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International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).

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Blogs for Ifrs

IFRS Blog

IFRS Blog. March 26, 2009. Leases: Long Overdue Changes Proposed ... Slowing Down the Move to IFRS ... IFRS: Costs and Benefits ...blog.ifrs.com/

PwC IFRS blog

PwC's dedicated IFRS blog discusses and debates the hot topics in International Financial Reporting Standards and latest IFRS newspwc.blogs.com/ifrs/

IFRS Blog: Weblogs

IFRS Blog. Weblogs. December 03, 2008. IFRS: Costs and Benefits ... To understand the benefits of IFRS adoption, we have to ask ... IFRS for Private Entities ...blog.ifrs.com/weblogs/

IFRSLIST.COM - The online community about IFRS, Accounting and Auditing

... to Business combination topic (mainly IFRS 3) ... LOCAL GAAP vs IFRS ... OTHER IFRS " Classification of PPE, Investment Properties and Assets held for sales ...www.ifrslist.com/

IFRSCanada:The devil is in the details

... blog that the SEC has extended the comment date on the proposed IFRS Roadmap ... PwC IFRS blog. Lease accounting: "There could be blood all over the streets" ...ifrscanadadevilisinthedetails.blogspot.com/

Wikipedia About Ifrs

International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).

“In the absence of a Standard or an Interpretation that specifically applies to a transaction, management 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. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8."

International Accounting Standard IAS 8, Paragraph 11:

“In making the judgement, management shall refer to, and consider the applicability of, the following sources in descending order: (a) the requirements and guidance in Standards and Interpretations dealing with similar and related issues; and (b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Framework.”

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC). In April 2001 the IASB adopted all IAS and continued their development, calling the new standards IFRS.

Structure of IFRS

IFRSs are considered "principles based" set of standards in that they establish broad rules as well as dictating specific treatments.

International Financial Reporting Standards comprise:

  • International Financial Reporting Standards (IFRS) - standards issued after 2001
  • International Accounting Standards (IAS) - standards issued before 2001
  • Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) - issued after 2001
  • Standing Interpretations Committee (SIC) - issued before 2001

There is also a Framework for the Preparation and Presentation of Financial Statements which describes some of the principles underlying IFRS.

Framework

The Framework for the Preparation and Presentation of Financial Statements states basic principles for IFRS.

Objective of financial statements

A framework is the foundation of accounting standards. The framework states that the objective of financial statements is to provide information about the financial position, performance and changes in the financial position of an entity that is useful to a wide range of users in making economic decisions, and to provide the current financial status of the entity to its shareholders and public in general.

Search results for Ifrs

Global IFRS - Overview

Global IFRS news, publications and events by Ernst & Young ... Remuneration packages: IFRS 2 and pension fund - issues related to restructuring ...www.ey.com/GLOBAL/content.nsf/International/Assurance_-_IAS_...

IFRS Whitpaper - Becker CPE

Patty Lobingier's whitepaper titled "IFRS: What's on the Horizon for Private Companies. ... Will private companies follow the same IFRS standards as public companies? ...beckercpe.com/IFRS

KPMG IFRS Institute

KPMG's Executive Report of Findings on the Proposed IFRS Roadmap ... This executive summary of the KPMG IFRS Institute Webcast held on December 18, ...www.kpmgifrsinstitute.com/

M Squared Consulting " IFRS

... improvements to IFRS. ... sufficient improvement in IFRS education and training in ... may even put the topic of IFRS on the back burner for now. ...www.msquared.com/blog/category/ifrs/

IFRS Resource Center - Grant Thornton LLP

Grant Thornton's IFRS Resource Center houses provides a wide variety of material on convergence of IFRS and GAAP accounting standards.www.grantthornton.com/ifrs?utm_source=CBM.com&utm_medium...

