IASC outlines projects for the future.

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 reviewed its plans for current and future projects in a status report issued in early July. The IASC IASC International Accounting Standards Committee
IASC Inter-Agency Standing Committee (United Nations)
IASC International Arctic Science Committee
IASC International Association for Statistical Computing issues timely reports on the progress of current activities but rarely refers to future projects.

According to the status report, the IASC's most ambitious future project is to produce a basic standard that will deal with the presentation of financial statements.

The new standard would begin by combining parts of IAS See iPlanet Application Server.

1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. 1, Disclosure of Accounting Policies, IAS 5, Information to Be Disclosed in Financial Statements, IAS 13, Presentation of Current Assets Current Assets

Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. and Current Liabilities Current Liabilities

Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. , other existing standards and the IASC Frame-work for the Preparation and Presentation of Financial Statements.

A draft statement of principles for the project could be ready by the end of 1993, with an exposure draft to follow in 1994.

The IASC also is developing projects on insurance, discontinued operations and discounting. Other possible projects include recognition and measurement issues for banks, interim reporting, financial information that is presented outside financial statements, agriculture and mining.

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Title Annotation:	International Accounting Standards Committee
Publication:	Journal of Accountancy
Article Type:	Brief Article
Date:	Oct 1, 1992
Words:	171
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Topics:	Accounting Standards

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