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