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IFRS course objective

IFRS course objective

IFRS course objective:The International Financial Reporting Standards, usually called IFRS Standards,are standards issued by the IFRS Foundation (ifrs.org) and the International Accounting Standards Board (IASB; iasb.org) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external. |San Francisco IFRS, with the exception of IAS 29 Financial Reporting in Hyper inflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorised in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorised in terms of the units of constant purchasing power paradigm.

IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonisation has occurred. Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards “International Financial Reporting Standards”.

IFRS course objective

IFRS course objective

The IFRS course objective are:

  • To develop, in the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. These standards should require high quality, transparent and comparable information in financial statements and other financial reporting to help investors, other participants in the world’s capital markets and other users of financial information make economic decisions. To promote the use and rigorous application of those standards.
  • In fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the needs of a range of sizes and types of entities in diverse economic settings.
  • To promote and facilitate adoption of the IFRS Standards, being the Standards and IFRIC® Interpretations issued by the Board, through the convergence of national accounting standards and IFRS Standards.

The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organisation. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRSs) through the International Accounting Standards Board (IASB), which it oversees.

The foundation was formerly named the International Accounting Standards Committee (IASC) Foundation until a renaming on 1 July 2010, and as of 2012 is governed by a board of 22 trustees.

IFRS course objective

The IFRS Foundation sets out the IFRSs and their interpretations, which include the following:

  • the International Financial Reporting Standards (IFRSs);
  • the International Accounting Standards (IASs);
  • the International Financial Reporting Standards Interpretations (IFRICs); and
  • the Standing Interpretation Committee interpretations (SICs).
  • Other Pronouncements. By Mukaila Hadi & Esther Bangase Anankware

Of these, the IASs and SICs are previously-developed standards and interpretations that have been adopted by the IASB and IFRS Interpretations Committee respectively.The IFRSs are developed and published by the IASB, the 15-member standard-setting body of the IFRS Foundation, while the IFRICs are provided by the IFRS Interpretations Committee.

Via the IASB, the IFRS Foundation also sets out the IFRS for small and medium-sized entities (SMEs) to better meet the needs of SMEs and relieve the burden imposed on them by the full IFRSs. At a 2012 panel discussion co-sponsored by the American Institute of Certified Public Accountants and the Institute of Chartered Accountants of Scotland, Sir David Tweedie said that the IFRS for SMEs “has been a howling success” and that 70 million businesses are using it globally, although other panelists expressed doubts about its ability to solve problems in certain areas.

IFRS course objective: Organisation and governance

The IFRS Foundation’s executive director is Yael Almog, who is also the Director of the Department of International Affairs of the Israel Securities Authority,and is funded in part by country-specific funding regimes involving stakeholder groups, or levies and other contributions through regulatory authorities.

The foundation is governed by a board of 22 trustees, including

  • Michel Prada (chairman), also co-Chairman of the Council on Global Financial Regulation.
  • Tsuguoki Fujinuma (vice-chairman), also Professor at Chuo University and Board member of the Tokyo Stock Exchange Group Inc.
  • Robert Glauber (vice-chairman), former Chairman and Chief Executive Officer of the Financial Industry Regulatory Authority.
  • Ronald Arculli, also chairman of Hong Kong Exchanges and Clearing Limited, and the World Federation of Exchanges.

The trustees’ responsibilities include appointing members to and establishing the operating procedures of the IASB, interpretations committee and advisory council, and approving the foundation’s budget. They are accountable to a monitoring board of public authorities, and their effectiveness is assessed by the Trustees’ Due Process Oversight Committee.

IFRS course objective: 

Governance of the IFRS Foundation

The governance of the IFRS Foundation shall primarily rest with the Trustees and such other governing organs as may be appointed by the Trustees in accordance with the provisions of this Constitution. A Monitoring Board (described further in sections 18–23) shall provide a formal link between the Trustees and public authorities.

The Trustees shall use their best endeavours to ensure that the requirements of this Constitution are observed; however, they may make minor variations in the interest of feasibility of operation if such variations are agreed by 75 per cent of the Trustees.

IFRS course objective:The Board

The International Accounting Standards Board (the Board) shall normally comprise 14 members. The members of the Board are appointed by the Trustees under section 15(a). Up to three members may be part-time members (the expression ‘part-time’ meaning that the members concerned commit most of their time to paid employment by the IFRS Foundation) and shall meet appropriate guidelines of independence established by the Trustees.

The remaining members shall be full-time members (the expression ‘full-time’ meaning that the members concerned commit all of their time to paid employment by the IFRS Foundation). The work of the Board shall not be invalidated by its failure at any time to have a full complement of members, although the Trustees shall use their best endeavours to achieve a full complement.

Other important link for IFRS

IFRS registration procedure –> Link

IFRS registration form –> Link

IFRS online exam registration form –> Link

IFRS course objective

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