IFRS projects

IFRS projects

IFRS projects :International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).

IFSR Provides global framework for should companies prepare and disclose their financial statements. All the general guidelines for preparation of financial statements are provided in IFRS.

IFRS provides international standards, having an international standard is very much important for the company. A single set of world wide standard will simply accounting procedure for a company to use one reporting language. Investors and auditors will also be provided with cohesive view of finance.

Currently more than 100 countries permit or require IFRS for companies, with more countries expected to transition to IFRS by 2015. IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.

IFRS projects : Overview of all the topics 

  • Informational material
  • Observations on various scenarios that may exist during the preparation of financial statements
  • Interactive tools that will link you to responses to common issues
  • An assessment at the conclusion of each module; use your own discretion to determine if you are satisfied with your score.
  • Links to external internet sites. You may wish to be online when you work through these lessons. Whether you work online or offline you will find the technology that supports each lesson is self-contained.
IFRS learning modules

IFRS projects

IFRS projects: This course is aiming at the following

  • Introduction of the concepts of IFRS
  • Dissemination of knowledge on IFRS;
  • Comparison of IFRS with existing Indian Accounting Standards;
  • Issues in relation to IFRS;
  • Conversion of Financial Statements prepared on the basis of Indian GAAP to IFRS based financial statements.

IFRS projects

IFRS projects:The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for knowledge of IFRS in relation to the convergence of the Indian Accounting Standards with IFRS, has decided to launch a Certificate Course on International Financial Reporting Standards for its members. The objective of this Course is to enhance the knowledge as well as to provide benefit to the members in the global service market.

Apart from the comprehensive theoretical aspects, this course, the first of its kind in India, will sharpen the expertise and excellence of our members through multiple case studies across the industry and service sector.

IFRS projects

Preparing for IFRS? - Must read below
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IFRS projects : Projects done by IFRS since 2006

List of all projects of IFRS
Project nameStatusLast due process document that has been issuedMandatory application date*
Agenda consultation 2011OngoingAugust 2011 – Agenda consultation documentn/a
Agriculture: Bearer PlantsCompleted June 2014The IASB issued amendments to IAS 16 and IAS 41 for bearer plantsn/a
Amendments to IFRS 1Completed December 2010The IASB issued two narrow amendments to IFRS 1 – Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters 1 July 2011
Completed January 2010The IASB issued amendments that relieve first-time adopters of IFRSs from providing the additional disclosures introduced in March 2009 by Improving Disclosures about Financial Instruments (Amendments to IFRS 7

Click here to read the press release

1 July 2010
Completed July 2009The IASB amended the retrospective application of IFRSs for first-time adopters

Click here to read the press release

Completed May 2008The IASB issued Cost of an investment in a subsidiary (Amendments to IFRS 1 and IAS 27)

Click here to access the project page

1 January 2009
Amendments to IFRS 7 financial instruments disclosuresCompleted March 2009The IASB issued Improving Disclosures about Financial Instruments (Amendments to IFRS 7 Financial Instruments: Disclosures)1 January 2009
Annual improvementsn/aProject cycle 2009-2011

Project cycle 2008-2010

1 January 2013
Borrowing costsCompleted March 2007The IASB issued a revised IAS 23January 2009
Business combinationsCompleted January 2008 [Post-implementation Review scheduled for 2012]The IASB issued IFRS 3 Business Combinations and an amended version of IAS 27 Consolidated and Separate Financial Statements1 July 2009
Conceptual FrameworkOngoingMay 2015 – Exposure Draft Conceptual Framework for Financial Reportingn/a
Consolidationn/an/a
Consolidation and disclosureCompleted May 2011The IASB issued IFRS 10 Consolidated Financial Statements; IFRS 12 Disclosure of Interest in Other Entities1 January 2013
Consolidation: Investment entitiesOngoingAugust 2011 –  Exposure draft Investment Entitiesn/a
Credit risk in liability measurementintegrated into IAS 39 replacement projectOctober 2009 – The IASB integrates the project into its project to replace IAS 39n/a
Derecognition – disclosuresCompleted October 2010The IASB issued Disclosures-Transfers of Financial Assets (Amendments to IFRS 7)Annual periods beginning on or after 1 July 2011
Disclosure Initiative projects
Disclosure Initiative – Amendments to IAS 1Completed December 2014The IASB issued a final Standard in December 2014.
The Standard included clarifying amendments on materiality, order of the notes, subtotals, accounting policies and dis-aggregation of line items.
Click here to read the press release.
1 January 2016
Disclosure Initiative – Proposed amendments to IAS 7OngoingThe IASB published an Exposure Draft of proposed amendments to IAS 7 Statement of Cash Flows in December 2014. It proposed new disclosure requirements about an entity’s financing activities and its cash and cash equivalents balances.
Click here to read the press release.
N/A
Disclosure Initiative – MaterialityOngoingThe IASB will issue an Exposure Draft of a proposed Practice Statement on the application of materiality in Q4 2015.N/A
Disclosure Initiative – Proposed amendments to IAS 8OngoingThe IASB is currently developing its proposals. An Exposure Draft is expected to be published in Q1 2016.N/A
Disclosure Initiative – Principles of DisclosureOngoingThe IASB is currently developing its proposals. A Discussion Paper is expected to be published in Q1 2016.N/A
Disclosure Initiative – Standards-level review of disclosuresOngoingThe project is in its initial research and scoping stage.N/A
Earnings per sharePausedAugust 2008 – Exposure draft Simplifying Earnings per Share (Proposed amendments to IAS 33)n/a
Effective datesPausedOctober 2010 – The IASB together with the US-based FASB published a Request for Views to gather views with a comment period that ended on 31 January 2011n/a
Embedded derivativeCompleted March 2009The IASB issued Embedded Derivatives (Amendments to IFRIC 9 and IAS 39)Annual periods ending on or after 30 June 2009
Emissions trading schemesResearch ProjectAgenda decision outstandingn/a
Extractive activitiesPausedJuly 2010 – Discussion paper Extractive activitiesn/a
Fair value measurementCompleted May 2011The IASB issued IFRS 13 Fair Value Measurement1 January 2013
Financial Instruments projects
Financial Instruments – Recognition and measurementCompleted July 2008The IASB issued Eligible Hedged Items (Amendment to IAS 39 Financial Instruments: Recognition and Measurement)31 July 2008. Retrospective application required for annual periods beginning on or after 1 July 2009
Financial Instruments with characteristics of equityPausedFebruary 2008 – Discussion paper Financial Instruments with Characteristics of Equityn/a
Financial Instruments – puttable instrumentsCompleted February 2008The IASB issued Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements — Puttable Financial Instruments and Obligations Arising on Liquidation1 January 2009
Financial Instruments – Asset and liability offsettingCompleted December 2011The IASB and FASB agreed on common disclosure requirements related to offsetting and the IASB published Disclosures – Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7)

