IASC and IOSCO set standards timetable.

The International Organization of Securities Commissions (IOSCO) and the International Accounting Standards Committee (IASC) have agreed on a timetable for the formal endorsement of a core set of international accounting standards as an alternative to national standards. The IASC will complete 16 standards on subjects such as intangibles, financial instruments, interim reporting, segments and leasing by the middle of 1999, at which time the IOSCO will endorse the IASC. standards as a comprehensive core set of international standards for cross-border offerings and listings.

Previously, IOSCO had stopped short of endorsing international accounting standards without a commitment from the IASC to revamp its entire set of rules. Under the new agreement, the IOSCO indicated that 14 of the existing IASC standards would not require additional improvement providing that the other core standards were completed. To date, the IOSCO has endorsed only one IASC standard, IAS no. 7, Cash Flow Statements.

"The IOSCO is more willing than ever to commit to IASC standards," said Liesel Knorr, technical director and former secretary general of the IASC. Knorr told the Journal that the two major opponents of international accounting standards in the IOSCO were Japan and the United States. "The Securities and Exchange Commission told us our standards were not comprehensive enough," said Knorr. "Our standards have to be broader than Financial Accounting Scandards Board statements because we must cater to 86 different countries." Knorr said the SECS recent endorsement of an IASC core set of standards could be attributed to the number of US. businesses listing stock on foreign exchanges to avoid rigid U.S. disclosure requirements. "These investors have pressured the FASB to harmonize with the IASC," said Knorr. "By 1999, all U.S. CPAs with international clients should be very familiar with IASC standards."