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INTERNATIONAL ACCOUNTING

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INTERNATIONAL ACCOUNTING ...

International Accounting

    Standards Committee Update

    presentation by

    PAUL PACTER

    International Accounting

    Standards Committee

    American Accounting Association

    Annual Meeting

    16 August 1998

    New Orleans

    PAUL PACTER

    International Accounting Standards Committee 166 Fleet Street, London EC4A 2DY, United Kingdom

    Telephone: +44-171-353-0565 (Direct 427-5903)

    Fax: +44-171-353-0562

    E-mail: ppacter@iasc.org.uk

    Web: http://www.iasc.org.uk

     OVERVIEW OF IASC

? Independent Private Sector Body

    ? Began 1973

    ? Mission Improve and Harmonise

    Accounting Standards World-wide

    ? Location London

    ? Members 140 Professional Accounting

    Bodies in 101 Countries

    ? 16 Member Board

     Australia Canada France Germany

     Japan India/Sri Lanka Malaysia

     Mexico Netherlands Nordic Federation

     South Africa/Zimbabwe Swiss Companies

     United Kingdom United States

     Financial Executives Financial Analysts

? Observers FASB, EC, IOSCO, China

    ? Meets 4 times a year, 1 week each

    ? Advisory Council Oversight, Funding ? Consultative Group Advisory Role ? Standing Interpretations Committee

    Authoritative Interpretations

    ? Steering Committees Paul Pacter 60289913.doc- 17 June 2010 2

     IASC STRUCTURE

     Advisory Council

     Consultative

    IASC BOARD Group

    Founded 1973

    140 Member Orgs. Standing

    101 Countries Interpretations

    Committee Board: 16 Seats

    Issues Paper

    S.C. Proposals Steering

    Committees Exposure Draft

    Final Standard

    Paul Pacter 60289913.doc- 17 June 2010 3

     IASC’s HISTORY

    ENVIRONMENT ? Most countries have a national

    accounting standards board.

    ? Regulators also set accounting rules.

    ? IASC has no enforcement power.

IASC FIRST 10 YEARS

    ? Codify best practices.

    ? Standards more descriptive than

    prescriptive.

IASC SECOND 10 YEARS

    ? Address more difficult issues.

    ? Strengthen many original standards.

    ? Eliminate alternatives.

    ? Conceptual framework.

    IASC CURRENTLY ? IOSCO core standards.

    ? Recognition in major capital markets.

    ? Interpretations programme.

    ? Working relationships with national

    standard-setters.

    Paul Pacter 60289913.doc- 17 June 2010 4

IOSCO AGREEMENT (July 1995)

     ―The [IASC] Board has developed a work plan that the Technical Committee agrees will result, upon successful completion, in IAS comprising a

    comprehensive core set of standards. Completion of comprehensive core standards that are acceptable to the [IOSCO] Technical Committee will allow the Technical Committee to recommend endorsement of IAS for cross border capital raising and listing purposes in all global markets. IOSCO has already endorsed IAS 7, Cash Flow Statements, and has indicated to the IASC that 14 of the existing International Accounting Standards do not require additional improvement, providing that the other core standards are successfully

    completed.‖

    Paul Pacter 60289913.doc- 17 June 2010 5

     EUROPEAN COMMN. POLICY

     (Nov. 1995)

EC statement of policy, Accounting

    Harmonisation: A New Strategy vis-à-

    vis International Harmonisation:

     ―Rather than amend existing

    Directives, the proposal is to

    improve the present situation by

    associating the EU with the efforts

    undertaken by IASC and IOSCO

    towards a broader international

    harmonisation of accounting

    standards.‖ Paul Pacter 60289913.doc- 17 June 2010 6

     US SEC STATEMENT (April 1996)

     ―The Commission is pleased that

    the IASC has undertaken a plan to

    accelerate its development efforts

    with a view toward completion of

    the requisite core set of standards

    by March 1998. The Commission

    supports the IASC's objective to

    develop, as expeditiously as

    possible, accounting standards that

    could be used for preparing

    financial statements used in cross-

    border offerings.‖

Criteria to Evaluate IASC Standards

    ? Comprehensive basis of accounting.

    ? High quality comparability,

    transparency, full disclosure.

    ? Rigorously interpreted and applied.

    Paul Pacter 60289913.doc- 17 June 2010 7

     US CAPITAL MARKETS EFFICIENCY

     ACT (October 1996) Paraphrased

It is the sense of the Congress that:

    ? high-quality international accounting standards would greatly facilitate international financing and enhance the ability of foreign corporations to access US markets; and

    ? the SEC should enhance its vigorous support for the development of high-quality international accounting standards; and

    ? the SEC should report to Congress on the outlook for successful completion of a set of international standards that would be

    acceptable to the SEC for offerings by foreign corporations in US markets.

Paul Pacter 60289913.doc- 17 June 2010 8

     IASC STANDARDS TO DATE

    IAS 1 Presentation of Financial Statements IAS 2 Inventories

    IAS 4 Depreciation

    IAS 5 Financial Statement Disclosures IAS 7 Cash Flow Statements

    IAS 8 Reporting Profit And Loss

    IAS 9 Research and Development Costs IAS 10 Contingencies and Post-Year-End Events IAS 11 Construction Contracts

    IAS 12 Income Taxes

    IAS 13 Current Assets and Current Liabilities IAS 14 Segment Reporting

    IAS 15 Changing Prices

    IAS 16 Property, Plant and Equipment IAS 17 Leases

    IAS 18 Revenue

    IAS 19 Retirement Benefit Costs

    IAS 20 Government Grants and Assistance IAS 21 Foreign Exchange Rates

    IAS 22 Business Combinations

    IAS 23 Borrowing Costs

    IAS 24 Related Party Disclosures IAS 25 Investments

    IAS 26 Retirement Benefit Plans

    IAS 27 Consolidated Financial Statements IAS 28 Investments in Associates IAS 29 Hyperinflationary Economies IAS 30 Financial Statements of Banks IAS 31 Investments in Joint Ventures IAS 32 Financial Instruments Disclosures IAS 33 Earnings Per Share

    IAS 34 Interim Financial Reporting IAS 35 Discontinuing Operations

    IAS 36 Impairment of Assets

    Paul Pacter 60289913.doc- 17 June 2010 9

IAS 37 Provisions, Contingent Liabilities/Assets

IAS 38 Intangible Assets

Paul Pacter 60289913.doc- 17 June 2010 10

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