Academic journal article Journal of Accountancy

IASC Issues Two New Exposure Drafts

Academic journal article Journal of Accountancy

IASC Issues Two New Exposure Drafts

Article excerpt

The International Accounting Standards Committee is two steps -- and two exposure drafts -- closer to completing a core set of accounting standards that, if approved by the International Organization of Securities Commissions, could be used for cross-border offerings and listings. The two new Eds, E57, Interim Financial Reporting, and E58, Discontinuing Operations, are expected to be finalized by spring 1998, according to IASC Project Manager Paul Pacter.

What to include in your report

The interim reporting proposal would provide guidance for the business that prepares and reports financial information for a period ending on a date other than its yearend. The draft does not mandate which companies must publish interim reports, how frequently they are required or how soon they must appear after the end of an interim period. "The IASC decided such requirements are regulatory by nature and are best handled by national governments, securities regulators, stock exchanges and accounting bodies," said Pacter.

E57 proposes that, at a minimum, interim reports include four condensed financial statements-the balance sheet, income statement, cash flow statement and a statement showing changes in equity. The notes to the interim reports would explain the events and changes significant to understanding the changes in financial position and performance of the enterprise since the last annual reporting date. …

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