Wiley IFRS 2017

1Introduction to International Financial Reporting Standards

1. Introduction
2. Origins and Early History of the IASB
3. The Current Structure
4. Process of IFRS Standard Setting
5. Convergence: The IASB and Financial Reporting in the US
6. The IASB and Europe
7. Appendix A: Current International Financial Reporting Standards (IAS/IFRS) and Interpretations (SIC/IFRIC)
8. Appendix B: Projects Completed Since Previous Issue (July 2015 to June 2016)
9. Appendix C: IFRS for SMEs
   1. Definition of SMEs
   2. IFRS for SMEs is a Complete, Self-Contained Set of Requirements
   3. Modifications of Full IFRS Made for IFRS for SMEs
   4. Disclosure Requirements under IFRS for SMEs
   5. Maintenance of the IFRS for SMEs
   6. SME Implementation Group
   7. Implications of the IFRS for SMEs
   8. Application of the IFRS for SMEs

Introduction

The stated objective of the IFRS Foundation and the International Accounting Standards Board (IASB) is to develop a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

The impetus for the convergence of historically disparate financial reporting standards has been, in the main, 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 engendering investor confidence, sometimes referred to as “accounting ...