International
Accounting Standards (IFRS-IAS)
1
Introduction
The International
Accounting Standards (IAS) are a combination of a set of standards and
interpretations.
The IAS has been
developed by the International Accounting Standards Board (IASB).
Basically there is an
old set (pre 2001) and a new set (post 2001). The old set is known as
the International Accounting Standards (IAS) and the new set is known as
International Financial Reporting Standards (IFRS).
In particular, each set
describes:
 |
IAS 1 Presentation
of Financial Statements
|
|
IAS 2 Inventories
|
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IAS 7 Cash Flow
Statements
|
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IAS 8 Net Profit or
Loss for the Period, Fundamental Errors and Changes in Accounting
Practices
|
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IAS 10 Events After
the Balance Sheet Date
|
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IAS 11 Construction
Contracts
|
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IAS 12 Income Taxes
|
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IAS 14 Segment
Reporting
|
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IAS 15 Information
Reflecting the Effects of Changing Prices
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IAS 16 Property,
Plant and Equipment
|
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IAS 17 Leases
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IAS 18 Revenue
|
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IAS 19 Employee
Benefits
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IAS 20 Accounting
for Government Grants and Disclosure of Government Assistance
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IAS 21 The Effects
of Changes in Foreign Exchange Rates
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IAS 22 Business
Combinations
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IAS 23 Borrowing
Costs
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IAS 24 Related
Party Disclosures
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IAS 26 Accounting
and Reporting by Retirement Benefit Plans
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IAS 27 Consolidated
Financial Statements
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IAS 28 Investments
in Associates
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IAS 29 Financial
Reporting in Hyperinflationary Economies
|
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IAS 30 Disclosures
in the Financial Statements of Banks and Similar Financial
Institutions
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IAS 31 Financial
Reporting of Interests in Joint Ventures
|
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IAS 32 Financial
Instruments Disclosure and Presentation
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IAS 33 Earnings per
Share
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IAS 34 Interim
Financial Reporting
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IAS 35
Discontinuing Operations
|
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IAS 36 Impairment
of Assets
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IAS 37 Provisions,
Contingent Liabilities and Contingent Assets
|
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IAS 38 Intangible
Assets
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IAS 39 Financial
Instruments Recognition and Measurement
|
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IAS 40 Investment
Property
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IAS 41 Agriculture
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2
What are the problems and challenges we will face?
Reality one:
Research has shown that the International Accounting
Standards (IFRS/IAS) are written in complex confusing language that most people have difficulty
understanding and complying with. This includes your staff,
suppliers, contractors, lawyers,
translators and consultants.
Reality two: There are unnecessary costs for not complying and ‘ignorance’ is no excuse in the eyes of the law.
Reality three: There is a simple system that will help your people
ensure:
This system is called Mustor
Management and is governed by the MIS 10
000 standard.
At the 2005 International Plain Legal Language
Conference in
Washington
DC
,
the conference summary speaker Mr Christopher Balmford, described Mustor
Management as “the most exciting development in our field at the moment”.
This system
will make it easier
for your people to:
|
negotiate obligations, offers and
counter offers |
|
identify and compare
choices |
|
compare changed clauses with original
ones |
|
compare clauses between documents |
|
plan, program and cost compliance |
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check and audit compliance |
|
analyse workflow requirements and
develop procedures |
|
prepare flowcharts, procedures,
action plans and programs (timelines, Gantt/PERT charts) |
|
make and review compensation claims |
|
complete prescribed notices and |
|
translate requirements into other
languages. |
