Improvements to existing International Accounting Standards (2001-2003)
This project covers a variety of issues related to identified problems with implementing existing International Accounting Standards issued by IASC, predecessor to the IASB.
The issues addressed are those that have been identified by various sources as narrow issues of substance whose resolution could improve the quality of the IASC standard and/or increase convergence of national and international standards. Also included are issues for which an IASC standard allows explicit or implicit alternative treatments. Sources of improvements issues include IOSCO, national standard setters, international accounting firms, and the SIC.
Topics for improvements are broadly of six types:
- Elimination of choices (explicit or implicit)
- Elimination of conceptual inconsistencies between IASs
- Additional guidance
- Additional disclosure
- Drafting improvements
- Improvements in the structure.
In April 2001, IASB requested ideas for possible improvements to IAS. It received responses from 40 organisations totalling over 1,000 pages. IASB appointed a subcommittee of IASB members (Robert Herz, Gilbert Gelard, James Leisenring, and Warren McGregor) to consider all proposed improvements and to make recommendations to the Board.
Current status of the project
This project has been completed. The IASB published 13 revised International Accounting Standards (IASs), and withdrew another, on 18 December 2003.
|15 May 2002||Exposure Draft Improvements to International Accounting Standards published||Comment deadline 16 September 2002|
|18 December 2003||Revised versions of the following IASs issued:
||Effective for annual periods beginning on or after 1 January 2005