International Finance and Accounting Handbook

(avery) #1

  • IAS 38 (1998), Intangible Assets

  • IAS 39 (1998), Financial Instruments: Recognition and Measurement


Revisions:



  • IAS 16 (revised 1998), Property, Plant and Equipment

  • IAS 19 (revised 1998), Employee Benefits

  • IAS 22 (revised 1998), Business Combinations

  • IAS 32 (revised 1998), Financial Instruments: Disclosure and Presentation


Final Interpretations Published



  • SIC 5, Classification of Financial Instruments—Contingent Settlement Provi-
    sions

  • SIC 6, Costs of Modifying Existing Software

  • SIC 7, Introduction of the Euro

  • SIC 8, First-Time Applications of IASs as the Primary Basis of Accounting

  • SIC 9, Business Combinations—Classification either as Acquisitions or Unit-
    ings of Interests

  • SIC 10, Government Assistance—No Specific Relation to Operating Activities

  • SIC 11, Foreign Exchange—Capitalization of Losses Resulting from Severe
    Currency Devaluations

  • SIC 12, Consolidation—Special-Purpose Entities

  • SIC 13, Jointly Controlled Entities—Nonmonetary Contributions by Venturers

  • SIC 14, Property, Plant and Equipment—Compensation for the Impairment of
    Loss of Items


1999



  • IOSCO begins its review of IASC core standards.

  • IASC board meetings are opened to public observation. First public meeting is
    held in Washington in March.

  • G7 Finance Ministers and IMF urge support for IASs to strengthen the interna-
    tional financial architecture.

  • New IFAC International Forum on Accountancy Development (IFAD) commits
    to support use of International Accounting Standards as the minimum bench-
    mark for raising national accounting standards worldwide.

  • EC study finds no significant conflicts between IASs and the European Direc-
    tives. EC adopts a financial services action plan that includes use of IASs as Eu-
    ropean GAAP.

  • FEE reporting strategy for Europe strongly supports use of IAS in Europe with-
    out requiring compliance with EC Accounting Directives, plus phase-out of U.S.
    GAAP.

  • Eurasian Federation of Accountants and Auditors plans adoption of IASs in CIS
    countries.

  • Various meetings of the Strategy Working Party to discuss the comments on
    their initial proposal and to develop final recommendations. SWP publishes a
    revised proposal.


APPENDIX 16 • 33
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