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List Of International Financial Reporting Standards
This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.IFRS Foundation, 2012About the IFRS Foundation and the IASB. Retrieved on April 22, 2012.IFRS Foundation, 2012. Retrieved on April 22, 2012. The IFRS include * The ''Conceptual Framework for Financial Reporting''； * The ''International Accounting Standards'' (''IAS'') and the ''International Financial Reporting Standards'' (''IFRS'') —developed by the International Accounting Standards Committee (IASC) and adopted by the International Accounting Standards Board (IASB); * The ''Interpretations'' —developed by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC)； * The ''IFRS Practice Statements''. The list c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IFRS Foundation
The International Financial Reporting Standards Foundation or IFRS Foundation (sometimes IFRSF) is a nonprofit organization that sets corporate reporting standards for the capital markets globally. Its main objectives include the development and promotion of International Financial Reporting Standards (IFRS Standards), through the International Accounting Standards Board (IASB) for accounting standards and the International Sustainability Standards Board (ISSB) for sustainability-related disclosure standards. The IFRS Foundation states that its mission is to develop IFRSs that bring transparency, accountability and efficiency to capital markets around the world, and that their work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.IFRS FoundationAbout the IFRS Foundation and the IASB Retrieved June 20, 2024. The Foundation is governed by a group of 22 trustees,Deloitte Global Services Limited, 2012IFRS Foundation Retrie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IAS 11
The IAS 11 standard of International Accounting Standards set out requirements for the accounting treatment of the revenue and costs associated with long-term construction contracts. By their nature, construction activities and contracts are long-term projects, often beginning and ending in different accounting period An accounting period, in bookkeeping, is the period with reference to which management accounts and financial statements are prepared. In management accounting the accounting period varies widely and is determined by management. Monthly accoun ...s. Until its replacement with IFRS 15 in January 2018, IAS 11 helped accountants with measuring to what extent costs, revenue and possible profit or loss on the project are incurred in each period. History This is a timeline of IAS 11: Content How accounting revenue and costs are to be recognized depends first on whether the stage of completion of a project can be reliably measured. If this is the case, cost and r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IAS 19
IAS 19 or International Accounting Standard Nineteen rule concerning employee benefits under the IFRS rules set by the International Accounting Standards Board. In this case, "employee benefits" includes wages and salaries as well as pensions, life insurance, and other perquisites. The rules in IAS 19 explains the accounting for longer term employee benefits and post employment plans such as defined benefit retirement plans. Accordingly, most of the standard is taken up with explaining the rules for long term employee benefits. Defined benefit pension plans as a type of post-employment benefit plan Defined benefit pension plans will offer various types of benefit according to the mode by which the employee leaves the employer. For example, if the employee remains in employment until his retirement age, then he may be entitled to a pension, often calculated by reference to his average salary in the period running up to their exit. The pension might be payable for the remainder o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IFRS 15
IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. It was the subject of a joint project with the Financial Accounting Standards Board (FASB), which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards. History 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. The IASB also believed that its guidance for revenue was not sufficiently detailed. The IASB began working on its revenue project in 2002. The boa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue
In accounting, revenue is the total amount of income generated by the sale of product (business), goods and services related to the primary operations of a business. Commercial revenue may also be referred to as sales or as turnover. Some company, companies receive revenue from interest, royalties, or other fees. This definition is based on International Accounting Standard, IAS 18. "Revenue" may refer to income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, company X had revenue of $42 million". Profit (accounting), Profits or net income generally imply total revenue minus total expenses in a given period. In accountancy, accounting, revenue is a subsection of the equity section of the balance statement, since it increases equity. It is often referred to as the "top line" due to its position at the very top of the income statement. This is to be contrasted with the "bottom line" which denotes net income (gross reve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IFRS 16
IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. Upon becoming effective, it replaced the earlier leasing standard, IAS 17. IFRS 16 has a substantial impact on the financial statements of lessees of property and equipment – requiring that leases be placed on-balance sheet by recognising a ‘right-of-use’ asset and a lease liability. Motivation to introduce IFRS 16 According to IASB chairman Hans Hoogervorst, “These new accounting requirements bring lease accounting into the 21st century, ending the guesswork involved when calculating a company’s often-substantial lease obligation. The new standard will provide much-needed transparency on companies’ lease assets and liabilities, meaning that off balance sheet lease financing i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leases
A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the Lessor (leasing), ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two Party (law), parties: the lessor and the lessee. The lessor is the Ownership, legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use. The term rental agreement can refer to two kinds of leases: * A lease in which the asset is tangible property. Here, the user ''Renting, rents'' the asset (e.g. land or goods) ''let out'' or ''rented out'' by the owner (the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IAS 16
International Accounting Standard 16 ''Property, Plant and Equipment'' or IAS 16 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It concerns accounting for property, plant and equipment (known more generally as fixed assets), including recognition, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them.IAS Plus IAS 16 was issued in December 1993 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued in December 2003 and has been amended multiple times, most recently in 30 June 2014. Overview IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one ccountingperiod." The st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
