BRIEF HISTORY OF IAS ADOPTION
Prior to 1996
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The Accounting Standards Council
(ASC) issued mostly U.S. based accounting standards.
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1996
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In 1996, the ASC started issuing
IAS based accounting standards such as SFAS 24, Retirement Benefit Costs,
SFAS 25 Borrowing Costs and SFAS 26 Construction Contracts.
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1997
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In 1997, the Accounting Standard
Council decided to move totally to IAS. The first IAS based standard, SFAS
28, Revenues was approved by the Board of Accountancy on August 1, 1997.
In the same year, SFAS 29, Earnings Per Share was approved on October 3,
1997. Both standards became effective for fiscal years beginning on
or before January 1, 1998.
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2000
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In 2000, the ASC created the
Philippine Interpretations committee. This committee is entrusted to issue
interpretations of adopted International Accounting Standards to promote
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2005
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Target date for adoption and
implementation of all applicable IAS.
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