International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are principles-based
Standards, Interpretations and the Framework
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adopted by the International
Accounting Standards Board (IASB).
Many oI the standards Iorming part oI IFRS are known by the older name oI
International Accounting Standards (IAS). IAS were issued between 1973 and
2001 by the Board oI the International Accounting Standards Committee (IASC).
On 1 April 2001, the new IASB took over Irom the IASC the responsibility Ior
setting International Accounting Standards. During its Iirst meeting the new Board
adopted existing IAS and SICs. The IASB has continued to develop standards
calling the new standards IFRS.
Contents
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1 Structure oI IFRS
2 Framework
3 Role oI Framework
3.1 Objective oI Iinancial statements
3.2 Underlying assumptions
3.3 Qualitative characteristics oI Iinancial statements
3.4 Elements oI Iinancial statements
3.5 Recognition oI elements oI Iinancial statements
3.6 Measurement oI the Elements oI Financial Statements
3.7 Concepts oI Capital and Capital Maintenance
3.8 Concepts oI Capital
3.8.1 Concepts oI Capital Maintenance and the Determination oI ProIit
4 Requirements oI IFRS
5 IASB current projects
6 Adoption oI IFRS
6.1 Australia
6.2 Canada
6.3 European Union
6.4 Hong Kong
6.5 India
6.6 Japan
6.7 Pakistan
6.8 Russia
6.9 Singapore
6.10 South AIrica
6.11 Turkey
7 List oI IFRS statements with Iull text link
8 List oI Interpretations with Iull text link
9 See also
10 ReIerences
11 Further reading
12 External links
edit] Structure of IFRS
IFRS are considered a "principles based" set oI standards in that they establish
broad rules as well as dictating speciIic treatments.
International Financial Reporting Standards comprise:
International Financial Reporting Standards (IFRS)standards issued aIter 2001
International Accounting Standards (IAS)standards issued beIore 2001
Interpretations originated from the International Financial Reporting
Interpretations Committee (IFRIC)issued aIter 2001
Standing Interpretations Committee (SIC)issued beIore 2001
Framework for the Preparation and Presentation of Financial Statements
IAS 8 Par. 11
"In making the fudgement described in paragraph 10, management shall refer to,
and consider the applicability of, the following sources in descending order.
(a) the requirements and guidance in Standards and Interpretations dealing with
similar and related issues, and
(b) the definitions, recognition criteria and measurement concepts for assets,
liabilities, income and expenses in the 7,2047"
edit] Framework
The Framework Ior the Preparation and Presentation oI Financial Statements states
basic principles Ior IFRS.
The IASB and FASB Frameworks are in the process oI being updated and
converged. The Joint Conceptual Framework project aims to update and reIine the
existing concepts to reIlect the changes in markets, business practices and the
economic environment that have occurred in the two or more decades since the
concepts were Iirst developed.
Its overall objective is to create a sound Ioundation Ior Iuture accounting standards
that are principles-based, internally consistent and internationally converged.
ThereIore the IASB and the US FASB (the boards) are undertaking the project
jointly.
edit] Role of Framework
Deloitte states:
In the absence of a Standard or an Interpretation that specifically applies to a
transaction, management must use its fudgement in developing and applying an
accounting policy that results in information that is relevant and reliable In
making that fudgement, IAS 811 requires management to consider the definitions,
recognition criteria, and measurement concepts for assets, liabilities, income, and
expenses in the Framework This elevation of the importance of the Framework
was added in the 2003 revisions to IAS 8.
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edit] Objective of financial statements
A Iinancial statement should reIlect true and Iair view oI the business aIIairs oI the
organization. As these statements are used by various constituents oI the society /
regulators, they need to reIlect true view oI the Iinancial position oI the
organization.
edit] Underlying assumptions
The underlying assumptions used in IFRS are:
Accrual basis: the eIIect oI transactions and other events are recognized when
they occur, not as cash is gained or paid.
Going concern: an entity will continue Ior the Ioreseeable Iuture.
