An independent accounting standards board (Accounting Research and Development Foundation, or ARDF), established in 1984, publishes Statements of Financial Accounting Standards (SFAS) that are recognised by the Ministry of Finance. ARDF also publishes interpretive guidance in the form of Supplementary Explanation Statements.

Statements that have been published and that will be effective for financial years ending on or after 31 December 2000:

• SFAS 17, Statement of Cash Flows (Revised 9 December 1999)
• SFAS 22, Accounting for Income Taxes (Revised 11 November 1999)
• SFAS 23, Interim Financial Reporting and Disclosures (revised on 29 July 1999)
• SFAS 28, Disclosures in the Financial Statements of Banks (issued on 31 March 1999)
• SFAS 29, Accounting for Government Grants (issued on 24 June 1999)

Statements that have been published and that will be effective for financial years ending on or after 31 December 2001:

• SFAS 30, Accounting for Treasury Stock (issued on 7 July 2000)
• SFAS 31, Accounting for Joint Ventures (issued on 7 September 2000)
• Statements that are under revision:
• SFAS 3, Capitalisation of Interest Cost (secondary revision)
• SFAS 18, Accounting for Pensions (revision)

Planned future projects

• Earnings per Share (amending the existing standard)
• Accounting for Warrants
• Review of the following statements to determine whether revision is necessary:
  - SFAS 1, Summary of Generally Accepted Accounting Principles
  - SFAS 6, Disclosure of Related Party Transactions
  - SFAS 8, Accounting Changes and Prior Period Adjustments
  - SFAS 9, Contingencies and Subsequent Events
  - SFAS 12, Accounting for Income Tax Credits
  - SFAS 19, Development Stage Accounting
  - SFAS 21, Accounting for Convertible Bonds