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$ ' 9:1.+;/// 9:1.! ƥ Agreement to establish IASC signed by representatives of the professional ancy bodies in Australia, Canada, , , Japan, Mexico, Netherlands, United Kingdom/Ireland, and United States. ƥ IASB opens an office at 3 St. Helen's Place, London. ƥ Paul Rosenfield (US, on secondment from AIA) is appointed first Secretary of IASC. ƥ IASC holds its inaugural meeting 29 June, London. ƥ Sir Henry Benson elected first Chairman of IASC. ƥ IASC adopts its initial agenda of three technical projects: ing Policies, Inventories, Consolidated Financial Statements. ƥ Steering committees are appointed for the above three projects (the first IASC steering committees). ƥ First meeting of an IASC steering committee (IAS 1, Disclosure of ing Policies). ƥ IASC holds Board meetings in London üü

9:1= ! ƥ First associate of IASC are itted: Belgium, India, Israel, New Zealand, Pakistan, and Zimbabwe. ƥ IASC holds Board meetings in London (3) and Paris. !>0 & ƥ E1 Disclosure of ing Policies ƥ E2 Valuation and Presentation of Inventories in the Context of the Historical Cost System ƥ E3 Consolidated Financial Statements and the Equity Method of ing & ƥ None üA

9:1B ! ƥ Proposal to create an International Federation of ants (IFAC) to replace the International Coordinating Committee for the ing Profession (ICCAP). ƥ IASC holds Board meetings in London (3) and Montreal. !>0 & ƥ E4 Depreciation ing ƥ E5 Information to be Disclosed in Financial Statements & ƥ IAS 1 (1975) Disclosure of ing Policies ƥ IAS 2 (1975) Valuation and Presentation of Inventories in the Context of the Historical Cost System üo

9:1< ! ƥ Joseph P. Cummings of the United States becomes chairman of IASC. ƥ ƠGroup of Tenơ Bank Governors funds an IASC project on bank financial statements. ƥ IASC holds Board meetings in London (2) and Washington. !>0 & ƥ E6 ing Treatment of Changing Prices ƥ E7 Statement of Source and Application of Funds ƥ E8 The Treatment in the Income Statement of Unusual Items and Changes in ing Estimates and ing Policies & ƥ IAS 3 (1976) Consolidated Financial Statements ƥ IAS 4 (1976) Depreciation ing ƥ IAS 5 (1976) Information to be Disclosed in Financial Statements üD

9:11 ! ƥ IASC Constitution is revised to add to two seats to the IASC Board (in addition to the 9 founder countries), bringing the total to 11. Nine votes are required to adopt a Standard, giving the 9 founder substantial control. Also, this revised Constitution identified the standards-setting body as the 'Board' of the IASC, not a 'committee'. ƥ IFAC is formed. AISG is disbanded. ƥ IASC holds Board meetings in London, Amsterdam, and Edinburgh. !>0 & ƥ E9 ing for Research and Development Costs ƥ E10 Contingencies and Events Occurring After the Balance Sheet Date ƥ E11 ing for Foreign Transactions and Translation of Foreign Financial Statements ƥ E12 ing for Construction Contracts & ƥ IAS 6 (1977) ing Responses to Changing Prices ƥ IAS 7 (1977) Statement of Changes in Financial Position ü´

9:1@ ! ƥ John A. Hepworth of Australia becomes chairman of IASC. ƥ South Africa and Nigeria Board, increasing Board size to 11. ƥ IASC holds Board meetings in London (2) and Perth (Australia). ƥ For the first time, IASC rejects a proposed standard (based on E11, ing for Foreign Transactions and Translation of Foreign Financial Statements), and a new steering committee is appointed for a fresh start. ƥ IASC begins discussions with the International Federation of ants (IFAC) on 'mutual commitments' regarding the relationship between the two bodies. !>0 & ƥ E13 ing for Taxes on Income ƥ E14 Current Assets and Current Liabilities & ƥ IAS 8 (1978) Unusual and Prior Period Items and Changes in ing Policies ƥ IAS 9 (1978) ing for Research and Development Activities ƥ IAS 10 (1978) Contingencies and Events Occurring After the Balance Sheet Date üX

9:1: ! ƥ Allan V. C. Cook becomes secretary of IASC. ƥ IASC meets OECD working group on ing standards. ƥ IASC holds Board meetings in London (2) and Mexico City. !>0 & ƥ None & ƥ IAS 11 (1979) ing for Construction Contracts ƥ IAS 12 (1979) ing for Taxes on Income ƥ IAS 13 (1979) Presentation of Current Assets and Current Liabilities

