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Improvements to existing International Accounting Standards (2001-2003)

Background

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:

  1. Elimination of choices (explicit or implicit)
  2. Elimination of conceptual inconsistencies between IASs
  3. Additional guidance
  4. Additional disclosure
  5. Drafting improvements
  6. 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.

 

Project milestones

DateDevelopmentComments
July 2001 Added to the IASB agenda  
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:
  • 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 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 33 Earnings per Share
  • IAS 40 Investment Property
In addition, IAS 15 Information Reflecting the Effects of Changing Prices was withdrawn.
Effective for annual periods beginning on or after 1 January 2005

Correction list for hyphenation

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