SAMUEL DINDAH
MIUSTD2022185
ACCOUNTING
The details of the regulatory framework of accounting, and the technical aspects of the changes
made, will be covered later in this chapter and in your more advanced studies.
We have some factors that have changed financial accounting
National/local legislation
Accounting concepts and individual judgement
Accounting standards
Other international influences
Generally accepted accounting principles (GAAP)
Fair presentation
ang again we have what we called the IFRSs The current list is as follows
IFRS 1 First-time adoption of International Financial Reporting Standards
IFRS 2 Share-based payment
IFRS 3* Business combinations
IFRS 4 Insurance contracts
IFRS 5 Non-current assets held for sale and discontinued operations
IFRS 6 Exploration for the evaluation of mineral resources
we also have the scope of IFRS and also the applicaiion
Any limitation of the applicability of a specific IFRS is made clear within that standard. IFRSs
are not intended to be applied to immaterial items, nor are they retrospective. Each individual
standard lays out its scope at the beginning of the standard.
3.3.2 Application
Within each individual country local regulations govern, to a greater or lesser degree, the issue of
financial statements. These local regulations include accounting standards issued by the national
regulatory bodies and/or professional accountancy bodies in the country concerned
The FASB accomplishes its mission through a comprehensive and independent process that
encourages broad participation, objectively considers all stakeholder views, and is subject to
oversight by the Financial Accounting Foundation’s Board of Trustees.image_tcm:16-66925
STANDARD-SETTING PROCESS:
The Rules of Procedure describe the FASB’s operating procedures, including the due process
activities that are to be open to public participation or observation to provide transparency into
the standards-setting process. In particular, the Rules of Procedure describe:
The organization in which the FASB operates
The FASB mission, how the mission is accomplished, and related principles that guide the
Board’s standards-setting activities
The operating procedures of the FASB, including the responsibilities of the Chairman, the
composition of the FASB technical staff, the role of advisory groups, the Emerging Issues Task
Force, and public forums in our due process
Our various forms of communications, including the form and content of Accounting Standards
Updates, Exposure Drafts, and Concepts Statements
Protocols for meetings of the FASB and voting requirements
Rules governing public announcements and the kinds of information made broadly available to
the public.
10 CURRENT IFRS
IFRS 1 First-time adoption of International Financial Reporting Standards
IFRS 2 Share-based payment
IFRS 3* Business combinations
IFRS 4 Insurance contracts
IFRS 5 Non-current assets held for sale and discontinued operations
IFRS 6 Exploration for the evaluation of mineral resources IFRS 7 Financial instruments:
disclosures
IFRS 8 Operating segments
IFRS 9 Financial instruments IFRS 10* Consolidated financial statements