IFRS revision tips

IFRS revision tips

IFRS revision tips: This guide is primarily an overview of the extent of adoption of IFRS Standards in 143 countries and other jurisdictions around the world.

Those jurisdictions represent around 98 per cent of the world’s Gross Domestic Product (GDP). The guide includes summaries of the use of IFRS Standards in those 143 jurisdictions. The summaries provide a comprehensive picture of exactly where and how IFRS Standards are used globally.

IFRS revision tips: Detailed information underlying the summaries may be found on the IFRS Foundation’s website: www.ifrs.org. One overarching conclusion is evident from a review of the summaries and the underlying detailed information: the vision of a single set of global accounting standards fi rst set out by the leaders of key accounting organisations around the world over 40 years ago is today a reality. To provide a perspective on the use of IFRS Standards, this guide summarises:

IFRS revision tips:

• What IFRS Standards are:

• Why countries and other jurisdictions, and companies in those jurisdictions, would want to adopt IFRS Standards, that is, the perceived benefits.

• The history of the development of IFRS Standards.

• How IFRS Standards are developed.

• For 143 countries and other jurisdictions, information about:
  •  The accounting standards required for publicly accountable entities
  • The accounting standards required for SMEs.
  • How IFRS Standards are is endorsed or otherwise authorised for use.
  • Links to resources.
  • Requirements of current IFRS Standards.

The purpose of these profiles is to illustrate the extent of implementation of IFRS Standards across the globe only. The profiles do not reflect the intellectual property licensing status of IFRS Standards within any given jurisdiction. The IFRS Standards are protected by copyright and are subject to different licensing arrangements according to jurisdiction.

IFRS revision tips

The International Accounting Standards Board IFRS Standards are developed by the Board, which is the standard-setting body of the IFRS Foundation, an independent, private sector, not-for-profit organisation.

The Board was formed in 2001 as the successor organisation to the International Accounting Standards Committee (IASC), which had been setting International Accounting Standards (IAS Standards) since 1973. Both bodies have been London-based since their inception, but they have a global mission.

The Board is committed to developing, in the public interest, a single set of high quality global accounting standards that provide investors, lenders and others with relevant, transparent and comparable information in general-purpose financial statements.

The vision in 2000: a single set of global accounting standards The founders of the Board set out the fundamental objective of the Board and the IFRS Foundation under which it operates in a Constitution adopted in early 2000: To develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions.

That vision has been publicly supported by many international organisations, including the G20, World Bank, the International Monetary Fund (IMF), Basel Committee, International Organisation of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC), and the European Parliament and Council. That vision is consistent with the objective of the Board’s predecessor standard-setting body, the IASC, which developed IAS Standards from 1973 to 2000. The vision has not changed since 2000 In February 2012, the Trustees of the IFRS Foundation completed a Strategy Review and published their report.

They reaffirmed their commitment to achieving the vision of global accounting standards. The Trustees’ report on their review said that they remain committed to the belief that a single set of IFRS Standards is in the best interests of the global economy, and that any divergence from a single set of standards, once transition to IFRS Standards is complete, can undermine confidence in financial reporting

IFRS revision tips

What are IFRS Standards? IFRS Standards are a globally recognised set of standards for the preparation of financial statements by business entities. IFRS Standards prescribe:

• the items that should be recognised as assets, liabilities, income and expense;

• how to measure those items;

• how to present them in a set of financial statements; and

• related disclosures about those items.

IFRS revision tips: Read about all this topics that is important for IFRS.

The Conceptual Framework for Financial Reporting 2010 International Financial Reporting Standards (IFRS)

IFRS 1 First-time Adoption of International Financial Reporting Standards 2003

IFRS 2 Share-based Payment 2004

IFRS 3 Business Combinations 2004

IFRS 4 Insurance Contracts 2004

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 2004

IFRS 6 Exploration for and Evaluation of Mineral Resources 2006

IFRS 7 Financial Instruments: Disclosures 2005

IFRS 8 Operating Segments 2006

IFRS 9 Financial Instruments 2014

IFRS 10 Consolidated Financial Statements 2011

IFRS 11 Joint Arrangements 2011

IFRS 12 Disclosure of Interests in Other Entities 2011

IFRS 13 Fair Value Measurement 2011

IFRS 14 Regulatory Deferral Accounts 2014

IFRS 15 Revenue from Contracts with Customers 2014

IFRS 16 Leases 2016 International Accounting Standards (IAS)

