By:Gholamhossein Davani2007

Member of High Council of Iranian Association of Certified Public Accountants (IACPA)

International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs and has proposed to amend others, has replaced some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued Interpretations of Standards. Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation.

1969: Accountancy Age is launched. DTI inquiry into Robert Maxwell's Pergamon Press causes its

takeover by LeaseCo to fall apart. Touche, Ross, Bailey & Smart becomes Touche Ross 1970: ICAEW's proposal to merge with ICAS, ICAI and other bodies

fails 1973: Henry Benson appointed first chairman of the International

Accounting Standards Committee 1974: The Consultative Committee of Accountancy Bodies (CCAB)

is formed 1977: IFAC is founded 1979: Ernst and Whinney is formed 1980: ACCA's Vera di Palma becomes the first female president of

an international accounting body 1984: Merger of Deloitte, Haskins & Sells and Price Waterhouse

falls through

1987: Peat Marwick International and KMG merger forms KPMG

1989: Arthur Andersen/Price Waterhouse merger collapses in September.

Ernst & Young is formed from Ernst & Whinney and Arthur Young. Touche Ross and Deloitte Haskins Sells merge to form Deloitte & Touche

1990: The 'Guinness Four' are found guilty of fraud 1991: Robert Maxwell drowns. BCCI collapses. Polly Peck

and Coloroll scandals lead to Ian Cadbury's report on good corporate governance

1995: Deloitte & Touche creates Deloitte Consulting. Barings collapses

1996: Ian and Kevin Maxwell cleared of fraud, Coopers & Lybrand's audits of Maxwell companies face JDS investigation. KPMG produces the first annual report by an accountancy firm, which reveals senior partner Colin Sharman earns a total package of £740,000

1998: Coopers & Lybrand and Price Waterhouse form PricewaterhouseCoopers.

JDS turns the spotlight on Arthur Andersen in connection with the £50m overstatement of profits by Wickes

2000: European Commission announces in July that it intends to make IAS mandatory from 2005.

The IASC completes its three-year restructuring programme and creates the International Accounting Standards Board, effective from April 2001.

Ernst & Young sells consulting arm to Cap Gemini 2001: SEC's Enron investigation begins. Big Five issue a

joint statement in December insisting that self-regulation remains the best policy following the collapse of Enron

2002: Andersen's Houston office admits to shredding documents relating to Enron. WorldCom is accused of $4bn fraud, which drags Andersen into another scandal. Andersen UK acquired by Deloitte. SEC implements Sarbanes-Oxley

2003: Grant Thornton is dragged into €4bn accounting 'black hole' at Parmalat.

Deloitte & Touche rebrands as simply 'Deloitte'. Higgs and Smith reports take an evolutionary step on from

Cadbury and Turnbull 2004: The Financial Reporting Council is revamped. Inland

Revenue merges with Customs & Excise.

Who Sets Accounting Standards in USA?

The following institutes work together to create new and amend older standards in order to establish and maintain a common language for communicating financial information: 1-The Financial Accounting Standards Board (FASB), 2-American Institute of Certified Public Accountants (AICPA),3-Securities and Exchange Commission (SEC), 4-International Accounting Standards Board (IASB) 5-The passage of the Sarbanes-Oxley Act and the creation of the Public Company Accounting Oversight Board (PCAOB) signals many significant forthcoming changes in GAAP and the current standards setting process.

While not a standard, the IASB Framework for the Preparation and Presentation of Financial Statements serves as a guide to resolving accounting issues that are not addressed directly in a standard. Moreover, in the absence of a standard or an interpretation that specifically applies to a transaction, IAS 8 requires that an entity must use its judgment in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgment, IAS 8.11 requires management to consider the definitions, recognition criteria and measurement concepts for assets, liabilities, income, and expenses in the Framework. The IASB adopted the Framework in April 2001. It had originally been adopted by the IASC in 1989. Currently, the IASB is working on a Project to Revise the Framework.

The term International Financial Reporting Standards (IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee. [On this website, consistent with IASB policy, we abbreviate International Financial Reporting Standards (plural) as IFRSs and International Accounting Standards (plural) as IASs.]

International Financial Reporting Standards Preface to International Financial Reporting Standards

IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued

Operations IFRS 6 Exploration for and Evaluation of Mineral Assets IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments Framework for the

Preparation and Presentation of Financial Statements

Framework for the Preparation and Presentation of Financial Statements

IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 3 Consolidated Financial Statements

Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28.

IAS 4 Depreciation Accounting Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998. IAS 5 Information to Be Disclosed in Financial Statements Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997. IAS 6 Accounting Responses to Changing PricesSuperseded by IAS 15, which was withdrawn December 2003 IAS 7 Cash Flow Statements IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 9 Accounting for Research and Development Activities Superseded by IAS 38 effective 1.7.99 IAS 10 Events After the Balance Sheet Date IAS 11 Construction Contracts IAS 12 Income Taxes IAS 13 Presentation of Current Assets and Current Liabilities Superseded by IAS 1. IAS 14 Segment Reporting

Segment Reporting IAS 15 Information Reflecting the Effects of

Changing Prices Withdrawn December 2003

IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and

Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign

Exchange Rates IAS 22 Business Combinations

Superseded by IFRS 3 effective 31 March 2004. IAS 23 Borrowing Costs IAS 24 Related Party Disclosures

IAS 25 Accounting for Investments Superseded by IAS 39 and IAS 40 effective 2001.

IAS 26 Accounting and Reporting by Retirement Benefit Plans

IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates

IAS 29 Financial Reporting in Hyperinflationary Economies IAS 30 Disclosures in the Financial Statements of Banks and

Similar Financial Institutions Superseded by IFRS 7 effective 2007.

IAS 31 Interests In Joint Ventures IAS 32 Financial Instruments: Presentation

Disclosure provisions superseded by IFRS 7 effective 2007. IAS 33 Earnings Per Share IAS 34 Interim Financial Reporting IAS 35 Discontinuing Operations

Superseded by IFRS 5 effective 2005. IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent

Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and

Measurement IAS 40 Investment Property IAS 41 Agriculture

Since 1973 the FASB has been the organization designated to establish authoritative financial accounting and reporting standards (Statements of Financial Accounting Standards, SFAS) for business and other private-sector entities. Its mission is to be responsive to the entire economic community and to operate in full view of the entire community through a due-process system.

