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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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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/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.
