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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]
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: 2016 January 1, 2019: IFRS 17: Insurance contracts ...
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 ...
IFRS 1; IFRS 2; IFRS 4; IFRS 5; IFRS 7; IFRS 9; IFRS 10; IFRS 10, 11 and 12; IFRS 11; IFRS 12; ... Text is available under the Creative Commons Attribution-ShareAlike ...
IAS 1 was originally issued by the International Accounting Standards Committee in 1997, superseding three standards on disclosure and presentation requirements, [1] and was the first comprehensive accounting standard to deal with the presentation of financial standards. [3]
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). [1]
Convergence is taking place in various countries, with over 100 countries having made public commitments supporting convergence towards the International Financial Reporting Standards (IFRS). [7] Efforts towards convergence include projects that aim to improve the respective accounting standards, and those that aim to reduce the differences ...
Although the IASC came to include some organizations representing preparers and users of financial statements, it largely remained an initiative of the accountancy profession. On 1 April 2001, it was replaced by the International Accounting Standards Board (IASB), an independent standard-setting body.