Standards – IASC raises game by passing revised proposals

The International Accounting Standards Committee (IASC)approved revised versions of its standards on employee benefits and interim financial reporting last week in a bid to shunt its development programme back on track.

The IASC board also agreed the text of an exposure draft covering financial instruments and hedging. All three proposals were initially criticised by UK accountants when published last year.

Following international criticism, the board agreed a two-step approach last October to meet the demands of the International Organisation of Securities Commissions for a core set of international accounting standards to be agreed at the IASC’s spring meeting, scheduled for Tel Aviv in April.

The interim financial instrument proposals agreed at the London meeting cover measurement, hedging and income recognition.

English ICA technical director David Perry said the similarity between the projects had raised much debate about how far the proposals should go.

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