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Consolidation-Special Purpose Entities 1998 July 1, 1999: January 1, 2013: IFRS 10: SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers 1998 January 1, 1999: January 1, 2013: IFRS 10: SIC 14 Property, Plant and Equipment - Compensation for the Impairment or Loss of Items 1998 July 1, 1999: January 1, 2005: IAS 16: SIC 15
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The Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States, also revised its consolidation rules in response to the 2007–2008 financial crisis, although its revised guidance is not identical to IFRS 10, 11 and 12. [1] However, IFRS 11 is very close to the FASB guidance for joint ventures. [1]
Comparative information: IFRS requires entities to present comparative information in respect of the preceding period for all amounts reported in the current period's financial statements. In addition comparative information shall also be provided for narrative and descriptive information if it is relevant to understanding the current period's ...
XBRL Table Linkbase – This module allows taxonomy authors to define tabular reporting templates. The Table Linkbase can be used for presentation of XBRL data, and also for data entry, by allowing software to present a template for completion by the user. The Table Linkbase is well-suited to handling large, highly-dimensional reporting ...
A chart of accounts compatible with IFRS and US GAAP includes balance sheet (assets, liabilities and equity) and the profit and loss (revenue, expenses, gains and losses) classifications. If used by a consolidated or combined entity, it also includes separate classifications for intercompany transactions and balances.
These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit objective.
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 ...