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