IFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking

CHAPTER TWO

Other reporting standards

BESIDES IFRS THERE ARE MANY OTHER STANDARDS that have an important influence on business reporting. A selected portion of these standards are presented in this section, being those that have widespread usage. In particular:

• Public Sector Standards (IPSAS);
• statistics-focused standards;
• Standards of the International Valuation Standards Council (IVSC), being a standard setter that strictly focuses on valuation;
• Standards of the International Organization for Standardization (also commonly referred to as the ISO), being the largest standards organisation in the world, and that accumulates a significant amount of unit data and specifications.

2.1 INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)

International Federation of Accountants (IFAC)

It is noteworthy that the International Federation of Accountants (IFAC) plays a considerable role in relation to the accounting profession worldwide, as well as in relation to accounting standards for the private and public sectors. See www.ifac.org (Figure 2.1).

Figure 2.1 IFAC.

Note that this screenshot and the following text is an extract from the website of the International Federation of Accountants (IFAC) and is used with permission of IFAC.

As per the related organisation overview, IFAC's mission is to serve the public interest by: contributing to the development, adoption and implementation ...