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IAS 13 Presentation of Current Assets and Current Liabilities 1979 January 1, 1981: July 1, 1998: IAS 1: IAS 14: Reporting Financial Information by Segment (1981) Segment reporting (1997) 1981 January 1, 1983: January 1, 2009: IFRS 8: IAS 15 Information Reflecting the Effects of Changing Prices 1981 January 1, 1983: January 1, 2005: N/A IAS 16
[30] Offsetting: Offsetting is generally forbidden in IFRS. [31] However certain standards require offsetting when specific conditions are satisfied (such as in case of the accounting for defined benefit liabilities in IAS 19 [32] and the net presentation of deferred tax liabilities and deferred tax assets in IAS 12 [33]).
The standard was originally issued in August 2005 and became applicable on 1 January 2007, superseding the earlier standard IAS 30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions, and replacing the disclosure requirements of IAS 32, previously titled Financial Instruments: Disclosure and Presentation. [2] [3]
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 ...
IAS 17 Accounting for Leases (1982) required the capitalization of finance leases, a practice that was as yet unusual or unknown outside the United States. [ 9 ] In 1987, the IASC adopted a new strategy of strengthening its standards to make them a suitable basis for financial reporting by companies seeking cross-border stock market listings ...
For the year ended 30 June 2014, the ACGEN Office prepared for Tanzania Mainland, the first set of consolidated financial statements for the Whole-Of-Government. The Government adopted the transition provision of IPSAS 6, hence the elimination of inter-entity transactions and balances will be done for the year ending 30 June 2015.
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The notable limitations of accounting standards are their inflexibility, time-consuming process to create them, the difficulty of choosing between alternative treatments and their restrictive scope. [3]