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9:@/ ! v J. A. (Hans) Burggraaff of Netherlands becomes chairman of IASC. v IASC publishes a discussion paper on bank disclosures (project funded by 'Group of Ten' Bank Governors). v IASC holds Board meetings in London, Berlin, and Dublin v United Nations Intergovernmental Working Group on ing and Reporting meets for first time. IASC proposes a cooperative working arrangement with UN group. v !>0 & v E15 Reporting Financial Information by Segment v E16 ing for Retirement Benefits in the Financial Statements of Employers v E17 Information Reflecting the Effects of Changing Prices v E18 ing for Property, Plant and Equipment in the Context of the Historical Cost System v E19 ing for Leases v & v None

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9:@9 ! v Geoffrey B. Mitchell becomes Secretary of IASC. Title is changed to Secretary-General during his tenure. v IASC Consultative Group is formed to advise IASC on agenda projects and priorities. Consultative Group represent both ing and non-ing organizations with an interest in financial reporting (stock exchanges, bankers, lawyers, business, unions, government, United Nations, World Bank, OECD, etc.). First meeting in October 1981. v IASC begins a t project on ing for income taxes with standard setters from the Netherlands, UK, and USA. v IASC holds Board meetings in London (2) and Tokyo. v !>0 & v E20 Revenue Recognition v E21 ing for Government Grants and Disclosure of Government Assistance v E22 ing for Business Combinations v & v IAS 14 (1981), Reporting Financial Information by Segment v IAS 15 (1981), Information Reflecting the Effects of Changing Prices

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9:@; ! v Stephen Elliott of Canada becomes chairman of IASC. IASC and IFAC make mutual commitments. The IASC Board is expanded to up to 17 , including 13 country appointed by the Council of IFAC and up to 4 representatives of organizations with an interest in financial reporting. All of IFAC are of IASC. IFAC recognizes and will look to IASC as the global ing standard setter. Special constitutional status of the 9 founder of IASC is eliminated. v IASC holds Board meetings in London (2) and Amsterdam. v !>0 & v E23 ing for the Effects of Changes in Foreign Exchange Rates v E24 Capitalization of Borrowing Costs v & v IAS 16 (1982) ing for Property, Plant and Equipment v IAS 17 (1982) ing for Leases v IAS 18 (1982) Revenue Recognition

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9:@. ! ƥ Italy s IASC Board. ƥ Expanded IASC Board under the revised Constitution takes effect. ƥ IASC holds Board meetings in London, Edinburgh, and Paris. ƥ Title of senior staff executive changed from 'Secretary' to 'SecretaryGeneral'. !>0 & ƥ E25, Disclosure of Related Party Transactions & ƥ IAS 19 (1983) ing for Retirement Benefits in the Financial Statements of Employers ƥ IAS 20 (1983) ing for Government Grants and Disclosure of Government Assistance ƥ IAS 21 (1983) ing for the Effects of Changes in Foreign Exchange Rates ƥ IAS 22 (1983) ing for Business Combinations

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9:@= ! v Taiwan s IASC Board. v IASC holds a formal meeting with the US Securities and Exchange Commission. v IASC holds Board meetings in London, Toronto, and Düsseldorf. v !>0 & v E26 ing for Investments v & v IAS 23 (1984) Capitalization of Borrowing Costs v IAS 24 (1984) Related Party Disclosures

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9:@B ! v John L. Kirkpatrick of UK becomes chairman of IASC. v David Cairns becomes Secretary-General of IASC. v IASC participates in an OECD forum on global ing harmonization. v IASC responds to SEC proposals for a multinational prospectus. v IASC holds Board meetings in London, Rome, and New York. v !>0 & v E27, ing and Reporting by Retirement Benefit Plans v & v None

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9:@< ! v Financial analysts (International Coordinating Committee of Financial Analysts Associations) get a seat on the IASC Board. v IASC co-sponsors a conference with New York Stock Exchange and International Bar Association on the globalization of financial markets. v IASC holds Board meetings in London, Dublin, and Amsterdam v !>0 & v E28 ing for Investments in Associates and t Ventures v & v IAS 25 (1986) ing for Investments

