So much for the definition of IFRS standards .
Posted: Sun Jan 12, 2025 4:33 am
The absence of texts specific to a particular sector.
These standards were developed in Europe, but are used in 160 countries around the world. Canada, Russia, Brazil, Japan, and Saudi Arabia all follow these standards.
Among the various IFRS standards implemented, we can, for example, find IFRS 15, which aims to improve information related to turnover. IFRS 16 concerns lease contracts applied since January 2019, for which a right of use must be recognized as an asset. Another example is IFRS 17, which replaced IFRS 4 and will change the accounting treatment and valuation of insurance contracts.
The financial crisis vnpay database of 2007/2008 forced companies to be viewed differently. Thus, banks had to change the information provided. They therefore had to present more detailed information on the methods of measurement and allocation of fair values for financial and non-financial instruments, without forgetting certain balance sheet items.
IFRS 9 will then be used to achieve a rapprochement between the accounting and management visions.
What is the difference between IAS and IFRS?
In both cases, they are accounting standards. The first to appear were the IAS standards which arrived in the 1970s. The IFRS standards are derived from these predecessors.
The standards of the IAS regulation have governed IFRS standards (Regulation [EC] No. 1606/2002) at European and international level since 2002. Article 4 states that European listed companies must prepare their consolidated accounts in accordance with the accounting standards relating to European rules. They must also provide accounts that comply with the interpretations relating to IFRS CI. However, option 5 of the regulation allows companies to decide whether or not to authorise the IFRS (and IAS) framework. This only concerns France, which has put forward the possibility for unlisted companies to use the IFRS/IAS framework or not . Listed companies will therefore have to present their corporate accounts in accordance with French standards and their consolidated accounts in accordance with IFRS standards. Unlisted companies will have to present their corporate accounts in accordance with French standards and their consolidated accounts, as an option, in accordance with IFRS rules.
These standards were developed in Europe, but are used in 160 countries around the world. Canada, Russia, Brazil, Japan, and Saudi Arabia all follow these standards.
Among the various IFRS standards implemented, we can, for example, find IFRS 15, which aims to improve information related to turnover. IFRS 16 concerns lease contracts applied since January 2019, for which a right of use must be recognized as an asset. Another example is IFRS 17, which replaced IFRS 4 and will change the accounting treatment and valuation of insurance contracts.
The financial crisis vnpay database of 2007/2008 forced companies to be viewed differently. Thus, banks had to change the information provided. They therefore had to present more detailed information on the methods of measurement and allocation of fair values for financial and non-financial instruments, without forgetting certain balance sheet items.
IFRS 9 will then be used to achieve a rapprochement between the accounting and management visions.
What is the difference between IAS and IFRS?
In both cases, they are accounting standards. The first to appear were the IAS standards which arrived in the 1970s. The IFRS standards are derived from these predecessors.
The standards of the IAS regulation have governed IFRS standards (Regulation [EC] No. 1606/2002) at European and international level since 2002. Article 4 states that European listed companies must prepare their consolidated accounts in accordance with the accounting standards relating to European rules. They must also provide accounts that comply with the interpretations relating to IFRS CI. However, option 5 of the regulation allows companies to decide whether or not to authorise the IFRS (and IAS) framework. This only concerns France, which has put forward the possibility for unlisted companies to use the IFRS/IAS framework or not . Listed companies will therefore have to present their corporate accounts in accordance with French standards and their consolidated accounts in accordance with IFRS standards. Unlisted companies will have to present their corporate accounts in accordance with French standards and their consolidated accounts, as an option, in accordance with IFRS rules.