Under the Securities and Exchange Act of 1934, the SEC has statutory authority to establish financial accounting and reporting standards for publicly-held companies. Recent accounting-related scandals, such as Enron, prompted the SEC and Congress to get more directly involved in the oversight of the standards setting process and the monitoring of corporate governance. In August 2002, as part of the Sarbanes-Oxley Act, the SEC's Public Company Accounting Oversight Board (PCAOB) was created to crack down on corporate accounting scandals. Authorized to conduct inspections and discipline accountants, the oversight board supplants the self-regulation of CPAs who audit public companies.

Formed in January 2001, the ISAB replaced its predecessor, the International Accounting Standards Committee (IASC), as the international standards setting body. Looking towards greater formalization of international accounting standards, IASB is structured similarly to the FASB. It is currently the focus of the IASB, in collaboration with the FASB and other accounting focused organizations, to "converge" standards and develop a single, universally accepted set of biding international accounting standards. The IASC, and now IASB, issue a series of standards known as International Financial Reporting Standards (IFRS), formerly called International Accounting Standards (IAS).

The International Accounting Standards Board is an independent, private-sector body that develops and approves International Financial Reporting Standards. The IASB operates under the oversight of the International Accounting Standards Committee Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee.

IASCF: International Accounting Standards Committee Foundation

The International Accounting Standards Committee Foundation is the independent, non-profit foundation, created in 2000 to oversee the IASB. Click for more information about the IASCF Structure.

IASC: International Accounting Standards Committee From 1973 until a comprehensive reorganization in 2000, the

structure for setting International Accounting Standards was known as the International Accounting Standards Committee. There was no actual "committee" of that name. The standard-setting board was known as the IASC Board.

The International Federation of Accountants (IFAC) is an association of national professional accountancy organizations that represent accountants employed in public practice, business and industry, the public sector, and education, as well as some specialized groups that interface frequently with the profession. IFAC works to develop the profession globally and to harmonies professional standards worldwide to enable accountants to provide services of consistently high quality in the public interest across political borders. Currently, IFAC has 155 member bodies and associates in 118 countries, representing over 2.5 million accountants.

The International Accounting Education Standards Board (IAESB) – formerly the IFAC Education Committee – develops guidance to improve the standards of accountancy education around the world and focuses on two key areas:

The essential elements of accreditation, which are education, practical experience and tests of professional competence; and

The nature and extent of continuing professional education needed by accountants.

International Standards on Auditing (ISAs) are set by the International Auditing and Assurance Standards Board (IAASB) -- until 2002 known as the International Auditing Practices Committee (IAPC). The ISA on the auditor's report on financial statements requires that the auditor's opinion must clearly indicate the financial reporting framework used to prepare the financial statements (including the country of origin of the financial reporting framework when the framework used is not International Accounting Standards) and state the auditor's opinion as to whether the financial statements give a true and fair view (or are presented fairly, in all material respects) in accordance with that financial reporting framework and, where appropriate, whether the financial statements comply with statutory requirements

Originally, the AICPA, the memberships association for CPAs, was the body responsible for defining accounting standards.

1939-1959 - issues Accounting Research Bulletins (ARB) 1959-1973 - Accounting Principles Board (APB) issues series of

opinions 1973 - Accounting Principles Board dissolved and standards

setting responsibility is transferred to FASB. The AICPA continues its role as authoritative body for establishing auditing standards (Statement of Auditing Standards, SAS)

In 1973, the AICPA shifted its focus to supporting it membership and constituency and bringing to the attention of the FASB and SEC issues that it determined important to the accounting and auditing professional communities. While the AICPA continued issuing auditing standards, this responsibility is now being assumed by the Public Company Accounting Oversight Board (PCAOB), a body created by the Sarbanes-Oxley Act of 2002. The Oversight Board's recent authorization to become directly involved with issues auditing standards could have significant impact on the current standards setting process.

The role that accounting standards play in establishing the rules for disclosing both public and private financial reporting assumes levels of authority of "more to less" which guide reliance on and determines the weight of the standards.   Understanding this hierarchy is paramount to grasping the meaning of "generally accepted accounting principles" (GAAP), and the many supporting documents.

The concept of the "house of GAAP" was introduced in a 1984 article from the Journal of Accountancy. The author describes and defines the vast universe of accounting standards as a hierarchy structured along the lines of the floor plan of a house.   "Like any other structure, the house of GAAP rests on a foundation, in this case a foundation of the basic concepts and broad principles that underlie financial reporting, without which, like a house of cards, the house of GAAP would tumble." 1

In 199I the AICPA's Auditing Standards Board remodeled the house of GAAP by changing some of the levels of authority of certain accounting pronouncements and distinguishing between the standards defining state and local government entities, established by the Government Accounting Standards Board (GASB) and those for all others, falling under the FASB's jurisdiction. 2

Using Rubin's visual model of a house, following is the floor plan adapted to the revised hierarchy:

Constitutes the highest level of GAAP authority. Officially established, authoritative accounting principles; also referred to as authoritative literature or pronouncements.

FASB Statements of Financial Accounting Standards (SFAS) FASB Interpretations (FIN) which modify, extend, clarify and

elaborate on existing SFAS, AICPA Accounting Principles Board Opinions and Accounting Research Bulletins

AICPA Opinions and their Interpretations which have not been superseded

AICPA Accounting Research Bulletins which have not been superseded

Examples: ◦ Statement of Financial Accounting Standards No. 131,

Disclosures about Segments of an Enterprise and Related Information ◦ APB Opinion No. 18, The Equity Method of Accounting for Investments

in Common Stock Second Floor (Category B) Pronouncements

Pronouncements of organizations, composed of expert accountants, that discuss and analyze accounting issues in public for the purpose of establishing accounting principles or describing existing accounting practices that are generally accepted and approved by FASB and GASB and have been exposed for public comment:

FASB Technical Bulletins (TB) AICPA Industry Audit and Accounting Guides AICPA Statements of Position (SOP) Examples:

◦ SOP 97-2, Software Revenue Recognition ◦ FASB Technical Bulletin No. 01-1, Effective Date for

Certain Financial Institutions of Certain Provisions of Statement 140 Related to the Isolation of Transferred Financial Assets

Includes pronouncements of organizations, composed of expert accountants, organized by FASB, that discuss and debate accounting issues in public forums for the purpose of interpreting and establishing accounting principles or describing existing accounting practices that are generally accepted:

FASB Emerging Issues Task Force (EITF) consensus position

AICPA Practice Bulletins approved by the FASB Examples:

◦ EITF Issue No. 98-10, Accounting for Contracts Involved in Energy Trading and Risk Management Activities

◦ AICPA Practice Bulletin 14, Accounting and Reporting by Limited Liability Companies and limited Liability Partnerships

