Wednesday, 20 July 2011

Standards (IAS/IFRS)

International Accounting Standards Board [IASB] was being formed in 1973 to 2000. The IASB replaced the IASC in 2001(Named International Accounting Standards Committee). The aim of IASB is to develop the accounting standards to comply with global rules and national rules in order to create harmony and transparency.

IASC, mainly consist of two bodies IASB & Advisory Committee


International Financial Reporting Standards

An older set of standards stating how particular types of transactions and other events should be reflected in financial statements. In the past, international accounting standards (IAS) were issued by the Board of the International Accounting Standards Committee (IASC).

Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). 

International accounting standards are accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC). Listed companies, and sometimes unlisted companies, are required to use the standards in their financial statements in those countries which have adopted them. The EU regulation 1606/2002 made this a requirement for listed companies in the European Union.
From 1973 until 2000 the International Accounting Standards Committee (IASC) released a series of International Accounting Standards (IAS). In 2001 the International Accounting Standards Committee (IASC) was replaced by the International Accounting Standards Board (IASB) and all new standards published since then have been issued as International Financial Reporting Standards (IFRS).
The text of unaccompanied standards (the current year's consolidated standards, excluding additional content such as illustrative examples and basis for conclusions) are freely available from the IASB website at http://www.iasb.org/IFRSs. Registration is required.
The ICAEW Library & Information Service holds printed versions of the individual standards (as published) and annual volumes which provide consolidated versions of the standards. It also has access to an online database with electronic versions of the standards.
Prior to 2010 one annual bound volume of consolidated standards was published by the IASB. In January 2010 the additional bound volume IFRS: Consolidated without early application, also known as the Blue Book, was launched. This new publication only consolidates those standards with an effective date no later than 1 January so excludes those not yet effective to non-early adopters. It includes IFRSs, IASs, IFRICs and SICs plus accompanying documents

Standards (IAS/IFRS)

From 1973 until 2000 the International Accounting Standards Committee (IASC) released a series of International Accounting Standards (IAS). In 2001 the International Accounting Standards Committee (IASC) was replaced by the International Accounting Standards Board (IASB) and all new standards published since then have been issued as International Financial Reporting Standards (IFRS).

The existing IFRS bound volume, now known as the Red Book, is still published and follows the practice of previous years by consolidating all IFRSs issued at 1 January, including those with an effective date later than 1 January. It excludes IFRSs that are being replaced or superseded but remain applicable to non-early adopters. Part A contains IFRSs, IASs, IFRICs and SICs and Part B the accompanying documents

Since 2001, the new set of standards has been known as the international financial reporting standards (IFRS) and has been issued by the International Accounting Standards Board (IASB). 

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