Stable measuring unit assumption: Iinancial capital maintenance in nominal
monetary units or traditional Historical cost accounting; i.e., accountants consider
changes in the purchasing power oI the Iunctional currency up to but excluding
26° per annum Ior three years in a row (which would be 100° cumulative
inIlation over three years or hyperinIlation as deIined in IFRS) as immaterial or not
suIIiciently important Ior them to choose Iinancial capital maintenance in units oI
constant purchasing power during low inIlation and deIlation as authorized in IFRS
in the Framework, Par 104 (a).
Accountants implementing the stable measuring unit assumption (traditional
Historical Cost Accounting) during annual inIlation oI 25° Ior 3 years in a row
would destroy 100° oI the real value oI all constant real value non-monetary items
not maintained under the Historical Cost paradigm.
edit] Qualitative characteristics of financial statements
Qualitative characteristics oI Iinancial statements include:
Understandability
Reliability
Comparability
Relevance
True and Fair View/Fair Presentation
edit] Elements of financial statements
The Iinancial position oI an enterprise is primarily provided in the Statement oI
Financial Position. The elements include:
Asset: An asset is a resource controlled by the enterprise as a result oI past events
Irom which Iuture economic beneIits are expected to Ilow to the enterprise.
Liability: A liability is a present obligation oI the enterprise arising Irom the past
events, the settlement oI which is expected to result in an outIlow Irom the
enterprise' resources, i.e., assets.
Equity: Equity is the residual interest in the assets oI the enterprise aIter deducting
all the liabilities. Equity is also known as owner's equity.
The Iinancial perIormance oI an enterprise is primarily provided in an income
statement or proIit and loss account. The elements oI an income statement or the
elements that measure the Iinancial perIormance are as Iollows:
Revenues: increases in economic beneIit during an accounting period in the Iorm
oI inIlows or enhancements oI assets, or decrease oI liabilities that result in
increases in equity. However, it does not include the contributions made by the
equity participants, i.e., proprietor, partners and shareholders.
Expenses: decreases in economic beneIits during an accounting period in the Iorm
oI outIlows, or depletions oI assets or incurrences oI liabilities that result in
decreases in equity.
edit] Recognition of elements of financial statements
An item is recognized in the Iinancial statements when:
it is probable Iuture economic beneIit will Ilow to or Irom an entity.
the resource can be reliably measured - otherwise the stable measuring unit
assumption is applied: i.e. it is assumed that the monetary unit oI account (the
Iunctional currency) is perIectly stable (zero inIlation or deIlation); it is simply
assumed that there is no inIlation or deIlation ever, and items are stated at their
original nominal Historical Cost Irom any prior date: 1 month, 1 year, 10 or 100 or
200 or more years beIore; i.e. the stable measuring unit assumption is applied to
items such as issued share capital, retained earnings, capital reserves, all other
items in shareholders´ equity, all items in the income statement (except salaries,
wages, rentals, etc., which are inIlation-adjuted annually), etc.
edit] Measurement of the Elements of Financial Statements
Par. 99. Measurement is the process oI determining the monetary amounts at which
the elements oI the Iinancial statements are to be recognised and carried in the
balance sheet and income statement. This involves the selection oI the particular
basis oI measurement. pa
Par. 100. A number oI diIIerent measurement bases are employed to diIIerent
degrees and in varying combinations in Iinancial statements. They include the
Iollowing:
(a) Historical cost. Assets are recorded at the amount oI cash or cash equivalents
paid or the Iair value oI the consideration given to acquire them at the time oI their
acquisition. Liabilities are recorded at the amount oI proceeds received in
exchange Ior the obligation, or in some circumstances (Ior example, income taxes),
at the amounts oI cash or cash equivalents expected to be paid to satisIy the
liability in the normal course oI business.
(b) Current cost. Assets are carried at the amount oI cash or cash equivalents that
would have to be paid iI the same or an equivalent asset was acquired currently.
Liabilities are carried at the undiscounted amount oI cash or cash equivalents that
would be required to settle the obligation currently.
