Magazine article The CPA Journal

International Accounting Standards: A Status Report (1995)

Magazine article The CPA Journal

International Accounting Standards: A Status Report (1995)

Article excerpt

With the introduction of transnational agreements such as NAFTA, U.S. accountants can no longer avoid familiarity with international accounting standards. The Canadian Institute of Chartered Accountants and the Instituto Mexicano de Contatores Publicos, A.C.--as well as the FASB--formally recognize the importance of the International Accounting Standards (IASs) in their respective official accounting pronouncements. In addition, the International Organization of Securities Commissions (IOSCO) has called for more comparable international accounting standards to facilitate cross border movement of capital. The publication, International Accounting Standards, 1994 by the International Accounting Standards Committee (IASC) should be of significant use in gaining an understanding of international standards. Particularly noteworthy are the recent changes and how the revised IASs differ from U.S. GAAP.

The IASs have recently undergone unprecedented change. In 1987, IASC began its Comparability/Improvements Project (the Project). The Project's objective was to reduce or eliminate existing alternative accounting treatments and to make other improvements to international standards. As a result of the project, approximately one-third of the IASs were revised. The revisions became effective for accounting periods beginning on or after January 1, 15. Table 1 lists the 29 standards that existed prior to the recent revisions and identifies the 10 that changed. (Table 1 omitted) Unlike FASB pronouncements, IASC does not assign new numbers when revising standards. …

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