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IASB sets new global accounting rules

By Vision Reporter

Added 15th November 2009 03:00 AM

THE International Accounting Standards Board (IASB) is to introduce new and revised accounting standards.

THE International Accounting Standards Board (IASB) is to introduce new and revised accounting standards.

By Alex Balimwikungu

THE International Accounting Standards Board (IASB) is to introduce new and revised accounting standards.

Leading local and global companies will now be required to adopt “high quality compatible accounting standards to be used for domestic and cross-border financial reporting.”

The move is aimed at helping companies position themselves in the current economic environment and to comply with the ever-evolving international reporting standards.

Delotte & Touche Uganda last week sensitised its clients on the “Deloitte 2009 International Financial Reporting Standards at the Kampala Sheraton Hotel.

The workshop provided an overview of the new and revised standards and their interpretations.

Fred Okwiri, a partner with Deloitte East Africa, explained to the participants that the new standards would be “effective now and in later accounting periods.”

He said as international accounting standards keep changing, Deloitte shares the changes with its clients and stakeholders in the market place.

“There are many changes on board. These changes take place internationally as businesses keep evolving.

For instance, even as we meet today, IASB is today launching yet another new standard,” he said.

Okwiri discloded that there was also a new simplified accounting standard that has been produced for Small and Medium-sized Entities (SMEs) that have no public accountability.

However, adoption of this new standard has to be guided by the national regulatory authorities who have the ultimate responsibility regarding eligibility criteria and effective date of adoption.

IASB sets new global accounting rules

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