Accounting and Auditing Standards Setting

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Accounting and Auditing Standards Setting

During last two decades, Audit Organization has taken various measures to enhance accounting profession in Iran and harmonize Iranian profession with global practice by translation of International Accounting Standards, preparation and publication of a number of text books complying with developed countries’ accounting and auditing standards, issuing sets of accounting and auditing manuals for special topics and accounting and auditing guidelines which are published at large.

In continuation of the above efforts, the Organization has prepared and issued the following accounting and auditing standards and code of ethics:

Accounting Standards

Pursuant to the issuance of different accounting guidelines during 1994-96, a complete set of accounting guidelines were prepared, approved by the Board of Governors and issued in 1999 to be complied with for a two years trial period. Comments received coupled with further studies resulted in the issuance of 22 accounting standards in line with International Accounting Standards to be complied with from 20^th March 2001. During 2002, three more accounting standards were prepared, approved and issued. Thus, there are 25 binding accounting standards extant as of to date, 20 of which are completely in line with International Accounting Standards and remaining five with minor differences. A list of accounting standards with their compatible IASs, standards undergoing revision and seven new standards in progress is given in appendix 1.

Auditing Standards

Pursuant to issuance of auditing guidelines in 1997, comments were received, thoroughly studied and 30 auditing standards in total harmony with International Standards on Auditing were issued in 1998 to be effective as of 20^th March 1999. Further more, revision of these standards together with seven new auditing standards are currently in progress. A list of auditing standards extant, standards under revision and new standards are given in appendix 2.

Code of Ethics

The code of ethics for professional accountants based on International Federation of Accountants’ approved Code and given particular consideration to the laws and socio-economic factors of Iran were issued in 1998, to be effective as of 20^th March 1999.