- IASC board unanimously approves restructuring into 14-member board (12 full-
time) under an independent board of trustees. - IASC board appoints a Nominating Committee, chaired by U.S. SEC Chairman
Arthur Levitt, to select first trustees under new IASC structure. - Looking beyond financial statements, IASC publishes a study of business re-
porting on the Internet. - IASC holds board meetings in Washington, Warsaw, Venice, and Amsterdam.
Exposure Drafts Published
- E64, Investment Property
- E65, Agriculture
Final Standards Published
Revision:IAS 10 (revised 1999), Events after the Balance Sheet Date
Final Interpretations Published
- SIC 15, Operating Leases—Incentives
- SIC 16, Share Capital—Reacquired Own Equity Instruments (Treasury Shares)
2000
- Thomas E. Jones (U.K. citizen, career primarily in the United States) becomes
chairman of IASC. - SIC meetings open to public observation.
- Basel Committee expresses support for IAS and for efforts to harmonize ac-
counting internationally. - SEC issues a concept release inviting comments on the use of international ac-
counting standards in the United States. - As part of restructuring program, IASC board approves a new constitution.
- IOSCO recommends that its members allow multinational issuers to use IASC
standards in cross-border offerings and listings. - Nominating Committee announces initial trustees of the restructured IASC. Paul
Volcker, former U.S. Federal Reserve Board Chairman, will chair the board of
trustees. - IASC member bodies approve IASC’s restructuring and a new IASC constitu-
tion. - European Commission announces a plan to require all EU listed companies to
use IASs starting no later than 2005. - Trustees name Sir David Tweedie (chairman of the U.K. Accounting Standards
Board) as the first chairman of the restructured IASC board. - Trustees announce search for new board members. Over 200 applications are re-
ceived. - IASC Board approves limited revisions to IAS 12, IAS 19, and IAS 39.
- IASC publishes first batch of Implementation Guidance Q&A on IAS 39.
- IAS 41, Agriculture, is approved at the last meeting of the IASC board (pub-
lished in 2001).
16 • 34 INTERNATIONAL FINANCIAL REPORTING STANDARDS