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Click to go to:   1973   1980   1990   2000   Pre-1973 Events Leading to Formation of IASC 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. International Accounting Standards Committee (IASC) 1973-2000 Click here for More Historical Facts about the IASC 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 (2). Exposure Drafts Published: None Final Standards Published: None 1974 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 1975 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 1976 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 1977 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 1978 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 1979 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 1980 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 1981 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 organisations 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 1982 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 organisations with an interest in financial reporting. All members of IFAC are members ('sponsors') of IASC. IFAC recognises 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 Capitalisation 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 1983 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 1984 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 Dusseldorf. Exposure Drafts Published: E26 Accounting for Investments Final Standards Published: IAS 23 (1984) Capitalisation of Borrowing Costs IAS 24 (1984) Related Party Disclosures 1985 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 harmonisation. 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 1986 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 globalisation 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 1987 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 1988 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 Dusseldorf, Toronto, and Copenhagen. Exposure Drafts Published: Exposure Draft: Framework for the Preparation and Presentation of Financial Statements Final Standards Published: None 1989 Events European Accounting Federation (FEE) supports international harmonisation 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 1990 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 programme 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 1991 Events IASC organises 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 Capitalisation of Borrowing Costs E40 Financial Instruments Final Standards Published: None 1992 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: IAS 7 (revised 1992) Cash Flow Statements 1993 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 1994 Events Board meets with standard setters to discuss E48, Financial Instruments. Accounting educators join Consultative Group. World Bank agrees to fund Agriculture project. IASC Advisory Council is established, 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 1995 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 Dusseldorf, 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 1996 Events IASB accelerates its core standards programme 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 programme to harmonise Australian standards with IAS. World Trade Organisation 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 1997 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 - Capitalisation of Borrowing Costs SIC 3 Elimination of Unrealised Profits and Losses on Transactions with Associates 1998 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 programme 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 Unitings of Interests SIC 10 Government Assistance - No Specific Relation to Operating Activities SIC 11 Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations SIC 12 Consolidation - Special Purpose Entities SIC 13 Jointly Controlled Entities - Non-Monetary Contributions by Venturers SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items 1999 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) 2000 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 harmonise accounting internationally. SEC issues a concept release inviting comments on the use of international accounting standards in the United States. As part of restructuring programme, 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 International Accounting Standards Board (IASB) Starting 2001 2001 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 2002 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 2003 Events IASB holds public roundtable discussions on financial instruments. Representatives of 108 organisation 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 endeavours 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 Standards Revisions: 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 2004 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 webcasts 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) 2005 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 2006 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 Puttable 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 Revisions: 2007 Events Board proposes a separate IFRS for entities that are not publicly accountable (SMEs) Trustees publish Due Process Handbook for the IFRIC IFRIC is expanded to 14 members, from 12 US SEC votes to drop reconciliation to US GAAP for IFRS registrants US SEC Concept Release seeks views on use of IFRSs by US listed companies Trustees propose enhanced governance, including a new body to monitor the IASCF and IASB 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 Amendments to IAS 39 – Exposures Qualifying for Hedge Accounting ED 9 Joint Arrangements Amendments to IFRS 2 and to IFRIC 11 – Group and Treasury Share Transactions Amendments to IFRS 1 and IAS 27 – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Final Standards Published: New: Revisions: IAS 23 Borrowing Costs IAS 1 Presentation of Financial Statements Final Interpretations Published: New: IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Revisions: 2008 Events IOSCO statement urging companies to clearly state whether they comply in full with IFRSs as adopted by the IASB or, if not, to explain any differences Exposure Drafts Published: Final Standards Published: New: Revisions: IFRS 3 Business Combinations IAS 27 Consolidated and Separate Financial Statements IFRS 2 – Vesting Conditions and Cancellations IAS 32 – Puttable Financial Instruments and Obligations Arising Only on Liquidation Final Interpretations Published: New: Revisions: