1.history Of ing Standards.pdf 1d706t

ing Edu Excel

ING STANDARDS The forming of the International ing Standards Committee in 1973 was the organized ing profession`s most important and enduring response to the growing internationalization of capital markets following the Second World War. The IASC was the brain child of Sir Henry Benson, one of the leading lights of the British ancy Profession. With the rise of multinational enterprise in the 1960s and the consequent need to compare financial statements from different parts of the world, he realized that an effort had to be launched to harmonize the vastly different ancy practises across countries.

IASC - History of International ing Standards International ing Standards Committee (IASC) was founded in June 1973 in London. It was responsible for developing the International ing Standards and promoting the use and application of these standards. The IASC was founded as a result of an agreement between ancy bodies in the following countries: 

Australia - Institute of Chartered ants in Australia (ICAA) and the A Australia



Canada - Canadian Institute of Chartered ants (CICA)



- Ordre des Experts Comptable et des Comptables Agrees (Order of ing Experts and Qualified ants)



- Institut der Wirtschaftsprüfer in Deutschland (IDW) (Institute of Auditors in ) and the Wirtschaftsprüferkammer (WPK) (Chamber of Auditors)



Japan - Nihon Kouninkaikeishi Kyoukai Japanese Institute of Certified Public ants, (JIA)

International Financial Reporting Standards

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ing Edu Excel 

Mexico - Instituto Mexicano de Contadores Publicos (IM) (Mexican Institute of Public ants)



Netherlands - Nederlands Instituut van ants (NIVRA) (Netherlands Institute of ed Auditors)



United Kingdom and Ireland – a) Institute of Chartered ants in England and Wales (ICAEW), b) Institute of Chartered ants of Scotland (ICAS), c) Institute of Chartered ants in Ireland (ICAI), d) Association of Chartered Certified ants (ACCA), e) Chartered Institute of Management ants (CIMA), and f) Chartered Institute of Public Finance and ancy (CIPFA)



United States of America - American Institute of Certified Public ants (AIA)

The Institute of Chartered ants of Pakistan and the Pakistan Institute of Industrial ants both became associate in 1974. The Institute of Chartered ants of India (ICAI) became an associate member in 1974 and ed the board in 1993. In 1995, India began sharing the delegation with the Institute of Chartered ants of Sri Lanka.



ing Edu Excel Standards issued by IASC The following are the Standards issued by IASC from 1975 to 2001. Some of them were withdrawn and some were revised #

Name

Issued

IAS 1

Presentation of Financial Statements

2007

IAS 2

Inventories

2005

IAS 3

Consolidated Financial Statements Superseded in 1989 by IAS 27 and IAS 28

1976

IAS 4

Depreciation ing Withdrawn in 1999

IAS 5

Information to Be Disclosed in Financial Statements Superseded by IAS 1 effective 1 July 1998

IAS 6

ing Responses to Changing Prices Superseded by IAS 15, which was withdrawn December 2003

IAS 7

Statement of Cash Flows

1992

IAS 8

ing Policies, Changes in ing Estimates and Errors

2003

IAS 9

ing for Research and Development Activities Superseded by IAS 39 effective 1 July 1999

IAS 10

Events After the Reporting Period


1976

2003


ing Edu Excel IAS 11

Construction Contracts

1993

IAS 12

Income Taxes

1996

IAS 13

Presentation of Current Assets and Current Liabilities Superseded by IAS 39 effective 1 July 1998

IAS 14

Segment Reporting Superseded by IFRS 8 effective 1 January 2009

1997

IAS 15

Information Reflecting the Effects of Changing Prices Withdrawn December 2003

2003

IAS 16

Property, Plant and Equipment

2003

IAS 17

Leases

2003

IAS 18

Revenue

1993

IAS 19

Employee Benefits (1998) Superseded by IAS 19 (2011) effective 1 January 2013

1998

IAS 19

Employee Benefits (2011)

2011

IAS 20

ing for Government Grants and Disclosure of Government Assistance

1983

IAS 21

The Effects of Changes in Foreign Exchange Rates

2003



ing Edu Excel IAS 22

Business Combinations Superseded by IFRS 3 effective 31 March 2004

1998

IAS 23

Borrowing Costs

2007

IAS 24

Related Party Disclosures

2009

IAS 25

ing for Investments Superseded by IAS 39 and IAS 40 effective 2001

IAS 26

ing and Reporting by Retirement Benefit Plans

1987

IAS 27

Separate Financial Statements (2011)

2011

IAS 27

Consolidated and Separate Financial Statements Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013

2003

IAS 28

Investments in Associates and t Ventures (2011)

2011

IAS 28

Investments in Associates Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013

