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IFRS 1 applies to an entity's "first IFRS financial statements" and interim financial reports for parts of the period covered by the first IFRS financial statements. [ 1 ] The standard defines an entity's first financial statement as "the first annual financial statements in which the entity adopts IFRSs, by an explicit and unreserved statement ...
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 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 ...
Download as PDF; Printable version; In other projects ... IFRS 1; IFRS 2; IFRS 4; IFRS 5; IFRS 7; ... Text is available under the Creative Commons Attribution ...
In the United Kingdom, the IFRS was adopted beginning 2005, and, as of 2011, public companies are required to use the IFRS for their consolidated accounts. Other companies are also allowed to use the IFRS, but most have chosen not to do so, and continue to use the UK accounting standards largely developed prior to 2005.
IAS 1 sets out the purpose of financial statements as the provision of useful information on the financial position, financial performance and cash flows of an entity, and categorizes the information provided into assets, liabilities, income and expenses, contributions by and distribution to owners, and cash flows.
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.
1 January 1994: Effective date of IAS 7 (1992) 6 September 2007: Retitled from Cash Flow Statements to Statement of Cash Flows as a consequential amendment resulting from revisions to IAS 1: 16 April 2009: IAS 7 amended by Annual Improvements to IFRSs 2009 with respect to expenditures that do not result in a recognised asset. 1 July 2009