(c) Realisable (settlement) value. Assets are carried at the amount oI cash or cash
equivalents that could currently be obtained by selling the asset in an orderly
disposal. Assets are carried at the present discounted value oI the Iuture net cash
inIlows that the item is expected to generate in the normal course oI business.
Liabilities are carried at the present discounted value oI the Iuture net cash
outIlows that are expected to be required to settle the liabilities in the normal
course oI business.
Par. 101. The measurement basis most commonly adopted by entities in preparing
their Iinancial statements is historical cost. This is usually combined with other
measurement bases. For example, inventories are usually carried at the lower oI
cost and net realisable value, marketable securities may be carried at market value
and pension liabilities are carried at their present value. Furthermore, some entities
use the current cost basis as a response to the inability oI the historical cost
accounting model to deal with the eIIects oI changing prices oI non-monetary
assets.
edit] Concepts of Capital and Capital Maintenance
A major diIIerence between US GAAP and IFRS is the Iact that three
Iundamentally diIIerent concepts oI capital and capital maintenance are authorized
in IFRS while US GAAP only authorize two capital and capital maintenance
concepts during low inIlation and deIlation: (1) physical capital maintenance and
(2) Iinancial capital maintenance in nominal monetary units (traditional Historical
Cost Accounting) as stated in Par 45 to 48 in the FASB Conceptual Satement Nº 5.
US GAAP does not recognize the third concept oI capital and capital maintenance
during low inIlation and deIlation, namely, Iinancial capital maintenance in units
oI constant purchasing power as authorized in IFRS in the Framework, Par 104 (a)
in 1989.
edit] Concepts of Capital
Par. 102. A Iinancial concept oI capital is adopted by most entities in preparing
their Iinancial statements. Under a Iinancial concept oI capital, such as invested
money or invested purchasing power, capital is synonymous with the net assets or
equity oI the entity. Under a physical concept oI capital, such as operating
capability, capital is regarded as the productive capacity oI the entity based on, Ior
example, units oI output per day.
Par. 103. The selection oI the appropriate concept oI capital by an entity should be
based on the needs oI the users oI its Iinancial statements. Thus, a Iinancial
concept oI capital should be adopted iI the users oI Iinancial statements are
primarily concerned with the maintenance oI nominal invested capital or the
purchasing power oI invested capital. II, however, the main concern oI users is
with the operating capability oI the entity, a physical concept oI capital should be
used. The concept chosen indicates the goal to be attained in determining proIit,
even though there may be some measurement diIIiculties in making the concept
operational.
edit] Concepts of Capital Maintenance and the Determination of Profit
Par. 104. The concepts oI capital in paragraph 102 give rise to the Iollowing
concepts oI capital maintenance:
(a) Financial capital maintenance. Under this concept a proIit is earned only iI the
Iinancial (or money) amount oI the net assets at the end oI the period exceeds the
Iinancial (or money) amount oI net assets at the beginning oI the period, aIter
excluding any distributions to, and contributions Irom, owners during the period.
Financial capital maintenance can be measured in either nominal monetary units or
units oI constant purchasing power.
(b) Physical capital maintenance. Under this concept a proIit is earned only iI the
physical productive capacity (or operating capability) oI the entity (or the resources
or Iunds needed to achieve that capacity) at the end oI the period exceeds the
physical productive capacity at the beginning oI the period, aIter excluding any
distributions to, and contributions Irom, owners during the period.
The three concepts oI capital deIined in IFRS during low inIlation and deIlation
are:
(A) Physical capital. See paragraph 102.
(B) Nominal Iinancial capital. See paragraph 104.
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(C) Constant purchasing power Iinancial capital. See paragraph 104.
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The three concepts oI capital maintenance authorized in IFRS during low inIlation
and deIlation are:
(1) Physical capital maintenance: optional during low inIlation and deIlation.
Current Cost Accounting model prescribed by IFRS. See Par 106.
(2) Financial capital maintenance in nominal monetary units (Historical cost
accounting): authorized by IFRS but not prescribedoptional during low inIlation
and deIlation. See Par 104 (a) Historical cost accounting. Financial capital
maintenance in nominal monetary units per se during inIlation and deIlation is a
Iallacy: it is impossible to maintain the real value oI Iinancial capital constant with
measurement in nominal monetary units per se during inIlation and deIlation.
