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Standards (Items should be recognised as (Assets, Liabilities, Income,…
Standards
Items should be recognised as
Assets
Liabilities
Income
Expense
IFRS
Mission
Transparency
Enhance international comparibility and quality of information
Accountability
Reducing info gap between providers of capital and companies
Efficency
Help investors identify opportnuities and risks globally
Developed by "The Board"
Independent standard setting board
14 members from 11 countries
variety of professional backgrounds
150 staff in 30 countries
Supported by an advisory council
Engages with...
Investors
Regulators
Business Leaders
Global accountancy profession
Vision
Develop high quality, understandable and enforceable global accounting standards
Standard setting
Agenda consultation
Research programme
Standards Development
Implementation
Interpretation / Post implementation review
Expoure draft / Final IFRS Standard
Research / Discussion paper / agenda proposal
Request for info
3-5 year plan
How to measure items
How to present them in financial statements
Related disclosures