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News about Ifrs

FMX Ventures Inc.: Financial Statements and MD&A for the 12 Months Ended December 31, 2008

MarketwireTORONTO, ONTARIO--(Marketwire - May 8, 2009) - FMX Ventures Inc. (NEX BOARD:FMX.H) - As a result of sale of its orthotics business in November, 2007, the only remaining material assets of the Company are its tax loss carryforwards and its listing and status as a reporting issuer. Accordingly, the board of directors initiated a process to determine the marketable value of the tax losses and ...http://www.marketwire.com/mw/release.do?id=987085&sourceType...

CFOS SPLIT OVER IFRS USE

Accounting EducationIn a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, half believe that U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC, while half disagree.http://accountingeducation.com/index.cfm?page=newsdetails&id...

Stock Market Posts Biggest Weekly Gain in Six Months

This DayBuoyed by positive company results and renewed foreign interest in Nigerian equities, the stock market recorded its highest weekly gain in six months, rising 10 percent after five days of trading.http://www.thisdayonline.com/nview.php?id=142941

StatoilHydro: IFRS accounting effects from change in functional currency

MarketwireSTAVANGER, NORWAY--(Marketwire - May 6, 2009) - StatoilHydro ( OSE : STL ; NYSE:STO) changed the company structure as per 1 January 2009. The parent company, StatoilHydro ASA, and two subsidiaries, consequently changed their functional currencies to USD from the same date. The accounts for these companies are therefore now recorded in USD, while the presentation currency for the Group remains ...http://www.marketwire.com/mw/release.do?id=985057&sourceType...

FMX Ventures Inc.: Financial Statements and MD&A for the 12 Months Ended December 31, 2008

CCNMatthews via Yahoo! FinanceTORONTO, ONTARIO-- - FMX Ventures Inc. -http://biz.yahoo.com/ccn/090508/200905080529425001.html?.v=1

News about Ifrs

UPDATE 1-Munich Re Q1 profit below expected, investment hit

ReutersThe poll was conducted before Munich Re restated figures from the year-earlier quarter to reflect new IFRS 8 accounting rules on segment reporting that came into effect on Jan. 1. Net profit before minorities fell to 420 million euros from 777 million ... http://www.reuters.com/article/rbssFinancialServicesAndRealE...

Ad hoc: ADVA OPTICAL NETWORKING REPORTS Q1 2009 FINANCIAL RESULTS WITH ...

Market WireRevenues in Q1 2009 at EUR 56.9 million were higher than guidance of between EUR 50 million and EUR 55 million, and up 5% vs. Q1 2008 at EUR 54.0 million and marginally better than the EUR 56.8 million reported in Q4 2008. IFRS pro forma operating ... http://www.marketwire.com/press-release/Adva-Ag-Optical-Netw...

Luxottica Posts 1Q09 Net Income of Euro 80.4 Million --Continued ...

CNBCGAAP) and with International Financial Reporting Standards (IFRS). First quarter 2009(1) - U.S. GAAP (In millions of Euro) 1Q09 1Q08 Change Net sales 1,312.3 1,398.7 ... http://www.cnbc.com/id/30622505

GOL Republishes 2008 Financial Statements

StreetInsider.comSecurities and Exchange Commission), GOL's executive officers perceived the need to adjust the financial statements in IFRS and BRGAAP, both of which were published on March 20, 2009 in Brazil and in the USA. This occurred because the publication of ... http://www.streetinsider.com/Press+Releases/GOL+Republishes+...

PPC warns of steep fall in interim earnings 

Business Day South AfricaThe building materials producer said in a trading statement the main contributor to the interim earnings drop was an International Financial Reporting Standards (IFRS) 2 charge relating to a broad-based black economic empowerment (BEE) deal done last ... http://www.businessday.co.za/articles/topstories.aspx?ID=BD4...

Search results for Ifrs

IAS Plus: Summaries of IFRSs and IASs

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 ... http://www.iasplus.com/standard/standard.htm

IFRS International Financial Reporting Standards

IFRS International Financial Reporting Standards versus GAAP by Dr. Barry Epstein CPAhttp://ifrsaccounting.com

Global IFRS - Overview

Global IFRS news, publications and events by Ernst & Younghttp://www.ey.com/ifrs

International Financial Reporting Standards (IFRS)

http://www.cica.ca/3/9/1/6/6/index1.shtml

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) - Definition of International Financial Reporting Standards (IFRS) on Investopedia - A set of international accounting standards ... http://www.investopedia.com/terms/i/ifrs.asp

Wikipedia results for Ifrs

International Financial Reporting Standards - Wikipedia, the free ...