(3) Financial capital maintenance in units of constant purchasing power
(Constant Item Purchasing Power Accounting): authorized by IFRS but not
prescribedoptional during low inIlation and deIlation. See Par 104(a). Prescribed
in IAS 29 |3| during hyperinIlation. Constant Purchasing Power Accounting
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Only Iinancial capital maintenance in units oI constant purchasing power per se
can maintain the real value oI Iinancial capital constant during inIlation and
deIlation in all entities that at least break evenceteris paribusIor an indeIinite
period oI time. This would happen whether these entities own revaluable Iixed
assets or not and without the requirement oI more capital or additional retained
proIits to simply maintain the existing constant real value oI existing shareholders´
equity constant.
Par. 105. The concept oI capital maintenance is concerned with how an entity
deIines the capital that it seeks to maintain. It provides the linkage between the
concepts oI capital and the concepts oI proIit because it provides the point oI
reIerence by which proIit is measured; it is a prerequisite Ior distinguishing
between an entity`s return on capital and its return oI capital; only inIlows oI assets
in excess oI amounts needed to maintain capital may be regarded as proIit and
thereIore as a return on capital. Hence, proIit is the residual amount that remains
aIter expenses (including capital maintenance adjustments, where appropriate)
have been deducted Irom income. II expenses exceed income the residual amount
is a loss.
Par. 106. The physical capital maintenance concept requires the adoption oI the
current cost basis oI measurement. The Iinancial capital maintenance concept,
however, does not require the use oI a particular basis oI measurement. Selection
oI the basis under this concept is dependent on the type oI Iinancial capital that the
entity is seeking to maintain.
Par. 107. The principal diIIerence between the two concepts oI capital maintenance
is the treatment oI the eIIects oI changes in the prices oI assets and liabilities oI the
entity. In general terms, an entity has maintained its capital iI it has as much capital
at the end oI the period as it had at the beginning oI the period. Any amount over
and above that required to maintain the capital at the beginning oI the period is
proIit.
Par. 108. Under the concept oI Iinancial capital maintenance where capital is
deIined in terms oI nominal monetary units, proIit represents the increase in
nominal money capital over the period. Thus, increases in the prices oI assets held
over the period, conventionally reIerred to as holding gains, are, conceptually,
proIits. They may not be recognised as such, however, until the assets are disposed
oI in an exchange transaction. When the concept oI Iinancial capital maintenance is
deIined in terms oI constant purchasing power units, proIit represents the increase
in invested purchasing power over the period. Thus, only that part oI the increase
in the prices oI assets that exceeds the increase in the general level oI prices is
regarded as proIit. The rest oI the increase is treated as a capital maintenance
adjustment and, hence, as part oI equity.
Par. 109. Under the concept oI physical capital maintenance when capital is
deIined in terms oI the physical productive capacity, proIit represents the increase
in that capital over the period. All price changes aIIecting the assets and liabilities
oI the entity are viewed as changes in the measurement oI the physical productive
capacity oI the entity; hence, they are treated as capital maintenance adjustments
that are part oI equity and not as proIit.
Par. 110. The selection oI the measurement bases and concept oI capital
maintenance will determine the accounting model used in the preparation oI the
Iinancial statements. DiIIerent accounting models exhibit diIIerent degrees oI
relevance and reliability and, as in other areas, management must seek a balance
between relevance and reliability. This Framework is applicable to a range oI
accounting models and provides guidance on preparing and presenting the
Iinancial statements constructed under the chosen model. At the present time, it is
not the intention oI the Board oI IASC to prescribe a particular model other than in
exceptional circumstances, such as Ior those entities reporting in the currency oI a
hyperinIlationary economy. This intention will, however, be reviewed in the light
oI world developments.