If an accounting treatment is not specified in a source from any of the first three floors, the accountant may consider other accounting literature; the appropriateness of the source depends on its relevance to particular circumstances, the specificity of the guidance, and the general recognition of the author as an authority:

AICPA Accounting Interpretations FASB Implementation Guides in Q and A format Unlearned AICPA Statements of Position and Industry Audit

and Accounting Guides Industry practices that are widely recognized and prevalent Examples:

◦ FASB Special Report, A Guide to Implementation of Statement 125 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities

◦ AICPA Accounting Interpretations, Reporting the Results of Operations: Accounting Interpretations of APB Opinion No. 30

When a generally accepted accounting pronouncement is not covered by Categories A-D, the independent auditor may use other sources of guidance as deemed relevant:

FASB Financial Accounting Concepts (CON) AICPA Accounting Principles Board Statements AICPA Issues Papers Pronouncements of other professionals associations or

regulatory agencies AICPA Technical Practice Aids Accounting textbooks, handbooks and articles Examples:

◦ AICPA Issues Paper, Identification and Discussion of Certain Financial Accounting and Reporting Issues Concerning LIFO Inventories

◦ FASB Concept No. 5, Recognition and Measurement in Financial Statements of Business Enterprise

Formed in 2002 to oversee the audit of public companies that are subject to the securities laws in the preparation of informative, fair and independent audit reports. The Board's authority includes:

..Registering public accounting firms that prepare audit reports for issuers ..Conducting inspections of registered public accounting firms ..Conducting investigations and disciplinary proceedings and impose appropriate sanctions ..Enforcing compliance by registered public accounting firms relating to the preparation and issuance of audit reports and the obligations and liabilities of accountants ..Establishing auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers

Click HERE to research IASB accounting

Generally Accepted Auditing Standards (GAAS). Established by the AICPA, these standards govern the conduct of external audits by public accountants. The Statement of Auditing Standards (SAS) provide guidelines for the auditors' field work and financial reporting. They frame the format and contents of the Auditor's Report or Opinion, which is the formal expression of their examination of a company's financial statements. In May 2003, the PCAOB was given the official go-ahead to assume responsibility for establishing GAAS. It remains to be seen exactly how the PCAOB's new role will play out, its impact on the AICPA's responsibilities, and the form in which the two entities will co-exist.

Governmental Accounting Standards (GAS). While GAAP defines the accounting for public and private business entities, there also exist standards specific to governmental organizations. Organized in 1984 to establish standards of financial accounting and reporting for state and local governmental entities, the Governmental Accounting Standards Board (GASB), began issues these standards to guide the preparation of external reports for these types of organizations.

Some industries have created their won accounting practices to fill gaps not covered by floors 1-4 of GAAP. These practices are often available in print publications issued by the overseeing industry association. On occasion they are also posted on the associations web site. Examples of industries which have adopted their own practices are healthcare and insurance.

The S-O Act was passed as a direct result of a series of major corporate financial accounting scandals. This legislation directly impacts accountants and attorneys, officers and owners of publicly traded companies, as well as brokers, dealers, investment bankers, and financial analysts. The Act, PL 107-204, established the Public Company Accounting Oversight Board (PCAOB), responsible for registering, monitoring, investigating, and disciplining the activities of public accounting firms, including establishing the guidelines for the conduct of several key auditing procedures no delineating the types of services that CPAs are prohibited from providing to audit clients. The Act additionally sets forth a number of requirements for corporations, their officers and Board members, by redefining working and reporting relationships with their internal audit committee members and public accounting firms, creating changes in internal controls procedures and enhancing financial disclosures.

A framework which should ensure that timely and accurate disclosure is made on all matters regarding the corporation, including the financial, performance, ownership, and governance of the company. It relies on mechanisms and rules which ensure the protection of all interest groups and help to build and consolidate the reputation and the market value of the company.

The mechanisms of corporate governance apply to every level of authority in the corporation - Board of Directors, Audit Committee, Compensation Committees and others. The Board of Directors must have strong independent representation. The Audit Committee provides the main point of communication between the external auditors and the shareholders.

Auditors also play a primary role in corporate governance. An important aspect of their work involves independence from any pressure, from either management or shareholders. The terms of engagement of their work, and constant contact with both operating management, boards of directors and related committees will guarantee the independence and reliability of financial statements

1966 Proposal to create an Accountants International Study

Group is agreed to by professional accountancy bodies in Canada, United Kingdom, and United States to develop comparative studies of accounting and auditing practices in the three nations.

1967 Accountants International Study Group is created. Precursor

to IASC. 1968 First AISG study: comparative accounting practices for

inventories in Canada, UK, and US. AISG published a total of 20 studies through 1977, when it was disbanded. Some were used by IASC in its early standards.

1972 Proposal for IASC is put forward by Sir

Henry Benson at 10th World Congress of Accountants in Sydney. Discussed with the three AISG countries (Canada, UK, and US).

Further discussions of the Benson proposal including representatives of Australia, France, Germany, Japan, the Netherlands, and Mexico.

1973 Events Agreement to establish IASC signed by representatives of the

professional accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom/Ireland, and United States.

IASB opens an office at 3 St. Helen's Place, London. Paul Rosenfield (US, on secondment from AICPA) is appointed first

Secretary of IASC. IASC holds its inaugural meeting 29 June, London. Sir Henry Benson elected first Chairman of IASC. IASC adopts its initial agenda of three technical projects:

Accounting Policies, Inventories, Consolidated Financial Statements.

Steering committees are appointed for the above three projects (the first IASC steering committees).

First meeting of an IASC steering committee (IAS 1, Disclosure of Accounting Policies).

IASC holds Board meetings in London

Events First associate members of IASC are admitted:

Belgium, India, Israel, New Zealand, Pakistan, and Zimbabwe.

IASC holds Board meetings in London (3) and Paris.

Exposure Drafts Published: E1 Disclosure of Accounting Policies E2 Valuation and Presentation of Inventories in

the Context of the Historical Cost System E3 Consolidated Financial Statements and the

Equity Method of Accounting Final Standards Published: None

Events Proposal to create an International Federation of

Accountants (IFAC) to replace the International Coordinating Committee for the Accounting Profession (ICCAP).

IASC holds Board meetings in London (3) and Montreal.

