IASC ambitions
Article Abstract:
The International Accounting Standards Committee's (IASC) success in establishing a partnership with the International Organization of Securities Commissions (IOSCO) may be one of its greatest accomplishments in its 23-year-old history. Under a recently concluded agreement, the two organizations will work together for financial statements prepared under International Accounting Standards (IASs) to be accepted by stock exchanges all over the world. To achieve this, the IASC must first complete a comprehensive work program that will generate new or revised IASs acceptable to IOSCO. The program consists of 16 projects that address such issues as income taxes, earnings per share, segment reporting, financial statement presentation, intangible assets, research and development, goodwill, impairment, interim reporting, and provisioning and contingencies.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
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A two-tier slice for segments
Article Abstract:
The International Accounting Standards Committee's (IASC) exposure draft E-51, 'Reporting Financial Information by Segment,' seeks to harmonize internal and external reporting of segment data. It also proposes a two-tier format for segment reporting. This approach will require companies to determine primary and secondary reporting formats by identifying management's risks and returns. E-51 will revise the IASC's standard on segment reporting, IAS 14, in response to the growing demand of professional users of accounts for more disclosures. The IASC also acknowledges that segment data in financial statements may become more useful if it is aligned more closely with the risk-based management structure and internal financial reporting systems of the reporting entity.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1996
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International Accounting Standard IAS 34: Interim Financial Reporting
Article Abstract:
The International Accounting Standards Committee (IASC) issued IAS No 34 to address the issue of interim financial reporting. An interim financial report includes a set of financial statements, either complete or condensed, for a period shorter than a business organization's full fiscal year. IAS 34 discusses the minimum content of such a report, namely, the condensed versions of the firm's income statement, cash flow statement, balance sheet, and statement reporting equity changes, as well as selected explanatory notes. The new standard also prescribes the accounting recognition and principles that should be used in the report. IAS 34 takes effect for accounting periods commencing on or following Jan 1, 1999.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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