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This reformatted International Accounting Standard supersedes the Standard originally approved by the Board in November 1982. It is presented in the revised format adopted for International Accounting Standards in 1991 onwards. No substantive changes have been made to the original approved text. Certain terminology has been changed to bring it into line with current IASC practice.

In May 1999, IAS 10 (revised 1999), events after the balance sheet date, amended paragraph 11. The amended text was effective for financial statements covering annual periods beginning on or after 1 January 2000.

In January 2001, IAS 41, agriculture, amended paragraph 2. The amended text becomes effective for financial statements covering annual periods beginning on or after 1 January 2003.

One SIC interpretation relates to IAS 20:
- SIC-10: government assistance - no specific relation to operating activities.

The standards, which have been set in bold italic type, should be read in the context of the background material and implementation guidance in this Standard, and in the context of the "Preface to International Accounting Standards". International Accounting Standards are not intended to apply to immaterial items (see paragraph 12 of the Preface).

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