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edit] Requirements of IFRS
Main article: Requirements oI IFRS
IFRS Iinancial statements consist oI (IAS1.8)
a Statement oI Financial Position
a Statement oI Comprehensive Income or two separate statements comprising an
Income Statement and separately a Statement oI Comprehensive Income, which
reconciles ProIit or Loss on the Income statement to total comprehensive income
a Statement oI Changes in Equity (SOCE)
a Cash Flow Statement or Statement oI Cash Flows
notes, including a summary oI the signiIicant accounting policies
Comparative inIormation is required Ior the prior reporting period (IAS 1.36). An
entity preparing IFRS accounts Ior the Iirst time must apply IFRS in Iull Ior the
current and comparative period although there are transitional exemptions
(IFRS1.7).
On 6 September 2007, the IASB issued a revised IAS 1 Presentation oI Financial
Statements. The main changes Irom the previous version are to require that an
entity must:
present all non-owner changes in equity (that is, 'comprehensive income' ) either in
one Statement oI comprehensive income or in two statements (a separate income
statement and a statement oI comprehensive income). Components oI
comprehensive income may not be presented in the Statement oI changes in equity.
present a statement oI Iinancial position (balance sheet) as at the beginning oI the
earliest comparative period in a complete set oI Iinancial statements when the
entity applies the new standatd.
present a statement oI cash Ilow.
make neccessary disclosure by the way oI a note.
The revised IAS 1 is eIIective Ior annual periods beginning on or aIter 1 January
2009. Early adoption is permitted.
edit] IASB current projects
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. Much oI its work is directed at convergence with US GAAP.
edit] Adoption of IFRS
IFRS are used in many parts oI the world, including the European Union, Hong
Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, South AIrica,
Singapore and Turkey. As oI 27 August 2008, more than 113 countries around the
world, including all oI Europe, currently require or permit IFRS reporting.
Approximately 85 oI those countries require IFRS reporting Ior all domestic, listed
companies. In addition, the US is also gearing towards IFRS. The SEC in the US is
slowly but progressively shiIting Irom requiring only US GAAP to accepting IFRS
and will most likely accept IFRS standards in the longterm.
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For a current overview see IAS PLUS's list oI all countries that have adopted IFRS.
edit] Australia
The Australian Accounting Standards Board (AASB) has issued 'Australian
equivalents to IFRS' (A-IFRS), numbering IFRS standards as AASB 18 and IAS
standards as AASB 101141. Australian equivalents to SIC and IFRIC
Interpretations have also been issued, along with a number oI 'domestic' standards
and interpretations. These pronouncements replaced previous Australian generally
accepted accounting principles with eIIect Irom annual reporting periods beginning
on or aIter 1 January 2005 (i.e. 30 June 2006 was the Iirst report prepared under
IFRS-equivalent standards Ior June year ends). To this end, Australia, along with
Europe and a Iew other countries, was one oI the initial adopters oI IFRS Ior
domestic purposes (in the developed world). It must be acknowledged, however,
that IFRS and primarily IAS have been part and parcel oI accounting standard
package in the developing world Ior many years since the relevant accounting
bodies were more open to adoption oI international standards Ior many reasons
including that oI capability.
The AASB has made certain amendments to the IASB pronouncements in making
A-IFRS, however these generally have the eIIect oI eliminating an option under
IFRS, introducing additional disclosures or implementing requirements Ior not-Ior-
proIit entities, rather than departing Irom IFRS Ior Australian entities.
Accordingly, Ior-proIit entities that prepare Iinancial statements in accordance with
A-IFRS are able to make an unreserved statement oI compliance with IFRS.
The AASB continues to mirror changes made by the IASB as local
pronouncements. In addition, over recent years, the AASB has issued so-called
'Amending Standards' to reverse some oI the initial changes made to the IFRS text
Ior local terminology diIIerences, to reinstate options and eliminate some
Australian-speciIic disclosure. There are some calls Ior Australia to simply adopt
IFRS without 'Australianising' them and this has resulted in the AASB itselI
looking at alternative ways oI adopting IFRS in Australia
edit] Canada
The use oI IFRS will be required Ior Canadian publicly accountable proIit-oriented
enterprises Ior Iinancial periods beginning on or aIter 1 January 2011. This
includes public companies and other 'proIit-oriented enterprises that are
responsible to large or diverse groups oI shareholders.¨
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edit] European Union
All listed EU companies have been required to use IFRS since 2005.
