Ifrs Standards Pdf
IFRS – International Financial Reporting Standards. All accounting professionals who’re instantly concerned within the evaluation of stability sheets of corporations adopting IFRS must be up to date and show that they’ve information concerning the primary parts of those requirements. The massive variety of professionals, teachers. The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. Financial reporting represents a fundamental change for the U.S. Accounting profession. The number of countries that require or allow the use of IFRS for the preparation of financial statements by publicly held companies has continued to increase. IFRS Update of standards and interpretations in issue at 31 March 2018 8. Clarifications to IFRS 15. In April 2016, the IASB issued amendments to IFRS 15 to address several implementation issues discussed by the Joint Transition Resource Group for Revenue Recognition. This page contains links to our summaries, analysis, history and resources for International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Note: The table above lists the most recent version(s) of each pronouncement and the date each version was originally issued. What are 'International Financial Reporting Standards - IFRS'. International Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB).
Accounting rules and principles PwC IFRS overview 2017 9. An entity follows the accounting policies required by IFRS that are relevant to the transactions, other events and conditions of the entity. Sometimes, standards offer a policy choice; there are other situations where no guidance is given by IFRSs. International Financial Reporting Standards (IFRSs) are set by the International Accounting Standards Board (IASB), which was established in 2001 to repla- ce the International Accounting Standards Committee (IASC). IASB members are accounting organisations that are members of the International Federation of Accountants (IFAC).
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.[1][2]
The IFRS include
- International Financial Reporting standards (IFRSs)—developed by the IASB;
- International Accounting Standards (IASs)—adopted by the IASB;
- Interpretations originated from the International Financial Reporting Interpretations Committee (IFRICs); and
- Standing Interpretations Committee (SICs).[2][3]
The list contains all standards and interpretations regardless whether they have been suspended.
List of Reporting Standards and International Accounting Standards[edit]
| N° | Title | Originally issued | Effective | Fully withdrawn | Superseded by |
|---|---|---|---|---|---|
| IAS 1 | Disclosure of Accounting Policies (1975) Presentation of Financial Statements (1997) | 1975 | January 1, 1975 | ||
| IAS 2 | Valuation and Presentation of Inventories in the Context of the Historical Cost System (1975) Inventories (1993) | 1976 | January 1, 1976 | ||
| IAS 3 | Consolidated Financial Statements | 1976 | January 1, 1977 | January 1, 1990 | IAS 27 and IAS 28 |
| IAS 4 | Depreciation Accounting | 1976 | January 1, 1977 | July 1, 1999 | IAS 36 |
| IAS 5 | Information to Be Disclosed in Financial Statements | 1976 | January 1, 1977 | July 1, 1998 | IAS 1 |
| IAS 6 | Accounting Responses to Changing Prices | 1977 | January 1, 1978 | January 1, 1983 | IAS 15 |
| IAS 7 | Statement of Changes in Financial Position (1977) Cash Flow Statements (1992) | 1977 | January 1, 1979 | ||
| IAS 8 | Unusual and Prior Period Items and Changes in Accounting Policies (1978) Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies (1993) | 1978 | January 1, 1979 | ||
| IAS 9 | Accounting for Research and Development Activities | 1978 | January 1, 1980 | July 1, 1999 | IAS 38 |
