An Overview of International Financial Reporting Standards

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An Overview of International Financial Reporting Standards






 

 

Standards. International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs and has proposed to amend others, has replaced some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued Interpretations of Standards.
 

Compliance with Standards. Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation. .
 

IASB Framework. While not a standard, the IASB Framework for the Preparation and Presentation of Financial Statements serves as a guide to resolving accounting issues that are not addressed directly in a standard. Moreover, in the absence of a standard or an interpretation that specifically applies to a transaction, IAS 8 requires that an entity must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria and measurement concepts for assets, liabilities, income, and expenses in the Framework. The IASB adopted the Framework in April 2001. It had originally been adopted by the IASC in 1989. Currently, the IASB is working on a Project to Revise the Framework.
 

The term 'IFRSs'. The term International Financial Reporting Standards (IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. More broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and IASs and SIC interpretations approved by the predecessor International Accounting Standards Committee. [On this website, consistent with IASB policy, we abbreviate International Financial Reporting Standards (plural) as IFRSs and International Accounting Standards (plural) as IASs.]
 









International Financial Reporting Standards




Preface to International Financial Reporting Standards
 

IFRS 1 First-time Adoption of International Financial Reporting Standards
 

IFRS 2 Share-based Payment
 

IFRS 3 Business Combinations
 

IFRS 4 Insurance Contracts
 

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

IFRS 6 Exploration for and Evaluation of Mineral Assets
 

IFRS 7 Financial Instruments: Disclosures
 

IFRS 8 Operating Segments
 





Framework for the Preparation and Presentation of Financial Statements




Framework for the Preparation and Presentation of Financial Statements




International Accounting Standards




IAS 1 Presentation of Financial Statements
 

IAS 2 Inventories
 

IAS 3 Consolidated Financial Statements – Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28.
 

IAS 4 Depreciation Accounting – Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998.
 

IAS 5 Information to Be Disclosed in Financial Statements – Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997
 

IAS 6 Accounting Responses to Changing Prices – Superseded by IAS 15, which was withdrawn December 2003
 

IAS 7 Statement of Cash Flows
 

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
 

IAS 9 Accounting for Research and Development Activities – Superseded by IAS 38 effective 1.7.99
 

IAS 10 Events After the Reporting Period
 

IAS 11 Construction Contracts
 

IAS 12 Income Taxes
 

IAS 13 Presentation of Current Assets and Current Liabilities – Superseded by IAS 1.
 

IAS 14 Segment Reporting
 

IAS 15 Information Reflecting the Effects of Changing Prices – Withdrawn December 2003
 

IAS 16 Property, Plant and Equipment
 

IAS 17 Leases
 

IAS 18 Revenue
 

IAS 19 Employee Benefits
 

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
 

IAS 21 The Effects of Changes in Foreign Exchange Rates
 

IAS 22 Business Combinations – Superseded by IFRS 3 effective 31 March 2004
 

IAS 23 Borrowing Costs
 

IAS 24 Related Party Disclosures
 

IAS 25 Accounting for Investments – Superseded by IAS 39 and IAS 40 effective 2001
 

IAS 26 Accounting and Reporting by Retirement Benefit Plans
 

IAS 27 Consolidated and Separate Financial Statements
 

IAS 28 Investments in Associates
 

IAS 29 Financial Reporting in Hyperinflationary Economies
 

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions – Superseded by IFRS 7 effective 2007
 

IAS 31 Interests In Joint Ventures
 

IAS 32 Financial Instruments: Presentation – Disclosure provisions superseded by IFRS 7 effective 2007
 

IAS 33 Earnings Per Share
 

IAS 34 Interim Financial Reporting
 

IAS 35 Discontinuing Operations – Superseded by IFRS 5 effective 2005
 

IAS 36 Impairment of Assets
 

IAS 37 Provisions, Contingent Liabilities and Contingent Assets
 

IAS 38 Intangible Assets
 

IAS 39 Financial Instruments: Recognition and Measurement
 

IAS 40 Investment Property
 

IAS 41 Agriculture