In order to be approved Ior use in the EU, standards must be endorsed by the
Accounting Regulatory Committee (ARC), which includes representatives oI
member state governments and is advised by a group oI accounting experts known
as the European Financial Reporting Advisory Group. As a result IFRS as applied
in the EU may diIIer Irom that used elsewhere.
Parts oI the standard IAS 39: Financial Instruments: Recognition and Measurement
were not originally approved by the ARC. IAS 39 was subsequently amended,
removing the option to record Iinancial liabilities at Iair value, and the ARC
approved the amended version. The IASB is working with the EU to Iind an
acceptable way to remove a remaining anomaly in respect oI hedge accounting.
The World Bank Centre Ior Financial Reporting ReIorm is working with countries
in the ECA region to Iacilitate the adoption oI IFRS and IFRS Ior SMEs.
edit] Hong Kong
Starting in 2005, Hong Kong Financial Reporting Standards (HKFRS) are identical
to International Financial Reporting Standards. While Hong Kong had adopted
many oI the earlier IAS as Hong Kong standards, some had not been adopted,
including IAS 32 and IAS 39. And all oI the December 2003 improvements and
new and revised IFRS issued in 2004 and 2005 will take eIIect in Hong Kong
beginning in 2005.
Implementing Hong Kong Financial Reporting Standards: The challenge Ior 2005
(August 2005) sets out a summary oI each standard and interpretation, the key
changes it makes to accounting in Hong Kong, the most signiIicant implications oI
its adoption, and related anticipated Iuture developments. There is one Hong Kong
standard and several Hong Kong interpretations that do not have counterparts in
IFRS. Also there are several minor wording diIIerences between HKFRS and
IFRS.
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edit] India
The Institute oI Chartered Accountants oI India (ICAI) has announced that IFRS
will be mandatory in India Ior Iinancial statements Ior the periods beginning on or
aIter 1 April 2011. This will be done by revising existing accounting standards to
make them compatible with IFRS.
Reserve Bank oI India has stated that Iinancial statements oI banks need to be
IFRS-compliant Ior periods beginning on or aIter 1 April 2011...
The ICAI has also stated that IFRS will be applied to companies above Rs.1000
crore Irom April 2011. Phase wise applicability details Ior diIIerent companies in
India:
Phase 1: Opening balance sheet as at 1 April 2011*
i. Companies which are part oI NSE Index NiIty 50
ii. Companies which are part oI BSE Sensex BSE 30
a. Companies whose shares or other securities are listed on a stock exchange
outside India
b. Companies, whether listed or not, having net worth oI more than INR1,000 crore
Phase 2: Opening balance sheet as at 1 April 2012*
Companies not covered in phase 1 and having net worth exceeding INR 500 crore
Phase 3: Opening balance sheet as at 1 April 2014*
Listed companies not covered in the earlier phases
II the Iinancial year oI a company commences at a date other than 1 April, then it
shall prepare its opening balance sheet at the commencement oI immediately
Iollowing Iinancial year.
On January 22, 2010 the Ministry oI Corporate AIIairs issued the road map Ior
transition to IFRS. It is clear that India has deIerred transition to IFRS by a year. In
the Iirst phase, companies included in NiIty 50 or BSE Sensex, and companies
whose securities are listed on stock exchanges outside India and all other
companies having net worth oI Rs 1,000 crore will prepare and present Iinancial
statements using Indian Accounting Standards converged with IFRS. According to
the press note issued by the government, those companies will convert their Iirst
balance sheet as at April 1, 2011, applying accounting standards convergent with
IFRS iI the accounting year ends on March 31. This implies that the transition date
will be April 1, 2011. According to the earlier plan, the transition date was Iixed at
April 1, 2010.