2003

IAS 29

Financial Reporting in Hyperinflationary Economies

1989

IAS 30

Disclosures in the Financial Statements of Banks and Similar Financial Institutions Superseded by IFRS 7 effective 1 January 2007

1990

IAS 31

Interests In t Ventures


2003


ing Edu Excel Superseded by IFRS 11 and IFRS 12 effective 1 January 2013 IAS 32

Financial Instruments: Presentation

2003

IAS 33

Earnings Per Share

2003

IAS 34

Interim Financial Reporting

1998

IAS 35

Discontinuing Operations Superseded by IFRS 5 effective 1 January 2005

1998

IAS 36

Impairment of Assets

2004

IAS 37

Provisions, Contingent Liabilities and Contingent Assets

1998

IAS 38

Intangible Assets

2004

Financial Instruments: Recognition and Measurement Superseded by IFRS 9 where IFRS 9 is applied IAS 39

2003

IAS 40

Investment Property

2003

IAS 41

Agriculture

2001

Red Colour indicates standards which are applicable and not withdrawn by IASB



ing Edu Excel IASB & IFRS Foundation It was felt in late 90`s that IASC was not independent of its member bodies and each member has its own interest and it was difficult to accommodate all. So a committee was formed to issue a report for restructuring IASC. The committee issued its report in 2000. Based on the recommendations of the report “Recommendations on Shaping IASC for the future”, International ing Standards Board (IASB) was formed to replace IASC and assumed standard setting responsibilities. The IASB is the independent standard setting body of the IFRS foundation. The IFRS foundation is an independent, not-for-profit private sector organisation working in the public interest. Its principal objectives are  to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the IASB  to promote the use and rigorous application of those standards  to take of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs)  to promote and facilitate adoption of IFRSs, being the standards and interpretations issued by the IASB, through the convergence of national ing standards and IFRSs. On Apr 18, 2001 The IASB approved the following resolution: “All Standards and Interpretations issued under previous constitutions continue to be applicable unless and until they are amended or withdrawn. The IASB may amend or withdraw International ing Standards and SIC Interpretations issued under previous constitutions of IASC as well as issue new Standards and Interpretations.” The effect of this resolution is that all IASC Standards and SIC Interpretations in effect as of 1 April 2001 (the date on which the IASB assumed its duties) remain in effect until they are amended or withdrawn by the IASB.



ing Edu Excel Structure of IFRS Foundation

The IASB (International ing Standards Board) The IASB is the independent standard-setting body of the IFRS Foundation. Its (currently 15 full-time ) are responsible for the development and publication of IFRSs, including the IFRS for SMEs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC). The IASB engages closely with stakeholders around the world, including investors, analysts, regulators, business leaders, ing standard-setters and the ancy profession. The IFRS Interpretations Committee The IFRS Interpretations Committee is the interpretative body of the IASB. The mandate of the Interpretations Committee is to review on a timely



ing Edu Excel basis widespread ing issues that have arisen within the context of current IFRSs and to provide authoritative guidance (IFRICs) on those issues. TRUSTEES The Trustees promote the work of the International ing Standards Board (IASB)and the rigorous application of IFRSs but are not involved in any technical matters relating to the standards. Trustees are appointed for a renewable term of three years. Trustee responsibilities  appointing of the IASB, the IFRS Interpretations Committee and the IFRS Advisory Council;  establishing and amending the operating procedures, consultative arrangements and due process for the IASB, the Interpretations Committee and the Advisory Council;  reviewing annually the strategy of the IASB and assessing its effectiveness;  ensure the financing of the IFRS Foundation and approve annually its budget. Monitoring Board The Monitoring Board's main responsibilities are to ensure that the Trustees continue to discharge their duties as defined by the IFRS Foundation Constitution, as well as approving the appointment or reappointment of Trustees Advisory Bodies The IASB's formal advisory bodies provide an important channel for the IASB to receive input on its work and to consult interested parties from a broad range of backgrounds and geographical regions in a transparent manner. CONSITUTION The Constitution was approved in its original form by the Board of the former International ing Standards Committee (IASC) in March 2000 and by the of the IASB at a meeting in Edinburgh on 24 May 2000. Constitution is the major document the IFRS Foundation and the IASB derive their powers. The Constitution is reviewed for every 5 years



ing Edu Excel STANDARD STETTING PROCESS

IFRSs are developed through an international consultation process called “the due process”. It involves interested parties around the world. The Due Process comprises 6 stages  Setting the Agenda 

