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IFRS 1 aims to ensure that an entity's first financial statements after adopting IFRS, and interim statements for partial periods under IFRS, will: be transparent and comparable; provide a "suitable starting point" for the entity's accounting under IFRS; and; have benefits that exceed the cost of preparation. [1]
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
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 ...
Financial accounting is the preparation of financial statements that can be consumed by the public and the relevant stakeholders. Financial information would be useful to users if such qualitative characteristics are present. When producing financial statements, the following must comply: Fundamental Qualitative Characteristics:
The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). [1] It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting their use and application.
IFRS are issued by the International Accounting Standards Board (IASB). IPSASB adapts IFRS to a public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.
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