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9:@1 ! v Georges Barthes de Ruyter of becomes chairman of IASC. v IASC begins its Comparability and Improvements Project. Objective is to reduce or eliminate alternatives and make standards more detailed and prescriptive rather than flexible and descriptive of current practice. v International Organization of Securities Commissions (IOSCO) s the Consultative Group and s the Comparability project. v IASC publishes its first Bound Volume of International ing Standards, containing the standards extant at 1 September 1987. v IASC holds Board meetings in Sydney and Edinburgh. v !>0 & v E29 Disclosures in the Financial Statements of Banks v E30 Consolidated Financial Statements and ing for Investments in Subsidiaries v E31 Financial Reporting in Hyperinflationary Economies v & v IAS 26 (1987), ing and Reporting by Retirement Benefit Plans A´

9:@@ ! v Jordan, Korea and the Nordic Federation (representing ing bodies in Norway, Denmark, Sweden, Finland, and Iceland) the IASC Board, replacing Mexico, Nigeria, and Taiwan. v Financial instruments project started in conjunction with Canadian ing Standards Board. v IASC publishes a survey on the use of IAS. v FASB s the Consultative Group and becomes an observer at the IASC Board table. v IASC holds Board meetings in Düsseldorf, Toronto, and Copenhagen. v !>0 & v Exposure Draft: Framework for the Preparation and Presentation of Financial Statements v & v None

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9:@: ! v European ing Federation (FEE) s international harmonization and greater European involvement in IASC. v IFAC adopts a public sector guideline to require government business enterprises to follow IAS. v IASC holds Board meetings in Brussels and New York. v IASC publishes its Framework for the Preparation and Presentation of Financial Statements. v !>0 & v E32 Comparability of Financial Statements v E33 ing for Taxes on Income v E34 Disclosures in the Financial Statements of Banks and Similar Financial Institutions v E35 Financial Reporting of Interests in t Ventures v & v IAS 27 (1989) Consolidated Financial Statements and ing for Investments in Subsidiaries v IAS 28 (1989) ing for Investments in Associates v IAS 29 (1989) Financial Reporting in Hyperinflationary Economies o

9::/ ! v Statement of Intent - Comparability of Financial Statements. v Arthur R. Wyatt of the United States becomes chairman of IASC. v European Commission s the Consultative Group and takes a seat at the IASC Board table as an observer. Bank regulators and asset valuers also the Consultative Group. v A programmed to seek external funding is launched. v IASC holds Board meetings in Amsterdam, Paris, and Singapore. v !>0 & v None v & v IAS 30 (1990) Disclosures in the Financial Statements of Banks and Similar Financial Institutions v IAS 31 (1990) Financial Reporting of Interests in t Ventures

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9::9 ! v IASC organizes a conference of national standard setters in conjunction with FEE and FASB. v US FASB indicates its for international ing standards. v IASC holds Board meetings in London, Milan, and Seoul v !>0 & v E36 Cash Flow Statements v E37 Research and Development Activities v E38 Inventories v E39 Capitalization of Borrowing Costs v E40 Financial Instruments v & v None

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9::; ! ƥ IASC constitution revised. ƥ IASC holds Board meetings in Madrid, Amman, and Chicago !>0 & ƥ E41 Revenue Recognition ƥ E42 Construction Contracts ƥ E43 Property, Plant and Equipment ƥ E44 The Effects of Changes in Foreign Exchange Rates ƥ E45 Business Combinations ƥ E46 Extraordinary Items, Fundamental Errors and Changes in ing Policies ƥ E47 Retirement Benefit Costs & ƥ Revision:

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9::. ! ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ ƥ

Eiichi Shiratori of Japan becomes chairman of IASC. India replaces Korea on Board. IASC and IOSCO agree on a list of core standards. Comparability and Improvements project completed with approval of ten revised IAS. However, IOSCO did not endorse IAS at that time for use in cross-border securities offerings. South African Institute of Chartered ants decides that South African ing standards should be based on IAS -- existing South African GAAP to be revised. IASC holds Board meetings in Tokyo, London, and Oslo. !>0 & None & Revisions: IAS 2 (revised 1993) Inventories IAS 8 (revised 1993) Net Profit or Loss for the Period, Fundamental Errors and Changes in ing Policies IAS 9 (revised 1993) Research and Development Costs IAS 11 (revised 1993) Construction Contracts IAS 16 (revised 1993) Property, Plant and Equipment IAS 18 (revised 1993) Revenue IAS 19 (revised 1993) Retirement Benefit Costs IAS 21 (revised 1993) The Effects of Changes in Foreign Exchange Rates IAS 22 (revised 1993) Business Combinations IAS 23 (revised 1993) Borrowing Costs oü

