Printer Friendly

The International Accounting Standards Board (IASB) in March issued international financial reporting standards (IFRS) 3, Business Combinations; 4, Insurance Contracts; and 5, Non-current Assets Held for Sale and Discontinued Operations (http://shop.iasb.org.uk/cmt/0001.asp).

* The International Accounting Standards Board (IASB) in March issued international financial reporting standards (IFRS) 3, Business Combinations; 4, Insurance Contracts; and 5, Non-current Assets Held for Sale and Discontinued Operations (http://shop.lasb.org. uk/cmt/0001.asp). In conjunction with its issuance of IFRS 3, the IASB also revised international accounting standards (IAS) 36, Impairment of Assets, and 38, Intangible Assets; together they require, among other things, that all business combinations within the scope of IFRS 3 be accounted for using the purchase method and that the pooling-of-interests method no longer be used. IFRS 4 provides the first international guidance on insurance contracts, and IFRS 5 is the initial standard resulting from the IASB's joint project with the Financial Accounting Standards Board to reduce differences between IFRSs and GAAP. The standards will take effect when individual jurisdictions adopt them. To date several of these authorities--including Australia, the European Union and Russia--have said they would require observance of international standards on or before January 1, 2005.
COPYRIGHT 2004 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:International
Publication:Journal of Accountancy
Date:Jun 1, 2004
Words:166
Previous Article:Not-for-profits say not for us.
Next Article:The Treasury Department's Financial Crimes Enforcement Network (FinCEN) in April proposed changes to its current Form 105, Report of International...


Related Articles
The International Accounting Standards Board (IASB).
FASB issues an Invitation to Comment, Accounting for Stock-Based Compensation: A Comparison of FASB Statement No. 123, Accounting for Stock-Based...
The International Accounting Standards Board publishes two exposure drafts (www.iasb.org.uk).
www.iasb.org/news/press.asp.
www.iasb.org/current/ed.asp.
Fair play.
Reserving judgment: the advent of the International Financial Reporting Standard finds European insurers in a gray area when it comes to accounting...
IFRS: a turning point.
www.iasb.org.
Convergence: in search of the best: CPAs should understand how U.S. and foreign accounting standards influence each other.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters