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Professional Skills - Topic 4 International Accounting Standard IAS 16 Explain The Nature and Purpose of this Document and Provide A Critical Evaluation The International Accounting Standards Committee (IASC) was founded in 1973 and comprises of 34 International Accounting Standards. IAS 16 deals with property plant and equipment, examples of other IAS' are 1, which provides the framework for the Preparation of Financial Statements, and 2, which describes how to deal with Inventories. Much revision of these accounting standards has taken place, in December 1993 IAS 16 was revised as part of a project on 'Comparability and Improvements of Financial Statements.' More recently revisions have occurred to ensure consistency with other standards and to keep it up to date with amendments, for example in July 1997 when IAS 1 was approved, one of the paragraphs in IAS 16 was changed. These standards are a guideline to ensure consistency amongst numerous nations. It is...

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