this revised Constitution identified the standards-setting body as the “board” of
the IASC, not a “committee.”- IFAC is formed.
- AISG is disbanded.
- IASC holds board meetings in London, Amsterdam, and Edinburgh.
Exposure Drafts Published
- E9, Accounting for Research and Development Costs
- E10, Contingencies and Events Occurring after the Balance Sheet Date
- E11, Accounting for Foreign Transactions and Translation of Foreign Financial
Statements - E12, Accounting for Construction Contracts
Final Standards Published
- IAS 6 (1977), Accounting Responses to Changing Prices
- IAS 7 (1977), Statement of Changes in Financial Position
1978
- John A. Hepworth of Australia becomes chairman of IASC.
- South Africa and Nigeria join board, increasing board size to 11.
- IASC holds board meetings in London (2) and Perth (Australia).
- For the first time, IASC rejects a proposed standard (based on E11, Accounting
for Foreign Transactions and Translation of Foreign Financial Statements), and
a new steering committee is appointed for a fresh start. - IASC begins discussions with the International Federation of Accountants
(IFAC) on “mutual commitments” regarding the relationship between the two
bodies.
Exposure Drafts Published
- E13, Accounting for Taxes on Income
- E14, Current Assets and Current Liabilities
Final Standards Published
- IAS 8 (1978), Unusual and Prior Period Items and Changes in Accounting Poli-
cies - IAS 9 (1978), Accounting for Research and Development Activities
- IAS 10 (1978), Contingencies and Events Occurring after the Balance Sheet
Date
1979
- Allan V. C. Cook becomes Secretary of IASC.
- IASC meets OECD working group on accounting standards.
- IASC holds board meetings in London (2) and Mexico City.
Exposure Drafts Published
None
APPENDIX 16 • 23