... develop a globally accepted set of financialreporting
standards (IFRSs) under the direction of its standards- setting body, the International
Accounting Standards Board (IASB). The AICPA (as ...
“The growing acceptance of InternationalFinancialReportingStandards (IFRS) as a
basis for U.S. financialreporting represents a fundamental change for the U.S.
accounting profession. Today ... full-time FinancialAccountingStandards Board
(FASB) replaced the Accounting Principles Board. The FASB has issued numerous Statements of
Financial Accounting Standards. The old Accounting Research...
... percent and 50 percent
297
14.7 Reporting for stock investments of more than 50 percent 298
14.8 Consolidated balance sheet at time of acquisition 302
14.9 Accounting for income, losses, and ... 308
14.10 Consolidated financial statements at a date after acquisition 309
14.11 Uses and limitations of consolidated statements 313
14.12 Analyzing and using the financial results—Dividend ... At the maturity date of a note, the maker should pay the principal plus interest. If
the interest has not been accrued in the accounting records, the maker of a dishonored
note should record...
... applying accountingstandards that had been
issued by various standard-setting bodies, both national and international. These existing standards
have been created primarily with the financialreporting ... the financial accounting, makes use of the
accounting information from the internal accounting system.
The issue is that while for internal accounting there are not express rules stated by
accounting ... (International AccountingStandards Board) for SMEs can be harmonized for
some major accounting reporting.
Literature review
A recent overview of two specialists of the literature for accounting...
...
Incorporating IFRS into Intermediate Accounting
Issued by the IASB:
ã InternationalFinancialReportingStandards (IFRS)
ã Interpretations originated from the InternationalFinancialReporting ... learn IFRS?
International FinancialReporting Standards, commonly referred to as IFRS, are gaining
momentum as the global norm in financial reporting. Issued by the London-based
International Accounting ... explanatory material added
ã IFRS used as national standards, plus national standards for topics not covered
by IFRS
ã IFRS modified for national conditions
ã National standards “similar to”, “based...
... aicpa.org
Financial AccountingStandards Board fasb.org
International AccountingStandards Board iasb.org
International Federation of Accountants ifac.org
AICPA IFRS Resources ifrs. com
International ... InternationalAccountingStandards Committee
(IASC), formed in 1973. The IASB’s mandate is to
develop InternationalFinancialReportingStandards
(IFRS) .
2002: The IASB and the FinancialAccounting ...
the InternationalAccounting
Standards Committee (IASC),
formed in 1973. The IASB’s
mandate is to develop
International Financial
Reporting Standards (IFRS) .
2002
The IASB and the Financial...
... Internation-
al AccountingStandards Board (IASB) adopted the first iteration of International
Financial ReportingStandards (IFRS) to serve as a possible pathway for establish-
ing uniform global accounting ...
system.
The Evolution of AccountingStandards
Accounting standards around the world have evolved over centuries of business
and capital market development. In this process, accountingstandards historically ... establish-
ing uniform global accounting standards. Since then, IFRS has been adopted or
become accepted in over 100 countries. Over this same period, the Financial
Accounting Standards Board (FASB) and...
... so.
International FinancialReportingStandards (IFRSs) are Standards and Interpretations adopted by
the InternationalAccountingStandards Board (IASB). They comprise:
(a) InternationalFinancial ... comprise:
(a) InternationalFinancialReporting Standards;
(b) InternationalAccounting Standards; and
(c) Interpretations developed by the InternationalFinancialReporting Interpretations
Committee ... in preparing and presenting general purpose financial statements
in accordance with InternationalFinancialReportingStandards (IFRSs).
3 Other IFRSs set out the recognition, measurement and...
... application of those standards; and
(c) to bring about convergence of national accountingstandards and International
Accounting Standards and InternationalFinancialReportingStandards to high-quality
solutions.
These ... 147
Setting and regulating international
financial reporting standards
Chapter 1 Developing global accountingstandards 5
Chapter 2 Internationalfinancialreporting standards
50
Chapter 3 Confidence ... REGULATING INTERNATIONALFINANCIAL
REPORTING STANDARDS
Part 2 CONTRASTING HARMONIZATION AND DIVERSITY ACROSS FINANCIAL
REPORTING SYSTEMS
Part 3 SIGNIFICANT INFLUENCES ON INTERNATIONAL
ACCOUNTING...
... issues
a final InternationalAccounting Standard (IAS).
In April 2001, the IASB announced that future accounting standards
would be called InternationalFinancialReportingStandards (IFRSs). Stan-
dards ... of the internationalaccounting standard setters, the In-
ternational AccountingStandards Committee (IASC) and its successor, the
International AccountingStandards Board (IASB).
THE INTERNATIONAL ... on particular matters.
Developing InternationalAccountingStandards ã 9
ccc_hussey_ch2_8-14.qxd 2/16/05 12:27 PM Page 9
INTERNATIONAL
FINANCIAL
REPORTING
STANDARDS DESK
REFERENCE
flast.qxd...
... 2002): 110–112.
International AccountingStandards Committee. IASC Constitution. IASC,
May 2000.
International AccountingStandards Board. InternationalFinancial Reporting
Standards (IFRSs)—A Briefing ... April 2001, the InternationalAccountingStandards Board (IASB) an-
nounced that future accountingstandards would be called International Fi-
nancial ReportingStandards (IFRSs). Standards issued ... Directors. IASB, 2004.
———. InternationalFinancialReportingStandards (IFRSs). IASB, 2004.
International Federation of Accountants. IES 1-6: International Education
Standards for Professional...
... measurement.
66 ã Guide to InternationalFinancialReporting Standards
ccc_hussey_frame_65-70.qxd 2/16/05 12:30 PM Page 66
accounting policy, resulting from the initial application of an IFRS, is ac-
counted ... ã Guide to InternationalFinancialReporting Standards
ccc_hussey_ias01_71-114.qxd 2/16/05 12:30 PM Page 72
IAS 2
Inventories
ISSUED OR LAST REVISED
December 2003
EFFECTIVE DATE
Financial statements ... DISCLOSURES
Accounting policies:
ã Nature of the change in accounting policies
ã Description of transitional provisions
ã Details of the amount of adjustments
84 ã Guide to InternationalFinancial Reporting...
... address accounting for extractive
industries generally.
SCOPE
Entities should apply the IFRS to exploration and evaluation expenditure that
it incurs.
176 ã Guide to InternationalFinancialReporting ... accumulated depreciation
158 ã Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd 2/16/05 12:30 PM Page 158
EXAMPLES OF RELATED NATIONAL STANDARDS
Australia: AASB 1044
Canada: ... during the period
ã Financial risk management strategies
ã Additional disclosures if fair value cannot be measured reliably
160 ã Guide to InternationalFinancialReporting Standards
ccc_hussey_ias02_115-178.qxd...