International Financial Reporting Standards (IFRS) SummariesInternational Financial Reporting Standards (IFRS) are Standards Interpretations and the Framework for the Preparation and Presentation of Financial Statements (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS was issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.
The following IFRS statements are currently issued: IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 7 Financial Instruments: Disclosures IAS 1: Presentation of Financial Statements. IAS 2: Inventories IAS 7: Cash Flow Statements IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors IAS 10: Events After the Balance Sheet Date IAS 11: Construction Contracts IAS 12: Income Taxes IAS 14: Segment Reporting (superseded by IFRS 8 on January 1, 2008) IAS 16: Property, Plant and Equipment IAS 17: Leases IAS 18: Revenue IAS 19: Employee Benefits IAS 20: Accounting for Government Grants and Disclosure of Government Assistance IAS 21: The Effects of Changes in Foreign Exchange Rates IAS 23: Borrowing Costs IAS 24: Related Party Disclosures IAS 26: Accounting and Reporting by Retirement Benefit Plans IAS 27: Consolidated Financial Statements IAS 28: Investments in Associates IAS 29: Financial Reporting in Hyperinflationary Economies IAS 31: Interests in Joint Ventures IAS 32: Financial Instruments: Presentation (Financial instruments disclosures are in IFRS 7 Financial Instruments: Disclosures, and no longer in IAS 32) IAS 33: Earnings Per Share IAS 34: Interim Financial Reporting IAS 36: Impairment of Assets IAS 37: Provisions, Contingent Liabilities and Contingent Assets IAS 38: Intangible Assets IAS 39: Financial Instruments: Recognition and Measurement IAS 40: Investment Property IAS 41: Agriculture International Financial Reporting Interpretations IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities (Updated to January 2006) IFRIC 7 Approach under IAS 29 Financial Reporting in Hyperinflationary Economies (Issued February 2006) IFRIC 8 Scope of IFRS 2 (Issued February 2006) - has been eliminated with Amendments issued to IFRS 2 IFRIC 9 Reassessment of Embedded Derivatives (Issued April 2006) IFRIC 10 Interim Financial Reporting and Impairment (Issued November 2006) IFRIC 11 IFRS 2-Group and Treasury Share Transactions (Issued November 2006) - has been eliminated with Amendments issued to IFRS 2 IFRIC 12 Service Concession Arrangements (Issued November 2006) IFRIC 13 Customer Loyalty Programmes (Issued in June 2007) IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (issued in July 2007) IFRIC 15 Agreements for the Construction of Real Estate (issued in July 2008) IFRIC 16 Hedges of a Net Investment in a Foreign Operation (issued in July 2008) IFRIC 17 Distributions of Non-cash Assets (issued in November 2008) IFRIC 18 Transfers of Assets from Customers (issued in January 2009) SIC 7 Introduction of the Euro (Updated to January 2006) SIC 10 Government Assistance-No Specific Relation to Operating Activities (Updated to January 2006) SIC 12 Consolidation-Special Purpose Entities (Updated to January 2006) SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Ventures (Updated to January 2006) SIC 15 Operating Leases-Incentives (Updated to January 2006) SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets (Updated to January 2006) SIC 25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders (Updated to January 2006) SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (Updated to January 2006) SIC 29 Disclosure-Service Concession Arrangements (Updated to January 2006) SIC 31 Revenue-Barter Transactions Involving Advertising Services (Updated to January 2006) SIC 32 Intangible Assets-Web Site Costs (Updated to January 2006) SIC 33 Consolidation and equity method - Potential voting rights and allocation of ownership interests Accounting Topics |
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