Exposure Drafts Published: E4 Depreciation Accounting E5 Information to be Disclosed in Financial Statements Final Standards Published: IAS 1 (1975) Disclosure of Accounting Policies IAS 2 (1975) Valuation and Presentation of Inventories

in the Context of the Historical Cost System

Events Joseph P. Cummings of the United States becomes

chairman of IASC. 'Group of Ten' Bank Governors funds an IASC project on

bank financial statements. IASC holds Board meetings in London (2) and Washington. Exposure Drafts Published: E6 Accounting Treatment of Changing Prices E7 Statement of Source and Application of Funds E8 The Treatment in the Income Statement of Unusual

Items and Changes in Accounting Estimates and Accounting Policies

Final Standards Published: IAS 3 (1976) Consolidated Financial Statements IAS 4 (1976) Depreciation Accounting IAS 5 (1976) Information to be Disclosed in Financial

Statements

Events IASC Constitution is revised to add to two seats to the IASC Board

(in addition to the 9 founder countries), bringing the total to 11. Nine votes are required to adopt a Standard, giving the 9 founder members substantial control. Also, this revised Constitution identified the standards-setting body as the 'Board' of the IASC, not a 'committee'.

IFAC is formed. AISG is disbanded. IASC holds Board meetings in London, Amsterdam, and Edinburgh. Exposure Drafts Published: E9 Accounting for Research and Development Costs E10 Contingencies and Events Occurring After the Balance Sheet

Date E11 Accounting for Foreign Transactions and Translation of

Foreign Financial Statements E12 Accounting for Construction Contracts Final Standards Published: IAS 6 (1977) Accounting Responses to Changing Prices IAS 7 (1977) Statement of Changes in Financial Position

Events John A. Hepworth of Australia becomes chairman of IASC. South Africa and Nigeria join Board, increasing Board size to 11. IASC holds Board meetings in London (2) and Perth (Australia). For the first time, IASC rejects a proposed standard (based on E11,

Accounting for Foreign Transactions and Translation of Foreign Financial Statements), and a new steering committee is appointed for a fresh start.

IASC begins discussions with the International Federation of Accountants (IFAC) on 'mutual commitments' regarding the relationship between the two bodies.

Exposure Drafts Published: E13 Accounting for Taxes on Income E14 Current Assets and Current Liabilities Final Standards Published: IAS 8 (1978) Unusual and Prior Period Items and Changes in Accounting

Policies IAS 9 (1978) Accounting for Research and Development Activities IAS 10 (1978) Contingencies and Events Occurring After the Balance Sheet

Date

Events Allan V. C. Cook becomes secretary of IASC. IASC meets OECD working group on accounting standards. IASC holds Board meetings in London (2) and Mexico City. Exposure Drafts Published: None Final Standards Published: IAS 11 (1979) Accounting for Construction Contracts IAS 12 (1979) Accounting for Taxes on Income IAS 13 (1979) Presentation of Current Assets and Current

Liabilities

Events J. A. (Hans) Burggraaff of Netherlands becomes chairman of IASC. IASC publishes a discussion paper on bank disclosures (project funded by

'Group of Ten' Bank Governors). IASC holds Board meetings in London, Berlin, and Dublin United Nations Intergovernmental Working Group on Accounting and

Reporting meets for first time. IASC proposes a cooperative working arrangement with UN group.

Exposure Drafts Published: E15 Reporting Financial Information by Segment E16 Accounting for Retirement Benefits in the Financial Statements of

Employers E17 Information Reflecting the Effects of Changing Prices E18 Accounting for Property, Plant and Equipment in the Context of the

Historical Cost System E19 Accounting for Leases Final Standards Published: None

Events Geoffrey B. Mitchell becomes Secretary of IASC. Title is changed to

Secretary-General during his tenure. IASC Consultative Group is formed to advise IASC on agenda projects and

priorities. Consultative Group members represent both accounting and non-accounting organizations with an interest in financial reporting (stock exchanges, bankers, lawyers, business, unions, government, United Nations, World Bank, OECD, etc.). First meeting in October 1981.

IASC begins a joint project on accounting for income taxes with standard setters from the Netherlands, UK, and USA.

IASC holds Board meetings in London (2) and Tokyo. Exposure Drafts Published: E20 Revenue Recognition E21 Accounting for Government Grants and Disclosure of Government

Assistance E22 Accounting for Business Combinations Final Standards Published: IAS 14 (1981), Reporting Financial Information by Segment IAS 15 (1981), Information Reflecting the Effects of Changing Prices

Events Stephen Elliott of Canada becomes chairman of IASC. IASC and

IFAC make mutual commitments. The IASC Board is expanded to up to 17 members, including 13 country members appointed by the Council of IFAC and up to 4 representatives of organizations with an interest in financial reporting. All members of IFAC are members of IASC. IFAC recognizes and will look to IASC as the global accounting standard setter. Special constitutional status of the 9 founder members of IASC is eliminated.

IASC holds Board meetings in London (2) and Amsterdam. Exposure Drafts Published: E23 Accounting for the Effects of Changes in Foreign Exchange

Rates E24 Capitalization of Borrowing Costs Final Standards Published: IAS 16 (1982) Accounting for Property, Plant and Equipment IAS 17 (1982) Accounting for Leases IAS 18 (1982) Revenue Recognition

Events Italy joins IASC Board. Expanded IASC Board under the revised Constitution takes effect. IASC holds Board meetings in London, Edinburgh, and Paris. Title of senior staff executive changed from 'Secretary' to

'Secretary-General'. Exposure Drafts Published: E25, Disclosure of Related Party Transactions Final Standards Published: IAS 19 (1983) Accounting for Retirement Benefits in the Financial

Statements of Employers IAS 20 (1983) Accounting for Government Grants and Disclosure

of Government Assistance IAS 21 (1983) Accounting for the Effects of Changes in Foreign

Exchange Rates IAS 22 (1983) Accounting for Business Combinations

Events Taiwan joins IASC Board. IASC holds a formal meeting with the US

Securities and Exchange Commission. IASC holds Board meetings in London, Toronto,

and Düsseldorf. Exposure Drafts Published: E26 Accounting for Investments Final Standards Published: IAS 23 (1984) Capitalization of Borrowing Costs IAS 24 (1984) Related Party Disclosures

Events John L. Kirkpatrick of UK becomes chairman of IASC. David Cairns becomes Secretary-General of IASC. IASC participates in an OECD forum on global accounting

harmonization. IASC responds to SEC proposals for a multinational

prospectus. IASC holds Board meetings in London, Rome, and New

York. Exposure Drafts Published: E27, Accounting and Reporting by Retirement Benefit Plans Final Standards Published: None

Events Financial analysts (International Coordinating Committee of

Financial Analysts Associations) get a seat on the IASC Board.

IASC co-sponsors a conference with New York Stock Exchange and International Bar Association on the globalization of financial markets.

