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Friday 31 October 2014

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 Glossary


 

This glossary contains short definitions of terms you will find on this website and links to the relevant sections for more detailed descriptions.


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


A

Accounting Standards Advisory Forum (ASAF)

The Accounting Standards Advisory Forum (ASAF) is an advisory group to the International Accounting Standards Board (IASB), consisting of national accounting standard-setters and regional bodies with an interest in financial reporting. The principal purpose of the new advisory group is to provide technical advice and feedback to the IASB.

Read more: Accounting Standards Advisory Forum (ASAF)


Advisory Bodies

The IASB's formal advisory bodies provide an important channel for the IASB to receive input on its work and to consult interested parties from a broad range of backgrounds and geographical regions in a transparent manner.

Read more: Advisory Bodies


Adoption

When a country adopts IFRS, it is often necessary to publish the IFRSs in the official gazette, and allow them to be freely accessed and distributed. The IFRS Foundation recognises this, and will work with the entity that has the legal authority to set financial reporting standards to ensure that copyright restrictions on the material adopted do not prevent the adoption of IFRSs.

Read more: Adoption and copyright


Agenda Decision

The IASB, by developing high quality accounting standards, seeks to address a demand for better-quality information that is of value to all users of financial statements. Better–quality information will also be of value to preparers of financial statements.

Read more: Agenda Decision





B

Board

See the International Accounting Standards Board (IASB).

Read more: Members of the IASB





C

Capital Markets Advisory Committee (CMAC)

The Capital Markets Advisory Committee (CMAC), formerly the Analyst Representative Group (ARG), was created as a body that would be independent of the IASB and the IFRS Foundation, with the specific aim to provide the IASB with regular input from the international community of users of financial statements.

Read more: Capital Markets Advisory Committee (CMAC)


Comment letter

The IASB follows a thorough, open and transparent due process of which the publication of consultative documents, such as Discussion Papers and Exposure Drafts, for public comment is an important component

Read more: Open for comment


Comprehensive Review 2012-14

The IASB is conducting a comprehensive review of the IFRS for SMEs to consider whether there is a need for any amendments to the standard.

Read more: Comprehensive Review 2012-14


Constitution

The IFRS Foundation and its independent standard-setting body, the IASB, provide public accountability through the transparency of their work, the consultation with the full range of interested parties in the standard-setting process, and their formal accountability links to the public.

Read more: Constitution


Consultative groups

Consultative groups give the International Accounting Standards Board (IASB) access to additional practical experience and expertise. The IASB normally establishes consultative groups for its major projects.

Read more: Convergence between IFRSs and US GAAP


Consultative group for Rate Regulation

In April 2013, the IASB established a consultative group to help in its project on rate regulation by providing a variety of expert perspectives, including those of preparers, auditors and users of financial statements, and regulators.

Read more: Consultative group for Rate Regulation


Convergence

The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB.

Read more: Convergence between IFRSs and US GAAP





D

Discussion Paper

Although a Discussion Paper is not mandatory, the IASB normally publishes it as its first publication on any major new topic to explain the issue and solicit early comment from constituents.

Read more: Development and publication of a Discussion Paper


Draft Interpretation

IASB members have access to all IFRS Interpretations Committee agenda papers. They are expected to comment on technical matters as the issues are being considered, particularly if they have concerns about alternatives that the Interpretations Committee is considering.

Read more: Release of a draft Interpretation


Due Process Oversight Committee (DPOC)

The Trustees of the IFRS Foundation have a committee—the DPOC—which is responsible for overseeing the due process procedures of the IASB and its Interpretations Committee.

Read more: Due Process Oversight Committee (DPOC)


Due Process Handbook

The Trustees of the IFRS Foundation have a committee—the DPOC—which is responsible for overseeing the due process procedures of the IASB and its Interpretations Committee.

Read more: Due Process Handbooks





E

Education Initiative

The objective of the education initiative is to reinforce the IFRS Foundation’s goal of promoting the adoption and consistent application of a single set of high-quality international accounting standards.

