Introduction:

Accounting in shaped by economic and political forces. It follows that increased

worldwide integration of both markets and politics (driven by reductions in
communications and information processing costs) makes increased integration of
financial reporting standards and practice almost inevitable.

In fact , the harmonization of world financial reporting standards has taken a faster pace
in recent years since the two major standards setting bodies, the International Accounting
Standards Board (IASB) and the Financial Accounting Standards Board (FASB), have
committed to the convergence of accounting standards.

Thus, this research will discuss what IFRS is and what IAS is and try to specify the list of
standards, convergence of standard, and the difference between IFRS, IAS and US
GAAP.

Definition of 'International Financial Reporting Standards': What is

IFRS?

One of the most fundamental changes to affect financial reporting in recent times
has been the introduction of International Financial Reporting Standards (IFRS).

In fact, IFRS is a set of international accounting standards stating how particular types of
transactions and other events should be reported in financial statements. IFRS are issued
and developed by the International Accounting Standards Board (IASB) that is becoming
the global standard for the preparation of public company financial statements.
The aim of IFRS is to provide "a single set of high quality, global accounting standards
that require transparent and comparable information in general purpose financial
statements".

IFRS are sometimes confused with International Accounting Standards (IAS), which are
the older standards that IFRS replaced. From 1973 to 2001, IAS were issued by the
International Accounting Standards Committee (IASC).

In April 2001, the International Accounting Standards Board (IASB) adopted all IAS and
began developing new standards called IFRS. It is noteworthy that an IAS remains in
effect unless replaced by an IFRS.

What is the IASB?

 The IASB is an independent accounting standard-setting body, based in London. It
consists of 15 members, increasing to 16 members by July 2012, from multiple countries,
including the United States. The IASB began operations in 2001 when it succeeded the
International Accounting Standards Committee. It is funded by contributions from major
accounting firms, private financial institutions and industrial companies, central and
development banks, national funding regimes, and other international and professional
organizations throughout the world. While the AICPA was a founding member of the
International Accounting Standards Committee (IASC) that was founded in June 1973 in
London and replaced by the International Accounting Standards Board on April 1, 2001.
It was responsible for developing the International Accounting Standards and promoting
the use and application of these standards.

In fact, IAS was issued between 1973 and 2001 by the Board of the International
Accounting Standards Committee (IASC). On April 1, 2001, the new IASB took over
from the IASC the responsibility for setting International Accounting Standards. During
its first meeting the new Board adopted existing IAS and Standing Interpretations
Committee standards (SICs) (APPENDIX-A). The IASB has continued to develop
standards calling the new standards International Financial Reporting Standards (IFRS).

How widespread is the adoption of IFRS around the world?

The international standard-setting process began several decades ago as an effort by

industrialized nations to create standards that could be used by developing and smaller
nations unable to establish their own accounting standards. But as the business world
became more global, regulators, investors, large companies and auditing firms began to
realize the importance of having common standards in all areas of the financial reporting
chain.

Many countries intend to adopt International Financial Reporting Standards or make their
national regulations converge with IFRS, Approximately 120 nations and reporting
jurisdictions permit or require IFRS for domestic listed companies, although
approximately 90 countries have fully conformed to IFRS as promulgated by the IASB
and include a statement acknowledging such conformity in audit reports.
The growing acceptance of International Financial Reporting Standards (IFRS) as a basis
for U.S. financial reporting represents a fundamental change for the U.S. accounting
profession. The number of countries that require or allow the use of IFRS for the
preparation of financial statements by publicly held companies has continued to increase.

In a survey conducted in late 2007 by the International Federation of Accountants

(IFAC), a large majority of accounting leaders from around the world agreed that a single
set of international standards is important for economic growth. Of the 143 leaders from
91 countries who responded, 90% reported that a single set of international financial
reporting standards was “very important” or “important” for economic growth in their
countries Currently, more than 120 nations and reporting jurisdictions permit or require
IFRS for domestic listed companies. The
European Union (EU) requires companies incorporated in its member states whose
securities are listed on an EU-regulated stock exchange to prepare their consolidated
financial statements in accordance with IFRS.
 Australia and New Zealand have essentially adopted IFRS as their national
standards.
 Brazil started using IFRS in 2010.
 Canada adopted IFRS, in full, on Jan. 1, 2011.
 Mexico will require adoption of IFRS for all listed entities starting in 2012.
 Japan is working to achieve convergence of IFRS and began permitting certain
qualifying domestic companies to apply IFRS for fiscal years beginning April 1,
2010. A decision regarding the mandatory use of IFRS in Japan is to be made
around 2012.
 Hong Kong has adopted national standards that are equivalent to IFRS and China
is converging its accounting standards with IFRS.
 Other countries have plans to adopt IFRS or converge their national standards with
IFRS.

