Samenvatting
Samenvatting IFRS
Samenvatting van het deel IFRS gegeven in het derde jaar Bedrijfsmanagement Accountancy-Fiscaliteit
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Voorbeeld 2 van de 15 pagina's
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Summary IFRS Fatima IrainSTANDARD SETTING PROCESS TO LEGISLATION –
BE/INTERNATIONAL
1. IASB – International Accounting Standards Board
“Our mission is to develop IFRS Standards that bring
transparency, accountability and efficiency to financial
markets around the world. Our work serves the public
interest by fostering trust, growth and long-term
financial stability in the global economy.”
AIM = converge standards worldwide, ie Financial
reporting … the global economy
Local companies: local GAAP (generally accepted
accounting principles)
International companies: need for a set of international
reporting standards
2. Standards to legislation
1) Standard setting process IASB: an open and inclusive process (discussion paper, feedback, new
project,..) this is an ongoing process, can take up to 2/3 years for a standard to reach its final stage
2) For the standards to become mandatory in Europe, the EC (European Commission) needs to
endorse the standards, otherwise they are not applicable.
3) Standards (IAS/IFRS) – Interpretations (IFRIC): external stakeholders need to understand the
information provided need for accounting standards (legislation) to provide a frame of reference to
interpret and understand the information provided
3. BE/International
BE GAAP: Corporate Law, Royal Decree, Interpretations (CBN 1 - commissie boekhoudkundige
normen)
Application GAAP = Statutory accounts of all companies in BE as well as their consolidated accounts
(choice), except if shares quoted at stock exchange.
EU: all companies quoted at stock exchange = IFRS mandatory, others = to de decided locally
BE: consolidated financial statements (if not quoted) = choice BE GAAP or IFRS to be decided by
board of directors. But once you choose IFRS you can’t change it anymore for the rest of your
reporting days (= irrevocable descision)
1 Issues interpretations about accounting
1
, Summary IFRS Fatima Irain
THE FRAMEWORK
= principle based
The framework is not a standard, but principles to be applied when developing standards, as thus
also when interpreting standards.
Framework:
- Sets out the concepts that underlie the financial standards
- Guides the IASB in developing new and revising existing standards
- Ensures internal consistency within the IASB standards - Source for preparers or auditors of FS to
interpret standards
- Dates from 1989, adopted in 2001 and currently being updated
Deals with:
- Objective of financial statements (FS)
- Underlying assumptions
- Qualitative characteristics that determine usefulness FS
- Definition, recognition, and measurement elements of FS
- Concepts of capital and capital maintenance. IA
1. Objective of fi nancial statements
To provide information about financial position, performance and changes in financial position of an
entity that is useful to a wide range of users in making economic decisions (GPFS General purpose FS)
GPFS = a report intended to meet the information needs that are common to a wide range of users,
not able to obtain tailormade reports
2. Underlying assumptions
Accrual basis = base of financial reporting = effects of transactions and events are recognized when
they occur (and not as cash is received or paid) <> cash accounting = expense/income registered as
expense/income
Going Concern = it is assumed the entity has neither the intention nor the need to liquidate
materially the scale of its operations, but will continue in operation for the foreseeable future (at
least 12 months).
If not the case: valuation of assets is based on liquidation value (which gives a complete different
view).
3. Qualitative characteristics of FS
× Understandability
× Relevance
× Reliability
× Comparability
4. Elements of FS
Asset = a resource, controlled by the entity, as a result of past events, and of which future economic
benefits are expected to flow to the entity
2
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