Final Standards Published
None
1995
- Michael Sharpe of Australia becomes chairman of IASC.
- Sir Bryan Carsberg becomes Secretary-General of IASC.
- IASC agrees with IOSCO to complete the core standards by 1999. IOSCO states
that if the core standards are successfully completed, IOSCO will review them
with the objective of endorsing IAS for cross-border offerings. - First German companies report under IAS.
- Federation of Swiss Holding Companies takes a seat on the IASC Board.
- Malaysia and Mexico replace Italy and Jordan on Board. India and South Africa
agree to share board seats with Sri Lanka and Zimbabwe, respectively. - World Bank’s accounting handbook states that “in the absense of any superior
national standards, the Bank requires the use of IASs in the preparation of fi-
nancial statements.” - European Commission supports the IASC/IOSCO agreement and concludes that
IAS should be followed by EU multinationals. - IASC holds board meetings in Dusseldorf, Amsterdam, and Sydney.
Exposure Drafts Published
- E50, Intangible Assets
- E51, Reporting Financial Information by Segment
Final Standards Published
New:IAS 32 (1995), Financial Instruments: Disclosure and Presentation
1996
- IASB accelerates its core standards program by one year, with completion
planned by the end of 1998. - International Association of Financial Executives Institutes joins IASC board.
IOSCO takes a seat at the IASC board table as an observer. - IASC starts a joint project on Provisions with United Kingdom Standards
Board. - A study by the EU Contact Committee finds IAS compatible with EU directives,
with minor exceptions. - U.S. SEC announces its support of the IASC’s objective to develop, as expen-
ditiously as possible, accounting standards that could be used for preparing fi-
nancial statements used in cross-border offerings. - U.S. Congress calls for “a high-quality comprehensive set of generally accepted
international accounting standards.” - Australian Stock Exchange supports a program to harmonize Australian stan-
dards with IAS. - World Trade Organization encourages successful completion of international ac-
countancy standards. - IASC holds Board meetings in Brussels, Stockholm, and Barcelona.
16 • 30 INTERNATIONAL FINANCIAL REPORTING STANDARDS