Álit: tímarit löggiltra endurskoðenda - 01.01.1988, Blaðsíða 35

(perhaps I should be saying it the other way around,
that IASC has a Standard that is in conformity with
Icelandic accounting standards). I congratulate you for
doing so.
Viðauki úr IASC NEWS:
ICELANDIC ACCOUNTING SIMILAR TO
IASC PROPOSALS FOR HYPERINFLATION-
ARY ECONOMIES
„In Iceland your accounting is good because you
have financial statements that only show profits if you
have beaten inflation,“ IASC Secretary-General, Da-
vid Cairns, told the Icelandic Chamber of Commerce
and the Icelandic accountancy body, Félag löggiltra
endurskoðenda, in Reykjavík recently. „Furthermore,
these financial statements are used as the basis for taxa-
tion which means that enterprises only pay taxes on re-
al profits," commented David Cairns.
„The historical cost system works reasonably well
when there is no inflation but it is meaningless when
there is hyperinflation because the yard stick is con-
stantly changing," said David Cairns. „In hyperinfla-
tionary economies, it is impossible to make compari-
sons over time without restating monetary amounts."
David Cairns explained that IASC Exposure Draft,
E31, Financial Reporting in Hyperinflationary Econo-
mies, requires that the primary financial statements of
any enterprise reporting in currency of a hyperinfla-
tionary economy should be expressed in terms of the
measuring unit at the balance sheet date. In other
words, everything is expressed in the same measuring
unit. „The proposals in E31 are very similar to the re-
quirements in the Taxes Act in Iceland and the opin-
ions issued by the Félag löggiltra endurskoðenda," he
commented. David Cairns also explained that they are
also similar to what had been done in such countries as
Brazil, Argentina, Mexico and Israel, whose advice
was sought by IASC when developing E31.

Nú ábyrgisl Búnaðarbankinn tékka, útgefna
af eigendum Gullreiknings að upphteð alll að
kr. 10.000,- án framvísunar bankakorts.
Til pess þarf tékkitm að bera mynd af
reikningshafa en slíkt stendur eigendum
Gullreiknings til boða.
Pað fer ekki milli mála hver þú ert.
Nýjung: Tékkaábyrgð
án bankakorts á
tékkum með mynd
af reikningshafa.
’Bl)NADARB,\NKINN
\! TRAUSTUR BANKI
35