International Financial Reporting Standards (IFRS) are Standards, Interpretations and the Framework (in the absence of a Standard or an Interpretation) adopted by the International ... http://en.wikipedia.org/wiki/IFRS

IFRS 5 - Wikipedia, the free encyclopedia

IFRS 5 refers to the International Financial Reporting Standards relating to Non-current assets held for sale and discontinued operations. Non-current assets held for salehttp://en.wikipedia.org/wiki/IFRS_5

Provision (accounting) - Wikipedia, the free encyclopedia

In financial accounting, provision is word that creates an ambiguous account title. In U.S. GAAP, provision means an expense, while in IFRS, International Financial Reporting ... http://en.wikipedia.org/wiki/Provision_(accounting)

Constant Purchasing Power Accounting - Wikipedia, the free ...

... Price Index while valuing variable real value non-monetary items, e.g. property, plant, equipment, shares, inventory, etc in terms of International Financial Reporting Standards or ... http://en.wikipedia.org/wiki/Constant_Purchasing_Power_Accou...

International Public Sector Accounting Standards - Wikipedia, the free ...

IPSAS are based on the International Financial Reporting Standards (IFRS), formerly known as IAS. IFRS are issued by the International Accounting Standards Board (IASB).http://en.wikipedia.org/wiki/International_Public_Sector_Acc...
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Videos found for Ifrs

IFRS Summit: A Dialogue with Sir Da...

IFRS Summit: A Dialogue with Sir David Tweedie, Chairman of the International Accounting Standards B...Welcome to the IFRS Summit with Sir David Tweedie: Top International Financial Reporting Standards (IFRS) Challenges and Opportunities. Please listen as Sir David Tweedie,...Video - Video

Video on the Convergence of Account...

Video on the Convergence of Accounting Standards (US GAAP Vs. IFRS)US GAAP - IFRSFlash - Video

IAS 38 - Intangible Assets

IAS 38 - Intangible AssetsThe video gives the detailed study on IAS 38 on Intangible Assets. The first in the series of trainings. IFII (IFRS Institute of India) is providing customized training on IFRS....Flash - Video

Will there be gaps in teaching IFRS...

Will there be gaps in teaching IFRS to studentsInterview with M. P. Vijay Kumar, CFO, Sify Technologies Ltd, Chennai, October 15, 2008, 8 pmFlash - Video

Extracto IFRS Contabilidad Internac...

Extracto IFRS Contabilidad Internacional Activo FijoExtracto Diplomado de Contabilidad Internacional. NIIF - dictado por prof Luis Jara Sarrúa.Flash - Video

Answers for Ifrs

Andrew DWhat are the new headings on the balance sheet for IFRS compared with UK GAAP?Andrew DI don't know how far back you go, but these are the common headings used now: Non-current assets: Property, plant & equipment Intangible assets Subsidiaries Associated companies Joint venture co...Desk3BoundWhat will be the advantages of the SEC ordering GAAP to be replaced by IFRS?Desk3BoundIFRS will make international currency fluctuations accountable. Under GAAP, some assets could be overvalued when using FIFO inventory systems. IFRS closes some loopholes that international comanies ...accountersWhat are the tax implications of changing from GAAP to IFRS?accounterskrg220What US-affiliated companies are under the IFRS accounting standards?krg220General Electric Corporation uses it. Very few others..answering nicknameWhat r the implications on European companies and their accounting processes of changing to IFRS?answering nicknameCheck out this weblink and see if it answers your questions about the IFRS standards: http://www.ey.com/global/download.nsf/Belgium_E/EYe-IFRS-January2005/$file/EYe-IFRS-January2005.pdf#search='ifrs%...
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