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Accounting, Pages: 1

International Financial Reporting Standards

International Financial Reporting Standards(IFRS)

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Using eIFRS

 

7. Accounting Term IFRS and #
a.  Construction contracts IAS #11
b.  Financial instruments disclosures IFRS #7
c.  Share-based payment IFRS #2
d.  Employee benefits IAS #19
e.  Interests in joint ventures IAS #28
f.  Agriculture IAS #41
g.  Earnings per share IAS #33
h.  Borrowing costs IAS #23
i.   Operating segments IFRS #8
j.   Accounting for government grants IAS #20

  1. Open IFRS1: First Time Adoption of International Financial Reporting Standards.

    1. Which authority does this replace?

IFRS1 replaced IAS 1: Presentation of Financial Statements (Christensen, Lee, Walker & Zeng, 2015)

  1. Briefly summarize the introduction to paragraph 4.

The IFRS1 makes it an obligation for all entities seeking to embrace the IFRS standards to first update their current and initial financial statements to the IFRS level. Also, the IFRS proceeds to demand the migrating entities to ensure the adopted policies in the completion of accounting tasks adhere to the standards that guided the status in the first IFRS reporting period. However, IFRS 1 notes potential concerns regarding the implementation of the mentioned regulation, with aspects such as excessive cost forming the exemption grounds for adherence. Ideally, such costs are calculated from the benefits associated with the transitioning to the financial statements. However, IFRS 1 acknowledges the possibility of using the standard as an acknowledgment or a review of the possible outcomes in pre-defined transactions.

  1. How many IFRICs have been issued?

23 IFRICs – all between the years 2004 to 2017 (Ball, Li & Shivakumar, 2015).

References

Ball, R., Li, X., & Shivakumar, L. (2015). Contractibility and transparency of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption. Journal of Accounting Research, 53(5), 915-963.

Christensen, H. B., Lee, E., Walker, M., & Zeng, C. (2015). Incentives or standards: What determines accounting quality changes around IFRS adoption? European Accounting Review, 24(1), 31-61.

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Question 

International Financial Reporting Standards

International Financial Reporting Standards

Using eIFRS

7. Accounting Term IFRS and #
a.  Construction contracts ________
b.  Financial instruments disclosures ________
c.  Share-based payment ________
d.  Employee benefits ________
e.  Interests in joint ventures ________
f.  Agriculture ________
g.  Earnings per share ________
h.  Borrowing costs ________
i.   Operating segments ________
j.   Accounting for government grants ________
  1. Open IFRS1: First Time Adoption of International Financial Reporting Standards.
    1. Which authority does this replace?
    2. Briefly summarize the introduction to paragraph 4.
  2. How many IFRICs have been issued?