Apr 1997, the Committee has already finalized 10 interpretations of standards on contentious accounting issues. These include the first-time application of IASs, classification of business combinations, and government assistance not directly related to an enterprise's operating activities. It has also issued draft interpretations, including those pertaining to incentives in an operating lease, presentation of treasury shares, and consolidation of special purpose entities.

Management, International business enterprises, Multinational corporations

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In FASB's footsteps?

Article Abstract:

A German Accounting Standards Committee (GASC) has been created with the founding of the Deutsches Rechnungslegungs Standards Committee in Mar 1998. Former KPMG International Chmn Hans Havermann, who also served on the board of the International Accounting Standards Board, has been appointed as the first president of the GASC's council. In the tradition of Anglo-American and international practices, the GASC is an independent group of experts funded by its members. Its primary objects include formulating accounting standards for consolidated financial statements, representing Germany in efforts to harmonize international accounting standards, and working with the International Accounting Standards Committee and other standard-setting organizations.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Accounting services, Industry self-regulation, Industry self regulation, Accounting law

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Going international

Article Abstract:

The use of international financial accounting standards in Germany in 2001 are discussed, with focus on the history of accounting standards in Germany and the future function of the German accounting standards board.

Laws, regulations and rules

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