International Financial Reporting Standards:

 IFRS 1 First-time Adoption of International Financial Reporting Standards sets out

the procedures that an entity must follow when it adopts IFRSs for the first time as the
basis for preparing its general purpose financial statements. The IFRS grants limited
exemptions from the general requirement to comply with each IFRS effective at the end
of its first IFRS reporting period.

o A restructured version of IFRS 1 was issued in November 2008 and applies if an

entity's first IFRS financial statements are for a period beginning on or after 1
July 2009.
o IFRS 1 supersedes SIC 8, First-time Application of IASs as the Primary Basis
of Accounting

 IFRS 2 Share-based Payment requires an entity to recognize share-based payment

transactions (such as granted shares, share options, or share appreciation rights) in its
financial statements, including transactions with employees or other parties to be settled
in cash, other assets, or equity instruments of the entity. Specific requirements are
included for equity-settled and cash-settled share-based payment transactions, as well as
those where the entity or supplier has a choice of cash or equity instruments.
 o IFRS 2 was originally issued in February 2004 and first applied to annual periods
beginning on or after 1 January 2005.

 IFRS 3 Business Combinations outlines the accounting when an acquirer obtains control
of a business (e.g. an acquisition or merger). Such business combinations are accounted
for using the 'acquisition method', which generally requires assets acquired and liabilities
assumed to be measured at their fair values at the acquisition date.
o A revised version of IFRS 3 was issued in January 2008 and applies to business
combinations occurring in an entity's first annual period beginning on or after 1
July 2009.

 IFRS 4 Insurance Contracts applies, with limited exceptions; to all insurance

contracts (including reinsurance contracts) that an entity issues and to reinsurance
contracts that it holds. In light of the IASB's comprehensive project on insurance
contracts, the standard provides a temporary exemption from the requirements of
some other IFRSs, including the requirement to consider IAS 8 Accounting
Policies, Changes in Estimates and Errors when selecting accounting policies for
insurance contracts.
o IFRS 4 was issued in March 2004 and applies to annual periods beginning
on or after 1 January 2005

 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations outlines how to
account for non-current assets held for sale (or for distribution to owners). In general
terms, assets (or disposal groups) held for sale are not depreciated, are measured at the
lower of carrying amount and fair value less costs to sell, and are presented separately in
the balance sheet. Specific disclosures are also required for discontinued operations and
disposals of non-current assets.

o IFRS 5 was issued in March 2004 and applies to annual periods beginning on or
after 1 January 2005

 IFRS 6 Exploration for and Evaluation of Mineral Resources has the effect of allowing
entities adopting the standard for the first time to use accounting policies for exploration
and evaluation assets that were applied before adopting IFRSs. It also modifies
impairment testing of exploration and evaluation assets by introducing different
impairment indicators and allowing the carrying amount to be tested at an aggregate level
(not greater than a segment).

o IFRS 6 was issued in December 2004 and applies to annual periods beginning on
or after 1 January 2006.
 IFRS 7 Financial Instruments: Disclosures requires disclosure of information about the
significance of financial instruments to an entity, and the nature and extent of risks
arising from those financial instruments, both in qualitative and quantitative terms.
Specific disclosures are required in relation to transferred financial assets and a number
of other matters.
o IFRS7 adds certain new disclosures about financial instruments to those currently
required by IAS 32; replaces the disclosures previously required by IAS 30; and
puts all of those financial instruments disclosures together in a new standard on
Financial Instruments: Disclosures. The remaining parts of IAS 32 deal only with
financial instruments presentation matters.
o IFRS 7 was originally issued in August 2005 and applies to annual periods
beginning on or after 1 January 2007.

 IFRS 8 Operating Segments requires particular classes of entities (essentially those with
publicly traded securities) to disclose information about their operating segments,
products and services, geographical areas in which they operates, and their major
customers. Information is based on internal management reports, both in the
identification of operating segments and measurement of disclosed segment information.
o IFRS 8 was issued in November 2006 and applies to annual periods beginning on
or after 1 January 2009.