9::= ! v Board meets with standard setters to discuss E48, Financial Instruments. v ing educators Consultative Group. v World Bank agrees to fund Agriculture project. v Establishment of IASC Advisory Council approved, with responsibilities for oversight and finances. v IOSCO accepts 14 IAS and identifies some specific issues to be addressed in the remaining core standards (the so-called 'Shiratori letters'). v FASB agrees to work with IASC on a t earnings per share project. v The G4+1 group, which includes IASC as the '+1', publishes its first study on Future Events. v IASC holds Board meetings in Edinburgh and Budapest. v !>0 & v E48 Financial Instruments v E49 Income Taxes v & v None oA

9::B v ! v v v v v v v v v

Michael Sharpe of Australia becomes chairman of IASC. Sir Bryan Carsberg becomes Secretary-General of IASC. IASC agrees with IOSCO to complete the core standards by 1999. IOSCO states that if the core standards are successfully completed, IOSCO will review them with the objective of endorsing IAS for cross-border offerings. First German companies report under IAS. Federation of Swiss Holding Companies takes a seat on the IASC Board. Malaysia and Mexico replace Italy and Jordan on Board. India and South Africa agree to share Board seats with Sri Lanka and Zimbabwe, respectively. World Bank's ing handbook states that 'in the absence of any superior national standards, the Bank requires the use of IASs in the preparation of financial statements'. European Commission s the IASC/IOSCO agreement and concludes that IAS should be followed by EU multinationals. IASC holds Board meetings in Düsseldorf, Amsterdam, and Sydney.

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IASB accelerates its core standards programmed by one year, with completion planned by the end of 1998. International Association of Financial Executives Institutes s IASC Board. IOSCO takes a seat at the IASC Board table as an observer. IASC starts a t project on Provisions with UK ing Standards Board. A study by the EU Committee finds IAS compatible with EU directives, with minor exceptions. US SEC announces its of the IASC's objective to develop, as expeditiously as possible, ing standards that could be used for preparing financial statements used in cross-border offerings. US Congress calls for 'a high-quality comprehensive set of generally accepted international ing standards'. Australian Stock Exchange s a programmed to harmonies Australian standards with IAS. World Trade Organization encourages successful completion of international ancy standards. IASC holds Board meetings in Brussels, Stockholm, and Barcelona.

v !>0 & v v v v v

E52 Earnings Per Share E53 Presentation of Financial Statements E54 Employee Benefits & ïevision:

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IAS 12 (revised 1996), Income Taxes oD

9::1$9' v v v v v v v v v v v v v v v

! Standing Interpretations Committee is formed. 12 voting . IASC and FASB issue similar EPS standards. IASC, FASB, and CICA issue new Segments standards with relatively minor differences. IASC discussion paper proposes fair value for all Financial Assets and Financial Liabilities. IASC holds 45 consultation meetings in 16 countries. Actuaries Consultative Group. Arab Society of Certified ants calls for all of its 22 member countries to adopt IAS as their national GAAP ('Dubai Declaration'). APEC (Asia-Pacific Economic Cooperation) expresses its of the efforts of the International ing Standards Committee to develop international ing standards. t Working Group on financial instruments formed with national standard setters. People's Republic of China becomes a member of IFAC and s the IASC Board as observer. IASC sponsors a conference of ing standard setters from 20 countries in Hong Kong. FEE calls on Europe to use IASC's Framework. US SEC reports to Congress on the outlook for successful completion of a set of international ing standards that would be acceptable in the US. IASC appoints a Strategy Working Party (SWP) to make recommendations regarding the future structure and operation of IASC following completion of the core standards. First meeting in April. IASC sets up its Internet website. IASC holds Board meetings in London, Johannesburg, Beijing, and Paris.

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9::1$;' v v v v v v v v v v

!>0 & E55 Impairment of Assets E56 Leases E57 Interim Financial Reporting E58 Discontinuing Operations E59 Provisions, Contingent Liabilities and Contingent Assets E60 Intangible Assets E61 Business Combinations &

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v IAS 33 (1997) Earnings Per Share ïevisions: v v v v v v v

IAS 1 (revised 1997) Presentation of Financial Statements IAS 14 (revised 1997) Segment ïeporting IAS 17 (revised 1997) Leases 0 & SIC 1 Consistency - Different Cost Formulas for Inventories SIC 2 Consistency - Capitalization of Borrowing Costs SIC 3 Elimination of Unrealized Profits and Losses on Transactions with Associates

