Magazine article The CPA Journal

Update from the IASC

Magazine article The CPA Journal

Update from the IASC

Article excerpt

At its meeting in Beijing in July, the IASC Board

approved revised International Accounting Standards IAS 1, Presentation of Financial Statements, and IAS 14, Segment Reporting, both effective for financial years beginning on or after July 1, 1998;

approved exposure drafts: Interim Financial Reporting (E57); Discontinuing Operations (E58); Provisions, Contingent Liabilities, and Contingent Assets (E59); Intangible Assets (E60); and Business Combinations (E61);

approved operating procedures for the new Standing Interpretations Committee (SIC), which provide, among other things that SIC has 12 voting members, it normally meets at least four times a year, and a consensus is achieved when not more than three members have voted against a proposed interpretation;

discussed issues arising from comment letters on E54, Employee Benefits; discussed two additional projects: financial instruments and reporting financial performance; and

welcomed the Chinese Institute of Certified Public Accountants to membership in the IASC and as a formal observer with right of the floor at IASC Board meetings.

As a result of its progress in July, IASC has now published either final standards or exposure drafts on all but one of the core projects that form part of its commitment to the International Organization of Securities Commissions to complete by early 1998. …

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