 IFRS 9 Financial Instruments sets out the recognition and measurement requirements
for financial instruments and some contracts to buy or sell non-financial items. The IASB
is adding to the standard as it completes the various phases of its comprehensive project
on financial instruments, and so it will eventually form a complete replacement for IAS
39 Financial Instruments: Recognition and Measurement.
o IFRS 9 was originally issued in November 2009, reissued in October 2010, and
applies to annual periods beginning on or after 1 January 2015.
o IFRS 9 is a 'work in progress' and will eventually replace IAS 39 in its
entirety

 IFRS 10 Consolidated Financial Statements outlines the requirements for the

preparation and presentation of consolidated financial statements, requiring entities to
consolidate entities it controls. Control requires exposure or rights to variable returns and
the ability to affect those returns through power over an investee.

o IFRS 10 was issued in May 2011 and applies to annual periods beginning on or
after 1 January 2013.

 IFRS 11 Joint Arrangements outlines the accounting by entities that jointly control an
arrangement. Joint control involves the contractual agreed sharing of control and
arrangements subject to joint control are classified as either a joint venture (representing
 a share of net assets and equity accounted) or a joint operation (representing rights to
assets and obligations for liabilities, accounted for accordingly).

o IFRS 11 was issued in May 2011 and applies to annual reporting periods
beginning on or after 1 January 2013.
o IFRS 11 superseded SIC-13 Jointly Controlled Entities - Non-Monetary
Contributions by Ventures.
o
 IFRS 12 Disclosure of Interests in Other Entities is a consolidated disclosure standard
requiring a wide range of disclosures about an entity's interests in subsidiaries, joint
arrangements, associates and unconsolidated 'structured entities'. Disclosures are
presented as a series of objectives, with detailed guidance on satisfying those objectives.

o IFRS 12 was issued in May 2011 and applies to annual periods beginning on or
after 1 January 2013.

 IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value
measurements or disclosures and provides a single IFRS framework for measuring fair
value and requires disclosures about fair value measurement. The Standard defines fair
value on the basis of an 'exit price' notion and uses a 'fair value hierarchy', which results
in a market-based, rather than entity-specific, measurement.

o IFRS 13 was originally issued in May 2011 and applies to annual periods
beginning on or after 1 January 2013.

List of International Financial Reporting Standards:

# Name Issued
IFRS 1 First-time Adoption of International Financial Standards 2008*
IFRS 2 Share-based Payment 2004
IFRS 3 Business Combinations 2008*
IFRS 4 Insurance Contracts 2004
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 2004
IFRS 6 Exploration for and Evaluation of Mineral Assets 2004
IFRS 7 Financial Instruments: Disclosures 2005
IFRS 8 Operating Segments 2006
IFRS 9 Financial Instruments 2010*
IFRS
Consolidated Financial Statements 2011
10
IFRS
Joint Arrangements 2011
11
IFRS
Disclosure of Interests in Other Entities 2011
12
IFRS
Fair Value Measurement 2011
13

The date indicated in the above tables is the date the revised pronouncement was
reissued (these are indicated with an asterisk (*) in the tables

List of International Accounting Standards (IAS):

# Name Issued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
Consolidated Financial Statements
IAS 3 1976
Superseded in 1989 by IAS 27 and IAS 28
Depreciation Accounting
IAS 4
Withdrawn in 1999
Information to Be Disclosed in Financial Statements
IAS 5 1976
Superseded by IAS 1 effective 1 July 1998
Accounting Responses to Changing Prices
IAS 6
Superseded by IAS 15, which was withdrawn December 2003
IAS 7 Statement of Cash Flows 1992
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003
Accounting for Research and Development Activities
IAS 9
Superseded by IAS 39 effective 1 July 1999
IAS 10 Events After the Reporting Period 2003
IAS 11 Construction Contracts 1993
IAS 12 Income Taxes 1996*
Presentation of Current Assets and Current Liabilities
IAS 13
Superseded by IAS 39 effective 1 July 1998
 Segment Reporting
IAS 14 1997
Superseded by IFRS 8 effective 1 January 2009
Information Reflecting the Effects of Changing Prices
IAS 15 2003
Withdrawn December 2003
IAS 16 Property, Plant and Equipment 2003*
IAS 17 Leases 2003*
IAS 18 Revenue 1993*
Employee Benefits
IAS 19 1998
Superseded by IAS 19 (2011) effective 1 January 2013
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
Business Combinations
IAS 22 1998*
Superseded by IFRS 3 effective 31 March 2004
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
Accounting for Investments
IAS 25
Superseded by IAS 39 and IAS 40 effective 2001
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
Consolidated and Separate Financial Statements
IAS 27 Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2003
2013
IAS 28 Investments in Associates and Joint Ventures (2011) 2011
Investments in Associates
IAS 28 2003
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
Disclosures in the Financial Statements of Banks and Similar Financial
IAS 30 Institutions 1990
Superseded by IFRS 7 effective 1 January 2007
Interests In Joint Ventures
IAS 31 2003*
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
Discontinuing Operations
IAS 35 1998
Superseded by IFRS 5 effective 1 January 2005
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
Financial Instruments: Recognition and Measurement
IAS 39 2003*
Superseded by IFRS 9 effective 1 January 2015
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