The IASB also published clarifications to its offsetting requirements entitled Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)

Amendments to IFRS 7: 1 January 2013 with retrospective application required

Amendments to IAS 32: 1 January 2014 with retrospective application required

Replacement of IAS 39 projects
Phase I – Classification and measurementCompleted November 2009

October 2010

The IASB issued IFRS 9 Financial Instruments. The standard covers the classification and measurement of financial assets.

The IASB adds the requirements for classifying and measuring financial liabilities to IFRS 9

See project Effective dates
Phase II – Amortised cost and impairment of financial assetsOngoingJanuary 2011 – Supplementary documentn/a
Phase III – Hedge accounting:Ongoingn/a
General hedge accountingDecember 2010 – Exposure draft Hedge Accounting
Macro hedge accounting
Financial Statement Presentation projects
Phase ACompleted March 2006The IASB issued a revised IAS 1 Presentation of Financial Statements
Phase B – Replacement of IAS 1 and IAS 7PausedJuly 2010 – Staff draftn/a
Phase B – Presentation of items of OCICompleted June 2011The IASB issued Amendments to IAS 1 Presentation of Financial Statements1 July 2012
Financial Statement Presentation – Discontinued operationsPausedJuly 2010  – Staff draft of proposed standardn/a
Government grantsDeferredNo due process document
Group cash-settled share-based payment transactionsCompleted June 2009The IASB issued Group Cash-settled Share-based Payment Transactions (Amendments to IFRS 2)TBC
IFRS for SMEsCompleted July 2009The IASB published the IFRS for SMEsn/a
Comprehensive review of the IFRS for SMEsCompleted May 2015The IASB completed comprehensive review of the IFRS for SMEsn/a
Reclassification of financial assets – Amendments to IAS 39 and IFRS 7Completed October 2009The IASB permitted the reclassification of financial instruments

Click here to read the press release

1 July 2008
Income taxesCompleted December  2010The IASB issued Amendments to IAS 12
Insurance contractsOngoingJune 2013 – Exposure Draft Insurance Contractsn/a
Intangible assetsDeferred
Investment in debt instrumentsn/aDecember 2008 – Exposure draft Investments in Debt Instruments (Proposed amendments to IFRS 7)
Joint venturesCompleted May 2011The IASB issued IFRS 11 Joint arrangementsJanuary 2013
LeasesCompleted January 2016The IASB issued IFRS 16 Leases1 January 2019
LiabilitiesPausedApril 2010 –  IASB staff paper Recognising liabilities arising from lawsuitsn/a
Management commentaryCompleted December 2010The IASB issued IFRS Practice Statement Management Commentaryn/a
Post-employment benefits (including Pensions)Completed June 2011The IASB issued Amendments to IAS 19 Employee Benefits1 January 2013
Post-employment benefits – Defined benefit plansCompleted June 2011The IASB issued IAS 19 Employee Benefits, which is effective from 1 January 2013.
Post-employment benefits – Termination benefitsCompleted June 2011The IASB included amendments in Amendments to IAS 19 Employee Benefits
Post-employment benefits – Prepayments of a minimum funding requirementCompleted November 2009The IASB issued Amendments to IFRIC 141 January 2013
Post-employment benefits – Discount rate for Employee BenefitsStoppedOctober 2009 – Board decides not to proceedn/a
Rate-regulated activitiesPausedJuly 2009 – Exposure draft Rate regulated activitiesn/a
Related party disclosuresCompleted November 2009The IASB issued a revised IAS 24 Related Party Disclosures1 January 2011
Revenue recognitionOngoingJune 2010 – Exposure draft Revenue recognitionn/a
Share-based payment – vesting conditions and cancellations (IFRS 2)Completed December 2007The IASB issued Amendments to IFRS 2 Vesting Conditions and Cancellations1 January 2009
Segment reportingCompleted November 2006The IASB issued IFRS 8 Segment reporting
Transition Guidance—amendments to IFRS 10 Completed December 2001IFRS 10 Consolidated Financial Statements arising from the exposure draft published in December 2011.

IFRS projects

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Preparing for IFRS? - Must read below
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better. Watch demo videos below -

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