International Finance and Accounting Handbook

(avery) #1

1993



  • Eiichi Shiratori of Japan becomes chairman of IASC.

  • India replaces Korea on board.

  • IASC and IOSCO agree on a list of core standards.

  • Comparability and Improvements project completed with approval of ten re-
    vised IAS. However, IOSCO did not endorse IAS at that time for use in cross-
    border securities offerings.

  • South African Institute of Chartered Accountants decides that South African ac-
    counting standards should be based on IAS—existing South African GAAP to
    be revised.

  • IASC holds Board meetings in Tokyo, London, and Oslo.


Exposure Drafts Published


None


Final Standards Published


Revisions:



  • IAS 2 (revised 1993), Inventories

  • IAS 8 (revised 1993), Net Profit or Loss for the Period, Fundamental Errors and
    Changes in Accounting Policies

  • IAS 9 (revised 1993), Research and Development Costs

  • IAS 11 (revised 1993), Construction Contracts

  • IAS 16 (revised 1993), Property, Plant and Equipment

  • IAS 18 (revised 1993), Revenue

  • IAS 19 (revised 1993), Retirement Benefit Costs

  • IAS 21 (revised 1993), The Effects of Changes in Foreign Exchange Rates

  • IAS 22 (revised 1993), Business Combinations

  • EIA 23 (revised 1993), Borrowing Costs


1994



  • Board meets with standard setters to discuss E48, Financial Instruments.

  • Accounting educators join Consultative Group.

  • World Bank agrees to fund Agriculture Project.

  • Establishment of IASC Advisory Council approved, with responsibilities for
    oversight and finances.

  • IOSCO accepts 14 IAS and identifies some specific issues to be addressed in the
    remaining core standards (the so-called “Shiratori letters”).

  • FASB agrees to work with IASC on a joint earnings per share project.

  • The G4+1 group, which includes IASC as the “+1,” publishes its first study on
    Future Events.

  • IASC holds Board meetings in Edinburgh and Budapest.


Exposure Drafts Published



  • E48, Financial Instruments

  • E49, Income Taxes


APPENDIX 16 • 29
Free download pdf