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IASC outlines projects for the future.

The International Accounting Standards Committee reviewed its plans for current and future projects in a status report issued in early July. The IASC 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 1, Disclosure of Accounting Policies, IAS 5, Information to Be Disclosed in Financial Statements, IAS 13, Presentation of Current Assets and Current Liabilities, 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
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