International Accounting Standards

The IAS set out principles to be observed in the preparation of financial statements. A total of 41 IAS have been issued to-date, of which 5 have been replaced by subsequent IAS.

The BCBS has completed a review of 15 IAS that have a significant effect on banks (see BCBS' Report to G7 Finance Ministers and Central Bank Governors on International Accounting Standards, April 2000).

IOSCO recommended at its May 2000 annual meeting that members allow multinational issuers to use 30 IASC Standards (now IAS), as supplemented by reconciliation, disclosure and interpretation as necessary to address outstanding substantive issues at a national or regional level.

The 40 IAS are as follows:

IAS 1: Presentation of Financial Statements IAS 2: Inventories

IAS 4: Depreciation Accounting IAS 7: Cash Flow Statements

IAS 8: Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies IAS 9: Research and Development Costs (will be superseded by IAS 38) IAS 10: Events After the Balance Sheet Date IAS 11: Construction Contracts IAS 12: Income Taxes IAS 14: Segment Reporting IAS 15: Information Reflecting the Effects of Changing Prices IAS 16: Property, Plant, and Equipment IAS 17: Leases IAS 18: Revenue IAS 19: Employee Benefits IAS 20: Accounting for Government Grants and Disclosure of Government Assistance IAS 21: The Effects of Changes in Foreign Exchange Rates IAS 22: Business Combinations IAS 23: Borrowing Costs IAS 24: Related Party Disclosures IAS 25: Accounting for Investments (To be replaced by IAS 40) IAS 26: Accounting and Reporting by Retirement Benefit Plans IAS 27: Consolidated Financial Statements and Accounting for Investments in Subsidiaries IAS 28: Accounting for Investments in Associates IAS 29: Financial Reporting in Hyperinflationary Economies IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions IAS 31: Financial Reporting of Interests in Joint Ventures IAS 32: Financial Instruments: Disclosures and Presentation IAS 33: Earnings Per Share IAS 34: Interim Financial Reporting IAS 35: Discontinuing Operations IAS 36: Impairment of Assets IAS 37: Provisions, Contingent Liabilities, and Contingent Assets IAS 38: Intangible Assets IAS 39: Financial Instruments: Recognition and Measurement IAS 40: Investment Property