Introduction to IFRS - Introduction to IFRS 1 Learning...

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Introduction to IFRS 1
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Learning Objectives Define the components included in IFRS Describe the organizational structure of IFRS Foundation Describe each organization’s responsibility Describe the adoption of IFRS around the world 2
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Let’s take a tour through the world of international accounting! What is the outlook for IFRS adoption? What is the outlook for IFRS adoption? Why is it important to learn about IFRS today? Why is it important to learn about IFRS today? How are the international standards set? How are the international standards set? What is the structure of the international standard setters? What is the structure of the international standard setters? Who are the international standard setters? Who are the international standard setters? Start What is IFRS? What is IFRS? Is IFRS different or better than US GAAP? Is IFRS different or better than US GAAP? How are the US and internationa How are the US and international 3
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Compliance with IFRS Compliance with IFRS includes following: All active standards (IAS and IFRS) All active interpretations (SIC and IFRIC) IFRS requires presentation of comparative period Required to make explicit and unreserved statement of compliance 4
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IFRS Accounting Policies—IAS 8 IAS 8 establishes “hierarchy” when choosing IFRS accounting policies 1. Apply any specific IFRS 2. Refer to other IFRSs dealing with similar or related issues 3. IFRS Framework 4. Consider pronouncement of other standard-setting bodies (with similar conceptual framework) or industry practices if consistent with above: E.g., U.S. GAAP may be appropriate when IFRS is silent, Framework does not give additional guidance, and U.S. GAAP is not inconsistent with the guidance in standards or interpretations which deal with similar issues or the IFRS Framework 5
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International financial reporting
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