Withdrawn standards:
Withdrawn Withdrawn
Comments
standard from
Replaced by IFRS 8
2009 end Operating Segments
Segment Reporting
IAS 14 year from 2009 financial
year

Information
Reflecting the Effects 01.01.2005
IAS 15
of Changing Prices

Replaced by IFRS 3
Business Business Combinations
01.01.2005
IAS 22 Combinations from 2005 financial
year

Disclosures in the Replaced by IFRS 7

Financial Statements 2007 end Financial Instruments:
IAS 30 of Banks and Similar year Disclosures from 2007
Financial Institutions financial year

Replaced by IFRS 5
Non-current Assets
Discontinuing 2007 end Held for Sale and
IAS 35 Operations year Discontinued
Operations from 2007
financial year

FASB and IASB Convergence Efforts:

Convergence means to achieve harmony with IFRSs; in precise terms convergence can be
considered “to design and maintain national accounting standards in a way that financial
statements prepared in accordance with national accounting standards draw unreserved
statement of compliance with IFRSs”, i.e., when the national accounting standards will
comply with all the requirements of IFRS.
But convergence doesn’t mean that IFRS should be adopted word by word, e.g.,
replacing the term ‘true & fair’ for ‘present fairly’, in IAS 1, ‘Presentation of Financial
Statements’. Such changes do not lead to non-convergence with IFRS.

The FASB and the IASB have been working together toward convergence since 2002.
The two boards have described what convergence means and their tactics to achieve it in
two documents — the Norwalk Agreement issued in 2002 and the Memorandum of
Understanding (MoU), originally issued in 2006 and updated in 2008. The MoU
originally highlighted several major convergence projects between IASB and FASB
scheduled for completion in 2011.
On Nov. 29, 2010, FASB and IASB issued a convergence progress report. In the report,
the standard setters reaffirmed their priority projects for completion by June 30, 2011, or
earlier.

For the IASB, projects scheduled for completion by the end of June 2011 include
improved disclosures about derecognized assets and other off-balance sheet risks,
consolidations and its project on insurance contracts.
The boards decided to defer until after June 2011 substantive deliberations on four
projects including the broader financial statement presentation project, financial
instruments with characteristics of equity, emissions trading schemes and the reporting
entity phase of the conceptual framework. The boards also agreed that consolidation of
investment companies is no longer a priority for June 2011.

The FASB and IASB also deferred deliberations on several of their independent standard-
setting projects (such as contingency disclosures for the FASB and IAS 37 Provisions,
Contingent Liabilities and Contingent Assets and annual improvements for the IASB).Of
the remaining original projects in the 2006 MoU, Business Combinations has been
completed. Intangible Assets has been removed from the active agendas of both boards
and Post-Employment Benefits was removed from the list of priority MoU projects in
October 2009.

 Areas “Substantially” Converged

IAS 28 Equity accounting, IAS 31 Joint ventures, IAS 33 EPS, IAS 23 Borrowing costs,
IAS 20 Government grant, IAS 21 Foreign currency, IAS 8 Errors, IAS 7 Cash flows,
IAS 2 Inventories. IAS 1 Presentation

IFRS 7 Financial instruments – disclosure, IFRS 6 Extractive industries

IFRS 8 Segments, IFRS 5 Discontinuing operations, IFRS 4 Insurance contracts, IFRS 3
Business combinations, IFRS 2 Share based payments

 Areas Not Converged

IAS 40 Investment property, IAS 41 Agriculture, IAS 38 Intangible assets

IFRS 1 First-time adoption , IAS 37 Provisions , IAS 36 Impairment , IAS 29
Hyperinflation , IAS 27 Consolidation Policy .

The differences between the IAS and IFRS:

The question of the differences between the IAS and IFRS has arisen on a number of
occasions in accounting circles, and in fact, some would question if there is any difference
at all.

