OECD
The Organisation for Economic Cooperation and Development (OECD) has adopted international public sector accounting standards (IPSASs) developed by the International Federation of Accountants (1FAC) for its own financial reporting. The OECD’s 2000 financial statements were audited against these standards.
IPSASs, developed by IFAC’s Public Sector Committee, set out the requirements for financial reporting by governments and others in public sector organisations with the objectives of improving decision-making, financial management, and accountability by governments worldwide. The standards are available through IFAC’s web site at http://www.ifac.org.
European Financial Reporting Advisory Group Established
The European Commission has welcomed the establishment by the European Financial Reporting Advisory Group (EFRAG) of its Technical Expert Group, which will provide high-level technical expertise concerning the use within the European legal environment of international accounting standards (IAS) adopted by the International Accounting Standards Board.
The Technical Expert Group, set up by EFRAG on 26 June 2001, will provide advice to the Commission in view of the endorsement of existing IASs for their use in the EU. It will also participate actively in the international accounting standard setting process and organise co-ordination within the EU of views of interested parties concerning IAS.
The Commission and FESCO, the Forum of European Securities Regulators, have each accepted an observer seat on the Technical Expert Group, which is expected to meet for the first time in September 2001.
The Advisory Group was set up as part of the EU decision to require all listed companies to move to IFRS by 2005
The material was prepared by UNICON International Accounting and Auditing Standards Department.