| IAS 10 | Contingencies and Events Occurring After the Balance Sheet Date (1978) Events After the Balance Sheet Date (1999) | 1978 | January 1, 1980 | ||
| IAS 11 | Accounting for Construction Contracts (1979) Construction Contracts (1993) | 1979 | January 1, 1980 | IFRS 15 | |
| IAS 12 | Accounting for Taxes on Income (1979) Income Taxes (1996) | 1979 | January 1, 1981 | ||
| IAS 13 | Presentation of Current Assets and Current Liabilities | 1979 | January 1, 1981 | July 1, 1998 | IAS 1 |
| IAS 14 | Reporting Financial Information by Segment (1981) Segment reporting (1997) | 1981 | January 1, 1983 | January 1, 2009 | IFRS 8 |
| IAS 15 | Information Reflecting the Effects of Changing Prices | 1981 | January 1, 1983 | January 1, 2005 | N/A |
| IAS 16 | Accounting for Property, Plant and Equipment (1982) Property, Plant and Equipment (1993) | 1982 | January 1, 1983 | ||
| IAS 17 | Accounting for Leases (1982) Leases (1997) | 1982 | January 1, 1984 | January 1, 2019 | IFRS 16 |
| IAS 18 | Revenue Recognition (1982) Revenue (1993) | 1982 | January 1, 1984 | January 1, 2018 | IFRS 15 |
| IAS 19 | Accounting for Retirement Benefits in Financial Statements of Employers (1983) Retirement Benefit Costs (1993) | 1983 | January 1, 1985 | ||
| IAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | 1983 | January 1, 1984 | ||
| IAS 21 | Accounting for the Effects of Changes in Foreign Exchange Rates (1983) The Effects of Changes in Foreign Exchange Rates (1993) | 1983 | January 1, 1985 | ||
| IAS 22 | Accounting for Business Combinations (1983) Business Combinations (1993) | 1983 | January 1, 1985 | April 1, 2004 | IFRS 3 |
| IAS 23 | Capitalisation of Borrowing Costs (1984) Borrowing Costs (1993) | 1984 | January 1, 1986 | ||
| IAS 24 | Related Party Disclosures | 1984 | January 1, 1986 | ||
| IAS 25 | Accounting for Investments | 1986 | January 1, 1987 | January 1, 2001 | IAS 39 and IAS 40 |
| IAS 26 | Accounting and Reporting by Retirement Benefit Plans | 1987 | January 1, 1988 | ||
| IAS 27 | Consolidated Financial Statements and Accounting for Investments in Subsidiaries (1989) Consolidated and Separate Financial Statements (2003) | 1989 | January 1, 1990 | ||
| IAS 28 | Accounting for Investments in Associates (1989) Investments in Associates & ASSOCIATES (2003) | 1989 | January 1, 1990 | ||
| IAS 29 | Financial Reporting in Hyperinflationary Economies | 1989 | January 1, 1990 | ||
| IAS 30 | Disclosures in the Financial Statements of Banks and Similar Financial Institutions | 1990 | January 1, 1991 | January 1, 2007 | IFRS 7 |
| IAS 31 | Financial Reporting of Interests in Joint Ventures (1990) Interests in Joint Ventures (2003) | 1990 | January 1, 1992 | January 1, 2013 | IFRS 11 and IFRS 12 |
| IAS 32 | Financial Instruments: Disclosure and Presentation (1995) Financial Instruments: Presentation (2005) | 1995 | January 1, 1996 | ||
| IAS 33 | Earnings per Share | 1997 | January 1, 1999 | ||
| IAS 34 | Interim Financial Reporting | 1998 | January 1, 1999 | ||
| IAS 35 | Discontinuing Operations | 1998 | July 1, 1999 | January 1, 2005 | IFRS 5 |
| IAS 36 | Impairment of Assets | 1998 | July 1, 1999 | ||
| IAS 37 | Provisions, Contingent Liabilities and Contingent Assets | 1998 | July 1, 1999 | ||
| IAS 38 | Intangible Assets | 1998 | July 1, 1999 | ||
| IAS 39 | Financial Instruments: Recognition and Measurement | 1998 | January 1, 2001 | January 1, 2018 | IFRS 9 |
| IAS 40 | Investment Property | 2000 | January 1, 2001 | ||
| IAS 41 | Agriculture | 2000 | January 1, 2003 | ||
| IFRS 1 | First-time Adoption of International Financial Reporting Standards | 2003 | January 1, 2004 | ||