IASC holds Board meetings in London, Dublin, and Amsterdam

Exposure Drafts Published: E28 Accounting for Investments in Associates and Joint

Ventures Final Standards Published: IAS 25 (1986) Accounting for Investments

Events Georges Barthes de Ruyter of France becomes chairman of IASC. IASC begins its Comparability and Improvements Project.

Objective is to reduce or eliminate alternatives and make standards more detailed and prescriptive rather than flexible and descriptive of current practice.

International Organization of Securities Commissions (IOSCO) joins the Consultative Group and supports the Comparability project.

IASC publishes its first Bound Volume of International Accounting Standards, containing the standards extant at 1 September 1987.

IASC holds Board meetings in Sydney and Edinburgh. Exposure Drafts Published: E29 Disclosures in the Financial Statements of Banks E30 Consolidated Financial Statements and Accounting for

Investments in Subsidiaries E31 Financial Reporting in Hyperinflationary Economies Final Standards Published: IAS 26 (1987), Accounting and Reporting by Retirement Benefit

Plans

Events Jordan, Korea and the Nordic Federation (representing accounting

bodies in Norway, Denmark, Sweden, Finland, and Iceland) join the IASC Board, replacing Mexico, Nigeria, and Taiwan.

Financial instruments project started in conjunction with Canadian Accounting Standards Board.

IASC publishes a survey on the use of IAS. FASB joins the Consultative Group and becomes an observer at

the IASC Board table. IASC holds Board meetings in Düsseldorf, Toronto, and

Copenhagen. Exposure Drafts Published: Exposure Draft: Framework for the Preparation and Presentation

of Financial Statements Final Standards Published: None

Events European Accounting Federation (FEE) supports international

harmonization and greater European involvement in IASC. IFAC adopts a public sector guideline to require government business

enterprises to follow IAS. IASC holds Board meetings in Brussels and New York. IASC publishes its Framework for the Preparation and Presentation of

Financial Statements. Exposure Drafts Published: E32 Comparability of Financial Statements E33 Accounting for Taxes on Income E34 Disclosures in the Financial Statements of Banks and Similar Financial

Institutions E35 Financial Reporting of Interests in Joint Ventures Final Standards Published: IAS 27 (1989) Consolidated Financial Statements and Accounting for

Investments in Subsidiaries IAS 28 (1989) Accounting for Investments in Associates IAS 29 (1989) Financial Reporting in Hyperinflationary Economies

Events Statement of Intent - Comparability of Financial

Statements. Arthur R. Wyatt of the United States becomes chairman of

IASC. European Commission joins the Consultative Group and

takes a seat at the IASC Board table as an observer. Bank regulators and asset valuers also join the Consultative Group.

A programmed to seek external funding is launched. IASC holds Board meetings in Amsterdam, Paris, and

Singapore. Exposure Drafts Published: None Final Standards Published: IAS 30 (1990) Disclosures in the Financial Statements of

Banks and Similar Financial Institutions IAS 31 (1990) Financial Reporting of Interests in Joint

Ventures

Events IASC organizes a conference of national standard setters in

conjunction with FEE and FASB. US FASB indicates its support for international accounting

standards. IASC holds Board meetings in London, Milan, and Seoul Exposure Drafts Published: E36 Cash Flow Statements E37 Research and Development Activities E38 Inventories E39 Capitalization of Borrowing Costs E40 Financial Instruments Final Standards Published: None

Events IASC constitution revised. IASC holds Board meetings in Madrid, Amman, and Chicago Exposure Drafts Published: E41 Revenue Recognition E42 Construction Contracts E43 Property, Plant and Equipment E44 The Effects of Changes in Foreign Exchange Rates E45 Business Combinations E46 Extraordinary Items, Fundamental Errors and Changes in

Accounting Policies E47 Retirement Benefit Costs Final Standards Published:

Revision:

Events Eiichi Shiratori of Japan becomes chairman of IASC. India replaces Korea on Board. IASC and IOSCO agree on a list of core standards. Comparability and Improvements project completed with approval of ten revised IAS. However,

IOSCO did not endorse IAS at that time for use in cross-border securities offerings. South African Institute of Chartered Accountants decides that South African accounting standards

should be based on IAS -- existing South African GAAP to be revised. IASC holds Board meetings in Tokyo, London, and Oslo. Exposure Drafts Published: None Final Standards Published: Revisions:

IAS 2 (revised 1993) Inventories IAS 8 (revised 1993) Net Profit or Loss for the Period, Fundamental Errors and Changes in

Accounting Policies IAS 9 (revised 1993) Research and Development Costs IAS 11 (revised 1993) Construction Contracts IAS 16 (revised 1993) Property, Plant and Equipment IAS 18 (revised 1993) Revenue IAS 19 (revised 1993) Retirement Benefit Costs IAS 21 (revised 1993) The Effects of Changes in Foreign Exchange Rates IAS 22 (revised 1993) Business Combinations IAS 23 (revised 1993) Borrowing Costs

Events Board meets with standard setters to discuss E48, Financial Instruments. Accounting educators join Consultative Group. World Bank agrees to fund Agriculture project. Establishment of IASC Advisory Council approved, with responsibilities for

oversight and finances. IOSCO accepts 14 IAS and identifies some specific issues to be addressed

in the remaining core standards (the so-called 'Shiratori letters'). FASB agrees to work with IASC on a joint earnings per share project. The G4+1 group, which includes IASC as the '+1', publishes its first study

on Future Events. IASC holds Board meetings in Edinburgh and Budapest. Exposure Drafts Published: E48 Financial Instruments E49 Income Taxes Final Standards Published: None

Events Michael Sharpe of Australia becomes chairman of IASC. Sir Bryan Carsberg becomes Secretary-General of IASC. IASC agrees with IOSCO to complete the core standards by 1999. IOSCO states that if

the core standards are successfully completed, IOSCO will review them with the objective of endorsing IAS for cross-border offerings.

First German companies report under IAS. Federation of Swiss Holding Companies takes a seat on the IASC Board. Malaysia and Mexico replace Italy and Jordan on Board. India and South Africa agree to

share Board seats with Sri Lanka and Zimbabwe, respectively. World Bank's accounting handbook states that 'in the absence of any superior national

standards, the Bank requires the use of IASs in the preparation of financial statements'.

European Commission supports the IASC/IOSCO agreement and concludes that IAS should be followed by EU multinationals.