The press note does not clariIy whether the Iull set oI Iinancial statements Ior the
year 2011-12 will be prepared by applying accounting standards convergent with
IFRS. The deIerment oI the transition may make companies happy, but it will
undermine India`s position. Presumably, lack oI preparedness oI Indian companies
has led to the decision to deIer the adoption oI IFRS Ior a year. This is unIortunate
that India, which boasts Ior its IT and accounting skills, could not prepare itselI Ior
the transition to IFRS over last Iour years. But that might be the ground reality.
Transition in phases Companies, whether listed or not, having net worth oI more
than Rs 500 crore will convert their opening balance sheet as at April 1, 2013.
Listed companies having net worth oI Rs 500 crore or less will convert their
opening balance sheet as at April 1, 2014. Un-listed companies having net worth oI
Rs 500 crore or less will continue to apply existing accounting standards, which
might be modiIied Irom time to time. Transition to IFRS in phases is a smart move.
The transition cost Ior smaller companies will be much lower because large
companies will bear the initial cost oI learning and smaller companies will not be
required to reinvent the wheel. However, this will happen only iI a signiIicant
number oI large companies engage Indian accounting Iirms to provide them
support in their transition to IFRS. II, most large companies, which will comply
with Indian accounting standards convergent with IFRS in the Iirst phase, choose
one oI the international Iirms, Indian accounting Iirms and smaller companies will
not beneIit Irom the learning in the Iirst phase oI the transition to IFRS. It is likely
that international Iirms will protect their learning to retain their competitive
advantage. ThereIore, it is Ior the beneIit oI the country that each company makes
judicious choice oI the accounting Iirm as its partner without limiting its choice to
international accounting Iirms. Public sector companies should take the lead and
the Institute oI Chartered Accountants oI India (ICAI) should develop a clear
strategy to diIIuse the learning. Size oI companies The government has decided to
measure the size oI companies in terms oI net worth. This is not the ideal unit to
measure the size oI a company. Net worth in the balance sheet is determined by
accounting principles and methods. ThereIore, it does not include the value oI
intangible assets. Moreover, as most assets and liabilities are measured at historical
cost, the net worth does not reIlect the current value oI those assets and liabilities.
Market capitalisation is a better measure oI the size oI a company. But it is diIIicult
to estimate market capitalisation or Iundamental value oI unlisted companies. This
might be the reason that the government has decided to use net worth` to measure
size oI companies. Some companies, which are large in terms oI Iundamental value
or which intend to attract Ioreign capital, might preIer to use Indian accounting
standards convergent with IFRS earlier than required under the road map presented
by the government. The government should provide that choice. Conclusion The
government will come up with a separate road map Ior banking and insurance
companies by February 28, 2010. Let us hope that transition in case oI those
companies will not be deIerred Iurther.
edit] 1apan
The Accounting Standards Board oI Japan has agreed to resolve all inconsistencies
between the current JP-GAAP and IFRS wholly by 2011.
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edit] Pakistan
All listed companies must Iollow all issued IAS/IFRS except the Iollowing:
IAS 39 and IAS 40: Implementation oI these standards has been held in abeyance
by State Bank oI Pakistan Ior Banks and DFIs
IFRS-1: EIIective Ior the annual periods beginning on or aIter January 1, 2004.
This IFRS is being considered Ior adoption Ior all companies other than banks and
DFIs.
IFRS-9: Under consideration oI the relevant Committee oI the Institute (ICAP).
This IFRS will be eIIective Ior the annual periods beginning on or aIter 1 January
2013.
edit] Russia
The government oI Russia has been implementing a program to harmonize its
national accounting standards with IFRS since 1998. Since then twenty new
accounting standards were issued by the Ministry oI Finance oI the Russian
Federation aiming to align accounting practices with IFRS. Despite these eIIorts
essential diIIerences between national accounting standards and IFRS remain.
Since 2004 all commercial banks have been obliged to prepare Iinancial statements
in accordance with both national accounting standards and IFRS. Full transition to
IFRS is delayed and is expected to take place Irom 2011.
edit] Singapore
In Singapore the Accounting Standards Committee (ASC) is in charge oI standard
setting. Singapore closely models its Financial Reporting Standards (FRS)
according to the IFRS, with appropriate changes made to suit the Singapore
context. BeIore a standard is enacted, consultations with the IASB are made to
ensure consistency oI core principles.
