Preface to IFRS BV2009

Preface to IFRS BV2009 - Preface to International Financial...

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Preface to International Financial Reporting Standards * * including IFRIC and SIC Interpretations © IASCF 1
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This Preface is issued to set out the objectives and due process of the International Accounting Standards Board and to explain the scope, authority and timing of application of International Financial Reporting Standards. The Preface was approved by the IASB in April 2002 and superseded the Preface published in January 1975 (amended November 1982). In 2007 the Preface was amended in January and October to reflect changes in the IASC Foundation’s Constitution and in September as a consequence of the changes made by IAS 1 Presentation of Financial Statements (as revised in 2007). In January 2008 paragraph 9 was amended to update the reference to the body now known as the IPSASB. 1 The International Accounting Standards Board (IASB) was established in 2001 as part of the International Accounting Standards Committee (IASC) Foundation. The governance of the IASC Foundation rests with twenty-two Trustees. The Trustees’ responsibilities include appointing the members of the IASB and associated councils and committees, as well as securing financing for the organisation. The IASB comprises twelve full- time and two part-time members. Approval of International Financial Reporting Standards (IFRSs) and related documents, such as the Framework for the Preparation and Presentation of Financial Statements , exposure drafts, and other discussion documents, is the responsibility of the IASB. 2 The International Financial Reporting Interpretations Committee (IFRIC) comprises fourteen voting members and a non-voting Chairman, all appointed by the Trustees. The role of the IFRIC is to prepare interpretations of IFRSs for approval by the IASB and, in the context of the Framework , to provide timely guidance on financial reporting issues. The IFRIC replaced the former Standing Interpretations Committee (SIC) in 2002. 3 The Standards Advisory Council (SAC) is appointed by the Trustees. It provides a formal vehicle for participation by organisations and individuals with an interest in international financial reporting. The participants have diverse geographical and functional backgrounds. The SAC’s objective is to give advice to the IASB on priorities and on major standard-setting projects. 4 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. * 5
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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Preface to IFRS BV2009 - Preface to International Financial...

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