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9::@$9' v ! v Stig Enevoldsen of Denmark becomes chairman of IASC. v New laws in Belgium, , , and Italy allow large companies to use IAS domestically in their consolidated financial statements. v First official translation of IAS (German). v IFAC/IASC hip expands to Latin America (new member bodies in Bolivia, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua) as well as Haiti, Iran, and Vietnam, bringing hip to 140 bodies in 101 countries. v IFAC Public Sector Committee begins a programmed to develop International Public Sector ing Standards based on IAS. v Strategy Working Party proposes structural changes (including a bicameral standardsetting structure) and closer ties to national standard-setters. v In response to Asian financial crisis, the G8 Summit, the G7 finance ministers and central bank governors, the World Bank, and the IMF all call for rapid completion and global adoption of high quality international ing standards. v International Federation of Stock Exchanges expresses for IAS. v IAS published on CD ROM. v IASC completes the core standards with approval of IAS 39 in December. v IASC holds Board meetings in London, Kuala Lumpur, Niagara-on-the-Lake, Zurich, and Frankfurt. D

9::@$;' v v v v v

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IAS 34 (1998) Interim Financial Reporting IAS 35 (1998) Discontinuing Operations IAS 36 (1998) Impairment of Assets IAS 37 (1998) Provisions, Contingent Liabilities and Contingent Assets IAS 38 (1998) Intangible Assets IAS 39 (1998) Financial Instruments: Recognition and Measurement Revisions:

v v v v v v v v v v v v v v v

IAS 16 (revised 1998) Property, Plant and Equipment IAS 19 (revised 1998) Employee Benefits IAS 22 (revised 1998) Business Combinations IAS 32 (revised 1998) Financial Instruments: Disclosure and Presentation 0 & SIC 5 Classification of Financial Instruments - Contingent Settlement Provisions SIC 6 Costs of Modifying Existing Software SIC 7 Introduction of the Euro SIC 8 First-Time Application of IASs as the Primary Basis of ing SIC 9 Business Combinations - Classification either as Acquisitions or Uniting of Interests SIC 10 Government Assistance - No Specific Relation to Operating Activities SIC 11 Foreign Exchange - Capitalization of Losses Resulting from Severe Currency Devaluations SIC 12 Consolidation - Special Purpose Entities SIC 13 tly Controlled Entities - Non-Monetary Contributions by Ventures SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items

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! IOSCO begins its review of IASC core standards. IASC Board meetings are opened to public observation. First public meeting is held in Washington in March. G7 Finance Ministers and IMF urge for IAS to 'strengthen the international financial architecture'. New IFAC International Forum on ancy Development (IFAD) commits to 'use of International ing Standards as the minimum benchmark for raising national ing standards' worldwide. EC study fins no significant conflicts between IAS and the European Directives. EC adopts a financial services action plan that includes use of IAS as 'European GAAP'. FEE 'reporting strategy for Europe' strongly s use of IAS in Europe without requiring compliance with EC ing Directives, plus phase-out of US GAAP. Eurasian Federation of ants and Auditors plans adoption of IAS in CIS countries. Various meetings of SWP to discuss the comments on their initial proposal and to develop final recommendations. SWP publishes a revised proposal. IASC Board unanimously approves restructuring into 14-member board (12 full-time) under an independent board of trustees. IASC Board appoints a Nominating Committee, chaired by US SEC Chairman Arthur Levitt, to select first Trustees under new IASC structure. Looking beyond financial statements, IASC publishes a study of business reporting on the Internet. IASC holds Board meetings in Washington, Warsaw, Venice, and Amsterdam. D¢

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!>0 & E64 Investment Property E65 Agriculture & ïevision:

v IAS 10 (revised 1999) Events After the Balance Sheet Date v 0 & v SIC 15 Operating Leases - Incentives v SIC 16 Share Capital - Reacquired Own Equity Instruments (Treasury Shares)

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! Thomas E. Jones (UK citizen, career primarily in the United States) becomes chairman of IASC. SIC meetings open to public observation. Basel Committee expresses for IAS and for efforts to harmonies ing internationally. SEC issues a concept release inviting comments on the use of international ing standards in the United States. As part of restructuring programmed, IASC Board approves a new Constitution. IOSCO recommends that its allow multinational issuers to use IASC standards in crossborder offerings and listings. Nominating Committee announces initial Trustees of the restructured IASC. Paul Volcker, former US Federal Reserve Board Chairman, will chair the board of trustees. IASC Member Bodies approve IASC's restructuring and a new IASC Constitution. European Commission announces a plan to require all EU listed companies to use IAS starting no later than 2005. Trustees name Sir David Tweedie (chairman of the UK ing Standards Board) as the first Chairman of the restructured IASC Board. Trustees announce search for new Board . Over 200 applications are received. IASC Board approves limited revisions to IAS 12, IAS 19, and IAS 39. IASC publishes first batch of Implementation Guidance Q&A on IAS 39. IAS 41 Agriculture is approved at the last meeting of the IASC Board (published in 2001). IASC holds Board meetings in Sao Paulo, Copenhagen, Tokyo, London. As one of its last official acts, the IASC Board approves a Statement to the new IASC Board commenting on projects to be carried forward and possible additional projects to be undertaken. Dü