| IFRS 2 | Share-based Payment | 2004 | January 1, 2005 | ||
| IFRS 3 | Business Combinations | 2004 | April 1, 2004 | ||
| IFRS 4 | Insurance Contracts | 2004 | January 1, 2005 | January 1, 2021 | IFRS 17 |
| IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | 2004 | January 1, 2005 | ||
| IFRS 6 | Exploration for and Evaluation of Mineral Resources | 2004 | January 1, 2006 | ||
| IFRS 7 | Financial Instruments: Disclosures | 2005 | January 1, 2007 | ||
| IFRS 8 | Operating Segments | 2006 | January 1, 2009 | ||
| IFRS 9 | Financial Instruments | 2009 (updated 2014) | January 1, 2018 | ||
| IFRS 10 | Consolidated Financial Statements | 2011 | January 1, 2013 | ||
| IFRS 11 | Joint Arrangements | 2011 | January 1, 2013 | ||
| IFRS 12 | Disclosure of Interests in Other Entities | 2011 | January 1, 2013 | ||
| IFRS 13 | Fair Value Measurement | 2011 | January 1, 2013 | ||
| IFRS 14 | Regulatory Deferral Accounts | 2014 | January 1, 2016 | ||
| IFRS 15 | Revenue from Contracts with Customers | 2014 | January 1, 2018 | ||
| IFRS 16 | Leases | 2016 | January 1, 2019 | ||
| IFRS 17 | Insurance contracts | 2017 | January 1, 2021 |
List of Interpretations[edit]
| N° | Title | Originally issued | Effective | Fully withdrawn | Superseded by |
|---|---|---|---|---|---|
| SIC 1 | Consistency - Different Cost Formulas for Inventories | 1997 | January 1, 1999 | January 1, 2005 | IAS 2 |
| SIC 2 | Consistency - Capitalisation of Borrowing Costs | 1997 | January 1, 1998 | January 1, 2005 | IAS 8 |
| SIC 3 | Elimination of Unrealised Profits and Losses on Transactions with Associates | 1997 | January 1, 1998 | January 1, 2005 | IAS 28 |
| SIC 5 | Classification of Financial Instruments - Contingent Settlement Provisions | 1997 | June 1, 1998 | January 1, 2005 | IAS 32 |
| SIC 6 | Costs of Modifying Existing Software | 1997 | June 1, 1998 | January 1, 2005 | IAS 16 |
| SIC 7 | Introduction of the Euro | 1997 | June 1, 1998 | ||
| SIC 8 | First-Time Application of IASs as the Primary Basis of Accounting | 1998 | August 1, 1998 | January 1, 2004 | IFRS 1 |
| SIC 9 | Business Combinations - Classification either as Acquisitions or Unitings of Interests | 1998 | August 1, 1998 | April 1, 2004 | IFRS 3 |
| SIC 10 | Government Assistance-No Specific Relation to Operating Activities | 1998 | August 1, 1998 | ||
| SIC 11 | Foreign Exchange - Capitalisation of Losses Resulting from Severe Currency Devaluations | 1998 | August 1, 1998 | January 1, 2005 | IAS 21 |
| SIC 12 | Consolidation-Special Purpose Entities | 1998 | July 1, 1999 | January 1, 2013 | IFRS 10 |
| SIC 13 | Jointly Controlled Entities-Non-Monetary Contributions by Venturers | 1998 | January 1, 1999 | January 1, 2013 | IFRS 10 |
| SIC 14 | Property, Plant and Equipment - Compensation for the Impairment or Loss of Items | 1998 | July 1, 1999 | January 1, 2005 | IAS 16 |
| SIC 15 | Operating Leases-Incentives | 1998 | January 1, 1999 | ||
| SIC 16 | Share Capital - Reacquired Own Equity Instruments (Treasury Shares) | 1998 | July 1, 1999 | January 1, 2005 | IAS 32 |
| SIC 17 | Equity - Costs of an Equity Transaction | 1999 | January 30, 2000 | January 1, 2005 | IAS 32 |
| SIC 18 | Consistency - Alternative Methods | 1999 | July 1, 2000 | January 1, 2005 | IAS 8 |
| SIC 19 | Reporting Currency - Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 | 2000 | January 1, 2001 | January 1, 2005 | IAS 21 |
| SIC 20 | Equity Accounting Method - Recognition of Losses | 1999 | July 15, 2000 | January 1, 2005 | IAS 28 |
| SIC 21 | Income Taxes-Recovery of Revalued Non-Depreciable Assets | 1999 | July 15, 2000 | January 1, 2012 | IAS 12 |