IASC holds Board meetings in Düsseldorf, Amsterdam, and Sydney. Exposure Drafts Published: E50 Intangible Assets E51 Reporting Financial Information by Segment Final Standards Published: New:

IAS 32 (1995), Financial Instruments: Disclosure and Presentation

Events IASB accelerates its core standards programmed by one year, with completion

planned by the end of 1998. International Association of Financial Executives Institutes joins IASC Board. IOSCO

takes a seat at the IASC Board table as an observer. IASC starts a joint project on Provisions with UK Accounting Standards Board. A study by the EU Contact Committee finds IAS compatible with EU directives, with

minor exceptions. US SEC announces its support of 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.

US Congress calls for 'a high-quality comprehensive set of generally accepted international accounting standards'.

Australian Stock Exchange supports a programmed to harmonies Australian standards with IAS.

World Trade Organization encourages successful completion of international accountancy standards.

IASC holds Board meetings in Brussels, Stockholm, and Barcelona. Exposure Drafts Published: E52 Earnings Per Share E53 Presentation of Financial Statements E54 Employee Benefits Final Standards Published: Revision:

IAS 12 (revised 1996), Income Taxes

Events Standing Interpretations Committee is formed. 12 voting members. IASC and FASB issue similar EPS standards. IASC, FASB, and CICA issue new

Segments standards with relatively minor differences. IASC discussion paper proposes fair value for all Financial Assets and Financial

Liabilities. IASC holds 45 consultation meetings in 16 countries. Actuaries join Consultative Group. Arab Society of Certified Accountants calls for all of its 22 member countries to adopt

IAS as their national GAAP ('Dubai Declaration'). APEC (Asia-Pacific Economic Cooperation) expresses its support of the efforts of the

International Accounting Standards Committee to develop international accounting standards.

Joint Working Group on financial instruments formed with national standard setters. People's Republic of China becomes a member of IFAC and joins the IASC Board as

observer. IASC sponsors a conference of accounting standard setters from 20 countries in Hong

Kong. FEE calls on Europe to use IASC's Framework. US SEC reports to Congress on the outlook for successful completion of a set of

international accounting standards that would be acceptable in the US. IASC appoints a Strategy Working Party (SWP) to make recommendations regarding

the future structure and operation of IASC following completion of the core standards. First meeting in April.

IASC sets up its Internet website. IASC holds Board meetings in London, Johannesburg, Beijing, and Paris.

Exposure Drafts Published: E55 Impairment of Assets E56 Leases E57 Interim Financial Reporting E58 Discontinuing Operations E59 Provisions, Contingent Liabilities and Contingent Assets E60 Intangible Assets E61 Business Combinations Final Standards Published: New:

IAS 33 (1997) Earnings Per Share Revisions:

IAS 1 (revised 1997) Presentation of Financial Statements IAS 14 (revised 1997) Segment Reporting IAS 17 (revised 1997) Leases Final Interpretations Published: SIC 1 Consistency - Different Cost Formulas for Inventories SIC 2 Consistency - Capitalization of Borrowing Costs SIC 3 Elimination of Unrealized Profits and Losses on Transactions with

Associates

Events Stig Enevoldsen of Denmark becomes chairman of IASC. New laws in Belgium, France, Germany, and Italy allow large companies to

use IAS domestically in their consolidated financial statements. First official translation of IAS (German). IFAC/IASC membership expands to Latin America (new member bodies in

Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) as well as Haiti, Iran, and Vietnam, bringing membership to 140 bodies in 101 countries.

IFAC Public Sector Committee begins a programmed to develop International Public Sector Accounting Standards based on IAS.

Strategy Working Party proposes structural changes (including a bicameral standard-setting structure) and closer ties to national standard-setters.

In response to Asian financial crisis, the G8 Summit, the G7 finance ministers and central bank governors, the World Bank, and the IMF all call for rapid completion and global adoption of high quality international accounting standards.

International Federation of Stock Exchanges expresses support for IAS. IAS published on CD ROM. IASC completes the core standards with approval of IAS 39 in December. IASC holds Board meetings in London, Kuala Lumpur, Niagara-on-the-Lake,

Zurich, and Frankfurt.

Exposure Drafts Published: E62 Financial Instruments: Recognition and Measurement E63 Events After the Balance Sheet Date Final Standards Published: New:

IAS 34 (1998) Interim Financial Reporting IAS 35 (1998) Discontinuing Operations IAS 36 (1998) Impairment of Assets IAS 37 (1998) Provisions, Contingent Liabilities and Contingent Assets IAS 38 (1998) Intangible Assets IAS 39 (1998) Financial Instruments: Recognition and Measurement Revisions:

IAS 16 (revised 1998) Property, Plant and Equipment IAS 19 (revised 1998) Employee Benefits IAS 22 (revised 1998) Business Combinations IAS 32 (revised 1998) Financial Instruments: Disclosure and Presentation Final Interpretations Published: SIC 5 Classification of Financial Instruments - Contingent Settlement Provisions SIC 6 Costs of Modifying Existing Software SIC 7 Introduction of the Euro SIC 8 First-Time Application of IASs as the Primary Basis of Accounting SIC 9 Business Combinations - Classification either as Acquisitions or Uniting of Interests SIC 10 Government Assistance - No Specific Relation to Operating Activities SIC 11 Foreign Exchange - Capitalization of Losses Resulting from Severe Currency Devaluations SIC 12 Consolidation - Special Purpose Entities SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Ventures SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items

Events IOSCO begins its review of IASC core standards. IASC Board meetings are opened to public observation. First public meeting is held in

Washington in March. G7 Finance Ministers and IMF urge support for IAS to 'strengthen the international

financial architecture'. New IFAC International Forum on Accountancy Development (IFAD) commits to

support 'use of International Accounting Standards as the minimum benchmark for raising national accounting standards' worldwide.

EC study fins no significant conflicts between IAS and the European Directives. EC adopts a financial services action plan that includes use of IAS as 'European GAAP'.

FEE 'reporting strategy for Europe' strongly supports use of IAS in Europe without requiring compliance with EC accounting Directives, plus phase-out of US GAAP.

Eurasian Federation of Accountants and Auditors plans adoption of IAS in CIS countries.

Various meetings of SWP to discuss the comments on their initial proposal and to develop final recommendations. SWP publishes a revised proposal.

IASC Board unanimously approves restructuring into 14-member board (12 full-time) under an independent board of trustees.

IASC Board appoints a Nominating Committee, chaired by US SEC Chairman Arthur Levitt, to select first Trustees under new IASC structure.

Looking beyond financial statements, IASC publishes a study of business reporting on the Internet.

IASC holds Board meetings in Washington, Warsaw, Venice, and Amsterdam.

