PracticeAuditASB calls for comment on global preface

ASB calls for comment on global preface

The Accounting Standards Board has invited its members to air their views on the International Accounting Standards Board's preface to International Financial Reporting Standards.

The ASB said it would be ‘relevant’ to many companies in the UK and Ireland adding that it wished to take ‘full account of the views of its constituents’ before formulating its response. Comments must reach the board by 15 January 2002, ahead of the IASB’s deadline one month later.

The IASB’s exposure draft of the preface to IFRSs, published yesterday, is intended to replace the preface to Statements of International Accounting Standards, last revised in 1982.

IASB chairman Sir David Tweedie said he welcomed ‘comments on any aspect of the Exposure Draft’.

He said the IASB decided it was ‘appropriate to revise the preface’ and had considered ‘various developments since 1982 including the Framework for the Preparation and Presentation of Financial Statements and the revised Constitution of May 2000′.

‘The proposed preface sets out the objectives and due process of the IASB and explains the scope, authority and timing of application of IFRS,’ added Sir David.

Among other things the preface states that IFRS are designed to apply to the general purpose financial statements and other financial reporting of all profit-oriented entities.

‘Furthermore, paragraphs in bold italic type and plain type have equal authority and sets out the Board’s intention to discontinue the use of different type styles,’ the IASB said.

Earlier this week, global accounting experts, including Sir David Tweedie, met in London to discuss the latest developments in international accounting standards, as well to assess how European companies were preparing for their introduction across the EU in 2005.

Links

New rules, but UK plc behind times

Progress on global rules tops agenda

IASB website

ASB website

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