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Difference Between IAS and IFRS.docx

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Who Issues IFRS? International Financial Reporting Standards (IFRS) is a set of accounting standards, developed by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Comp
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  Who Issues IFRS? International Financial Reporting Standards (IFRS) is a set of accounting standards, developed  by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. FASB and IASB nternational Accounting Standards Share on email Share on facebook  Share on twitter  Share on linkedin More Sharing Services  International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International IAS 1    Presentation of Financial Statements  2007* IAS 2    Inventories  2005* IAS 3 Consolidated Financial Statements  Superseded in 1989 by IAS 27 and IAS 28 1976 Difference Between IAS and IFRS ã Categorized under   Accounting,Business | Difference Between IAS and IFRS  IAS vs IFRS  Accounting standards issued by the IASB (International Accounting Standards Board) are known as International Accounting Standards. Companies that are locally listed, as well as those that are not, are under obligation to use their financial statements in the countries that have accepted those standards. History  Who Issues IFRS? International Financial Reporting Standards (IFRS) is a set of accounting standards, developed  by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. FASB and IASB nternational Accounting Standards Share on email Share on facebook  Share on twitter  Share on linkedin More Sharing Services  International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International IAS 1    Presentation of Financial Statements  2007* IAS 2    Inventories  2005* IAS 3 Consolidated Financial Statements  Superseded in 1989 by IAS 27 and IAS 28 1976 Historically, the International Accounting Standards started in the mid- 1960′s, more precisely, in 1966, with an initial proposal to enact the ICAEW, AICPA and the CICA for England and Wales, US and Canada r espectively. Consequently, the Accounts International Study Group was founded in the following year, 1967, which aggressively championed for change by publishing  papers on topics with great significance. As a result of these papers, the way was paved for the standards that were to come, and in 1973, an agreement was reached to establish an international  body with the sole purpose of writing accounting standards to be used internationally. In mid 1973, the IASC (International Accounting Standards Committee) was established; mandated with releasing new international standards, which would be rapidly accepted and implemented worldwide. The ISAC lasted 27 years until the year 2001, when it was restructured to become the International Accounting Standards Board (IASB). A series of accounting standards, known as the International Accounting Standards, were released by the IASC between 1973 and 2000, and were ordered numerically. The series started with IAS 1, and concluded with the IAS 41, in December 2000. At the time when the IASB was established, they agreed to adopt the set of standards that were issued by the IASC, i.e. the IAS 1 to 41, but that any standards to be published after that would follow a series known as the International Financial Reporting Standards (IFRS). The Difference  Who Issues IFRS? International Financial Reporting Standards (IFRS) is a set of accounting standards, developed  by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. FASB and IASB nternational Accounting Standards Share on email Share on facebook  Share on twitter  Share on linkedin More Sharing Services  International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International IAS 1    Presentation of Financial Statements  2007* IAS 2    Inventories  2005* IAS 3 Consolidated Financial Statements  Superseded in 1989 by IAS 27 and IAS 28 1976 The question of the differences between the IAS and IFRS has arisen on a number of occasions in accounting circles, and in fact, some would question if there is any difference at all. One of the major differences is that the series of standards in the IAS were published by the International Accounting Standards Committee (IASC) between 1973 and 2001, whereas, the standards for the IFRS were published by the International Accounting Standards Board (IASB), starting from 2001. When the IASB was established in 2001, it was agreed to adopt all IAS standards, and name future standards as IFRS. One major implication worth noting, is that any principles within IFRS that may be contradictory, will definitely supersede those of the IAS. Basically, when contradictory standards are issued, older ones are usually disregarded. Summary: IAS stands for International Accounting Standards, while IFRS refers to International Financial Reporting Standards. IAS standards were published between 1973 and 2001, while IFRS standards were published from 2001 onwards. IAS standards were issued by the IASC, while the IFRS are issued by the IASB, which succeeded the IASC. Principles of the IFRS take precedence if there’s contradiction with those of the IAS, and  this results in the IAS principles being dropped.  Who Issues IFRS? International Financial Reporting Standards (IFRS) is a set of accounting standards, developed  by the International Accounting Standards Board (IASB), that is becoming the global standard for the preparation of public company financial statements.The IASB is an independent accounting standards body, based in London, that is unaffiliated with the AICPA, CPA2Biz or this website. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. mportance of Global Standards Robert L. Shanks, Vice President and Controller of Ford Motor Company, speaks about the importance to Ford of a single set of high quality, understandable, enforceable and globally accepted financial reporting standards. FASB and IASB nternational Accounting Standards Share on email Share on facebook  Share on twitter  Share on linkedin More Sharing Services  International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International IAS 1    Presentation of Financial Statements  2007* IAS 2    Inventories  2005* IAS 3 Consolidated Financial Statements  Superseded in 1989 by IAS 27 and IAS 28 1976   Read more: Difference Between IAS and IFRS | Difference Between | IAS vs IFRS    http://www.differencebetween.net/business/difference-between-ias-and-ifrs/#ixzz3Fx2YYv3k   FRS Basics with US GAAP Comparison (3 days) Course code: 1035    Introduction    Topics    Teaching method    Prerequisites    Course benefits    Who should attend?    CPE / CPD Accreditation    Venue    Instructor(s)    In House

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Jul 24, 2017
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