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IASC issues standard and ED.

The International Accounting Standards Committee has issued revised International Accounting Standard (IAS) 7, Cash Flow Statements, and IAS Exposure Draft E47, Retirement Benefit Costs.

Cash flow statements

Revised IAS 7 (product no. 019990JA) supersedes IAS 7, Statement of Changes in Financial Position, approved in 1977. The IAS 7 revision was prompted by the increasing emphasis of financial statement users in many countries on historical cash flow information as an indicator of an enterprise's future sources and uses of cash.

The cash flow statement reports cash flows during a period classified by operating, investing and financing activities. IAS 7 is similar to standards in countries where cash flow statements are already well established.

Retirement benefit costs

If approved, exposure draft E47 (product no. 800043JA) will replace IAS 19, Accounting for Retirement Benefits in the Financial Statements of Employers. The objective of the standard is to prescribe when the cost of providing retirement benefits should be recognized as an expense and the amount that should be recognized. It also prescribes the information to be disclosed in the enterprise's financial statements.

Copies of the revised IAS and the ED are available from the American Institute of CPAs order department at 1-800-TO-AICPA. Members can obtain the first copy of each free of charge. Additional copies are $5.50 each.
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Article Details
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Title Annotation:Exposure Draft by the International Accounting Standards Committee
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1993
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