Read more: About the IFRS Education Initiative


Effects Analysis Consultative Group

In their February 2012 report Strategy Review 2011, the Trustees of the IFRS Foundation recommended the establishment of a working group from the international community, to be chaired by the IASB, to develop an agreed methodology for fieldwork (including field testing and visits) and effect analyses.

Read more: About the Effects Analysis Consultative Group


eIFRS

The online edition of International Financial Reporting Standards (IFRSs) including International Accounting Standards (IASs), Interpretations (IFRICs/SICs) and accompanying documents

Read more: eIFRS


Emerging Economies Group (EEG)

Current membership of the EEG comprises the emerging economies member countries of the G20 and Malaysia.

Read more: Emerging Economies Group (EEG)


Expert Advisory Panel (Impairment of Financial Assets)

The Board has formed an Expert Advisory Panel to address some of the operational challenges of an expected cash flow approach.

Read more: Expert Advisory Panel (Impairment of Financial Assets)


Exposure Draft

Publication of an Exposure Draft is a mandatory step in due process.

Read more: Development and publication of an Exposure Draft





F

Financial Crisis Advisory Group [concluded its work]

The advisory group considered how improvements in financial reporting could help enhance investor confidence in financial markets. The advisory group also helped identify significant accounting issues that require the urgent and immediate attention of the boards, as well as issues for longer-term consideration.

Read more: Financial Crisis Advisory Group


Financial Instruments Working Group

The Financial Instruments Working Group will help the IASB to take a fresh look at the accounting standard IAS 39 Financial Instruments: Recognition and Measurement by examining and questioning the fundamentals of the standard within the context of the IASB’s Framework.

Read more: Financial Instruments Working Group


Funding the IFRS Foundation

The responsibility for the funding arrangements of the IFRS Foundation rests with its Trustees. They approve the budget of the IFRS Foundation and determine the basis for its funding. To enforce the organisation’s public accountability, the funding requirements are also discussed with the IFRS Foundation Monitoring Board.

Read more: Funding





G

Global Preparers Forum (GPF)

The Global Preparers Forum (GPF) is an independent body with members drawn from a variety of industry and geographical backgrounds. It has been sponsored by a number of international or national preparer organisations specifically to provide the IASB with input from the international preparer community. Its members have considerable practical experience of financial reporting and are established commentators on accounting matters in their own right or through working with representative bodies in which they are involved.

Read more: Global Preparers Forum (GPF)





H

 



I

IASB Update

The IASB Update is a staff summary of the tentative decisions reached by the IASB in its public meetings.

Read more: IASB Update


IFRIC Update

IFRIC Update is the newsletter of the IFRS Interpretations Committee and is published as a convenience to the IASB’s constituents.

Read more: IFRIC Update


IFRS Advisory Council

The IFRS Advisory Council is the formal advisory body to the IASB and the Trustees of the IFRS Foundation. It is comprised of a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators, professional accounting bodies and investor groups that are affected by and interested in the IASB's work. Members of the Advisory Council are appointed by the Trustees.

Read more: IFRS Advisory Council


IFRS for SMEs

The IFRS for SMEs is a self-contained standard of 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world.

Read more: About the IFRS for SMEs


IFRS Interpretations Committee (formerly IFRIC)

The IFRS Interpretations Committee comprises 14 voting members drawn from a variety of countries and professional backgrounds.

Read more: Members of the IFRS Interpretations Committee (formerly IFRIC)


IFRS Taxonomy Consultative Group (ITCG)

The aim of using a single, high quality, easily enforceable and globally accepted IFRS Taxonomy to mark up digital reports is to facilitate the efficient dissemination, processing and accessing of IFRS financial statements.

Read more: About the IFRS Taxonomy Consultative Group (ITCG)


Insurance Working Group

The IASB has established a working group to help it analyse accounting issues relating to insurance contracts. The group brings together a wide range of interests and includes senior financial executives who are involved in financial reporting.

