Blogs By IFRS – FAQ | IFRS

Blogs by IFRS

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Blogs by IFRS tells it all….

There are a lot of websites and more traditional outlets providing information on International Financial Reporting Standards (IFRS). The actual standards issued by the International Accounting Standards Board (IASB), publications from audit firms, worldwide and country-by-country, providing implementation and change services.

Books from (educational) book publishers providing the theory and history of accounting policies and techniques, software developers and suppliers providing (automated) accounting solutions, independent professionals selling tools or their services and individuals trying to provide a different solution.Blogs by IFRS

A basic concepts bootcamp to guide readers through accounting fundamentals. Fully up-to-date treatment of key IFRS changes including revenue recognition, leasing and insurance accounting. Specialist chapters on banks, insurance accounting, off balance sheet finance, financial instruments and consolidations. Detailed worked examples throughout, supplemented by ‘analysis focus’ to show the real world application of concepts.

A website as an more easily accessible guide to IFRS. Hyperlinks improve going to a subsection or obtain a quick detail or background without getting lost or distracted from the core of the IFRS problem you are trying to solve or are trying to understand for your next examination. The website displays general definitions and more importantly the defined terms used in all of the IFRS Standards when users hover over the specific term.

The IFRS glossary is an alphabetical list of IFRS keywords and IFRS Definitions. Or sometimes just interesting focused IFRS Topics, these narratives are mostly from 600 to just under 1,000 words – but there is no guarantee.

All Blogs A – Z is a similar but many times broader list of IFRS subjects and narratives/examples/accounting examples and journal entries, from basic accounting principles to sophisticated synthetic financial instruments. These narratives tend to be longer, but again there is no guarantee.

Then again the IFRS – IAS – IFRIC – SIC entry provides access to all IFRS standards, IFRSs and IFRICs on one side and IASs and SICs on the other. With IFRSs for SMEs killing it at the end.

But also on the right side top – down, starting with Summary topics main IFRS, a list for each main standard with alle blogs more or less following the content dictionary of each standard, each important blog in its context so to say. Pick a Topic by IFRS is a list of categories through the IFRS standards with some subdivisions to the IFRS Blogs. Newest topics is what you think it is. Still haven’t found what you’re looking for…. sounds like a certain Irish band, but it is the tag cloud of the most used IFRS keywords.  And then the IFRS Standards, again all IFRS standards, IFRSs, IASs, IFRICs and SICs, sometime this list is faster than the page button above.

The one thing we know, using IFRS Glossary, All Blogs A – Z and the Current IFRS Standards in  IFRS – IAS – IFRIC – SIC together with our fully indexed search engine should enable an average IFRS student easy access to a lot, really a lot of IFRS documentation, from journal entry to all the industry specific IFRS knowledge and explanations there are.

But there is room for improvement, the internal linking to IFRS data is on the way but it will take some time to make it complete. On the other hand I do not want a pop-up on almost every IFRS term on your screen when hovering the text.

Alphabetic listing of IFRS Topics Blogs by IFRS

The totally up-to-date alphabetic listing of all subjects explained on FAQ | IFRS are listed here:

A

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D

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Each IFRS Standard has its title and number, e.g. IFRS 2 Share-based Payment or IFRS 8 Operating Segments. Before 2003, the Standards were titled ‘IAS’, which stands for International Accounting Standards. These older Standards were not subsequently renamed, so they are still titled using the old acronym, e.g. IAS 16 Property, Plant and Equipment.

Therefore, you may come across references like ‘IFRS/IAS’ when referring to Standards as a whole, but the addition of ‘IAS’ is unnecessary, as the term ‘IFRS Standards’ (or ‘IFRS’…) comprises also the older standards, that is IASs.‘IFRS’ stands for International Financial Reporting Standards. Sometimes the acronym is used in a plural form: ‘IFRSs’. The IFRS Foundation and IASB prefer to use ‘IFRS Standards’, however ‘IFRS’ is used most often by accounting professionals.

In summary, IFRS/IFRSs/IFRS Standards comprise (see the definition in IAS 1 paragraph 7):
International Financial Reporting Standards;
International Accounting Standards;
IFRIC and SIC Interpretations

IFRS are set by the International Accounting Standards Board (‘IASB’), which is a standard-setting body of the IFRS Foundation. IFRS Foundation is an independent organisation which aims to develop and promote IFRS.

The standard-setting process of IASB is extensive and transparent with the IASB update published after each IASB meeting. After an IFRS Standard is published by the IASB, it typically goes through an endorsement process in a given local jurisdiction, after which it is incorporated into local law.

IFRS Interpretations Committee is the interpretative body of the IASB. Its main work is to address application issues and suggest official IFRS Interpretations, which are eventually approved by the IASB. These interpretations are titled ‘IFRIC’, e.g. IFRIC 21 Levies. Interpretations issued before 2003 were titled ‘SIC’ and some of them are still in force today.

In most cases, the IFRS Interpretations Committee feels that there is no need to issue an interpretation in response to a submitted enquiry. This is usually because they consider existing IFRS to provide sufficient guidance.

In such a case, an agenda decision is issued that explains the position of the Interpretations Committee. These agenda decisions are available at IFRS.org and are often very helpful in resolving a specific application issue. After each Interpretations Committee meeting, an IFRIC Update is published with a useful summary of discussions held.

Blogs by IFRS

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