Question

Discuss whether the standards of the IASB should be directed to all companies or to some defined subset of companies.

Answer 1

International Accounting Standards Board is a body which is responsible for forming International Financial Reporting Standards and promoting use of these standards. Most of the countries require companies to comply with IASB standards. These standards bring transparency, accountability and efficiency to financial markets around the world by creating trust, growth and long-term financial stability in the economies.

List of Standards :

IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 2 Share-based Payment

IFRS 3 Business Combinations

IFRS 4 Insurance Contracts

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 6 Exploration for and Evaluation of Mineral Resources

IFRS 7 Financial Instruments: Disclosures

IFRS 8 Operating Segments

IFRS 9 Financial Instruments

IFRS 10 Consolidated Financial Statements

IFRS 11 Joint Arrangements

IFRS 12 Disclosure of Interests in Other Entities

IFRS 13 Fair Value Measurement

IFRS 14 Regulatory Deferral Accounts

IFRS 15 Revenue from Contracts with Customers

IFRS 16 Leases

IFRS 17 Insurance Contracts

IAS 1 Presentation of Financial Statements

IAS 2 Inventories

IAS 7 Statement of Cash Flows

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

IAS 10 Events after the Reporting Period

IAS 11 Construction Contracts

IAS 12 Income Taxes

IAS 16 Property, Plant and Equipment

IAS 17 Leases

IAS 18 Revenue

IAS 19 Employee Benefits

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

IAS 21 The Effects of Changes in Foreign Exchange Rates

IAS 23 Borrowing Costs

IAS 24 Related Party Disclosures

IAS 26 Accounting and Reporting by Retirement Benefit Plans

IAS 27 Separate Financial Statements

IAS 28 Investments in Associates and Joint Ventures

IAS 29 Financial Reporting in Hyperinflationary Economies

IAS 32 Financial Instruments: Presentation

IAS 33 Earnings per Share

IAS 34 Interim Financial Reporting

IAS 36 Impairment of Assets

IAS 37 Provisions, Contingent Liabilities and Contingent Assets

IAS 38 Intangible Assets

IAS 39 Financial Instruments: Recognition and Measurement

IAS 40 Investment Property

IAS 41 Agriculture

IASB should be directed to all the companies to ensure transparency in working and reporting, however there are some companies or businesses that should have a choice to accept the choice of standards. There are some GAAP which are followed all over the world but they are not forced upon but they are accepted by choice and make up for ethical working and transacting.

Nearby 120 countries allow the use of IFRS but only 90 of them have fully applied them. Some believe that US GAAP are better pronciples. Private and not for profit companies may not be required to follow IFRS, but public companies may be required to use IFRS.

These IAS and IFRS list the rules and guidelines associated with various types of businesses.