| SIC 22 | Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported | 1999 | July 15, 2000 | April 1, 2004 | IFRS 3 |
| SIC 23 | Property, Plant and Equipment - Major Inspection or Overhaul Costs | 1999 | July 15, 2000 | January 1, 2005 | IAS 16 |
| SIC 24 | Earnings Per Share - Financial instruments and other contracts that may be settled in shares | 2000 | December 1, 2000 | January 1, 2005 | IAS 33 |
| SIC 25 | Income Taxes-Changes in the Tax Status of an Entity or its Shareholders | 1999 | July 15, 2000 | ||
| SIC 26 | Draft only - not issued: Property, Plant and Equipment – Results of Incidental Operations [4] | N/A | N/A | N/A | IAS 16 |
| SIC 27 | Evaluating the Substance of Transactions Involving the Legal Form of a Lease | 2000 | January 1, 2002 | ||
| SIC 28 | Business Combinations - 'Date of Exchange' and Fair Value of Equity Instruments | 2001 | December 31, 2001 | April 1, 2004 | IFRS 3 |
| SIC 29 | Disclosure-Service Concession Arrangements | 2001 | January 1, 2002 | ||
| SIC 30 | Reporting Currency - Translation from Measurement Currency to Presentation Currency | 2001 | January 1, 2002 | January 1, 2005 | IAS 21 |
| SIC 31 | Revenue-Barter Transactions Involving Advertising Services | 2001 | January 1, 2002 | ||
| SIC 32 | Intangible Assets-Web Site Costs | 2001 | March 25, 2002 | ||
| SIC 33 | Consolidation and equity method - Potential voting rights and allocation of ownership interests | 2001 | January 1, 2002 | January 1, 2005 | IAS 27 and IAS 28 |
| IFRIC 1 | Changes in Existing Decommissioning, Restoration and Similar Liabilities | 2004 | September 1, 2004 | ||
| IFRIC 2 | Members’ Shares in Co-operative Entities and Similar Instruments | 2004 | January 1, 2005 | ||
| IFRIC 3 | Emission Rights | 2004 | March 1, 2005 | July 1, 2005 | N/A |
| IFRIC 4 | Determining whether an Arrangement contains a Lease | 2004 | January 1, 2006 | ||
| IFRIC 5 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | 2004 | January 1, 2006 | ||
| IFRIC 6 | Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment | 2005 | December 1, 2005 | ||
| IFRIC 7 | Approach under IAS 29 Financial Reporting in Hyperinflationary Economies | 2005 | March 1, 2006 | ||
| IFRIC 8 | Scope of IFRS 2 | 2006 | May 1, 2006 | January 1, 2010 | IFRS 2 |
| IFRIC 9 | Reassessment of Embedded Derivatives | 2006 | June 1, 2006 | ||
| IFRIC 10 | Interim Financial Reporting and Impairment | 2006 | November 1, 2006 | ||
| IFRIC 11 | IFRS 2-Group and Treasury Share Transactions | 2006 | March 1, 2007 | January 1, 2010 | IFRS 2 |
| IFRIC 12 | Service Concession Arrangements | 2006 | January 1, 2008 | ||
| IFRIC 13 | Customer Loyalty Programmes | 2007 | July 1, 2008 | ||
| IFRIC 14 | IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | 2007 | January 1, 2008 | ||
| IFRIC 15 | Agreements for the Construction of Real Estate | 2008 | January 1, 2009 | ||
| IFRIC 16 | Hedges of a Net Investment in a Foreign Operation | 2008 | October 1, 2008 | ||
| IFRIC 17 | Distributions of Non-cash Assets | 2008 | July 1, 2009 | ||
| IFRIC 18 | Transfers of Assets from Customers | 2009 | July 1, 2009 | ||
| IFRIC 19 | Extinguishing Financial Liabilities with Equity Instruments | 2009 | July 1, 2010 | ||
| IFRIC 20 | Stripping Costs in the Production Phase of a Surface Mine | 2011 | January 1, 2013 | ||
| IFRIC 21 | Levies | 2013 | January 1, 2014 | ||
| IFRIC 22 | Foreign Currency Transactions and Advance Considerations | 2016 | January 1, 2018 | ||
| IFRIC 23 | Uncertainty over Income Tax Treatments | 2017 | January 1, 2019 |
Latest Ifrs Standards Pdf
References[edit]
- ^IFRS Foundation, 2012. About the IFRS Foundation and the IASBArchived 2012-07-23 at the Wayback Machine. Retrieved on April 22, 2012.
