1)      When did we start adopting International Accounting Standards?

Prior to 1996, our Accounting Standards (Statement of Financial Accounting Standards) were mostly based on Accounting Standards issued by the U.S.  It was in 1996 that the ASC started adopting IAS based standards.  And in 1997, the Council decided to move totally to IAS.

2)      At present, how many IAS have we adopted?

As December 31, 2002, there are 24 IAS (out of the 41 existing IAS) that were adopted.  See status of adoption (to be link to the schedule of adoption).

3)      What is the country’s target date for full adoption of IAS?

The Accounting Standard Council in coordination with the Board of Accountancy has set the full adoption date on January 1, 2005. All applicable IAS would then be adopted and effective by that date.  This date is consistent with the full adoption date of major countries in Europe. See status of adoption (to be link to the schedule of adoption).

4)     Are the Interpretations issued by the Council form part of a particular standard?

Yes. All interpretations issued and approved by the Council become part of the related standard.