Ifrs

ACCT 351

Dr. Thompson

IFRS Assignment

Summer 2012

Answer the following questions from the IFRS website: www.ifrs.org.

1. The acronym “IFRS” stands for International Financial Reporting Standards.

2. Identify the standard-setting body that issues IFRS. How many full-time members does it have?

IASB is the standard-setting body that issues IFRS and currently there are 15 full-time members.

3. What are the objectives of the IFRS Foundation?

• to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB;

• to promote the use and rigorous application of those standards;

• to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and

• to bring about convergence of national accounting standards and IFRSs to high quality solutions.

4. According to the IFRS website, which of the following countries have required IFRS for all companies (public and private) as of today?

Australia √

Canada X (required only for listed companies (permitted for private companies)

France √

Russia √

United States X (allowed for foreign issuers)

5. According to its work plan, when is an ED (exposure draft) target for impairment”

Q4 2012

6. Where is the IFRS Foundation located?

London, UK

7. How many unaccompanied IFRSs have been issued as of 1/1/2012? What is the topic of each?

There are 13 unaccomplished IFRSs as of 1/1/2012. The topic for each is as follows:

1. First-time Adoption of International Financial Reporting Standards

2. Share-based Payment

3. Business Combinations

4. Insurance Contracts

5. Non-current Assets Held for Sale and Discontinued Operations

6. Exploration for and evaluation of Mineral Resource

7. Financial Instruments: Disclosures

8. Operating Segments

9. Financial Instruments

10. Consolidated Financial Statements

11. Joint...