IAS 1 Presentation of Financial Statements 2003

IAS 2 Inventories 2003

IAS 7 Statement of Cash Flows 1992

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003

IAS 10 Events after the Reporting Period 2003

IAS 11 Construction Contracts* 1993

IAS 12 Income Taxes 1996

IAS 16 Property, Plant and Equipment 2003

IAS 17 Leases** 2003

IAS 18 Revenue* 1993

IAS 19 Employee Benefits 2004

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

IAS 21 The Effects of Changes in Foreign Exchange Rates 2003

IAS 23 Borrowing Costs 2007

IAS 24 Related Party Disclosures 2003

IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987

IAS 27 Separate Financial Statements 2003

IAS 28 Investments in Associates and Joint Ventures 2011

IAS 29 Financial Reporting in Hyper inflationary Economies 2008

IAS 32 Financial Instruments: Presentation 2003

IAS 33 Earnings per Share 2003

IAS 34 Interim Financial Reporting 1998

IAS 36 Impairment of Assets 2004

IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998

IAS 38 Intangible Assets 2004

IAS 39 Financial Instruments: Recognition and Measurement*** 2003

IAS 40 Investment Property 2003

IAS 41 Agriculture 2008 Interpretations

IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 2004

IFRIC 2 Members’ Shares in Cooperative Entities and Similar Instruments 2004

IFRIC 4 Determining whether an Arrangement contains a Lease** 2004

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 2004 IFRIC 6 Liabilities arising from Participating in a Specifi c Market—Waste Electrical and Electronic Equipment 2005 IFRIC 7 Applying the Restatement Approach under

IAS 29 Financial Reporting in Hyper inflationary Economies

IFRIC 10 Interim Financial Reporting and Impairment 2006

IFRIC 12 Service Concession Arrangements 2006

IFRIC 13 Customer Loyalty Programmes* 2007

IFRIC 14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007

IFRIC 15 Agreements for the Construction of Real Estate* 2008

IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008

IFRIC 17 Distributions of Non-cash Assets to Owners 2008

IFRIC 18 Transfers of Assets from Customers* 2009

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 2009

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2011

IFRIC 21 Levies 2013 SIC-7 Introduction of the Euro 1998 SIC-10 Government Assistance—No Specific Relation to Operating Activities 1998 SIC-15 Operating Leases—Incentives** 1999

SIC-25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders 2000

SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease** 2000

SIC-29 Service Concession Arrangements: Disclosures 2001

SIC-31 Revenue—Barter Transactions Involving Advertising Services* 2001

SIC-32 Intangible Assets—Web Site Costs 2001

IFRS revision tips

IFRS Standards are developed by the IASB (the Board),

• Which is an independent standard-setting board, overseen by a geographically and professionally diverse body of Trustees of the IFRS Foundation, which is publicly accountable to a Monitoring Board of public capital market authorities.

•Which has (at 1 April 2016) 14 full-time members drawn from 11 countries and a variety of professional backgrounds. The members are appointed by, and accountable to, the Trustees of the IFRS Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience.

• Which has a staff of approximately 150 people from 30 countries and is based in London, United Kingdom, with a small Asia-Oceania co-ordination offi ce located in Tokyo, Japan.

•Which is supported by an external IFRS Advisory Council, an Accounting Standards Advisory Forum (ASAF) of national standard-setters and an IFRS Interpretations Committee (the ‘Interpretations Committee’) to offer guidance when divergence in practice occurs.

•Which  follows a thorough, open, participatory and transparent due process.

•Which engages with investors, regulators, business leaders and the global accountancy profession at every stage of the process.

IFRS revision tips –The due process includes:

• opportunities for public comment at various stages in the development of a Standard.

• Board deliberations at meetings that are open to public observation and are webcast.

• public availability of all of the agenda papers that form the basis for the Board’s deliberations as well as all of the comments received from interested parties.

• collaborates with the worldwide standard-setting community.

IFRS revision tips: Question papers Hit the link below

IFRS revision tips

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