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IASC issues new ED for comparability project.

The International Accounting Standards Committee issued exposure draft E46, Extraordinary Items, Fundamental Errors and Changes in Accounting Policies, as part of its comparability and improvements project. E46 is intended to revise and replace existing International Accounting Standard 8, Unusual and Prior Period Rems and Changes in Accounting Policies.

The ED incorporates changes in the IASC's Statement of Intent on the Comparability of Financial Statements, which was published in July 1990. These changes deal with the correction of fundamental errors and adjustments resulting from changes in accounting policies. Other revisions to IAS 8 include the disclosure of profit or loss from ordinary activities and extraordinary items on the face of the income statement; guidance to assist in identifying extraordinary items; a requirement to disclose the nature and amount of income and expense from ordinary activities that are of such size, nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period; and additional disclosures for a discontinued operation.

Copies of the exposure draft may be obtained for [British pound]5 each by writing directly to the IASC at 167 Fleet Street, London EC4A 2ES, England.
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Title Annotation:International Accounting Standards Committee's exposure draft
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Oct 1, 1992
Previous Article:IASC outlines projects for the future.
Next Article:IFAC issues exposure drafts.

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