IASC, Rosetta Stone of financial reporting

Article Abstract:

The International Accounting Standards Committee (IASC) was founded as an independent body in 1973 for the purpose of issuing accounting standards and harmonizing accounting standards around the world. The IASC has issued 26 standards since being formed, and these have been translated into 18 languages. The emphasis of the IASC's work is shifting toward harmonizing the accounting standards of different countries. International accounting standards would facilitate international trading of securities and the issuing of prospectuses and financial reports by multinational corporations.

Analysis, International aspects, Corporation reports, Company reports

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E31 - proposed statement financial reporting in hyperinflationary economies

Article Abstract:

The International Accounting Standards Committee has issued an exposure draft of a proposed accounting standard for financial reporting in hyper-inflationary economies. The standard describes the characteristics of a hyper-inflationary economy and explains the impact of price changes on balance sheets and income statements. Procedures are given for restating historical cost financial statements and current cost financial statements.

Reports, Inflation accounting

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