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Short Guide to IFRS by Silvia Mahutova FCCA www.IFRSbox.com As of 1 January 201

Short Guide to IFRS by Silvia Mahutova FCCA www.IFRSbox.com As of 1 January 2012 Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 2 Disclaimer While the author of this e-book used her best efforts in preparing it, she makes no representations or warranties with respect to the accuracy or completeness of the contents of this e-book. This e-book is intended to provide its readers with short guidance and basic orientation in IFRS and includes flash IFRS summaries and therefore is not a substitute for reading the entire Standards or Interpretations. Please don’t rely upon it for preparing financial statements and consult with a professional where appropriate. Content in this e-book is based on the Standards and related Interpretations as valid on 1 January 2012. Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 3 Contents Chapter 1: Basic Structure of IFRS ...................................................................................... 5 1.1 Components of IFRS ...................................................................................................................... 5 1.2 Who Sets IFRS? .............................................................................................................................. 5 Chapter 2 – IAS and IFRS in Brief ....................................................................................... 7 IFRS 1 - First-time Adoption of International Financial Reporting ...................................................... 9 IFRS 2 – Share-based Payment .......................................................................................................... 10 IFRS 3 – Business Combinations ........................................................................................................ 10 IFRS 4 – Insurance Contracts ............................................................................................................. 11 IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations......................................... 12 IFRS 6 – Exploration for and Evaluation of Mineral Resources ......................................................... 12 IFRS 7 – Financial Instruments: Disclosures ...................................................................................... 13 IFRS 8 – Operating Segments ............................................................................................................ 13 IFRS 9 – Financial Instruments........................................................................................................... 14 IFRS 10 – Consolidated Financial Statements ................................................................................... 15 IFRS 11 – Joint Arrangements ............................................................................................................ 16 IFRS 12 – Disclosure of Interests in Other Entities ............................................................................ 16 IFRS 13 – Fair Value Measurement ................................................................................................... 17 IAS 1 – Presentation of Financial Statements ................................................................................... 17 IAS 2 – Inventories ............................................................................................................................. 18 IAS 7 – Statement of Cash Flows ....................................................................................................... 18 IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors ....................................... 19 IAS 10 – Events after the Reporting Period ....................................................................................... 20 IAS 11 – Construction Contracts ........................................................................................................ 20 IAS 12 – Income Taxes ....................................................................................................................... 21 IAS 16 – Property, Plant and Equipment ........................................................................................... 21 IAS 17 – Leases .................................................................................................................................. 22 IAS 18 – Revenue ............................................................................................................................... 22 IAS 19 – Employee Benefits ............................................................................................................... 23 IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance ................ 24 IAS 21 – The Effects of Changes in Foreign Exchange Rates ............................................................. 24 Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 4 IAS 23 – Borrowing Costs................................................................................................................... 25 IAS 24 – Related Party Disclosures .................................................................................................... 25 IAS 26 – Accounting and Reporting by Retirement Benefit Plans ..................................................... 26 IAS 27 – Consolidated and Separate Financial Statements ............................................................... 26 IAS 28 – Investments in Associates and Joint Ventures .................................................................... 27 IAS 29 – Financial Reporting in Hyperinflationary Economies .......................................................... 28 IAS 31 – Interests in Joint Ventures ................................................................................................... 28 IAS 32 – Financial Instruments: Presentation ................................................................................... 29 IAS 33 – Earnings per Share ............................................................................................................... 30 IAS 34 – Interim Financial Reporting ................................................................................................. 30 IAS 36 – Impairment of Assets .......................................................................................................... 31 IAS 37 – Provisions, Contingent Liabilities and Contingent Assets .................................................... 32 IAS 38 – Intangible Assets .................................................................................................................. 