Chartered Accountants in England and Wales, and Professor of Accounting at the London School of Economics. Besides being a Chartered Accountant, he was also a founding member and vice-chairman of the U.K. Accounting Standards Board, from 1990 through 1994 (CMA Magazine, 1995).
Developing compliance with one country or another country's accounting standards is often a complex and difficult process. The IASC has sought to develop standards that coexist primarily with U.S. standards. In Ireland and the United Kingdom, Statements of Standard Accounting Practice (SSAP) assert that compliance with certain SSAP will require compliance with respective international accounting standards. Also, many Canadian companies are making reference to the use of international standards in their financial reports. The United Nations has made clear it=s support of IASC efforts (Slipkowsky, 1986).
In reference to this body of support and the need for harmonization of international accounting standards, the IASC continues to issue exposure drafts, changes in agreed upon procedures, and pronouncements. For example, in April of 1994 the intangible assets steering committee of the IASC recommended that identifiable intangible assets be measured at cost when initially recognized and then amortized over the lifetime of the asset. The committee also recommended that revaluation of intangible assets to a fair value be allowed subsequent to the initial recognition, but only when the fair value can be determined by an active secondary market (Journal of Accountancy, 1994). Also in April of
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