- ^ abIFRS Foundation, 2012. Access the unaccompanied standards and their technical summaries. Retrieved on April 22, 2012.
- ^IFRS Foundation, 2012. The unaccompanied IASs and their technical summaries. Retrieved on April 22, 2012.
- ^IASPlus, 2012. SIC D26 - IAS Plus. Retrieved on October 25, 2012.
- ^iasplus.com, retrieved on January 20, 2018 link:https://www.iasplus.com/en/standards/ifric
External links[edit]
What are International Financial Reporting Standards (IFRS)?
International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB). They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company and country to country.
International Financial Reporting Standards (IFRS)
Understanding International Financial Reporting Standards (IFRS)
IFRS are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability and efficiency to financial markets around the world… fostering trust, growth and long-term financial stability in the global economy.” Companies benefit from the IFRS because investors are more likely to put money into a company if the company's business practices are transparent.
IFRS are used in at least 120 countries, as of March 2018, including those in the European Union (EU) and many in Asia and South America, but the U.S. uses Generally Accepted Accounting Principles (GAAP).
The U.S. Securities and Exchange Commission (SEC) has said it won't switch to International Financial Reporting Standards, but will continue reviewing a proposal to allow IFRS information to supplement U.S. financial filings. GAAP has been called 'the gold standard' of accounting. However, some argue that global adoption of IFRS would save money on duplicative accounting work, and the costs of analyzing and comparing companies internationally.
IFRS are sometimes confused with International Accounting Standards (IAS), which are the older standards that IFRS replaced. IAS was issued from 1973 to 2000, and the International Accounting Standards Board (IASB) replaced the International Accounting Standards Committee (IASC) in 2001.
Standard IFRS Requirements
IFRS covers a wide range of accounting activities. There are certain aspects of business practice for which IFRS set mandatory rules.
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- Statement of Financial Position: This is also known as a balance sheet. IFRS influences the ways in which the components of a balance sheet are reported.
- Statement of Comprehensive Income: This can take the form of one statement, or it can be separated into a profit and loss statement and a statement of other income, including property and equipment.
- Statement of Changes in Equity: Also known as a statement of retained earnings, this documents the company's change in earnings or profit for the given financial period.
- Statement of Cash Flow: This report summarizes the company's financial transactions in the given period, separating cash flow into Operations, Investing, and Financing.
In addition to these basic reports, a company must also give a summary of its accounting policies. The full report is often seen side by side with the previous report, to show the changes in profit and loss. A parent company must create separate account reports for each of its subsidiary companies.
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IFRS vs. American Standards
Differences exist between IFRS and other countries' Generally Accepted Accounting Principles (GAAP) that affect the way a financial ratio is calculated. For example, IFRS is not as strict on defining revenue and allow companies to report revenue sooner, so consequently, a balance sheet under this system might show a higher stream of revenue than GAAP's. IFRS also has different requirements for expenses; for example, if a company is spending money on development or an investment for the future, it doesn't necessarily have to be reported as an expense (it can be capitalized).
Another difference between IFRS and GAAP is the specification of the way inventory is accounted for. There are two ways to keep track of this, first in first out (FIFO) and last in first out (LIFO). FIFO means that the most recent inventory is left unsold until older inventory is sold; LIFO means that the most recent inventory is the first to be sold. IFRS prohibits LIFO, while American standards and others allow participants to freely use either.
Ifrs All Standards Pdf
Key Takeaways
- IFRS were established to create a common accounting language, so business and accounts can be understood from company to company and country to country.
- Both companies and investors benefit from IFRS because people are more confident investing in a company if its business practices are transparent and reliable.
- The IFRS are set by the International Accounting Standards Board, an independent body of the IFRS Foundation, which provide updates, insights and guidance on the standards.
History of IFRS
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide. Although the U.S. and some other countries don't use IFRS, most do, and they are spread all over the world, making IFRS the most common global set of standards.
The IFRS website has more information on the rules and history of the IFRS.
Ifrs Standards Download
The goal of IFRS is to make international comparisons as easy as possible. That goal hasn't fully been achieved because, in addition to the U.S. using GAAP, some countries use other standards. And U.S. GAAP is different from Canadian GAAP. Synchronizing accounting standards across the globe is an ongoing process in the international accounting community.