Chapter 14 Flashcards
Requirements for financial statements (3)
The financial statements should be prepared in accordance with all relevant accounting standards
Follow any generally accepted accounting practices
The financial statements should be free from material misstatements
IFRS
International financial reporting standards
Develop in the public interest, a single set of high quality, understandable and enforceable global accounting stands that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions
Promote the use and rigorous application of those standards
To bring about convergence of national standards and international accounting standards (IAS) and International Financial Reporting stands (IFRS) to high quality solutions
ISAB
International Accounting standards board
Responsible for all technical matters, including the preparation and issuing of IFRS
IFRIC
International financial reporting interpretations committee
Interpret the application of IAS and IFRS and provide timely guidance on financial reporting issues not specifically addressed in the standard, in the context of the ISAB framework, and undertake other tasks at the request of the IASB
Ensure its work is in accordance with the IASB objective of convergence with national standard-setters.
Publish after clearance by the IASB Draft Interpretations for public comment and consider comments made within a reasonable period before finalising an interpretation
Report to the ISAB and obtain its approval for final interpretations
IFRS AC
International financial reporting standards advisory council
Giving advice to the ISAB on the agenda decisions and priorities in the IASB work
Informing the IASB of the views of the organisations and individuals on the council on major standard-setting projects
Giving other advice to the IASB or the Trustees
