Harmonized accounting standards to be drafted for the Commonwealth of Independent States.A council comprising the accounting department heads of the finance ministries of 12 Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. (CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S ) has agreed to draft (1) a conceptual framework on accounting and (2) a presentation standard for all CIS republics. At a meeting in Moscow in September, the council, which was sponsored by the Organization for Economic Cooperation and Development Organization for Economic Cooperation and Development (OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall Plan for European (OECD OECD: see Organization for Economic Cooperation and Development. ) and the World Bank, agreed to involve the International Accounting Standards Committee International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these in the drafting process and said it would ensure the new standards would conform to international accounting standards. ACIS working group will meet in Moscow and prepare the two documents based on the OECD's Draft of the CIS Conceptual Framework of Accounting and Presentation Formats. Another working group will examine necessary auditor legislation and recommend certain professional qualifications for auditors in the CIS. Richard Frederick, administrator at the OECD in Paris, said the joint approach to drafting the accounting framework was a major step in harmonizing international accounting practices. "This joint effort will encourage simultaneous reform in all republics, ensure compatibility in standards and avoid the costly duplication of individual republics writing their |
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