preface

BDO Israel
DOING BUSINESS IN ISRAEL
The Israel Accounting Standards Board (IASB) has published the following
accounting standards:
♦ Framework for the Preparation and Presentation of Financial Statements.
♦ Accounting Standard No. 1 concerning Holdings of Venture Capital Funds.
♦ Accounting Standard No. 2 concerning Construction of Buildings for Sale.
♦ Accounting Standard No. 3 concerning Borrowing Costs.
♦ Accounting Standard No. 4 concerning Construction Contracts.
♦ Accounting Standard No. 5 concerning Non-Profit Organizations (an
amendment and update of Opinion No. 69 of the Institute of Certified Public
Accountants in Israel).
♦ Accounting Standard No. 6 concerning Required Disclosure on the Effect of
New Accounting Standards prior to their Implementation.
♦ Accounting Standard No. 7 concerning Events after Balance Sheet Date.
♦ Accounting Standard No. 8 concerning Discontinued Operations.
♦ Accounting Standard No. 11 concerning Segment Reporting.
♦ Accounting Standard No. 12 concerning the Termination of Inflationadjusted
Reporting. Effective date: December 31, 2002 for corporations
whose reporting dates are December 31. For the prognosis of postponing the
effective date of Accounting Standard No. 12 - see Accounting Standard
No. 17 hereinafter.
♦ Accounting Standard No. 13 concerning the Effect of Changes in Foreign
Exchange Rates. Effective date: December 31, 2002. For the prognosis of
postponing the effective date of Accounting Standard No. 13 - see
Accounting Standard No. 17 hereinafter.
♦ Accounting Standard No. 13 (revised), concerning the Effects of Changes in
Foreign Exchange Rates. The Standard is based on International Accounting
Standard 21 - the Effects of Changes in Foreign Exchange Rates.
Accounting Standard No. 13 (revised) is effective for financial statements
issued for periods beginning on or after January 1, 2008.
♦ Accounting Standard No. 14 concerning Interim Financial Reporting.
♦ Accounting standard No. 15 (revised) - concerning Impairment of Assets.
♦ Accounting Standard No. 17 concerning the one year deferral of the
effective date of both Accounting Standard No. 12 - Termination of
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