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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 ...
IFRS 17: IFRS 5: Non-current Assets Held for Sale and Discontinued Operations 2004 January 1, 2005: IFRS 6: Exploration for and Evaluation of Mineral Resources 2004 January 1, 2006: IFRS 7: Financial Instruments: Disclosures 2005 January 1, 2007: IFRS 8: Operating Segments 2006 January 1, 2009: IFRS 9: Financial Instruments: 2009 (updated 2014 ...
In 2021, The IFRS Foundation introduced a new semantic twist as it decided to establish the International Sustainability Standards Board (ISSB) as a sister standard-setter to the IASB. Under the new terminology, IFRS consist of the combination of accounting standards issued by the IASB and of sustainability-related standards issued by the ISSB.
Travel rewards cards like the Chase Sapphire Preferred or Capital One Venture X transform regular spending into free flights and hotel stays. For example, spending $4,000 in three months on some ...
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Under IFRS, financial assets are classified into four broad categories which determine the way in which they are measured and reported: Financial assets "held for trading" — i.e., which were acquired or incurred principally for the purpose of selling, or are part of a portfolio with evidence of short-term profit-taking, or are derivatives — are measured at fair value through profit or loss.
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.