... to do so.
International Financial Reporting Standards (IFRSs) are Standards and Interpretations adopted by
the InternationalAccountingStandards Board (IASB). They comprise:
(a) International ... comprise:
(a) International Financial Reporting Standards;
(b) InternationalAccounting Standards; and
(c) Interpretations developed by the International Financial Reporting Interpretations ... for an earlier period, it shall disclose that
fact.
139A IAS 27 (as amended by the InternationalAccountingStandards Board in 2008) amended paragraph 106.
An entity shall apply that amendment...
... the useful life of that asset.
Disclosure
36 The financial statements shall disclose:
(a) the accounting policies adopted in measuring inventories, including the cost formula used;
(b) the...
... estimate of the outcome of a contract, is
accounted for as a change in accounting estimate (see IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors). The changed estimates are used ...
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 11
Construction Contracts
Objective
The objective of this Standard is to prescribe the accounting treatment of revenue and ... fall into
different accounting periods. Therefore, the primary issue in accounting for construction contracts is the
allocation of contract revenue and contract costs to the accounting periods...
... ONLY
International Accounting Standard 12
Income Taxes
Objective
The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue
in accounting ... revised by the
International AccountingStandards Board in 2008) to the recognition of deferred tax assets acquired in
business combinations.
94 Therefore, entities shall not adjust the accounting ... accounting for government grants (see IAS 20 Accounting
for Government Grants and Disclosure of Government Assistance) or investment tax credits. However, this
Standard does deal with the accounting...
... "House of GAAP& quot; which displays the hierarchy of sources of generally
accepted accounting principles.
CHAPTER 1
FINANCIAL ACCOUNTING AND
ACCOUNTING STANDARDS
OVERVIEW
Accounting is the ... other accounting literature. Examples of other
accounting literature include FASB Concepts Statements; International Accounting
Standards Committee Statements; AICPA Issues Papers; and accounting ... improving
standards of financial accounting and reporting for business enterprises is the:
a. Financial Accounting Foundation (FAF).
b. Financial AccountingStandards Board (FASB).
c. Financial Accounting...
... institution.
17
3
Implementing InternationalStandards at
the National Level
The second session of the workshop provided more concrete examples
of assessing compliance with international standards, expanding ... on
4
2
International Labor Standards in the
National Context:
Legal Frameworks and Monitoring
The opening session of the workshop focused on the complex relation-
ship between international labor standards ... Academies’ Committee on Monitoring International
Labor Standards (CMILS) in examining legal aspects of labor standards
compliance, the two presenters, Arturo Bronstein (International Labour
Office)...
... the accounting accuracy.
International Harmonisation of Accounting Standards
Recognising the need for international harmonisation of accounting standards, in 1973, the
International AccountingStandards ... Standards
As indicated earlier, AccountingStandards are formulated on the basis of the International
Financial Reporting Standards (IFRSs)/ InternationalAccountingStandards (IASs) issued by the
IASB. ... the InternationalAccountingStandards Board
(IASB). The objectives of IASC included promotion of the InternationalAccountingStandards for
worldwide acceptance and observance so that the accounting...
... Jointly Controlled Entity or Associate (Amendments to IFRS 1 First-
time Adoption of International Financial Reporting Standards and IAS 27 Consolidated and Separate
Financial Statements), issued in ... consolidated version as of 16 September 2009, EN – EU IAS 18
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 18
Revenue
Objective
Income is defined in the Framework for the Preparation ... objective of this Standard is to prescribe the accounting treatment of
revenue arising from certain types of transactions and events.
The primary issue in accounting for revenue is determining when...
...
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 19
Employee Benefits
Objective
The objective of this Standard is to prescribe the accounting and disclosure for employee ... first adopts this
Standard for other employee benefits, the entity applies IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors.
EC staff consolidated version as of 16 September ... employer in accounting for all employee benefits, except those to
which IFRS 2 Share-based Payment applies.
2 This Standard does not deal with reporting by employee benefit plans (see IAS 26 Accounting...
... complying with International Financial
Reporting Standards only if they comply with all the requirements of each applicable Standard and
each applicable Interpretation of those Standards including ... at the most recent closing rate. Such conversions are not in
accordance with International Financial Reporting Standards and the disclosures set out in paragraph 57 are
required.
57 When an ... supplementary information to distinguish it from the
information that complies with International Financial Reporting Standards;
(b) disclose the currency in which the supplementary information is...
... disclose that fact.
45 An entity shall apply the amendments to IAS 27 made by the InternationalAccountingStandards
Board in 2008 in paragraphs 4, 18, 19, 26–37 and 41(e) and (f) for annual ... periods beginning before 1 July 2009 unless it also applies IFRS 3 (as revised
by the InternationalAccountingStandards Board in 2008). If an entity applies the amendments
before 1 July 2009, ... residence of the
entity whose consolidated financial statements that comply with International Financial
Reporting Standards have been produced for public use; and the address where those
consolidated...
... amendments
shall be applied for that earlier period.
41B IAS 27 (as amended by the InternationalAccountingStandards Board in 2008) amended paragraphs
18 and 19 and added paragraph 19A. An ... IAS 28
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 28
Investments in Associates
Scope
1 This Standard shall be applied in accounting for investments in associates. ... produces consolidated
financial statements available for public use that comply with International Financial
Reporting Standards.
14 Investments described in paragraph 13(a) shall be accounted for...
... consolidated version as of 16 September 2009, EN – EU IAS 37
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 37
Provisions, Contingent Liabilities and
Contingent Assets
Objective ... understand their nature, timing and amount.
Scope
1 This Standard shall be applied by all entities in accounting for provisions, contingent liabilities and
contingent assets, except:
(a) those resulting ... that Standard instead of this Standard. For example, some types of
provisions are addressed in Standards on:
(a) construction contracts (see IAS 11 Construction Contracts);
(b) income taxes...
...
policy to all of its investment property.
31 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors states that a voluntary change in
accounting policy shall be made only if the change ...
FOR INFORMATION PURPOSES ONLY
1
International Accounting Standard 40
Investment Property
Objective
1 The objective of this Standard is to prescribe the accounting treatment for investment ... applies to any change in accounting policies that is made when an entity first applies this Standard and
chooses to use the cost model. The effect of the change in accounting policies includes...
... and Extending the Jurisdiction of
Accounting in the UK
By
Prem Sikka
Department of Accounting and Financial Management
University of Essex, UK
Hugh Willmott
Judge Institute ... the material and symbolic value of a
4
Forging the Jurisdiction of Accounting in the UK
In the UK, the emergence of sellers of specialist labour who described themselves as ‘accountants’ ... recent debates about the relevance of management accounting have indicated
7
. We
then present three case studies that illustrate how the UKaccounting profession has responded to recent major...