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Preface to International Financial Reporting Standards

Background

The Preface to Statements of International Accounting Standards, originally adopted by the IASC in 1975 and last revised in 1982, had set out, among other things:

  • the objectives of International Accounting Standards
  • the definition of financial statements
  • the definition of accounting standards
  • the scope of accounting standards
  • IASB operating procedures (including steering committees, discussion and issues papers, and voting)
  • the authority of IAS.

The Preface was out of date in light of IASB's new structure and operating procedures under the new Constitution and as a result of IASB decisions on its operating procedures and on the format and style of future International Financial Reporting Standards. Consequently, IASB developed a revised Preface.

 

Current status of the project

This project has been completed. Preface to International Financial Reporting Standards was issued on on 23 May 2002.

 

Project milestones

DateDevelopmentComments
8 November 2001 Exposure Draft Preface to International Financial Reporting Standards published Comment deadline 15 February 2002
23 May 2002 Preface to International Financial Reporting Standards issued

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.