Exposure Drafts Published: E64 Investment Property E65 Agriculture Final Standards Published: Revision:

IAS 10 (revised 1999) Events After the Balance Sheet Date

Final Interpretations Published: SIC 15 Operating Leases - Incentives SIC 16 Share Capital - Reacquired Own

Equity Instruments (Treasury Shares)

Events Thomas E. Jones (UK citizen, career primarily in the United States) becomes

chairman of IASC. SIC meetings open to public observation. Basel Committee expresses support for IAS and for efforts to harmonies accounting

internationally. SEC issues a concept release inviting comments on the use of international

accounting standards in the United States. As part of restructuring programmed, IASC Board approves a new Constitution. IOSCO recommends that its members allow multinational issuers to use IASC

standards in cross-border offerings and listings. Nominating Committee announces initial Trustees of the restructured IASC. Paul

Volcker, former US Federal Reserve Board Chairman, will chair the board of trustees. IASC Member Bodies approve IASC's restructuring and a new IASC Constitution. European Commission announces a plan to require all EU listed companies to use IAS

starting no later than 2005. Trustees name Sir David Tweedie (chairman of the UK Accounting Standards Board)

as the first Chairman of the restructured IASC Board. Trustees announce search for new Board members. Over 200 applications are

received. IASC Board approves limited revisions to IAS 12, IAS 19, and IAS 39. IASC publishes first batch of Implementation Guidance Q&A on IAS 39. IAS 41 Agriculture is approved at the last meeting of the IASC Board (published in

2001). IASC holds Board meetings in Sao Paulo, Copenhagen, Tokyo, London. As one of its last official acts, the IASC Board approves a Statement to the new IASC

Board commenting on projects to be carried forward and possible additional projects to be undertaken.

Exposure Drafts Published: E66 Financial Instruments: Recognition and Measurement - Limited Revisions to IAS

39 E67 Pension Plan Assets E68 Income Tax Consequences of Dividends Final Standards Published: New:

IAS 40 (2000), Investment Property Revisions:

IAS 12 (revised 2000) Income Taxes IAS 19 (revised 2000) Employee Benefits IAS 28 (revised 2000) Accounting for Investments in Associates IAS 31 (revised 2000) Financial Reporting of Interests in Joint Ventures Final Interpretations Published: SIC 17 Equity - Costs of an Equity Transaction SIC 18 Consistency - Alternative Methods SIC 19 Reporting Currency - Measurement and Presentation of Financial Statements

under IAS 21 and IAS 29 SIC 20 Equity Accounting Method - Recognition of Losses SIC 21 Income Taxes - Recovery of Revalued Non-Depreciable Assets SIC 22 Business Combinations - Subsequent Adjustment of Fair Values and Goodwill

Initially Reported SIC 23 Property, Plant and Equipment - Major Inspection or Overhaul Costs SIC 24 Earnings Per Share - Financial Instruments that May Be Settled in Shares SIC 25 Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders

Events Trustees appoint the initial 14 members of the International Accounting Standards Board. In March 2001, IASC Trustees activate Part B of IASC's new Constitution and establish a non-profit

Delaware corporation, named the International Accounting Standards Committee Foundation, to oversee the IASB.

On 1 April 2001, the new IASB takes over from the IASC the responsibility for setting International Accounting Standards. New Board holds its first meeting, adopts existing IAS and SICs, and deliberates its agenda and other issues.

Trustees appoint 49 charter members to the IASB Standards Advisory Council. First SAC meeting is held in July.

European Commission presents legislation to require use of IASC Standards for all listed companies no later than 2005.

EFRAG (European Financial Reporting Advisory Group) is created by the accounting profession, preparers, users, and national standard-setters in EU countries to advise the European Commission on acceptability of individual IAS for Europe, as well as to respond to IASB comment documents.

European Directives amended to allow compliance with IAS 39. IASB moves into new offices at 30 Cannon Street, London. IASB meets with chairs of those national accounting standards-setting bodies that have a formal

liaison relationship with IASB - Australia/New Zealand, Canada, France, Germany, Japan, UK, and US - to begin coordinating agendas and setting out convergence goals.

IASB adopts its initial agenda of nine technical projects and agrees to have an advisory or monitoring role on 16 additional projects being worked on by partner national standard setters.

Debate over IASB's stock options project reaches US Congress. Seven largest accounting firms strongly endorse IAS for Europe. New SEC Chief Accountant urges global convergence of accounting standards. Trustees appoint the members of the restructured Standing Interpretations Committee. IFAD publishes GAAP 2000 – a comparison of IAS and GAAP in 53 countries – as part of its effort to

bring national GAAP up to an IAS benchmark. IASB holds Board meetings in London (6), Washington, and Paris.

Exposure Drafts Published: Preface to International Financial Reporting Standards Final Standards Published: New:

IAS 41 (2001) Agriculture (approved by old IASC Board in December 2000).

Final Interpretations Published: SIC 27 Evaluating the Substance of Transactions in the Legal Form

of a Lease SIC 28 Business Combinations - 'Date of Exchange' and Fair Value

of Equity Instruments SIC 29 Disclosure - Service Concession Arrangements SIC 30 Reporting Currency - Translation from Measurement

Currency to Presentation Currency SIC 31 Revenue - Barter Transactions Involving Advertising

Services SIC 33 Consolidation and Equity Method - Potential Voting Rights

and Allocation of Ownership Interests

Events IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Volcker testify

at US Senate hearing on Accounting and Investor Protection Issues Raised by Enron and Other Public Companies.

IASB issues its first exposure draft and final Standard on an accounting issue (IAS 19, Employee Benefits: The Asset Ceiling).

SIC renamed to International Financial Reporting Interpretations Committee, with a mandate not only to interpret existing IAS and IFRS but also to provide timely guidance on matters not addressed in an IAS or IFRS.

Europe adopts regulation requiring all listed companies, including banks and insurance companies, to prepare their consolidated accounts in accordance with IAS starting 2005.

IASB Board member Robert Herz is appointed chairman of the U.S. Financial Accounting Standards Board.

IASB issues its first exposure draft of a Standard that will be in its new series of International Financial Reporting Standards: ED1 First-Time Application of International Financial Reporting Standards.

US accounting reform legislation requires FASB to consider international convergence in adopting US GAAP.

IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Volcker both speak at the opening plenary session of the World Congress of Accountants in Hong Kong.

FASB and IASB hold a joint meeting and issue a memorandum of understanding pledging convergence of their accounting standards and coordination of their work programmes.

