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News about IAS/IFRS from EU – Link to IFRS file (in pdf)

ifrslist — Sun, 14 Dec 2008 22:29:00 +0000

Dear allPlease find attached a news from European Commission about IFRS.
In addition you’ll find a link to a pdf file related to consolidated
text of IFRS.Have a good joining.
Regards
Simone SalviAccounting standards: Commission adopts consolidated text of IFRS
applicable in the EUThe European Commission has adopted on Monday 3 November the
consolidated text of all International Financial Reporting Standards
(IFRS) in force in the European Union (EU). The consolidated version
puts together all IFRS endorsed to date, including the latest
amendments endorsed on 15.10.2008. It will enable stakeholders to
refer to only one single legal document. This is an important element
of the Commission simplification programme aimed at reducing the
administrative burden on EU businesses.Internal Market and Services Commissioner Charlie McCreevy said: “The
consolidated text will make a practical difference to IFRS users in
the EU, who can now refer to one single document in their own
language, and to EU businesses, whose administrative burdens will be
reduced. It is an important part of the Commission’s simplification
programme and an important practical step in making EU legislation
accessible to businesses and citizens.”The consolidated text, which is available in all official EU
languages, replaces 18 earlier Regulations. All IFRS endorsed from 29
September 2003 to 15 October 2008 are now published in this single
document. Furthermore, all cross-references have been updated. At the
same time the Commission has carried out a complete overhaul of all
linguistic versions which ensures their high quality and consistency
both with existing EU legislation and with the official texts of the
International Accounting Standards Board (IASB).The new Regulation repeals and replaces Regulation No. 1725/2003 of 29
September 2003 and all subsequent modifications up to 15 October 2008.
Member States unanimously supported its adoption. The consolidated
text is available at the following addresseshttp://ec.europa.eu/internal_market/accounting/ias_en.htmClick here for pdf file in englishhttp://ec.europa.eu/internal_market/accounting/docs/ias/20081104_ifrs_consolidated_en.pdf

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IFRS AND IAS

ifrslist — Sun, 14 Dec 2008 22:21:00 +0000

Dear Friend,

Please inform which website can give me detailed IFRS and IAS access
free of cost. Deloittee IAS PLUS gives summary.

Thanks

Hemant

Hi Hemant

For a summary of the scope of each Standard you may want to rely on
the official site of the International Accounting Standard Board
(www.iasb.org). Detailed information on each standard are instead
subject to a subscription which however provides you also with regular
updates.

Regards

Antonello

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DIFFERENCES BETWEEN THE IFRS AND IAS

admin — Sun, 14 Dec 2008 18:44:00 +0000

What are the diferences between the two accounting policies?

IAS was in use before the introduction of IFRS. With effect from the introduction of IFRS, only IAS before the introduction of IFRS is stil in use. Any other international standard that will be issued will now be IFRS but not IAS.

Femi

In my view except the change in nomenaclature there is no much difference in the basic strategy of the standardization process. Ofcourse prior to 2001 (1973-2001) IAS International Accounting Standards were used to be issued by the IASC (International Accounting Standards Committee) and subsequent to 2001 this task is being done by the IASB (International Accounting Standards Board) and given a refined name as IFRS.

Regards

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Just one question

admin — Sun, 14 Dec 2008 18:42:00 +0000

Please let me know about cost of create new web sit

will it be general expenses or intangible assets

So, which treatment prefered to be confirmed to international accounting standard

thank you

Mahmoud Gbr

Auditor

General expense: if there is no link to future cash inflow through this

Intangible asset: if satisfy the conditions of IAS 38 ..cash inflow, technical feasibility, intention, available market etc.

Thank you,

Regards,

Debdulal

Do you expect with relative certainty that the development of the new web will bring new cashflows to the company?

If yes-then it should be recognised as an asset

If not-it is an expense and should be debited to the P&L

I suggest that you refer to SIC 32 which was formulated to deal specifically with the subject matter in conjunction with IAS 38.

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IFRS vs IAS

ifrslist — Thu, 28 Aug 2008 14:40:00 +0000

Hi everyone

I want to know the difference between IFRS and IAS. As, there are IAS 1 to 41 standards already existing then why IFRS 1 to 8 was developed.

Secondly, are these two standards working parallel to each other or IAS is abondoned and now IFRS is working?

If someone could please guide me.Well I am “sorry” to ask a basis question from honourable members.

Sincerely,

Salman

See this link for the first question,

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

The second Q: yes they are parallel, as long as an IAS is not replaced by an IFRS it remains valid. Companies also tend to refer to ‘complying with IFRS and IAS’ but also only ‘ complying with IFRS’.

