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This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation.It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
Financial instruments are stated at "full fair value", thereby maximizing earnings volatility. The "fair value" is always defined as "market value" even when markets are illiquid. The treatment of business combinations is irrational. IFRSs create accounting volatility that does not reflect the economic reality.
To counter this issue, in certain cases, companies are permitted to use inflation-adjusted figures, restating numbers to reflect current economic values. IAS 29 of International Financial Reporting Standards (IFRS) is the guide for entities whose functional currency is the currency of a hyper inflationary economy.
IAS 1 was originally issued by the International Accounting Standards Committee in 1997, superseding three standards on disclosure and presentation requirements, [1] and was the first comprehensive accounting standard to deal with the presentation of financial standards. [3]
Download as PDF; Printable version; ... or IAS 37, is an international ... but are to be disclosed where an inflow of economic benefits is probable (assets) or the ...
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 ...
An executory contract is defined as a contract under which neither party has performed any of its obligations (e.g. delivering an object and paying for that object) or both parties have partially performed their obligations to an equal extent. In case of an executory contract, IAS 37 does not apply and neither an asset nor a liability is recorded.
According to the International Financial Reporting Standards (IFRS), a financial asset can be: . Cash or cash equivalent, Equity instruments of another entity,; Contractual right to receive cash or another financial asset from another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity,