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IAS 17: Accounting for Leases (1982) Leases (1997) 1982 January 1, 1984: January 1, 2019: IFRS 16: IAS 18: Revenue Recognition (1982) Revenue (1993) 1982 January 1, 1984: January 1, 2018: IFRS 15: IAS 19: Accounting for Retirement Benefits in Financial Statements of Employers (1983) Retirement Benefit Costs (1993) Employee Benefits (1998) 1983 ...
In 2001, the International Accounting Standards Board (IASB) replaced the IASC with a remit to bring about convergence between national accounting standards through the development of global accounting standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).
In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle .
While some countries define standard national charts of accounts (for example France and Germany) others such as the United States and United Kingdom do not. In the European Union, most countries codify a national GAAP (consistent with the EU accounting directives) and also require IFRS (as outlined by the IAS regulation) for public companies ...
IFRS Accounting. The IASB is an independent group of experts with an appropriate mix of recent practical experience and broad geographical diversity, as required by the IFRS Foundation Constitution. [4] IASB members are responsible for the development and publication of IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard ...
A main purpose of the project to develop IFRS 15 was that, although revenue is a critical metric for financial statement users, there were important differences between the IASB and FASB definitions of revenue, and there were different definitions of revenue even within each board's guidance for similar transactions accounting for under different standards. [3]
Derecognition: both boards issued amendments to their accounting standards. Fair value measurement: FASB Statement No. 257 and IFRS 13 were issued in 2011. Financial instruments with the characteristics of equity: a joint discussion paper was released. Revenue recognition: the boards issued joint proposals in 2010. [13]
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB).