International Finance and Accounting Handbook

(avery) #1

Exposure Drafts Published



  • E52, Earnings per Share

  • E53, Presentation of Financial Statements

  • E54, Employee Benefits


Final Standards Published


Revision:IAS 12 (revised 1996), Income Taxes


1997



  • Standing Interpretations Committee is formed. Twelve voting members.

  • IASC and FASB issue similar EPS standards. IASC, FASB, and CICA issue new
    Segments standards with relatively minor differences.

  • IASC discussion paper proposes fair value for all Financial Assets and Financial
    Liabilities. IASC holds 45 consultation meetings in 16 countries.

  • Actuaries join Consultative Group.

  • Arab Society of Certified Accountants calls for all of its 22 member countries to
    adopt IASs as their national GAAP (Dubai Declaration).

  • APEC (Asia-Pacific Economic Cooperation) expresses its support of the efforts
    of the International Accounting Standards Committee to develop international
    accounting standards.

  • Joint Working Group on financial instruments formed with national standard
    setters.

  • People’s Republic of China becomes a member of IFAC and joins the IASC
    Board as observer.

  • IASC sponsors a conference of accounting standard setters from 20 countries in
    Hong Kong.

  • FEE calls on Europe to use IASC’s Framework.

  • U.S. SEC reports to Congress on the outlook for successful completion of a set
    of international accounting standards that would be acceptable in the United
    States.

  • IASC appoints a Strategy Working Party (SWP) to make recommendations re-
    garding the future structure and operation of IASC following completion of the
    core standards. First meeting in April.

  • IASC sets up its Internet Web site.

  • IASC holds board meetings in London, Johannesburg, Beijing, and Paris.


Exposure Drafts Published



  • E55, Impairment of Assets

  • E56, Leases

  • E57, Interim Financial Reporting

  • E58, Discontinuing Operations

  • E59, Provisions, Contingent Liabilities and Contingent Assets

  • E60, Intangible Assets

  • E61, Business Combinations


APPENDIX 16 • 31
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