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Reporting Currency - Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 2000 January 1, 2001: January 1, 2005: IAS 21: SIC 20 Equity Accounting Method - Recognition of Losses 1999 July 15, 2000: January 1, 2005: IAS 28: SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets 1999 July 15, 2000: January 1, 2012 ...
The IAS 11 standard of International Accounting Standards set out requirements for the accounting treatment of the revenue and costs associated with long-term construction contracts. By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting periods .
The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.
The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as ...
IAS 17 Accounting for Leases (1982) required the capitalization of finance leases, a practice that was as yet unusual or unknown outside the United States. [ 9 ] In 1987, the IASC adopted a new strategy of strengthening its standards to make them a suitable basis for financial reporting by companies seeking cross-border stock market listings ...
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Standard Title IAS 2: Inventories IAS 4: Insurance Contract assets IAS 5: Non-current assets held for sale IAS 11: Assets arising from construction contracts IAS 12: Deferred tax assets IAS 19: Assets arising from employee benefits IAS 36: Impairment of assets IAS 39: Financial assets IAS 40: Investment property carried at fair value IAS 41
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [2] and efforts today include projects that aim to reduce the differences between accounting standards.