NEW YORK- The International Accounting Standards Board (IASB) published on September 13, 2007 exposure draft (ED) 9 as proposal to improve the International Accounting Standards IAS 31 “Interests in Joint Ventures “
The aim of the draft is to improve the accounting for joint arrangements. The draft represents the first major revision to the standard since it was first issued in 1990.
The review also forms part of the IASB’s short-term project with the US Financial Accounting Standards Board (FASB) to reduce differences between International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (US GAAP).
ED 9 will be available on the IASB website (www.iasb.org) on September 27, 2007. The IASB seeks the public comments by January 11, 2008.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org