IASC issues new ED for comparability project. (International Accounting Standards Committee's exposure draft) (Brief Article)

The International Accounting Standards Committee issued exposure draft E46, Extraordinary Items, Fundamental Errors and Changes in Accounting Policies, as part of its comparability and improvements project. E46 is intended to revise and replace existing International Accounting Standard 8, Unusual and Prior Period Rems and Changes in Accounting Policies.

The ED incorporates changes in the IASC's Statement of Intent on the Comparability of Financial Statements, which was published in July 1990. These changes deal with the correction of fundamental errors and adjustments resulting from changes in accounting policies. Other …