International Finance and Accounting Handbook

(avery) #1

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
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