Exposure Drafts Published
- E1, Disclosure of Accounting Policies
- E2, Valuation and Presentation of Inventories in the Context of the Historical
Cost System - E3, Consolidated Financial Statements and the Equity Method of Accounting
Final Standards Published
None
1975
- Proposal to create an International Federation of Accountants (IFAC) to replace
the International Coordinating Committee for the Accounting Profession
(ICCAP). - IASC holds board meetings in London (3) and Montreal.
Exposure Drafts Published
- E4, Depreciation Accounting
- E5, Information to Be Disclosed in Financial Statements
Final Standards Published
- IAS 1 (1975), Disclosure of Accounting Policies
- IAS 2 (1975), Valuation and Presentation of Inventories in the Context of the
Historical Cost System
1976
- Joseph P. Cummings of the United States becomes chairman of IASC.
- “Group of Ten” Bank Governors funds an IASC project on bank financial state-
ments. - IASC bolds board meetings in London (2) and Washington.
Exposure Drafts Published
- E6, Accounting Treatment of Changing Prices
- E7, Statement of Source and Application of Funds
- E8, The Treatment in the Income Statement of Unusual Items and Changes in
Accounting Estimates and Accounting Policies
Final Standards Published
- IAS 3 (1976), Consolidated Financial Statements
- IAS 4 (1976), Depreciation Accounting
- IAS 5 (1976), Information to Be Disclosed in Financial Statements
1977
- IASC Constitution is revised to add two seats to the IASC Board (in addition to
the 9 founder countries), bringing the total to 11. Nine votes are required to
adopt a Standard, giving the nine founder members substantial control. Also,
16 • 22 INTERNATIONAL FINANCIAL REPORTING STANDARDS