And by the way, there are no stupid questions, not asking is stupid,

Kind regards,

Henk

I have lifted some part of the preface to IFRS…

“The International Accounting Standards Board (IASB) started operations in April 2001 as

the successor to the International Accounting Standards Committee (IASC). The IASB is the

standard-setting body of the IASC Foundation.

The IASB was preceded by the Board of IASC, which came into existence on 29 June 1973 as a result of an agreement by

professional accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and

Ireland, and the United States of America. A revised Agreement and Constitution were signed in November 1982.

The Constitution was further revised in October 1992 and May 2000 by the IASC Board. Under the May 2000 Constitution,

the professional accountancy bodies adopted a mechanism enabling the appointed Trustees to put the May 2000 Constitution into force.

The Trustees activated the new Constitution in January 2001, and revised it in March 2002.

All Standards and Interpretations issued under previous Constitutions continue to be applicable unless and until they are amended or withdrawn.

The International Accounting Standards Board may amend or withdraw International Accounting Standards and

SIC Interpretations issued under previous Constitutions of IASC as well as issue new Standards and Interpretations.

International Financial Reporting Standards (IFRSs) is the term used to indicate the whole body of IASB authoritative literature; and includes:

• IFRSs issued by the IASB;

• International Accounting Standards (IASs) issued by the IASC, or revisions thereof issued by the IASB;

• Interpretations of IFRSs and IASs developed by the IFRIC and approved for issue by the IASB; and

• Interpretations of IASs developed by the SIC and approved for issue by the IASB or IASC. ”

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Hello

ifrslist — Thu, 28 Aug 2008 09:17:00 +0000

Please tell me the number and subjects of international accounting and audit standards boards
thanks a lot
fakhkhari

Hi,It is IAS19, pension liability for defined benefit plans.

Met vriendlijke groet / best regards,

Pieter

Hi,

Could some one mail me IAS18 ,IAS 11 and IAS 19.

Thanks

Sanjana

Use this link

http://www.ccdg.gov.sg/frs/index.htm

dear henk,

would you plz confirm that these standard are implemented internationally or released by singapore govt in compliance with singapore SEC rules.

i ve surfed the sites of renowned audit/consultancy firms i.e KPMG, PWC & some of the others who have promulgated some, but not all, of IFRS/IAS in PDF with detailed commentary, practical guide & Q&A’s.

b/rgrds,

ammad

These are the HK version of IFRS, in every FRS it says that when you comply with FRS issued by the Singapore Authority you also 100% comply with IFRS. I have not seen deviations from IFRS, it is only that they wanted to have a local version and consequently they left the word International away. See about us on the site.

Home > About Us

Welcome to the ASC website

The mandate of the ASC is to develop, review, amend and approve accounting standards for entities that are under its purview, taking into account:

a.	The information needs of the stakeholders of the entities;
b.	Facilitation of comparability, disclosure and transparency;
c.	Compatibility with relevant international standards; and
d.	Singapore’s reputation as a trusted international business and financial hub.

While the ASC will track closely the introduction of new International Financial Reporting Standards (IFRS) for possible application in Singapore, it will also take into account the local economic and business circumstances and context, as well as the entity to which the accounting standards would apply to.

The Chairman and members of the ASC are appointed by the Minister for Finance, and the Council’s composition comprises representatives from stakeholder groups such as the accounting profession, the users and preparers of financial information, academia and the Government.

Although the ASC is taking over from the CCDG, previous accounting standards, interpretations, practice directions and other directives issued by the CCDG would still remain valid and in force, as provided under Section 8(4) of the Accounting Standards Act, unless otherwise stated.

Hello, i am looking the complete soluation of IAS-12

Dear zakaria,

plz consult following reference books

Donald kieso, IAS/IFRS work book by Mirza & acca paper 3.6 book.

it has been elaborated with short & pretty illustrations….

rgrds,

ammad

Dear Member/s

I am knew to IFRS. Please guide me what are the documents / Disclosures to be prepared for making financials as per IFRS from IGAAP accounting.

Is there any ready template for converting IGAAP into IFRS.

I need the above information for real estate industry.

Regards

Suraj

Mohammad,

Most of the disclosures needed for IAS-12 are listed here: www.taxstream.eu/ias_12 . Contact me at rdover@taxstream.eu for more info.

Russell

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IFRS Implementation Support

ifrslist — Wed, 27 Aug 2008 20:50:00 +0000

Good Day,

I am a semi-retired accounting professional with 14 years of consulting experience in IT and securities settlement systems and 15 years of industry experience principally in the financial services sector (banking, trust and investment dealers). In order to continue to be productive, at least on a part-time basis, I am interested in acquiring sufficient knowledge about the transition to IFRS reporting to offer my services on a consultative basis. My principal market will be in Canada which is transitioning to IFRS by 2011, however, I would also like to work overseas with developing countries who might be implementing international accounting standards for the first time.