Planning

 Developing and publishing the discussion paper, the exposure draft, the standard  After the standard is issued



ing Edu Excel SETTING THE AGENDA The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of investors. The IASB considers  the relevance of the information to the s and the reliability that could be provided  whether existing guidance available  the possibility of increasing convergence  the quality of standard to be developed  resource constraints PROJECT PLANNING When adding an item to its active agenda, the IASB also decides whether to  conduct the project alone  tly with another standard setter A team is selected for the project by the two most senior of the technical staff. The project manager draws up a project plan under the supervision of those directions DEVELOPING & PUBLISHING THE DISCUSSION PAPER A discussion paper includes  a comprehensive overview of the issue  possible approaches in addressing the issue  the preliminary views of its authors or the IASB  an invitation to comment Although a discussion paper is not mandatory the IASB normally publishes it to explain the issue and solicit early comments



ing Edu Excel DEVELOPING & PUBLISHING THE EXPOSURE DRAFT(ED) An Exposure Draft is the IASB`s main vehicle for consulting the public. An ED sets out a specific proposal in the form of a proposed standard. The development of an ED begins with the IASB considering  issues on the basis of staff research & recommendations  comments received on any discussion paper  suggestions made by the interested parties When the issues concerning are resolved at meeting the IASB instructs the staff to draft the Exposure Draft. The IASB publishes the Exposure Draft for public comment when  the draft has been completed  the IASB has balloted on it DEVELOPING & PUBLISHING THE STANDARD The development of an IFRS is carried out when the IASB considers the comments received on the Exposure Draft. After resolving issues arising from the Exposure Draft, the IASB considers whether it should expose its revised proposals for public comment by publishing the second Exposure Draft. In considering the need for reexposure, the IASB  identifies substantial issues that emerged during the exposure period that it had not previously considered  assesses the evidence it has considered  evaluates whether it has sufficiently understood the issues and actively sought the views of constituents  considers whether the various viewpoints were aired in the ED and adequately discussed and reviewed in the basis for conclusions



ing Edu Excel When the IASB is satisfied that it has reached a conclusion on the issues arising from the Exposure Draft, it instructs the staff to draft the IFRS Ballot: Finally, after the due process is completed, all outstanding issues are resolved and the IASB have balloted in favor of publication, the IFRS is issued. AFTER AN IFRS IS ISSUED The staff and the IASB hold regular meetings with interested parties to help understand unanticipated issues related to the practical implementation and potential impact of its proposal After a reasonable time, the IASB may consider initiating studies in the light of  its review of the IFRS application  changes in the financial & regulatory environment  comments by the interested parties about the quality of the IFRS These studies may result in a new agenda.



ing Edu Excel List of IFRS Issued by IASB Standards

Originally Issued

Effective Date

IFRS 1

First time adoption of IFRS

2003

January 1 2004

IFRS 2

Share based Payments

2004

January 1 2005

IFRS 3

Business Combinations

2004

April 1 2004

IFRS 4

Insurance Contracts

2004

January 1 2005

IFRS 5

Non-current Assets held for sale & Discontinuing operations

2004

January 1 2005

IFRS 6

Exploration for & Evaluation of Mineral Resources

2004

January 1 2006

IFRS 7

Financial Instruments: Disclosure

2005

January 1 2007

IFRS 8

Operating Segments

2006

January 1 2009

IFRS 9

Financial Instruments

2009

January 1 2015

IFRS 10

Consolidated Financial Statements

2011

January 1 2013

IFRS 11

t Arrangements

2011

January 1 2013

IFRS 12

Disclosure of Interests in Other Entities

2011

January 1 2013

IFRS 13

Fair Value Measurement

2011

January 1 2013



ing Edu Excel Convergence – The move towards global standards General Term – Convergence means to achieve harmony with IFRSs Precise Term – Convergence means to design and maintain national ing standards in a way that financial statements prepared in accordance with national ing standards draw unreserved statement of compliance with IFRSs The goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of highquality global standards. Progress toward this goal has been steady. All major economies have established time lines to converge with or adopt IFRSs in the near future. IFRS in EUROPEAN UNION In June 2002, the European Union adopted an IAS Regulation requiring European companies listed in an EU securities market, including banks and insurance companies, to prepare their consolidated financial statements in accordance with IFRSs starting with financial statements for financial year 2005 onwards. The following table gives the status of IFRS in various countries. Country

Status for listed companies as of December 2012

Argentina

Required for fiscal years beginning on or after 1 January 2012

Australia

Required for all private sector reporting entities and as the basis for public sector reporting since 2005

Brazil

Required for consolidated financial statements of banks



ing Edu Excel and listed companies from 31 December 2010 and for individual company s progressively since January 2008 Canada

Required from 1 January 2011 for all listed entities and permitted for private sector entities including not-forprofit organizations

