Chairman Ss Fax: +44 207 246 6411 Sir David Tweedie International Accounting Standards Board30 Cannon Street, London EC4M 6XH 13 September 2002 Re: Exposure Draft of proposed Improvements to International Accounting Standards Dear Sir David, The Basel Committee on Banking Supervision welcomes the opportunity to comment on the Exposure Draft of proposed “Improvements to International Accounting Standards", published for comment in May 2002. The Committee has a strong interest in promoting transparent and high quality financial statements by banks and believes that the Exposure Draft includes many useful proposals. Please find our detailed comments in the attached note. The note has been prepared by the Committee’s Accounting Task Force, chaired by Prof Arnold Schilder, Executive Director of De Nederlandsche Bank. If you have any questions regarding our comments, please feel free to contact Prof Schilder (+ 31 20 524 3360) or Bengt A Mettinger at the Basel Committee Secretariat (+ 41 61 280 9278). Yours sincerely, William McDonough Centralbahnplatz 2 · CH-4002 Basel · Switzerland · Tel: +41 61 280 8080 · Fax: +41 61 280 9100 · email@bis.org Exposure Draft of Proposed Improvements to International Accounting Standards IAS 1 Presentation of Financial Statements Question 1 Do you agree with the proposed approach regarding departure from a requirement of an International Financial Reporting Standard or an Interpretation of ...