33 IAS 39 – Financial Instruments: Recognition and Measurement ...................................................... 33 IAS 40 – Investment Property ............................................................................................................ 34 IAS 41 – Agriculture ........................................................................................................................... 35 Appendix: List of SICs / IFRICs .......................................................................................... 36 Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 5 Chapter 1: Basic Structure of IFRS 1.1 Components of IFRS IFRS is an acronym for International Financial Reporting Standards and covers full set of principles and rules on reporting of various items, transactions or situations in the financial statements. Often they are referred to as “principles based” standards because they describe principles rather than dictate rigid accounting rules for treatment of certain items. IFRS comprise the following components: - The Conceptual Framework for the Financial Reporting The Framework states the basic principles for IFRS and hence it’s a “must-read” document. It discusses objective of financial statements, underlying assumptions used in IFRS, qualitative characteristics of financial statements, elements of financial statements, recognition of elements of financial statements, measurement of elements of financial statements and concepts of capital and maintenance. The Framework was amended in September 2010. You can watch video with its summary in our website www.ifrsbox.com. The full text of the Framework can be obtained from www.ifrs.org. - International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) Both IAS and IFRS are standards themselves that prescribe rules or accounting treatments for various individual items or elements of financial statements. IASs are the standards issued before 2001 and IFRSs are the standards issued after 2001. There used to be 41 standards named IAS 1, IAS 2, etc., however, several of them were superseded, replaced or just withdrawn. Short review of each IAS and IFRS can be found in chapter 2 of this book. - Standing Interpretations Committee (SIC) and Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) SICs and IFRICs are interpretations that supplement IAS / IFRS standards. SIC were issued before 2001 and IFRIC were issued after 2001. They deal with more specific situations not covered in the standard itself, or issues that arose after publishing of certain IFRS. The list of all SICs / IFRICs can be found in the Appendix to this book. 1.2 Who Sets IFRS? Primary standard setting body is the International Accounting Standards Board (IASB) with 15 full- time members based in London, UK. IASB’s goal is to develop and publish IFRS including IFRS for SME Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 6 (small and medium enterprises). IASB also approves interpretations of IFRSs developed by IFRS Interpretation Committee. The process of standard setting is as open and transparent as possible – all meetings of IASB are public and webcast on the net. Literally everyone interested can register to IASB’s official webpage www.ifrs.org and submit his own comments to drafts of new standards. This way, everyone can influence the process of standard setting. IASB has also an interpretative body called IFRS Interpretations Committee (formerly IFRIC). This committee is responsible to review and solve certain accounting issues arising from IFRSs currently in place and provide guidance on those issues. In other words, committee issues interpretations called IFRICs (before 2001 SICs). Each IFRIC must then be approved by IASB. IFRS Interpretations Committee has 14 voting members drawn from different countries and professional backgrounds. Both IASB and IFRS Interpretations Committee are selected, financed and supervised by the IFRS Foundation (formerly called IASC Foundation) who is independent, not-for-profit private sector organization working on public interest. Except for standard setting goal, its supporting goals are also: • development of XBRL taxonomy to promote the electronic use, exchange and comparability of financial data prepared in line with IFRS • development of training material for the IFRS for SMEs together with organizing conferences and workshops about IFRS • protection and promotion of IFRS brand and support of global convergence of accounting standards and rules • day-to-day management and support for the organization, including development of relationships, promoting the work of organization, etc. This was just to give you a picture on who stands behind it. If you would like to find out more about the process of standard setting or the IFRS Foundation itself, please visit www.ifrs.org. Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 7 Chapter 2 – IAS and IFRS in Brief In this chapter, you will learn basics about individual IAS and IFRS. After reading it, you should understand where to look for specific information on your hot issues or which standard to use for solving your problem. The following table summarizes all IAS / IFRS, whether withdrawn or still in place. Those withdrawn or superseded by other standards are marked in italic. After the table, you will find a short description of each active standard with reference to related interpretations SIC or IFRIC. Standard Title Related SIC / IFRIC IFRS 1 First-time Adoption of International Financial Reporting Standards - IFRS 2 Share-based Payment IFRIC 19 IFRS 3 Business Combinations SIC 32, IFRIC 17, IFRIC 19 IFRS 4 Insurance Contracts SIC 27 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations - IFRS 6 Exploration for and Evaluation of Mineral Resources - IFRS 7 Financial Instruments: Disclosures IFRIC 12, IFRIC 17 IFRS 8 Operating Segments - IFRS 9 Financial Instruments - IFRS 10 Consolidated Financial Statements - IFRS 11 Joint Arrangements - IFRS 12 Disclosure of Interests in Other Entities - IFRS 13 Fair Value Measurement - IAS 1 Presentation of Financial Statements SIC 7, SIC 15, SIC 25, SIC 29, SIC 32, IFRIC 1, IFRIC 14, IFRIC 15, IFRIC 17, IFRIC 19 IAS 2 Inventories SIC 32 IAS 3 Consolidated Financial Statements – superseded n/a IAS 4 Depreciation Accounting – withdrawn n/a IAS 5 Information to Be Disclosed in the Financial Statements – superseded n/a IAS 6 Accounting Responses to Changing Prices – superseded n/a IAS 7 Statement of Cash Flows - To be continued... Short Guide to IFRS _________________________________________________________________ http://www.IFRSbox.com Page 8 Standard Title Related SIC / IFRIC IAS 8 Accounting Policies, uploads/Ingenierie_Lourd/ ifrs-short-guide.pdf