Read more: Insurance Working Group


International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external. (Wikipedia)

Read more: What are IFRS?


International Accounting Standards Board (IASB)

The International Accounting Standards Board (IASB) is an independent group of 16 experts with an appropriate mix of recent practical experience in setting accounting standards, in preparing, auditing, or using financial reports, and in accounting education. Broad geographical diversity is also required.

Read more: Members of the IASB


Interpretations

IFRIC Interpretations are developed in accordance with a due process of consultation and debate, including making draft Interpretations available for public comment.

Read more: Interpretations


Investor Resources

International Financial Reporting Standards (IFRSs) are aimed at ensuring that financial statements provide information that existing and potential investors and other capital providers need to make capital allocation decisions. Although as an investor your priority might not be the standard-setting process, it is important that the IASB gets your input, because the results of our projects will ultimately influence the information that you get from financial statements. So that we can better meet your needs, we want to make it as easy as possible for you to provide input on our work. Detailed accounting background or knowledge is not a requirement to speak to us about or provide feedback on our projects and proposals.

Read more: Investor Resources





J


K


L

Leases Accounting Working Group

On 19 July 2006, the IASB and the US FASB added a joint project on leasing to their respective agendas.

Read more: Leases Accounting Working Group





M

Meetings Diary

The calendar lists forthcoming public events of the IFRS Foundation, the IASB and the IFRS Interpretations Committee, including their regular meetings, conferences and meetings of working groups or other formal advisory bodies such as the IFRS Advisory Council. It also contains information such as the meeting agenda, agenda papers and venue address, as well as details of how to register as an observer or to access the live webcast of the meetings.

Read more: Calendar of public events


Monitoring Board

At the Trustees' meeting in New Delhi, India, on 15 and 16 January 2009 the decision was made to enhance the organisation's public accountability by establishing a link to a Monitoring Board of public authorities.

Read more: Monitoring Board


Micro-sized Entities

The International Accounting Standards Board (IASB) has developed guidance to help micro-sized entities apply the IFRS for Small and Medium-sized Entities (SMEs).

Read more: Guidance for micro-sized entities





N


O

Open for comment

The IASB follows a thorough, open and transparent due process of which the publication of consultative documents, such as Discussion Papers and Exposure Drafts, for public comment is an important component.

Read more: Open for comment


Outreach activities

We undertake a range of outreach and stakeholder communication activities to inform and educate, to explain and clarify our proposals and to provide opportunities for interested parties to discuss and debate them with us. These activities supplement our formal due process events such as round-table meetings.

Read more: Project-related outreach and stakeholder engagement activities





P

Podcasts

We provide audio summaries of Board meetings, project updates and other useful information ('podcasts'). These provide a high-level overview of the topic and are designed to be listened to on a computer or downloaded to a digital media player

Read more: Podcast summaries


Policies

The IFRS Foundation has adopted a set of policies and guidance statements that are designed to ensure that the organisation operates in a way that meets or exceeds the requirements of public interest, meets all legal requirements, and has an overall beneficial impact on the environment.

Read more: IFRS Foundation Policies


Post-implementation Review (PIR)

The IASB carries out a post-implementation review of each new IFRS or major amendment. This is normally carried out two years after the new requirements have become mandatory and been implemented. Such reviews are normally limited to important issues identified as contentious during the development of the pronouncement and consideration of any unexpected costs or implementation problems encountered.

Read more: Post-implementation Reviews





Q


R

Rate-regulated Activities Consultative Group

The IASB has established the group to help in its project on rate regulation by providing a variety of expert perspectives, including those of preparers, auditors and users of financial statements, and regulators. The group consists of senior professionals with extensive practical experience in the operation of a variety of rate-regulatory schemes.

Read more: Rate-regulated Activities Consultative Group


Redeliberations

Draft Interpretations are made available for public comment for not less than 60 days. All comments received during the comment period are considered by the IFRS Interpretations Committee before an Interpretation is finalised.