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!>0 & E66 Financial Instruments: Recognition and Measurement - Limited Revisions to IAS 39 E67 Pension Plan Assets E68 Income Tax Consequences of Dividends &

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IAS 40 (2000), Investment Property Revisions:

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IAS 12 (revised 2000) Income Taxes IAS 19 (revised 2000) Employee Benefits IAS 28 (revised 2000) ing for Investments in Associates IAS 31 (revised 2000) Financial Reporting of Interests in t Ventures 0 & SIC 17 Equity - Costs of an Equity Transaction SIC 18 Consistency - Alternative Methods SIC 19 Reporting Currency - Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 SIC 20 Equity ing Method - Recognition of Losses SIC 21 Income Taxes - Recovery of Revalued on-Depreciable Assets SIC 22 Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported SIC 23 Property, Plant and Equipment - Major Inspection or Overhaul Costs SIC 24 Earnings Per Share - Financial Instruments that May Be Settled in Shares SIC 25 Income Taxes - Changes in the Tax Status of an Enterprise or its Shareholders

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! Trustees appoint the initial 14 of the International ing Standards Board. In March 2001, IASC Trustees activate Part B of IASC's new Constitution and establish a non-profit Delaware corporation, named the International ing Standards Committee Foundation, to oversee the IASB. On 1 April 2001, the new IASB takes over from the IASC the responsibility for setting International ing Standards. New Board holds its first meeting, adopts existing IAS and SICs, and deliberates its agenda and other issues. Trustees appoint 49 charter to the IASB Standards Advisory Council. First SAC meeting is held in July. European Commission presents legislation to require use of IASC Standards for all listed companies no later than 2005. EFRAG (European Financial Reporting Advisory Group) is created by the ing profession, preparers, s, and national standard-setters in EU countries to advise the European Commission on acceptability of individual IAS for Europe, as well as to respond to IASB comment documents. European Directives amended to allow compliance with IAS 39. IASB moves into new offices at 30 Cannon Street, London. IASB meets with chairs of those national ing standards-setting bodies that have a formal liaison relationship with IASB - Australia/New Zealand, Canada, , , Japan, UK, and US - to begin coordinating agendas and setting out convergence goals. IASB adopts its initial agenda of nine technical projects and agrees to have an advisory or monitoring role on 16 additional projects being worked on by partner national standard setters. Debate over IASB's stock options project reaches US Congress. Seven largest ing firms strongly endorse IAS for Europe. New SEC Chief ant urges global convergence of ing standards. Trustees appoint the of the restructured Standing Interpretations Committee. IFAD publishes GAAP 2000 ƛ a comparison of IAS and GAAP in 53 countries ƛ as part of its effort to bring national GAAP up to an IAS benchmark. IASB holds Board meetings in London (6), Washington, and Paris.

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! IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Volcker testify at US Senate hearing on ing and Investor Protection Issues Raised by Enron and Other Public Companies. IASB issues its first exposure draft and final Standard on an ing issue (IAS 19, Employee Benefits: The Asset Ceiling). SIC renamed to International Financial Reporting Interpretations Committee, with a mandate not only to interpret existing IAS and IFRS but also to provide timely guidance on matters not addressed in an IAS or IFRS. Europe adopts regulation requiring all listed companies, including banks and insurance companies, to prepare their consolidated s in accordance with IAS starting 2005. IASB Board member Robert Herz is appointed chairman of the U.S. Financial ing Standards Board. IASB issues its first exposure draft of a Standard that will be in its new series of International Financial Reporting Standards: ED1 First-Time Application of International Financial Reporting Standards. US ing reform legislation requires FASB to consider international convergence in adopting US GAAP. IASB Chairman Sir David Tweedie and IASC Foundation Chairman Paul Volcker both speak at the opening plenary session of the World Congress of ants in Hong Kong. FASB and IASB hold a t meeting and issue a memorandum of understanding pledging convergence of their ing standards and coordination of their work programmes. D´

