This SFAS is closely modeled on IAS 18, Revenue, prescribing the accounting treatment for revenue arising from certain types of transactions and events. SFAS 32 is effective for accounting periods beginning on and after 31 December 2002, with early application permitted.

SFAS 19, Development Stage Accounting, has been revised to eliminate differences with the equivalent IAS. The revision is effective for periods beginning on and after 31 December 2002, with early application permitted.

The ARDF has also issued an exposure draft of proposed revision of SFAS 1, Summary of Generally Accepted Accounting Principles. The revision is based on the IASC Framework and is intended to guide ARDF in developing accounting standards and to guide in resolving accounting issues that are not addressed directly in a Statement of Financial Accounting Standard.