IASC revises 1992-93 work schedule.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 originally intended to issue up to 21 exposure drafts and revised standards in 1992. The revised standards would have incorporated changes in the IASC's Statement of Intent on the Comparability of Financial Statements and improved other existing standards.
However, at the March 1992 meeting, the original program was altered to allow for sufficient emphasis on work quality and adequate time for due process.
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 had issued 3 EDs by the March meeting, was scheduled to issue 5 additional EDs in April and intends to release 2 more by the end of this year. All of the exposure drafts should be converted into revised international accounting standards by the end of 1993.
In addition, the IASC hopes to make progress in 1993 toward converting and ED on its largest and most complex project, Financial Instruments, into a new standard.