One of the major differences is that the series of standards in the IAS were published by
the International Accounting Standards Committee (IASC) between 1973 and 2001,
whereas, the standards for the IFRS were published by the International Accounting
Standards Board (IASB), starting from 2001. When the IASB was established in 2001, it
was agreed to adopt all IAS standards, and name future standards as IFRS. One major
implication worth noting is that any principles within IFRS that may be contradictory will
definitely supersede those of the IAS. Basically, when contradictory standards are issued,
older ones are usually disregarded.

Differences between IFRS and U.S. GAAP:

Great steps have been made by the FASB and the IASB to converge the content of IFRS
and U.S. GAAP. The goal is that by the time the SEC allows or mandates the use of
IFRS for U.S. publicly traded companies, most or all of the key differences will have
been resolved.

Because of these ongoing convergence projects, the extent of the specific differences
between IFRS and U.S. GAAP is shrinking. Yet significant differences do remain.

 For example:
  IFRS does not permit Last in First out (LIFO) as an inventory costing method.
 IFRS uses a single-step method for impairment write-downs rather than the two-
step method used in U.S. GAAP, making write-downs more likely.
 IFRS has a different probability threshold and measurement objective for
contingencies.
 IFRS does not permit curing debt covenant violations after year-end.
 IFRS guidance regarding revenue recognition is less extensive than GAAP and
contains relatively little industry-specific instruction.
 IFRS allows the revaluation of assets in certain circumstances.
 IFRS requires capitalization of development costs, when certain criteria are met.
 Perhaps the greatest difference between
 IFRS and U.S. GAAP is that IFRS provides less overall detail and industry-
specific guidance

 Examples: (that provide a flavor of impacts on the financial statements and

therefore on the conduct of businesses).

 Consolidation — IFRS favors a control model whereas U.S. GAAP prefers a

risks-and-rewards model. Some entities consolidated in accordance with FIN
46(R) may have to be shown separately under IFRS.
 Statement of Income — Under IFRS, extraordinary items are not segregated in
the income statement, while, under US GAAP, they are shown below the net
income.
 Inventory — Under IFRS, LIFO (a historical method of recording the value of
inventory, a firm records the last units purchased as the first units sold) cannot be
used while under U.S. GAAP, companies have the choice between LIFO and
FIFO (is a common method for recording the value of inventory).
 Earning-per-Share — Under IFRS, the earning-per-share calculation does not
average the individual interim period calculations, whereas under U.S. GAAP the
computation averages the individual interim period incremental shares.
 Development costs — These costs can be capitalized under IFRS if certain
criteria are met, while it is considered as “expenses” under U.S. GAAP

Timeline for IFRS Acceptance in the United States:

 2001: The International Accounting Standards Board (IASB) is established as the

successor organization to the International Accounting Standards Committee (IASC),
formed in 1973. The IASB’s mandate is to develop International Financial Reporting
Standards (IFRS).
 2002: The IASB and the Financial Accounting Standards Board (FASB) issue the
Norwalk Agreement, acknowledging their joint commitment to developing high
quality, compatible accounting standards that could be used for both domestic and
cross-border financial reporting. Also, the European Union (EU) announces that its
member states will require IFRS in the preparation of consolidated financial
statements of listed companies beginning in 2005.

 2005: The chief accountant of the Securities and Exchange Commission (SEC)
releases a roadmap allowing IFRS filings without GAAP reconciliation for foreign
firms by 2009, or earlier.

 2006: The IASB and the FASB agree to work on a number of major projects.

 2007: The SEC announces that it will accept from foreign filers in the U.S. financial
statements prepared in accordance with IFRS, as issued by the IASB, without
reconciliation to U.S. GAAP. Also, the SEC issues a Concept Release asking if U.S.
public companies should be given an option to follow IFRS instead of U.S. GAAP.

 2008: The SEC is expected to vote on a proposal creating a timeline for moving U.S.
public companies to IFRS.
The AICPA’s governing Council considers amending rules 202 and 203 of the Code
of Professional Conduct to recognize the IASB as an international accounting
standard setter, thereby giving U.S. private companies and not-for-profit
organizations a choice to follow IFRS. Also, the FASB and the IASB update the
Norwalk Agreement with the goal of accelerating convergence.

 2009: The IASB will end its moratorium, set in 2005, on the required application of
new accounting standards and major amendments to existing standards. The board
had frozen its rules while more countries adopted IFRS.

