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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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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.

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PR Newswire via Yahoo! FinanceCogdell Spencer Inc. , a real estate investment trust that invests in specialty office buildings, including medical offices and ambulatory surgery and diagnostic centers, and provides strategic planning and design and construction services for the medical profession, announces financial results for the quarter ended March 31, 2009.http://biz.yahoo.com/prnews/090511/cl14719.html?.v=1

Crocotta Energy Inc.: Q1 2009 Financial and Operating Results

CCNMatthews via Yahoo! FinanceCALGARY, ALBERTA-- - CROCOTTA ENERGY INC. is pleased to announce its financial and operating results for the three months ended March 31, 2009, including financial statements, notes to the financial statements, and Management's Discussion and Analysis.http://biz.yahoo.com/ccn/090511/200905110529323001.html?.v=1

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Gerdau Profit Fell 90 Percent on Output, Sales Slump (Update1)

Bloomberg ... Pedro Galdi , a Sao Paulo-based analyst at SLW Corretora, said in a May 6 report. “Among Brazil’s steel companies, Gerdau has been worst hit by the economic crisis.” The results were based on International Financial Reporting Standards. ... http://www.bloomberg.com/apps/news?pid=20601086&sid=a1GOo8Oz...

Swiss Life CFO to go, shares fall

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AmBev Net Rises 32%; Weather Stokes Brazil Beer Sales (Update1)

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IAS Plus: Summaries of IFRSs and IASs

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