Exposure Drafts Published: Amendment to IAS 19, Employee Benefits: The Asset Ceiling Improvements to International Accounting Standards Amendments to IAS 32, Financial Instruments: Disclosure and

Presentation, and IAS 39: Financial Instruments: Recognition and Measurement

ED 1: First-Time Application of International Financial Reporting Standards

ED 2: Share-Based Payment ED 3: Business Combinations Amendments to IAS 36 and IAS 38 Final Standards Published: Revisions:

Preface to International Financial Reporting Standards (2002), replaced Preface to Statements of International Accounting Standards (1982).

IAS 19 (Revised 2002) Employee Benefits. Final Interpretations Published: SIC 32 Intangible Assets - Website Costs

Events IASB holds public roundtable discussions on financial

instruments. Representatives of 108 organization participate.

IASB adopts the first standard in its new series of International Financial Reporting Standards: IFRS 1, First-time Adoption of IFRS.

IFRIC publishes its first draft Interpretation. Based on the recommendation of its Accounting Regulatory

Committee, the European Commission endorses all existing IAS (except IAS 32 and 39) for use in Europe. Official translations are published.

IFAC proposes that, to be a member of IFAC, an accountancy body must commit to use its best endeavors to persuade governments and standard setting bodies that published private sector financial statements should comply with IFRSs.

IASC Foundation trustees begin a constitution review.

Exposure Drafts Published: ED 4 Disposal of Non-current Assets and Presentation of Discontinued Operations ED 5 Insurance Contracts Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk Final Standards Published: New:

IFRS 1 (2003), First-time Adoption of International Financial Reporting StandardsRevisions:

IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Balance Sheet Date IAS 15 Information Reflecting the Effects of Changing Prices – Withdrawn IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation and Disclosure IAS 33 Earnings per Share IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property

Events IASB and various European groups engage in extensive discussions about IAS 32 and IAS 39. European Commission endorses all IASs and IFRSs for use in Europe except that two sections of IAS

39 are 'carved out' Australia, Hong Kong, New Zealand, and Philippines adopt improved IASs and IFRSs virtually word

for word as national GAAP. IASB and Accounting Standards Board of Japan begin convergence project. IASB initiates an internal review of its deliberative processes. IASC Foundation trustees propose constitutional changes, including super-majority vote. First web casts of an IASB board meeting. First IFRIC interpretation is published. First IASB Discussion Paper is published: Preliminary Views on Accounting Standards for Small and

Medium-sized Entities. Exposure Drafts Published: ED 6 Exploration for and Evaluation of Mineral Resources ED 7 Financial Instruments: Disclosures Amendments to IFRS 3 Business Combinations: Combinations by Contract Alone or Involving Mutual

Entities Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures Amendments to IAS 39 Financial Instruments: Recognition and Measurement - The Fair Value

Option Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Financial Guarantee

Contracts and Credit Insurance Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Cash Flow Hedge

Accounting of Forecast Intragroup Transactions Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Transition and Initial

Recognition of Financial Assets and Financial Liabilities

Final Standards Published: New:

IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Assets Revisions:

IAS 19 Employee Benefits (Actuarial Gains and Losses, Group Plans and Disclosures) IAS 36 Impairment of Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement (Macro Hedging,

Transition) Final Interpretations Published: New:

IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments IFRIC 3 Emission Rights IFRIC 4 Determining Whether an Arrangement Contains a Lease IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and

Environmental Rehabilitation Funds Revisions:

SIC 12 Consolidation–Special Purpose Entities (Scope amendment)

Events Meetings of IASB working groups opened to public observation. Constitutional changes adopted including expanding IASCF trustees from

19 to 22, raising IASB vote from simple majority to 9 out of 14, and independent chair of SAC.

IASB Board member appointed as chair of IFRIC. SEC publishes 'roadmap' to eliminating reconciliation from IFRSs to US

GAAP. First independent chairman of SAC appointed. New IASB publication series proposed, but abandoned after public

comments: Technical Corrections. IASCF Trustees form Trustee Appointments Advisory Group. Exposure Drafts Published: Amendments to IFRS 1 First-time Adoption of International Financial

Reporting Standards and IFRS 6 Exploration for and Evaluation of Mineral Resources.

Amendments to IAS 19 Employee Benefits Amendments to IAS 27 Consolidated and Separate Financial Statements Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent

Assets Replacement of IFRS 3 Business Combinations

Final Standards Published: New:

IFRS 7 Financial Instruments: Disclosures Revisions:

IAS 39 Financial Instruments: Recognition and Measurement – Cash Flow Hedge Accounting of Forecast Intragroup Transactions

IAS 39 Financial Instruments: Recognition and Measurement – Fair Value Option Amendments to IFRS 1 First-time Adoption of International Financial Reporting

Standards and IFRS 6 Exploration for and Evaluation of Mineral Resources Amendments to IAS 39 Financial Instruments: Recognition and Measurement and

IFRS 4 Insurance Contracts with respect to financial guarantee contracts Amendments to IAS 1 Presentation of Financial Statements with respect to capital

disclosures Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates with respect

to net investment in a foreign operation Final Interpretations Published: New:

IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment

IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies Revisions:

IFRIC 3 Emission Rights – Withdrawn

Events Updated IASB-FASB agreement on convergence IASB statement on working relationships with other accounting

standard setters Trustees publish Due Process Handbook for the IASB Trustees propose due process steps for IFRIC IOSCO database on enforcement of IFRSs by securities regulators IASB announces that no new major standards will be effective

before 2009 Exposure Drafts Published: ED 8 Operating Segments Amendments to IAS 1 Presentation of Financial Statements: A

Revised Presentation Amendment to IFRS 2 Share-based Payment: Vesting Conditions

and Cancellations Amendment to IAS 23 Borrowing Costs Financial Instruments Put table at Fair Value and Obligations

Arising on Liquidation

Final Standards Published: New:

IFRS 8 Operating Segments Revisions:

Final Interpretations Published: New:

IFRIC 8 Scope of IFRS 2 IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and

Impairment IFRIC 11 IFRS 2 Group and Treasury Share

Transactions IFRIC 12 Service Concession Arrangements

Events Board proposes a separate IFRS for entities that are not in

the public capital markets Trustees publish Due Process Handbook for the IFRIC Trustees propose to expand IFRIC to 14 members, from 12 Exposure Drafts Published: International Financial Reporting Standard for Small and

Medium-sized Entities Amendments to IAS 24 Related Party Disclosures Amendments to IFRS 1 First-time Adoption of International

Financial Reporting Standards Final Standards Published: New:

Revisions:

IAS 23 Borrowing Costs Final Interpretations Published: New:

Revisions: