Wiley 2022 Interpretation and Application of IFRS Standards

1INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

• Introduction
• The Current Structure
• Process of IFRS Standard‐Setting
• Appendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC)
• Appendix B: IFRS For SMEs
  • Definition of SMEs
  • IFRS for SMEs is a Complete, Self‐Contained Set of Requirements
  • Modifications of Full IFRS Made in the IFRS for SMEs
  • Disclosure Requirements Under the IFRS for SMEs
  • Maintenance of the IFRS for SMEs
  • Implications of the IFRS for SMEs
  • Application of the IFRS for SMEs

INTRODUCTION

The mission of the IFRS Foundation and the International Accounting Standards Board (IASB) is to develop International Financial Reporting Standards (IFRS) that bring transparency, accountability and efficiency to financial markets around the world. They seek to serve the public interest by fostering trust, growth and long‐term stability in the global economy.

The driver for the convergence of historically dissimilar financial reporting standards has been mainly to facilitate the free flow of capital so that, for example, investors in the US would become more willing to finance business in, say, China or the Czech Republic. Access to financial statements which are written in the same “language” would help to eliminate a major impediment to investor confidence, sometimes referred to as “accounting risk,” which adds to the more tangible risks of making such cross‐border investments. Additionally, permission to list ...