Final Standards Published
New:IAS 33 (1997), Earnings Per Share
Revisions:
- IAS 1 (revised 1997), Presentation of Financial Statements
- IAS 14 (revised 1997), Segment Reporting
- IAS 17 (revised 1997), Leases
Final Interpretations Published
- SIC 1, Consistency—Different Cost Formulas for Inventories
- SIC 2, Consistency—Capitalization of Borrowing Costs
- SIC 3, Elimination of Unrealized Profits and Losses on Transactions with Asso-
ciates
1998
- Stig Enevoldsen of Denmark becomes chairman of IASC.
- New laws in Belgium, France, Germany, and Italy allow large companies to use
IASs domestically in their consolidated financial statements. - First official translation of IAS (German).
- IFAC/IASC membership expands to Latin America (new member bodies in
Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) as well
as Haiti, Iran, and Vietnam, bringing membership to 140 bodies in 101 coun-
tries. - IFAC Public Sector Committee begins a program to develop International Pub-
lic Sector Accounting Standards based on IAS. - Strategy Working Party proposes structural changes (including a bicameral
standard-setting structure) and closer ties to national standard setters. - In response to Asian financial crisis, the G8 Summit, the G7 ministers and cen-
tral bank governors, the World Bank, and the IMF all call for rapid completion
and global adoption of high-quality international accounting standards. - International Federation of Stock Exchanges expresses support for IAS.
- IAS published on CD-ROM.
- IASC completes the core standards with approval of IAS 39 in December.
- IASC holds board meetings in London, Kuala Lumpur, Niagara-on-the-Lake,
Zurich, and Frankfurt.
Exposure Drafts Published
- E62, Financial Instruments: Recognition and Measurement
- E63, Events after the Balance Sheet Date
Final Standards Published
New:
- IAS 34 (1998), Interim Financial Reporting
- IAS 35 (1998), Discontinuing Operations
- IAS 36 (1998), Impairment of Assets
- IAS 37 (1998), Provisions, Contingent Liabilities and Contingent Assets
16 • 32 INTERNATIONAL FINANCIAL REPORTING STANDARDS