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edit] South Africa
All companies listed on the Johannesburg Stock Exchange have been required to
comply with the requirements oI International Financial Reporting Standards since
1 January 2005.
The IFRS Ior SMEs may be applied by 'limited interest companies', as deIined in
the South AIrican Corporate Laws Amendment Act oI 2006 (that is, they are not
'widely held'), iI they do not have public accountability (that is, not listed and not a
Iinancial institution). Alternatively, the company may choose to apply Iull South
AIrican Statements oI GAAP or IFRS.
South AIrican Statements oI GAAP are entirely consistent with IFRS, although
there may be a delay between issuance oI an IFRS and the equivalent SA
Statement oI GAAP (can aIIect voluntary early adoption).
edit] Turkey
Turkish Accounting Standards Board translated IFRS into Turkish in 2006. Since
2006 Turkish companies listed in Istanbul Stock Exchange are required to prepare
IFRS reports.
edit] List of IFRS statements with full text link

ALL FULL TEXTS available here at the IASB |4|
The Iollowing IFRS statements are currently issued:
IFRS 1 First time Adoption oI International Financial Reporting Standards
IFRS 2 Share-based Payment
IFRS 3 Business Combinations
IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held Ior Sale and Discontinued Operations
IFRS 6 Exploration Ior and Evaluation oI Mineral Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IFRS 9 Financial Instruments
IAS 1: Presentation oI Financial Statements.
IAS 2: Inventories
IAS 7: Cash Flow Statements
IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10: Events AIter the Balance Sheet Date
IAS 11: Construction Contracts
IAS 12: Income Taxes
IAS 14: Segment Reporting (superseded by IFRS 8 on 1 January 2008)
IAS 16: Property, Plant and Equipment
IAS 17: Leases
IAS 18: Revenue
IAS 19: Employee BeneIits
IAS 20: Accounting Ior Government Grants and Disclosure oI Government
Assistance
IAS 21: The EIIects oI Changes in Foreign Exchange Rates
IAS 23: Borrowing Costs
IAS 24: Related Party Disclosures
IAS 26: Accounting and Reporting by Retirement BeneIit Plans
IAS 27: Consolidated Financial Statements
IAS 28: Investments in Associates
IAS 29: Financial Reporting in HyperinIlationary 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 oI 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
edit] List of Interpretations with full text link

ALL FULL TEXTS available here at the IASB |5|
PreIace to International Financial Reporting Interpretations (Updated to January
2006
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar
Liabilities (Updated to January 2006)
IFRIC 7 Approach under IAS 29 Financial Reporting in HyperinIlationary
Economies (Issued February 2006)
IFRIC 8 Scope oI IFRS 2 (Issued February 2006)has been eliminated with
Amendments issued to IFRS 2
IFRIC 9 Reassessment oI 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 DeIined BeneIit Asset, Minimum Funding
Requirements and their Interaction (issued in July 2007)
IFRIC 15 Agreements Ior the Construction oI Real Estate (issued in July 2008)
IFRIC 16 Hedges oI a Net Investment in a Foreign Operation (issued in July 2008)
IFRIC 17 Distributions oI Non-cash Assets (issued in November 2008)
IFRIC 18 TransIers oI Assets Irom Customers (issued in January 2009)
SIC 7 Introduction oI the Euro (Updated to January 2006)
SIC 10 Government Assistance-No SpeciIic 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 Venturers
(Updated to January 2006)
SIC 15 Operating Leases-Incentives (Updated to January 2006)
SIC 21 Income Taxes-Recovery oI Revalued Non-Depreciable Assets (Updated to
January 2006)
SIC 25 Income Taxes-Changes in the Tax Status oI an Entity or its Shareholders
(Updated to January 2006)
SIC 27 Evaluating the Substance oI Transactions Involving the Legal Form oI 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 oI
ownership interests

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