International Accounting Standards Committee

The IASC is comprised of two members from each of the founding nine countries. Also included are twenty six associate members (Feldman & Herbert, 1977). The Steering Committee includes a financial analyst from the United States and representatives of the accountancy bodies in France, India and the UK. The International Chamber of Commerce is also represented on the steering committee (Management Accounting-London, 1994). Progress in the first years included the appointment of seven steering committees, disclosure of general accounting policies, presentation and valuation of inventories, consolidated financial statements, basic disclosure of financial statements and financial reporting under inflationary conditions (Cummings, 1974

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ard 14(IAS) be revised. The new standard should provide clearer and more effective guidance for defining industry and geographic segments and for identifying and measuring such items as segment revenue, segment expenses, segment result and segment assets (Management Accounting-London, 1994). In February of 1995 the IASC published exposure draft E49. The draft requires recognition of all deferred tax liabilities. in addition all deferred tax assets must be recognized in financial statements if it is probable that there will be sufficient taxable profits against which the deferred tax assets can be used (Baliga, 1995). Consistent with IASC standards, E49 seeks to eliminate from IAS12, an earlier exposure draft, the partial provision approach used in the UK and the deferral method used in Canada. E49 replaces these methods with a single accounting treatment for deferred tax: full provision using the liability method. This method envisages accounting for deferred tax on revaluations where there is no change in the asset's tax basis and the revaluations would enter into the calculation or profit in a later period on realization. The draft also delineates the temporary differences between IAS12 and E49. Also detailed are exempti
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Approximate Word count = 1722
Approximate Pages = 7 (250 words per page)

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