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!>0 & Amendment to IAS 19, Employee Benefits: The Asset Ceiling Improvements to International ing Standards Amendments to IAS 32, Financial Instruments: Disclosure and Presentation, and IAS 39: Financial Instruments: Recognition and Measurement ED 1: First-Time Application of International Financial Reporting Standards ED 2: Share-Based Payment ED 3: Business Combinations Amendments to IAS 36 and IAS 38 & ïevisions:

v Preface to International Financial ïeporting Standards (2002), replaced Preface to Statements of International ing Standards (1982). v IAS 19 (ïevised 2002) Employee Benefits. v 0 & v SIC 32 Intangible Assets - Website Costs DX

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!>0 & ED 4 Disposal of Non-current Assets and Presentation of Discontinued Operations ED 5 Insurance Contracts Fair Value Hedge ing for a Portfolio Hedge of Interest Rate Risk &

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IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 ing Policies, Changes in ing Estimates and Errors IAS 10 Events after the Balance Sheet Date IAS 15 Information Reflecting the Effects of Changing Prices ƛ Withdrawn IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 31 Interests in t Ventures IAS 32 Financial Instruments: Presentation and Disclosure IAS 33 Earnings per Share IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property

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! IASB and various European groups engage in extensive discussions about IAS 32 and IAS 39. European Commission endorses all IASs and IFRSs for use in Europe except that two sections of IAS 39 are 'carved out' Australia, Hong Kong, New Zealand, and Philippines adopt improved IASs and IFRSs virtually word for word as national GAAP. IASB and ing Standards Board of Japan begin convergence project. IASB initiates an internal review of its deliberative processes. IASC Foundation trustees propose constitutional changes, including super-majority vote. First web casts of an IASB board meeting. First IFRIC interpretation is published. First IASB Discussion Paper is published: Preliminary Views on ing Standards for Small and Medium-sized Entities. !>0 & ED 6 Exploration for and Evaluation of Mineral Resources ED 7 Financial Instruments: Disclosures Amendments to IFRS 3 Business Combinations: Combinations by Contract Alone or Involving Mutual Entities Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures Amendments to IAS 39 Financial Instruments: Recognition and Measurement - The Fair Value Option Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Financial Guarantee Contracts and Credit Insurance Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Cash Flow Hedge ing of Forecast Intragroup Transactions Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Transition and Initial Recognition of Financial Assets and Financial Liabilities

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ew:

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IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 ' Shares in Co-operative Entities and Similar Instruments IFRIC 3 Emission Rights IFRIC 4 Determining Whether an Arrangement Contains a Lease IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds Revisions:

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! Meetings of IASB working groups opened to public observation. Constitutional changes adopted including expanding IASCF trustees from 19 to 22, raising IASB vote from simple majority to 9 out of 14, and independent chair of SAC. IASB Board member appointed as chair of IFRIC. SEC publishes 'roap' to eliminating reconciliation from IFRSs to US GAAP. First independent chairman of SAC appointed. New IASB publication series proposed, but abandoned after public comments: Technical Corrections. IASCF Trustees form Trustee Appointments Advisory Group. !>0 & Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IFRS 6 Exploration for and Evaluation of Mineral Resources. Amendments to IAS 19 Employee Benefits Amendments to IAS 27 Consolidated and Separate Financial Statements Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets Replacement of IFRS 3 Business Combinations

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IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies Revisions: IFRIC 3 Emission Rights ƛ Withdrawn ´X

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! Updated IASB-FASB agreement on convergence IASB statement on working relationships with other ing standard setters Trustees publish Due Process Handbook for the IASB Trustees propose due process steps for IFRIC IOSCO database on enforcement of IFRSs by securities regulators IASB announces that no new major standards will be effective before 2009 !>0 & ED 8 Operating Segments Amendments to IAS 1 Presentation of Financial Statements: A Revised Presentation Amendment to IFRS 2 Share-based Payment: Vesting Conditions and Cancellations Amendment to IAS 23 Borrowing Costs Financial Instruments Put table at Fair Value and Obligations Arising on Liquidation X

