A new thrust for international standards

Article Abstract:

The International Accounting Standards Committee (IASC) has established itself as independent from the global accounting profession, broadened its Board membership, and arranged a number of formal and informal consultative procedures; all in recognition of the idea that accounting standards cannot be left to the accounting profession alone. IASC approved 26 international accounting standards as of Jun 1987, and an additional three exposure drafts had been approved for publication or published. Preparers and users of financial statements are impatient with what they perceive to be slow progress toward international harmonization, believing that IASC is permitting alternatives in many reporting practice areas. The IASC board met in Mar 1987 to consider ways to reduce or eliminate reporting practice alternatives. Individual Board member countries will probably have to make concessions.

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Can the IASC cope with goodwill

Article Abstract:

The International Accounting Standards Committee's (IASC) revised IAS 22, 'Business Combinations,' requires companies to recognize goodwill as an asset and to capitalize and amortize it over a maximum of 20 years. Firms, therefore, are no longer allowed to write off goodwill to equity. Introduced in 1995, the new rulings also mandate that the unamortized balance of goodwill be reflected to the extent that it goes over the recoverable amount. A number of multinational companies have already begun adopting the new accounting approach. However, they are receiving conflicting messages from the IASC. Just a few weeks after the introduction of the revised IAS 22, the Committee has started to indicate that it may change the goodwill requirements once again.

Accounting and auditing, Goodwill (Business)

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Degrees of compliance

Article Abstract:

This article describes the 9 categories into which companies that comply with International Accounting Standards fall. Exceptions to full compliance and indicative factors, and how auditors should approach compliance levels are discussed.

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