At its meeting in April 2001, the IASB approved a resolution to adopt the IASC Standards and SIC Interpretations existing at 1 April 2001, the date that IASB assumed responsibility for setting International Accounting Standards. The resolution:

All Standards and Interpretations issued under previous constitutions continue to be applicable unless and until they are amended or withdrawn. The international Accounting Standards Board may amend or withdraw International Accounting Standards and SIC Interpretations issued under previous constitutions of IASC as well as issue new Standards and Interpretations.