The IASB: Its Standards

  • John Flower
  • Gabi Ebbers


Between 1974 and 2000, the IASC issued some forty International Accounting Standards (IASs) of which 34 were still current in 2000. The IASB, on taking office, stated that the IASC’s standards continued to be applicable unless and until they were superseded by a standard issued by the IASB. In effect the IASB adopted the IASC’s standards as its own standards. A full list of the standards current at 30 June 2001 is presented in Exhibit 12.1, which gives, for each standard, the date of issue and of the last substantial revision. They are all standards of the IASC since, at that date, the IASB had yet to issue its first standard. The IASs cover virtually the whole field of financial reporting; they are very voluminous. The text of the current standards (IASB, 2001) contains over 1000 pages. Readers will be relieved to learn that it is not the authors’ intention to cover all these standards in detail. In the chapters in Parts IV and V, which deal with selected issues in financial reporting, only the more important provisions of the relevant IASs are analysed. This chapter deals with two matters relating to the IASs in general: firstly the authority of the IASs (why enterprises should comply with them) and secondly how the IASB seeks to ensure that its standards are of high quality, which involves consideration of the IASB’s procedures.


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© John Flower 2002

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  • John Flower
  • Gabi Ebbers

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