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IFRS For Dummies by Steven Collings

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Chapter 19

Ten Future Developments in IFRS

In This Chapter

arrow Knowing how the standards are changing

arrow Seeing how amendments will affect accounting practice

Nothing stands still in the world of financial reporting, and certainly not at the ivory tower known as the offices of the International Accounting Standards Board (IASB). In this chapter, I look at ten projects that the IASB is currently sifting through that may affect how the International Financial Reporting Standards (IFRS) and International Standards on Auditing (IAS) work in the future.

remember.eps For all standards development issues, including new IFRS, that the IASB are planning and any withdrawals, regularly check the IASB’s website www.ifrs.org (click ‘Standards development’ on the main navigation tab).

tip.eps Keeping up to date with standards development can count towards your professional body’s continuing professional development (CPD) requirements if CPD is relevant to your career. Bonus, eh?

Overhauling the Financial Instruments Standards

The banking industry has recently been slammed for the way in which it accounted for certain financial ...

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