Glossary
Agenda decision (AD)
An agenda decision is a formal decision by the Board to add (or not to add) the item in question to its agenda. For more information on developing IFRSs, click here.
Analyst Representative Group (ARG)
Now called the Capital Markets Advisory Committee (CMAC).
Balloting
The formal process of seeking the Board’s approval to publish a due process document.
Once the Board has concluded its deliberations on a project the technical staff prepare a due process document (discussion paper, exposure draft or standard). Each Board member is asked formally approve the document. This takes place outside of Board meetings.
Once the document has been approved it is prepared for publication (print and online). For more information on developing IFRSs, click here .
Capital Markets Advisory Committee (CMAC)
The CMAC provide input into concepts and proposals that the IASB is developing, assist the IASB in contacting users in order to facilitate additional outreach and offer advice to the IASB on the practical implications of its intended proposals for users of financial statements.
Discussion Paper (DP)
The Board publishes a DP to obtain feedback from members of the public before developing the final standard. For more information on developing IFRSs, click here.
electronic International Financial Reporting Standards (eIFRS)
eIFRS is a subscription service to keep you completely up to date with International Financial Reporting Standards (IFRSs), Interpretations (IFRICs/SICs) and any revisions just as soon as they are available.
Exposure Draft (ED)
A draft of a proposed standard interpretation or other document.
The Board publishes an ED to obtain feedback from members of the public before developing the final standard, interpretation or other document. For more information on developing IFRSs, click here .
Extensible Business Reporting Language (XBRL)
XBRL is one of a family of XML mark-up languages and is becoming a standard means of communicating information between businesses and on the Internet.
Financial Accounting Standards Board (FASB)
The FASB is a private sector organisation in the United States that establishes financial accounting and reporting standards for business enterprises reporting under US Generally Accepted Accounting Principles (US GAAP).
Financial Crisis Advisory Group (FCAG)
The FCAG 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.
Generally Accepted Accounting Principles (GAAP)
Accounting requirements for business enterprises in the United States, established by the Financial Accounting Standards Board (FASB), predecessor organisations and others.
Global Preparers Forum (GPF)
The 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.
International Accounting Standard (IAS)
A standard adopted by the International Accounting Standards Board’s (IASB) predecessor, the International Accounting Standards Committee (IASC). When the IASB replaced the IASC in 2001, it adopted all IASs then in force.
International Accounting Standards Board (IASB)
The IASB is an independent, privately-funded accounting standard-setter.
International Accounting Standards Committee Foundation (IASCF)
The former name of the parent entity of the International Accounting Standards Board (IASB), now known as the IFRS Foundation
International Financial Reporting Interpretations Committee (IFRIC)
The former name of the International Accounting Standard Board’s (IASB) interpretative body, now called the IFRS Interpretations Committee.
International Financial Reporting Standard (IFRS)
A standard and interpretation adopted by the International Accounting Standards Board (IASB). Click here to see the unaccompanied IFRSs.
IFRS Advisory Council
(Formerly the SAC) 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.
IFRS Foundation
The IFRS Foundation is the parent entity of the International Accounting Standards Board (IASB)
IFRS Interpretations Committee
(Formerly called the IFRIC) Its mandate is to review on a timely basis, within the context of current International Financial Reporting Standards (IFRSs) and the IASB Framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus on the appropriate accounting treatment (IFRIC Interpretations).
Memorandum of Understanding (MoU)
TheMoU is an agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards fully compatible as soon as is practicable and to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained.
Round-table discussion (RT)
A public discussion between selected outside participants and some or all members of the International Accounting Standards Board (IASB).
Small and Medium-Sized Entities (SME)
Entities that would be within the scope of the project to develop an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
The SME project is designed for entities that:
- do not have public accountability and
- publish general purpose financial statements for external users.
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.
Standards Advisory Council
Now called the IFRS Advisory Council.
Working groups give the International Accounting Standards Board (IASB) access to additional practical experience and expertise. The IASB normally establishes working groups for its major projects.