Following through on relevance and reliability

Article Abstract:

The Accounting Standard Board's (ASB) Exposure Draft of Statement of Principles (ED) entitled 'The Objective of Financial Statements and the Qualitative Characteristics of Financial Information' serves as a challenge to both the ASB and accounting practitioners to facilitate an effective follow through of the ED by making explicit the requirements for financial reporting that comply with ASB requirements. The Statement challenges accounting professionals and setters of accounting standards regarding the ED's purpose based on its defined objectives for reporting and its qualitative characteristics. The Statement also serves to encourage auditors to question the verification and relay of information among the people involved in the preparation of financial statements, in relation to the ED's objectives and characteristics.

Laws, regulations and rules, Financial statements

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IASs must be used, pledges new chief

Article Abstract:

Arthur Andersen veteran Eiichi Shiratori assumed the chairmanship of the International Accounting Standards Committee (IASC) on Jan 1 1993. The new chairman began his career in accounting in the early 1960s at Arthur Andersen's Tokyo office and quickly rose to the top of the profession not only in Japan, but throughout the world. As chairman, Shiratori intends to promote the increased use of international accounting standards (IASs). He plans to accomplish this by seeking the endorsement of IASs by the International Organization of Securities Commissions. The UK Securities and Investment Board already recognizes IASs, so Shiratori's campaign will concentrate on the US SEC. He hopes that US recognition of IASs will trigger similar recognition in Japan and the rest of the world.

Officials and employees, Appointments, resignations and dismissals, International Accounting Standards Board, Shiratori, Eiichi

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Introduction to the first consensus pronouncement of the Urgent Issues Task Force

Article Abstract:

The consensus agreements of the Accounting Standards Board's Urgent Issues Task Force (UITF) are explained with respect to their scope, authority and application. The UITF seeks to assist in the development and maintenance of good accounting standards and is a committee comprised of leading experts in the financial reporting field. Its main focus lies in areas where current accounting standards are unsatisfactory or lead to disparate interpretations.

Column

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