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New IAS pronouncements

The International Accounting Standards Committee (IASC) recently released three new exposure drafts.The exposure drafts, which are open for comment until September 10 are:

E66 'Proposed Limited Revisions to IAS 39 Financial Instruments and Other Related Standards'

E67 'Pension Plan Assets',

and

E68 'IncomeTax Consequences of Dividends'

The IASC has also published five new Interpretations clarifying issues related to international accounting standards. The new SICs 20-25 deal with specific issues relating to equity accounting of losses, changes in the tax status of entities, taxation issues relating to revalued non-depreciable assets, goodwill and fair value adjustments and major overhauls for property plant and equipment. Further details and copies of these documents are available from the IASC website at www.iasc.org.uk

In addition, make sure to read these articles:

  • International Efforts Lead to Third Edition of GAAPComparison.
    • Business Editors NORWALK, Conn.--(BUSINESS WIRE)--Dec. 15, 2000 Economic globalization requires increased international comparability in financial reporting. With this important goal in mind, accounting standard setters ......
  • Accounting Standards: EU Welcomes the U.S. Securities and Exchange Commission's Move...
    • WASHINGTON -- European Internal Market and Services Commissioner Charlie McCreevy welcomes the U.S. Securities and Exchange Commission's (SEC) decision to abolish the reconciliation requirements ......
  • diCarta Board Member to Help Lead Effort Toward Uniform Global Accounting Standards.
    • Business Editors & High-Tech Writers REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 5, 2001 Mary Barth Appointed to International Accounting Standards Board, Will Work with World's Top Accounting ......
  • Volker to advise auditors. (Street Wise).
    • PAUL A. VOLKER, former Federal Reserve Board chairman and current chair of the Trustees of the International Accounting Standards Committee (IASC), will chair an Independent ......
  • IASB publishes proposal on macro hedging.
    • The International Accounting Standards Board recently published proposals to improve the implementation of IAS 39, Financial Instruments: Recognition and Measurement. The proposals would enable fair-value ......
  • HEDGE YOUR BETS
    • HEADNOTE Applying IAS 39 on financial instruments is one of the areas of IFRS which will have the biggest impact on Australian financial reports. This ......
  • New international standard on investment property
    • International Accounting Standard (IAS) 40 'Investment Property' has been released by the International Accounting Standards Committee (IASC). It prescribes the accounting treatment for investment property ......
  • Technical
    • The International Accounting Standards Committee (IASC) has published 78 draft questions and answers related to applying International Accounting Standard (IAS) 39, Financial Instruments: recognition and ......
  • Going global
    • A meeting in Scotland on 24 May represented something of an historic occasion for the accountancy profession. At an assembly attended by delegates from the ......
  • IASC Addresses Share-Based Payment.
    • While the first phase of the IASC's restructuring moves forward--the new group of trustees met for the first time in June under the chairmanship of ......
  • U.K.'s Tweedie Takes Helm at New IASC.
    • The man is on a mission. The mission: to lead the worldwide financial community in harmonizing accounting standards. Why now? "The markets want it to ......
  • IASB Advisors Named.
    • FEI's CEO and President and four FEI members are among those appointed to the Standards Advisory Council (SAC), formed by the Trustees of the International ......
  • Announcement of Results for Danisco's Q1 2001/02.
    • Business Editors COPENHAGEN, Denmark--(BUSINESS WIRE)--Sept. 18, 2001 Danisco (CPH: DEMC.)(CPH:DEMCx.): 1 May 2001 - 31 July 2001 (Unaudited) -- Earnings up 7 per cent (EBITA) ......
  • New guidelines released for financial instruments.
    • In late January, the Accounting Standards Board (AcSB) issued new standards for reporting financial instruments. According to the AcSB, the new standards are a hybrid ......
  • IAS 39
    • HEADNOTE Subhash Abhayawansa and Dr Indra Abeysekera explain the complexities and challenges of the international accounting standard on financial instruments IMAGE ILLUSTRATION 1 IAS 39 ......
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