ACCA - F7 Financial Reporting (INT): Study Text by Bpp Learning Media

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A Subsidiaries, associates and joint ventures B Profit measurement in financial statements C The objective of financial statements D Accounting for interests in other entities E Recognition of the elements of financial statements F Presentation of financial information G Substance of transactions in financial statements H Qualitative characteristics of financial statements I Quantitative characteristics of financial statements J Measurement of the elements of financial statements What development at the IASB aided users' interpretation of IFRSs?

This means that the IASC tried not to make IFRSs too complex, because otherwise they would be impossible to apply on a worldwide basis. 8 World-wide effect of IFRSs and the IASB The IASB, and before it the IASC, has now been in existence for around 25 years, and it is worth looking at the effect it has had in that time. As far as Europe is concerned, the consolidated financial statements of many of Europe's top multinationals are now prepared in conformity with national requirements, EC directives and IFRSs.

In September 1996, the IASC Board approved the formation of a Standing Interpretations Committee (SIC) for this task. This was renamed under the IASB as the International Financial Reporting Interpretations Committee (IFRIC). The duties of the IFRIC are: (a) (b) (c) (d) To interpret the application of International Financial Reporting Standards and provide timely guidance on financial reporting issues not specifically addressed in IFRSs or IASs in the context of the IASB's Framework, and undertake other tasks at the request of the Board.

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