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International Financial Reporting IFRS
The standards, interpretations and framework which are principal based and were framed and adopted in the year 1989 by the international accounting standards board, also referred as the IASB, are known as the international financial reporting standard. The older name of many of these standards which are now a part of IFRS is international accounting standards. The IAS was issued in the time period of 1973 to 2001, and was given by the board of the international accounting standards committee or the IASC. The responsibility of setting international accounting standards was taken over from the IASC by the IASB on 1st April 2001, all the current and existing IAS and SIC’s were adopted by the new board on its constitution, when its first meeting was held. The new standards developed by the IASB are called IFRS.
Structuring of the IFRS
The IFRS established broad rules and dictate specific treatments for the set of standards which are principal based. The international financial standards comprise of-
1. The international financial reporting standards issued since 2001.
2. The international accounting standards issued before 2001.
3. The intrepretations which originated from the financial reporting interpretations committee and which were issued after the year 2001.
4. The standing interpretations committee guidelines issued before the year 2001.
5. The conceptual framework for the preparation and presentation of financial statements-2010.
The frame work
The processes of IASB and FASB frameworks are still in the process of being updated and conveyed. The aim of the joint conceptual framework project is to refine the current and existing concepts so that they reflect the changes in the market, business practices and other economic developments that have taken place after passing of two or more decades since the birth of concepts. It also updates the existing framework by analyzing the current trends.
The role of framework
There are various roles assigned to the international financial reporting standards.
In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgment, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8.
Objectives of financial statements
A financial statement must be able to reflect the true as well as fair view of the various business affairs undertaken by an organization. The statement should also reflect the true and broad view of the financial position of an organization, as the statements are used by various groups and constituents of the society and by regulators also. These statements are very helpful in checking the financial position of any organization or business during a given specific period.
The underlying assumptions of the IFRS
Two basic accounting modules are being authorized by the IFRS, which are:
1. The financial capital maintenance for nominal monitory units-this comprises of historical cost accounting during the low deflation and inflation period.
2. The financial capital maintenance for units of constant purchasing power-also called the constant item purchasing power accounting, used during the period of low inflation and deflation along with constant power purchasing power accounting, which is used during hyper inflation. The units of constant purchasing power of financial capital maintenance are not authorized under the provisions of USGAAP.
The four basic assumptions of IFRS are-
1. Accrual basis- the effect of transactions and the other events is recognized when they actually occur and not when the cash is paid or gained.
2. The going concern- the business entity is supposed to be in existence for the foreseeable future.
3. The stable measuring unit assumption- also called as historical cost accounting or the financial capital maintenance in nominal monetary units. The money is assumed as the basic measuring unit for the processes of financial reporting. The common denominator is money for making and summarizing financial and accounting measurements.
4. Constant purchasing power units- it is one of the basic accounting alternatives which are authorized in 1980 and from an alternative for the traditional cost accounting methods. In this concept, the constant, real and non monitory items everywhere are always measured in the units of constant purchasing power which are in the terms of a daily index or the monetized daily index units of accounts, during both deflation as well as low inflation.
The various qualitative characteristics of financial statements are reliability, understandability, relevance and comparability and the elements which constitute financial statements are assets, liability and equity.
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