Please enable JavaScript.
Coggle requires JavaScript to display documents.
Financial Reporting and IFRSs (The Standard Development Process (setting…
Financial Reporting and IFRSs
Objective
resolving and reconciling such accounting differences
What is IFRS?
globally recognised set of Standards for the preparation of financial statements by business entities
D,R,M,P,D
IFRSs, IASs and Interpretations
28 sets IASs
8 SIC & 16 IFRIC
15 sets IFRSs
History and Structure
Governance & oversight
IFRS Foundation Trustees
Public accountability
IFRS Foundation Monitoring Board
Independent standard-setting & related activities
IFRS Foundation
IASB
IFRS Interpretations Committee
Authority of IFRSs
no authority
when an entity chooses to comply with IFRSs, the requirements of all IFRSs should be regarded as mandatory.
IASB: developing, publishing & promoting
The Standard Development Process
setting agenda
project planning
discussion paper
exposure draft
IFRS
procedures after being issued
Current Trends & Future Challenges
trends
fair value
less choices
convergence
declining interest
challenges
historical accounting differences
corporate failure
experience
application dispute
Application & Use
general purpose
r, m, p, d
public sector & government may use
Financial Reporting in Malaysia
MFRS v IFRS
MASB v IASB
MPERS v IFRS for SMEs
Why?
transparency, reduce cost
rigorous & consistent, higher quality information
borderless, relevant, reliable & comparable
allocate funds more efficiently
Regulatory Requirement in Malaysia
unless true & fair override (rare)
the provisions of the applicable approved accounting standards shall prevail when there is conflict
prepared and kept in accordance with the approved accounting standards