Wiley IAS 2003 CD-ROM: Interpretation and Application of International Accounting Standards

The new standard on accounting for agricultural operations, IAS 41, will be covered in detail. As finalized, this differs in some important regards from the exposure draft preceding it, and is the first comprehensive standard on this subject promulgated by any major accounting standard setting body. * Important drafts on other specialized industries--insurance and extractive industries--have been produced by IASC and will be discussed in the 2003 edition of the book. * SIC interpretations: new interpretive guidance continues to be produced by the IASC's Standing Interpretations Committee; these are all fully integrated into the chapters to which they pertain. * Financial instruments: a comprehensive approach. The IASC is committed to develop a comprehensive, fair value based, approach to ac-counting and financial reporting of financial assets and liabilities. As this project advances, the proposal and final standard(s) will be fully explained in this book. * Emerging markets: the IASC is also committed to developing a "simplified" approach to financial reporting, to be applicable to developing nations. As this is developed, it will be fully covered. * Recent sanctioning of IAS by the European Commission, the Basel Committee on Banking Supervision, the U.S. SEC, and the Canadian Securities Administrators will make 2003 a watershed year in the evolution of IAS as universal accounting standards.