China

Substantially converged national standards

Required via EU adoption and implementation process since 2005

Italy


Japan

Permitted from 2010 for a number of international companies

Mexico

Required from 2012

Republic of Korea Required from 2011 Russia

Following the formal adoption of IFRSs in Russia during 2011, public interest entities (PIEs) are now required to prepare consolidated financial statements under IFRS

Saudi Arabia

Required for banking and insurance companies; full convergence with IFRSs currently under consideration

South Africa

Required for listed entities since 2005

United Kingdom


United States

Allowed for foreign issuers in the US since 2007; US SEC committed to global ing standards and IFRS best placed to meet that need in the US awaiting decision regarding use of IFRSs for domestic companies



ing Edu Excel Convergence between IFRSs and US GAAP The IASB and the US Financial ing Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted ing principles (GAAP). A common set of high quality global standards remains a priority of both the IASB and the FASB. In September 2002 the IASB and the FASB agreed to work together, in consultation with other national and regional bodies, to remove the differences between international standards and US GAAP. This decision was embodied in a Memorandum of Understanding (MoU) between the boards known as the Norwalk Agreement. The boards' commitment was further strengthened in 2006 when the IASB and FASB set specific milestones to be reached by 2008 (A roap for convergence 2006 - 2008). In the light of the progress achieved by the boards and other factors, the US Securities and Exchange Commission (SEC) removed in 2007 the requirement for non-US companies ed in the United States to reconcile their financial reports with US GAAP if their s complied with IFRSs as issued by the IASB. At the same time, the SEC also published a proposed roap on adoption of IFRSs for domestic US companies. In 2008 the two boards issued an update to the MoU, which identified a series of priorities and milestones, emphasising the goal of t projects to produce common, principle-based standards. The Group of 20 Leaders (G20) called for standard-setters to re-double their efforts to complete convergence in global ing standards. Following this request, in November 2009 the IASB and the FASB published a progress report describing an intensification of their work programme, including the hosting of monthly t board meetings and to provide quarterly updates on their progress on convergence projects. In April 2012 the IASB and FASB published a t progress report in which they describe the progress made on financial instruments, including a t expected loss impairment ('provisioning') approach and a more converged approach to classification and measurement. In February 2013 the IASB and FASB published a high-level update on the status and timeline of the remaining convergence projects. The report includes an update on the impairment phase of the t project on financial instruments.



ing Edu Excel ing Standards in India The Institute of Chartered ants of India (ICAI) being a premier ing body in the country took upon the leadership role by constituting the ing Standards Board (ASB) in 1977

Important Milestones of ing Standard Board of ICAI



ing Edu Excel List of ing Standards issued by ASB of ICAI AS 1 Disclosure of ing Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occurring after the Balance Sheet Date AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in ing Policies AS 6 Depreciation ing AS 7 Construction Contracts (revised 2002) AS 9 Revenue Recognition AS 10 ing for Fixed Assets AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003), AS 12 ing for Government Grants AS 13 ing for Investments AS 14 ing for Amalgamations AS 15 Employee Benefits (revised 2005) AS 16 Borrowing Costs AS 17 Segment Reporting AS 18 Related Party Disclosures AS 19 Leases AS 20 Earnings Per Share AS 21 Consolidated Financial Statements AS 22 ing for Taxes on Income. AS 23 ing for Investments in Associates in Consolidated Financial Statements AS 24 Discontinuing Operations AS 25 Interim Financial Reporting AS 26 Intangible Assets AS 27 Financial Reporting of Interests in t Ventures AS 28 Impairment of Assets AS 29 Provisions, Contingent Liabilities and Contingent Assets AS 30 Financial Instruments: Recognition and Measurement AS 31 Financial Instruments: Presentation AS 32 Financial Instruments: Disclosures



ing Edu Excel Convergence in India: After going through various legal procedures and consultation, the Ministry of Corporate Affairs has notified 35 ing standards called as IND AS for the purpose of convergence.

Phases of Convergence Phase 1: Companies forming part of Nifty & Sensex, whose securities are listed outside India, whose Net worth > Rs 1000 crores Phase 2: Companies whose Networth > Rs 500 Crores Phase 3: Listed Companies whose Networth< 500 crs

Present Position of Convergence The present position is that standards that would be applicable are notified. The date of applicability is yet to be notified. Finance Minister Shri Arun Jaitley in his Budget Speech in July said "There is an urgent need to converge the current Indian ing standards with the International Financial Reporting Standards (IFRS)." “Based on the international consensus, the regulators will separately notify the date of implementation of Ind AS for the banks, insurance companies, etc. Standards for the computation of tax would be notified separately,” he added. From his speech we can understand that IFRS is the order of the day and those working in ing and Finance Sector need to know IFRS to move further in their career.



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