BC1

BC1 The International Accounting Standards Committee (IASC) issued the first version of IAS 1 Disclosure of Accounting Policies in 1975. It was reformatted in 1994 and superseded in 1997 by IAS 1 Presentation of Financial Statements. [IASC did not publish a Basis for Conclusions.] In 2003 the International Accounting Standards Board revised IAS 1 as part of the Improvements project and in 2005 the Board amended it as a consequence of issuing IFRS 7 Financial Instruments: Disclosures. In 2007 the Board revised IAS 1 again as part of its project on financial statement presentation. This Basis for Conclusions summarises the Board’s considerations in reaching its conclusions on revising IAS 1 in 2003, on amending it in 2005 and revising it in 2007. It includes reasons for accepting some approaches and rejecting others. Individual Board members gave greater weight to some factors than to others.