 2011: Canadian and Indian companies are slated to begin using the global standards,
and Japan is slated to have eliminated all major differences between Japanese GAAP
and IFRS. In the United States, questions concerning IFRS are expected to be
included in the Uniform CPA Exam.

 2013: The earliest year projected by accounting firms for mandating that large U.S.
public companies convert their financials to IFRS. Year that the updated Norwalk
Agreement expects all major capital markets to operate from one set of accounting
standards.
In fact, there are a number of factors that support the idea of adoption or acceptance of
IFRS in the United States:
 Facilitate More Efficient Capital Allocations
 Align the United States with the Rest of the World
 Protect Long-term Competitiveness of U.S. Capital Markets
 Promote Increased Transparency
 Reduce Complexity in Financial Reporting
 Increase Efficiency for Companies

Finally, in the coming years, critical decisions will need to be made regarding the use of
global accounting standards in the United States. Market participants will be called upon
to determine whether achieving a uniform set of high-quality global accounting standards
is feasible, what sort of investments would be required to achieve that outcome, and
whether it is a desirable goal in the first place. This dialogue will be critical to the future
of financial reporting and of fundamental importance to the long-term strength and
stability of the global capital markets.

Conclusion
IFRS is a dynamic — and fast evolving — issue.
The threatening decisions about the future of accounting standards involve complex and
challenging questions. While there are significant benefits for investors, businesses, and
the entire economies of having all nations move to a single, uniform set of high-quality
accounting standards, there are a number of considerations that need to be evaluated in
making such a transition.
 APPENDIX-A:

 SIC Interpretations

# Name Issued
Consistency – Different Cost Formulas for Inventories
SIC 1 1997
Superseded
Consistency – Capitalisation of Borrowing Costs
SIC 2 1997
Superseded
Elimination of Unrealised Profits and Losses on Transactions with
SIC 3 Associates 1997
Superseded
Classification of Financial Instruments - Contingent Settlement
SIC 5 Provisions 1998
Superseded
Costs of Modifying Existing Software
SIC 6 1998
Superseded
SIC 7 Introduction of the Euro 1998
 First-Time Application of IASs as the Primary Basis of Accounting
SIC 8 1998
Superseded
Business Combinations – Classification either as Acquisitions or
SIC 9 Unitings of Interests 1998
Superseded
SIC 10 Government Assistance – No Specific Relation to Operating Activities 1998
Foreign Exchange – Capitalisation of Losses Resulting from Severe
SIC 11 Currency Devaluations 1998
Superseded
SIC 12 Consolidation – Special Purpose Entities 1998
Jointly Controlled Entities – Non-Monetary Contributions by
SIC 13 1998
Venturers
Property, Plant and Equipment – Compensation for the Impairment or
SIC 14 Loss of Items 1998
Superseded
SIC 15 Operating Leases – Incentives 1999
Share Capital – Reacquired Own Equity Instruments (Treasury
SIC 16 Shares) 1999
Superseded
Equity – Costs of an Equity Transaction
SIC 17 2000
Superseded
Consistency – Alternative Methods
SIC 18 2000
Superseded
Reporting Currency – Measurement and Presentation of Financial
SIC 19 Statements under IAS 21 and IAS 29 2000
Superseded
Equity Accounting Method – Recognition of Losses
SIC 20 2000
Superseded
SIC 21 Income Taxes – Recovery of Revalued Non-Depreciable Assets 2000
Business Combinations – Subsequent Adjustment of Fair Values and
SIC 22 Goodwill Initially Reported 2000
Superseded
Property, Plant and Equipment – Major Inspection or Overhaul Costs
SIC 23 2000
Superseded
Earnings Per Share – Financial Instruments and Other Contracts that
SIC 24 May Be Settled in Shares 2000
Superseded
Income Taxes – Changes in the Tax Status of an Enterprise or its
SIC 25 2000
Shareholders
Evaluating the Substance of Transactions in the Legal Form of a
SIC 27 2000
Lease
 Business Combinations – 'Date of Exchange' and Fair Value of Equity
SIC 28 Instruments 2001
Superseded
SIC 29 Disclosure – Service Concession Arrangements 2001
Reporting Currency – Translation from Measurement Currency to
SIC 30 Presentation Currency 2001
Superseded
SIC 31 Revenue – Barter Transactions Involving Advertising Services 2001
SIC 32 Intangible Assets – Web Site Costs 2001
Consolidation and Equity Method – Potential Voting Rights and
SIC 33 Allocation of Ownership Interests 2001
Superseded