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IAS 22 Accounting for Business Combinations (1983) Business Combinations (1993) 1983 January 1, 1985: April 1, 2004: IFRS 3: IAS 23: Capitalisation of Borrowing Costs (1984) Borrowing Costs (1993) 1984 January 1, 1986: IAS 24: Related Party Disclosures: 1984 January 1, 1986: IAS 25 Accounting for Investments 1986 January 1, 1987: January 1 ...
The International Accounting Standards Committee (IASC) was established in June 1973 by accountancy bodies representing ten countries. It devised and published International Accounting Standards (IAS), interpretations and a conceptual framework.
IFRS 7, titled Financial Instruments: Disclosures, is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It requires entities to provide certain disclosures regarding financial instruments in their financial statements. [ 1 ]
In business, a related-party transaction is a transaction which takes place between two parties who hold a pre-existing connection prior to the transaction. An example is how a dominant shareholder may benefit from making one of their companies trade with another at advantageous prices. [1]
The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as ...
As issued in 1981, IAS 14 required a company to disclose revenue, results (profit) and total assets for both geographical and industry segments. Although it provided only limited guidance on segment identification, its disclosure requirements went further than national requirements in a number of countries. [4]
All States/Cantons should adopt at least a national standard called HAM2, but are allowed to go beyond and adopt IPSAS. HAM2 is based on the accrual basis accounting model HAM (1981), but converges with IPSAS in respect of presentation, recognition and disclosure. However, HAM2 has lesser requirements mainly in respect of measurement.
One explanation of this limited direct impact is that in most countries, national accountancy bodies had no authority to force companies to adopt IAS. [14] This does not rule out an indirect influence of IAS, as national accounting standards in a range of countries incorporated elements of the national standards in national requirements. [15]