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The revised definition is expected to increase the likelihood that an entity is deemed to have control over another. [2] [3] IFRS 11 largely retained previous accounting guidance for joint ventures, but adopted the IFRS 10 definition of "control," meaning that "joint control" would be deemed to exist in some circumstances where it wasn't ...
Under the voting interest entity model, a reporting entity with ownership of a majority of the voting interests of a legal entity will generally consolidate that legal entity. However, the VIE model was established for situations in which control may be demonstrated other than by the possession of voting rights in a legal entity.
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 Operating Leases-Incentives 1998 January 1, 1999: January 1, 2019: IFRS 16 ...
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue ...
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.
IFRS 10, 11 and 12; IFRS 11; IFRS 12; IFRS 13; IFRS 15; IFRS 16; ... Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms ...
Second, auditors are required to consider the risk of material misstatement through understanding the entity and its environment, including the entity's internal control. [ 3 ] [ 4 ] Financial statement assertions provide a framework to assess the risk of material misstatement in each significant account balance or class of transactions.