Could the members of this forum direct me to any resources that would allow me to gain this knowledge? For example, I am interested in web based or distance learning courses on this topic as well as other forums, groups or publications that would further my knowledge in this area. How would you recommend that I position myself in order to provide meaningful service to companies who are faced with the task of implementing these new standards?

Thank you for your time and valuable input.

Paul

Hi Paul,

For Canada, you can refer to www.IFRSinCanada.com – this is a site run by my group. There is a resource tab with information. We have a regular newsletter on updates, let me know if you are interested in subscribing.

Also, if you want to do specific training, you can access free training from www.iasplus.com, or the CICA sells training from the Institute of CAs in England and Wales. www.cica.ca – follow through to continuing education.

Where in Canada are you located? You can email me directly at gheard@financegroup.ca.

Gord

Dear Paul, Appreciate your interest in keeping yourself busy with the latest developments!

For the benefit of the forum members, I would like to express that P2P Accounts
http://www.p2paccounts.com would be making serious efforts in 2008-2009 to/> evolve into a fully compliant software that enables IFRS reporting especially
for SMEs. Even while IFRS-SME draft is expected to be out in mid-2008 the IFRS
list members are welcome to send request for features to be incorporated in P2P
Accounts that can help global SMEs in their business related accounting and
analysis.

Paul, you may like to take special interest in P2P Accounts as we are already
receiving comments from Canadian users who are looking to switch from software
like Simply Accounting on Windows XP to P2P Accounts on Ubuntu. Being an early
adopter may help you in your consulting gigs!

Best wishes for 2008.

Regards,

Rajesh

Dear Rajesh,

Is P2P Accounts attached with a special legal, tax and accounting
environment of US, EU and Canada, or would it be also suitable for
emerging economies like Georgia?

Lado

Dear Lado, At present P2P Accounts is *very* generic and highly configurable in terms of
Chart of Accounts, taxation and reporting. It is being made suitable for
Singapore, ASEAN, EU and other countries like India that have resolved to
transition to IFRS by 2011.

Should you have any specific requests pertaining to Georgia please write an
email to P2P Accounts directly.

The vision for P2P Accounts is to provide a FREE (at least for 2 users) yet
sophisticated, fully functional accounting software for developing countries as
well as for small businesses in developed markets and cover at least 150
countries that are committed to transition to IFRS by 2012.

Hope this helps. Shall we take further discussions pertaining to this software
off the list as I do not wish to hijack the core purpose of this list

Thanks everyone for your interest.

Dear Paul,

The link below is a free site which contains all the information that are you going to need about IFRS.

www.iasplus.com

The following link contains free e-learning courses that you can download to your computer or if you prefer access them online.

http://212.135.140.61/

You just have to fill it out the fields marked with a * and you’ll have full access to the courses. Enjoy it!

Best Regards

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IFRS LIST

ifrslist — Wed, 27 Aug 2008 20:46:00 +0000

Dear Sir/ Madaam,

Can I ask a complete list or copy of IFRS and IAS? Please send this to my email address.

Thank you very much.

Dear Nilo,

Here’s a link with your request,

http://www.ccdg.gov.sg/frs/index.htm

Regards,

YOU CAN GET ALL THE DETAILS FROM www.iasplus.com

Dear Sir,

Is it Financial Reporting Standard the same with IFRS?
I have a friend who wants to converge its financial statements into IFRS and I want to recommend him to take all FRS file.
Thank you very much.

Best regards,
Didik

DEAR SIR,AS A TRAINER AND FACULTY ON IFRS I CAN HELP YOUR FRIEND IN THE CONVERSION WORK

K.KANAGARAJ

Dear All

I am a graduate student, and would like to start my career in audit even though my academic background is linguistics. Can someone tell me what aduit is? and what does ACA mean to you?

Thanks very much!

Liu

Hello Liu,

The ACA is a term used in the International accounting realm as an acronym for Associate Chartered Accountant .

You can read more at this Wikipedia page: http://en.wikipedia.org/wiki/Chartered_Accountant

Chris

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Information

ifrslist — Wed, 27 Aug 2008 20:44:00 +0000

Dear Ermal

I think you can find all the standard relevant to your study in following web.

Hope can help you

http://www.ccdg.gov.sg/frs/index.htm

Thanks and regards,

evon

hello
i am a student from albania ,and i am studing accounting in tne economic faculty,in tirana university.
as part of our subjects we are doing ADVANCED ACCOUNTING,mainly speaking for the new international accounting standarts(IAS) and(IFRS) which are going to be practiced in Albania on january 2008.
It would be very kind of you if you give me more information about this standarts in details in order to be more familiar whith them ,or give me another way in order to have access to such reports

i am looking forward to hearing from you

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