Academic journal article Journal of Accountancy

IASC Says It's on Time

Academic journal article Journal of Accountancy

IASC Says It's on Time

Article excerpt

The International Accounting Standards Committee said it will meet a March 1998 deadline to complete a core set of international accounting standards (IASs). Sir Bryan Carsberg, IASC secretary-general, said there were a few instances in 1996 when publication dates of documents were slightly delayed but that "none of these delays had caused the target date for completion to be revised."

Nonetheless, Peter Clark, IASC senior research manager, told the Journal that if a conflict arose between meeting the deadline and jeopardizing the quality of a standard, the IASC would put quality before the timetable.

The IASC has been working to complete a core set of accounting standards for international stock offerings. In 1995, the International Organization of Securities Commissions (IOSCO) agreed to seek endorsements of individual securities regulatory bodies, such as the U.S. Securities and Exchange Commission, if the IASC drew up rules of sufficient quality.

Two proposals await comments

The IASC issued two exposure drafts on impaired assets and lease accounting that, if approved, will be part of the core set of standards. E55, Impairment of Assets, specifies testing its nonfinancial assests, including

* How a company should assess whether it will recover the book value of its assets. …

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