Read more: Comment period and redeliberations





S

Shariah-Compliant Instruments and Transactions

On 2 July 2013 an inaugural meeting was held to discuss Sharia-compliant instruments and transactions. The meeting was chaired by the IASB.

Read more: Shariah-Compliant Instruments and Transactions


SME Implementation Group

The mission of the SME Implementation Group is to support the international adoption of the IFRS for SMEs and monitor its implementation.

Read more: SME Implementation Group


Snapshots

Snapshot documents are published by the IASB and IFRS Foundation to accompany due process documents. They provide a high level summary of IASB proposals.

Read more: Library of Snapshot documents


Standard (IFRS)

International Financial Reporting Standards (IFRSs) are developed through an international consultation process, the "due process", which involves interested individuals and organisations from around the world.

Read more: How we develop IFRSs


Strategy Review

In February 2012 the Trustees of the IFRS Foundation, the oversight body of the IASB, concluded their review of the strategy of the IFRS Foundation. The review was initiated at the end of 2010 as the IFRS Foundation was entering its second decade of existence and was a result of the IFRS Foundation’s second Constitution Review that was completed in early 2010.

Read more: Strategy Review





T

Taxonomy

Taxonomy in general means a catalogue or a set of rules for classification; in XBRL, a taxonomy is a dictionary, containing computer-readable definitions of business reporting terms as well relationships between them and links connecting them to human-readable resources (metadata); a typical taxonomy consists of a schema (or schemas) and linkbases; a set of taxonomies that can be discovered from one entry point schema is called DTS.

Read more: XBRL and IFRS


Translations

Translation is a necessary and vital part of achieving the IFRS Foundation's mission to develop a single set of high-quality global accounting standards for use around the world.

Read more: The IFRS Foundation and its translation policies


Trustees

The Trustees promote the work of the International Accounting Standards Board (IASB) and the rigorous application of IFRSs but are not involved in any technical matters relating to the standards. This responsibility rests solely with the IASB.

Read more:Trustees





U

Unaccompanied IFRS

The IFRS Foundation provides access free of charge to the PDF files of the current year's consolidated IFRSs, (Part A of the Red Book) the official pronouncements in English as issued by the IASB, as well as available translations of IFRSs-excluding the accompanying documents-illustrative examples, implementation guidance, bases for conclusions.

Read more: Unaccompanied IFRSs FAQs


Unaccompanied Interpretations (IFRIC)

International Financial Reporting Standards Interpretations (IFRICs) are the official interpretations of IFRSs. They are developed in accordance with a thorough due process by the IFRS Interpretations Committee and approved by the IASB. They have the same authority as full IFRSs.

Read more: The unaccompanied Interpretations (IFRIC)


Unaccompanied Interpretations (SIC)

SICs are the official interpretations of the international accounting standards (IASs) that were developed by the IASB's predecessor body and its interpretative committee.

Read more: Unaccompanied Interpretations (SIC)


Unaccompanied IAS

International Accounting Standards (IASs) are international financial reporting standards that were created by the predecessor body of the IASB. These Standards were adopted by the IASB when it took over in 2001 and therefore form part of the body of IFRS requirements.

Read more: The unaccompanied Interpretations (IFRIC)





V

Valuation expert group

As part of the IASB’s Education Initiative, the fair value measurement team is developing educational material to support IFRS 13 Fair Value Measurement, with the assistance of subject matter experts.


Read more: Valuation expert group




W

Work plan

The IASB work plan is the timetable for project work that details expected publication dates and other project milestones.

Read more: IASB work plan


World Standard Setters conference

Since 2002 the International Accounting Standards Board (IASB) has hosted an annual conference for the world's financial reporting standard-setters.

Read more: World Standard Setters conference





X

XBRL

XBRL stands for eXtensible Business Reporting Language; it is an XML dialect developed for business and financial reporting purposes by a non-profit consortium XBRL International which has members from 400 companies and institutions that represent finance and IT sector organizations from all over the world.

Read more: XBRL and IFRS





Y


Z




 

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