Academic journal article Journal of Accountancy

International Accounting Roundup

Academic journal article Journal of Accountancy

International Accounting Roundup

Article excerpt

INTERNATIONAL ACCOUNTING ROUNDUP

The London-based International Accounting Standards Committee has announced steps taken toward globalization of international standards. Here's a brief overview of recent developments:

New ED. IASC has issued Exposure Draft no. 35, Financial Reporting of Interests in Joint Ventures, which deals with accounting for such interests and the reporting of joint venture assets, liabilities, income and expenses. Comments should be received by May 31, 1990, and sent to the IASC at 41 Kingsway, London WC2B 6YU, United Kingdom.

World Bank. For the first time, the auditors of the World Bank (formally, the International Bank for Reconstruction and Development) have reported the bank's financial statements are being presented in conformity with international accounting standards (IASs) as well as with U.S. generally accepted accounting principles. The bank has financial operations in 151 member countries.

Japan. The International Committee of the Kinki chapter of the Japanese Institute of CPAs has published a research report containing model formats of financial statements of Japanese companies reporting in English. It takes IASs into account and provides a frame of reference for the increasing number of Japanese companies that prepare Japanese GAAP financial statements in English for overseas readers. …

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