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‘In the next quarter our priorities will be to bring forward draft guidance for those adopting international standards for the first time and proposals to overhaul the reporting of business combinations, including reforms to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