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International Financial Reporting Standards,commonly called IFRS,are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities publicly listed.
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States,with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA),the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham,North Carolina,and maintains additional offices in New York City,Washington,D.C.,and Ewing,New Jersey.
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1,1973. The FASB is run by the nonprofit Financial Accounting Foundation.
Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA),pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States.
An intangible asset is an asset that lacks physical substance. Examples are patents,copyright,franchises,goodwill,trademarks,and trade names,as well as any form of digital asset such as software or cryptocurrency,including stablecoins in duress. This is in contrast to physical assets and financial assets. Intangible assets are usually very difficult to value.They suffer from typical market failures of non-rivalry and non-excludability. Today,a large part of the corporate economy consists of intangible assets,reflecting the growth of information technology and organizational capital.
In accounting,amortization is a method of obtaining the expenses incurred by an intangible asset arising from a decline in value as a result of use or the passage of time. Amortisation is the acquisition cost minus the residual value of an asset,calculated in a systematic manner over an asset's useful economic life. Depreciation is a corresponding concept for tangible assets.
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The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also,the AASB contributes to the development of global financial reporting standards and facilitates the participation of the Australian community in global standard setting. The AASB's functions and powers are set out in the Australian Securities and Investments Commission Act 2001. The AASB uses a conceptual framework to develop and evaluate accounting standards.
Sir David Philip Tweedie is a British accountant. He is the former chairman of the International Accounting Standards Board (2001-2011) and the ninetieth member of The Accounting Hall of Fame.
The International Accounting Standards Board (IASB) is the independent accounting standard-setting body of the IFRS Foundation.
The Financial Reporting Council (FRC) of Nigeria,formerly the Nigerian Accounting Standards Board (NASB),is an organization charged with setting accounting standards in Nigeria. On Thursday,6 May 2021,Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry,Trade and Investment,Adeniyi Adebayo,as the Executive Secretary/Chief Executive Officer of FRC.
The International Financial Reporting Standards Foundation or IFRS Foundation is a nonprofit organization that oversees financial reporting standard-setting. Its main objectives include the development and promotion of the International Financial Reporting Standards (IFRS),through the International Accounting Standards Board (IASB) for accounting standards and the International Sustainability Standards Board (ISSB) for sustainability-related standards.
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. Convergence in some form has been taking place for several decades,and efforts today include projects that aim to reduce the differences between accounting standards.
IFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments. It contains three main topics:classification and measurement of financial instruments,impairment of financial assets and hedge accounting. The standard came into force on 1 January 2018,replacing the earlier IFRS for financial instruments,IAS 39.
IFRS 10,IFRS 11 and IFRS 12 are three International Financial Reporting Standards (IFRS) promulgated by the International Accounting Standards Board (IASB) providing accounting guidance related to consolidation and joint ventures. The standards were issued in 2011 and became effective in 2013. IFRS 10 addresses consolidated financial statements,IFRS 11 addresses joint ventures and IFRS 12 address disclosures of interests in other entities. The standards were developed in part in response to the financial crisis of 2008. During the crisis,accounting rules were criticized for permitting certain risky arrangements to be excluded from company balance sheets. IFRS 10 revised the definition of having "control" of another entity,and thus requiring that entity to be consolidated onto the controlling entity's balance sheet. The revised definition is expected to increase the likelihood that an entity is deemed to have control over another. IFRS 11 largely retained previous accounting guidance for joint ventures,but adopted the IFRS 10 definition of "control," meaning that "joint control" would be deemed to exist in some circumstances where it wasn't previously,and vice versa. IFRS 12 requires the disclosures related to subsidiaries,joint ventures and interests in other entities which are not consolidated to be combined into a single disclosure. It also requires disclosures about judgements used to determine whether control exists,why it determined that control did not exist and its relationship with entities it did not consolidate. These extra disclosures were also in response of criticism of the previous accounting guidance in light of the financial crisis.
IFRS 15 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. It was the subject of a joint project with the Financial Accounting Standards Board (FASB),which issues accounting guidance in the United States,and the guidance is substantially similar between the two boards.
IFRS 4 is an International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) providing guidance for the accounting of insurance contracts. The standard was issued in March 2004,and was amended in 2005 to clarify that the standard covers most financial guarantee contracts. Paragraph 35 of IFRS also applies the standard to financial instruments with discretionary participation features.
IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. Upon becoming effective,it replaced the earlier leasing standard,IAS 17.
IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of 1 January 2023. The original effective date was meant to be 1 January 2021. In November 2018 the International Accounting Standards Board proposed to delay the effective date by one year to 1 January 2022. In March 2020,the International Accounting Standards Board further deferred the effective date to 1 January 2023.
References
- 1 2 "People moves: New CIO at Credit Suisse Pensionskasse". IPE. 12 November 2020. Retrieved 2022-02-28.
- ↑ "Andreas Barckow". IASB. Retrieved 2022-02-28.
- ↑ Maurer, Mark (6 September 2021). "The New Head of the International Accounting Standards Board Outlines His Priorities". Wall Street Journal. Retrieved 2022-02-28.
- ↑ Ravlic, Tom (30 September 2021). "Time to tackle intangibles". Banking Day. Retrieved 2022-02-28.
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