International Financial Reporting Standards


Standards in Issue

IFRS 1 first-time adoption of IFRS
IFRS 2 Share-based payment
IFRS 3 business combinations

IFRS 4 insurance contracts
IFRS 5 non-current assets for sale & discontinued operations
IFRS 6 exploration for and evaluation of mineral resources
IFRS 7 financial instruments: disclosures
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
IFRS 14 regulatory deferral accounts
IFRS 15 revenue from contracts with customers
IFRS 16 leases
IFRS 17 insurance contracts
IAS 1 Presentation of financial statements
IAS 2 inventories
IAS 7 statement of cash flow
IAS 8 accounting policies
IAS 10 events after the reporting period
IAS 12 income taxes
IAS 16 property, plant and equipment
IAS 19 employee benefits
IAS 20 accounting for government

IAS 21 effects of changes in foreign exchange rates
IAS 23 borrowing costs
IAS 24 related party disclosures
IAS 26 accounting by retirement benefit plans
IAS 27 separate financial statement

IAS 28 investments in associates and joint ventures

IAS 29 FR in hyper-inflationary economies
IAS 32 financial instruments: presentation
IAS 33 earnings per share

IAS 34 interim financial reporting
IAS 36 impairment of assets
IAS 37 provisions, contingent liabilities and assets

IAS 38 intangible assets
IAS 40 investment property
IAS 41 agriculture

The Board

1973 = IASC was founded by accountancy bodies from nine countries

1970’s to 1980’s = the codifying of best practice, including many national options

1989 = publication of the first version of the conceptual framework for financial reporting

1990’s = gradual adoption of IAS standards as national standards, particularly by commonwealth countries

1993 = ten revised standards

1994 = adoption of IAS Standards by a number of continental companies for consolidated statements

1998 = laws to permit use of IAS Standards in France, Germany and Italy and the IASC passes last major core standard

1999 = IASC restricted, resulting in the current board

2000 = international organization of securities commissions recommends use of IAS Standards to its members and the EU commission proposes compulsory use of IAS Standards for listed companies’ consolidated statement by 2005

2001 = European commission presents legislation to require use of IASC standards for all listed companies no later that 2005. Trustees bring new structure unto effect 1 April 2001 IASC now becomes IASB the board and assumes responsibility for setting accounting standards, designated international financial reporting standards

2002 = the board meets the US financial accounting standards board. They conclude the Norwalk agreement, a memorandum of understanding that commits the boards to work together to remove differences between IFRS Standards and US GAAP and to co-ordinate their future work programmers

2004 = by issuing four IFRS standards, two revised IAS Standards and an amendment to the financial instrument standard by the end of march, the board brings to completion its “stable platform” of standards for use by companies adopting its standards from January 2005

2005 = all member states of the EU required to use IFRS Standards as adopted by the EU for listed companies

2006 = china adopts accounting standards substantially in line with IFRS Standards

2007 = IFRS Standards permitted for foreign issuers in the US

2010 = Japan allows use of IFRS Standards for a number of international companies

2011 = republic of kore adopts IFRS Standards as Korean GAAP Standards

2012 = IFRS Standards adopted by Russia, Mexico and Argentina

2017 = it is now considered unlikely that IFRS Standards will be adopted by the US SEC

2018 = It was announced that 17 west and central African jurisdictions including Cameroon, chad, cote d’lvoire, niger and Senegal would adopt IFRS Standards for use in the consolidated financial statements of domestic listed companies from 1 January 2019