PracticeAuditOne third of accounting standards may change

One third of accounting standards may change

The International Accounting Standards Board today (Wednesday) published for comment, proposals to revise 12 of its 34 standards, just three years ahead of the European deadline to adopt global accounting standards.

The proposals, part of the IASB’s improvements project, are the first step to to establishing a globally accepted set of accounting standards.

Sir David Tweedie, IASB chairman, said: ‘The publication of this exposure draft marks the beginning of our effort to improve existing standards, and the next part will follow soon with the publication of proposals to revise the two standards on financial instruments.

‘In the next quarter our priorities will be to bring forward draft guidance for those adopting international standards for the first time and proposals to overhaul the reporting of business combinations, including reforms to accounting for goodwill.’

Deadline for comments ends on 16 September 2002. From 25 May, the complete text of the exposure draft will be freely available on the IASB’s website.

According to a European ruling, all publicly listed companies based in Europe, must comply with international accounting standards by 2005 at the latest. Companies will have to begin compiling comparative reports under these standards from next year.

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