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Due process of ing standard development is as following: Deciding on a subject for research. TheVing Standard Setting Committee decides on the topics to be considered by Standard Setting Department. Preliminary studies. After deciding on the subject, necessary research and studies are commenced by the advisors of the Standard Setting Department. In this phase, the standards of other countries like USA, UK, Australia and Canada, International ing Standards, research carried out in relation to the subject, ing practice in Iran and the law and all issues relating to the subject are recognized, collected and studied. The result of this phase is presentation of study reports. Deciding on necessity of a standard development. The Standard Setting Committee decides on the necessity of development of a standard based on the result of preliminary studies. Preparation of primary draft. If the standard development is required by the ing Standard Setting Committee, the advisory group prepare a primary draft based on study reports, after field studies and some meetings with professionals and constituents. One of the main policies of ing standard development is compliance with International ing Standards. Therefore, concerning the subject on which there is an International ing Standard, this International ing Standard is used as the main basis for the standard development. The outcome of this phase is the primary standard draft. Development of standard draft. In this phase, the ing Standard Setting Committee presents the final standard draft, after deep and broad reviews and necessary amendments. The outcome of this phase is the standard draft. Public comment. For public comment, any standard draft is made available to the public by different ways like publishing in professional journals, Internet (Organization Site), etc. Also, according to the subject nature, the standard draft is separately sent to some authorities. The opinions received in respect of the standard draft is concluded and presented to the ing Standard Setting Committee by the Standard Setting Department. The Committee amends, if necessary, the standard draft and after approval by the Technical Committee, the revised standard draft is presented to the Board of Executive of the Organization. Ultimate approval. The final statement will be published when the final text of the standard is approved by the Board of Executive and the Board of Governors of the Organization. The Board of Executive reviews the ing Standard and, after possible amendments, approves and sends them to the Board of Governors of the Organization for the ultimate approval. After approval by the Board of Governors, the final text of the ing standard is published and becomes operative. Xÿ

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ing standards have been developed based on International ing Standards. National ing Standards (NASs) are presented in comparative form with International ing Standards (IAS) in the following table. In this table: The first column notifies the number of NASs. The second column designates the subject of NASs. The third column presents the number of IASs which have been compared with their equivalent NASs. The fourth column specifies NASs which have minor departures from IASs. These are shown by notes presented in this column and are explained thereafter. XA

NASs Nos.

Subject

IASs Nos.

Explanations

1

Presentation of Financial Statements

1

---

2

Cash Flow Statements

7

Note A

3

Revenue

18

---

4

ing for Contingencies

10

---

5

ing for Events After the Balance Sheet Date

10

---

6

Reporting Financial Performance

8

---

7

ing for Research & Development Costs

38

---

8

ing For Inventories

2

---

9

ing for Long-term Contracts

11

---

10

ing for Government Grants

20

Note B

11

ing for Tangible Fixed Assets

16

---

12

Related Party Disclosures

24

---

13

ing for Borrowing Costs

23

---

14

Presentation of Current Assets & Current Liabilities

1

---

15

ing for Investments

32,39

Note C

16

Foreign Currency Translation

21

Note D

17

ing for Intangible Assets

38

---

18

Consolidated Financial Statements and ing for Investments in Subsidiaries

27

Note E

19

Business Combinations

22

---

20

ing for Investments in Associates

28

Note F

21

ing for Leases

17

---

22

Interim Financial Reporting

34

---

23

ing for t Ventures

31

---

24

Financial Reporting by Development Stage Entities

N/A

Note G

25

Segment Reporting

14

Note H

26

Agriculture

41

Note I

27

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26

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00 Standard Title External Confirmations

Standard Number 5-50

Preface to International Auditing Standards

10

Objective and General Principles Governing an Audit of Financial Statements

20

Audit Engagements

21

Quality Control for Audit Work

22

Documentation

23

The Auditorƞs Responsibility to Consider Fraud in an Audit of Financial Statements

24

Consideration of Laws and Regulations in an Audit of Financial Statements

25

Planning

30

Knowledge of the Business

31

Audit Materiality

32

Risk Assessments and Internal Control

40

Audit Evidence

50

Initial Engagements - Opening Balances

51

Analytical Procedures

52

Audit Sampling and other Selective Testing Procedures

53

Audit of ing Estimates

54

Related Parties

55

Events after the Balance Sheet Date

56

Going Concern

57

Management Representations

58

Using the work of Another Auditor

60

Considering the work of Internal Auditing

61

Using the work of an Expert

62

The Independent Auditorƞs Report

70

Comparatives

71

Other Information Included in the Reports Containing Audited Financial Statements

72

The Auditorƞs Report on Special Purpose Audit

80

Engagements to Review Financial Statements

91

Engagements to Perform AgreedƛUpon Procedures Regarding Financial Information

92

Engagements to Compile Financial Information

93

The Audit of Small Entities

105

Communications with Management

107

Examination of Prospective Financial Information

340

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