International Finance and Accounting Handbook

IASC in 1973 had recognized it as such. By the beginning of the twenty-first century, in only one of the nine original IASC coun ...

16.5 ACHIEVEMENTS OF THE IASC (1973–2000) 16 • 7 IAS 1, Presentation of Financial Statements IAS 2, Inventories IAS 3, Consolida ...

number of Consensuses of FASB’s Emerging Issues Task Force. Also, only a very few IASs address industry accounting issues, where ...

mentation Guidance Committee (IGC). In its two years of existence, the IGC pub- lished approximately 250 questions and answers o ...

Weak relationships with national standard setters Lack of convergence of IASs and major national GAAP after 25 years of trying ...

Note that the new name for standards issued by the IASB is International Financial Reporting Standards (IFRSs). In one of its ea ...

committeesreflects the purely advisory role of these groups—they no longer will “steer” technical projects in a direction suppor ...

nical Activities, or a member of the IASB’s senior technical staff. (In fact, the Direc- tor of Technical Activities was appoint ...

the 10 additional countries that have been provisionally approved for EU member- ship starting in May 2004 would also have to fo ...

As a result of the Act, the FASB has invited comment on a proposal for a principle- based approach to U.S. accounting standard s ...

Third, no national standard setter is in a position to set accounting standards that can gain acceptance around the world. Last ...

16.11 RECENT TRENDS IN INTERNATIONAL FINANCIAL REPORTING 16 • 17 “Asset Ceiling” Amendment to IAS 19. This project has been comp ...

Risk management policies Sensitivity analyses Balance between relevance and reliability: shifting toward relevance Eliminate op ...

(a) Endorsement of IASs. The IFAD has endorsed Internationl Accounting Stan- dards as the global benchmark: “All general-purpose ...

16.16 PLANNED CERTIFICATION PROGRAM IN IAS/IFRS. The anticipated adop- tion of IAS/IFRS throughout Europe and elsewhere has crea ...

1967 Accountants International Study Group is created. Precursor to IASC. 1968 First AISG study: Comparative accounting practice ...

Exposure Drafts Published E1, Disclosure of Accounting Policies E2, Valuation and Presentation of Inventories in the Context of ...

this revised Constitution identified the standards-setting body as the “board” of the IASC, not a “committee.” IFAC is formed. ...

Final Standards Published IAS 11 (1979), Accounting for Construction Contracts IAS 12 (1979), Accounting for Taxes on Income IA ...

1982 Stephen Elliott of Canada becomes chairman of IASC. IASC and IFAC make mutual commitments. The IASC Board is expanded to u ...