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

8. 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)

2. 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.

9. 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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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	________

8. Open IFRS1: First Time Adoption of International Financial Reporting Standards.
   1. Which authority does this replace?
   2. Briefly summarize the introduction to paragraph 4.
9. How many IFRICs have been issued?