IFRS Technical Library | AccountingWEB.com

IFRS 1: First-time adoption of IFRS

02/15/2011 - 13:00 - 2079 reads

The objective of IFRS 1 is to make sure that a reporting entity who adopts IFRS as its financial reporting basis prepares financial statements that are transparent for users and comparable over all the periods presented; provides a suitable starting point for reporting under IFRS; and can be generated at a cost that does not exceed benefits to users.

IFRS 2: Share-Based Payment

02/15/2011 - 12:55 - 1117 reads

The objective of IFRS 2 is to outline the reporting requirements that an entity who undertakes a share-based payment transaction should make in their financial statements. It outlines the requirements an entity is to reflect in its profit and loss account (statement of comprehensive income) and balance sheet (statement of financial position) the effects of share-based payments.

IFRS 3: Business Combinations

02/15/2011 - 12:50 - 954 reads

The objective of this IFRS is to deal with the information that an entity provides within their financial statements about a business combination and the effect of this combination on the financial statements.

IFRS 4: Insurance Contracts

02/15/2011 - 12:45 - 1055 reads

The objective of this IFRS is to deal with the financial reporting for insurance contracts by an entity that issues insurance contracts. An insurance contract is defined as a contract under which one party (the insurer) accepts significant insurance risk from another party (i.e. the policyholder) by agreeing to compensate the policyholder if a specific uncertain future event (the insured event) adversely affects the policyholder.

IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations

02/15/2011 - 12:40 - 948 reads

The objective of IFRS 5 is to specify how assets that are classified as ‘held for sale’ should be presented and disclosed within a set of financial statements, and discontinued operations.

IFRS 6: Exploration for and Evaluation of Mineral Resources

02/15/2011 - 12:35 - 910 reads

The objective of this IFRS is to deal with the financial reporting requirements for entities in the mineral extractive industry. Exploration for and evaluation of mineral resources is the search for mineral resources (e.g. oil, natural gas and similar non-regenerative resources) after the entity has obtained legal rights to explore in a specific area.

IFRS 7: Financial Instruments: Disclosures

02/15/2011 - 12:30 - 874 reads

The objective of IFRS 7 is to deal with the disclosures required in an entity’s financial statements in connection with financial instruments. Before the issuance of this IFRS, the disclosure requirements were contained within IAS 32. IAS 32 now contains just the presentation requirements of financial instruments.

IFRS 8: Operating Segments

02/15/2011 - 12:25 - 768 reads

The objective of this IFRS is to deal with the information that an entity should disclose in its financial statements to enable users to evaluate the nature and financial effects of the business activities and the economic environment in which the business operates.

IFRS 9: Financial Instruments

02/15/2011 - 12:20 - 836 reads

This standard was released in November 2009 and is intended to completely replace IAS 39 Financial Instruments: Recognition and Measurement by the end of 2010. IFRS 9 only deals with the classification and measurement of financial assets. A consistent theme of IFRS 9 is that it requires financial assets to be classified on initial recognition at amortised cost or fair value.