Twists in the tale of the SIC's deliberations

Article Abstract:

Sir Bryan Carlsberg formed the Standing Interpretations Committee (SIC) to improve the International Accounting Standards Committee's (IASC) procedures in a bid to enhance both the quality and acceptability of international accounting standards (IAS). However, the SIC proved unequal to the task when it overturned the IASC's earlier decision on last in, first out and proposed conflicting resolutions to questions on IAS 2 and AIS 23. Although the IASC had ruled that the same accounting procedures must prevail in similar inventories to promote a consistent precedent for all IASs, the SIC claimed that it was not informed of the IASC's decision to implement the use of one accounting procedure for similar inventories. If the SIC were to continue overturning the IASC's decisions and adopting conflicting solutions, then Carlsberg's aim of unifying accounting systems globally would be defeated.

Accounting and auditing, Powers and duties, Inventories, Inventory accounting

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IOSCO member's attack on IASC was ill-conceived

Article Abstract:

The remarks made by the International Organization of Securities Commissions' (IOSCO) German member, Herbert Biener, regarding the International Accounting Standards Committee's (IASC) relationships with the IOSCO and the US Financial Accounting Standards (FASB) are misguided. He criticises the IASC for granting the FASB only observer status at board meetings when other standard-setting bodies have voting rights. He also complains that the IASC does not pay enough attention to the IOSCO and its representatives during board meetings. Both complaints are unfounded. The FASB can be a voting member any time but it chooses not to be because of its strict domestic due process. As for the IOSCO, the IASC may be more guilty of paying it too much attention instead of too little. It even offered IOSCO board membership but it was not accepted.

Management, Beliefs, opinions and attitudes, Financial Accounting Standards Board, International Organization of Securities Commissions, Biener, Herbert

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Providing the user with a useful statement

Article Abstract:

The concept statement from the International Accounting Standards Committee emphasizes the need for economic decision-making information in accounts. The committee's framework includes definitions and clarifications of assets, liabilities, equity, income and expenses. The framework does not specify an order of priority among statement users.

Analysis

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