Page 36 - DCOM509_ADVANCED_AUDITING

Unit 2: Auditing Standards and IFRS

 IAS 27 Consolidated and Separate Financial Statements Notes
 IAS 28 Investments in Associates
 IAS 29 Financial Reporting in Hyperinflationary Economies
 IAS 31 Interests in Joint Ventures

 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
International Accounting Standards (IAS) are the older standards that IFRS are gradually replacing
(IAS were issued from 1973 to 2000).

A complete set of IFRS financial statements includes a statement of financial position, a statement
of comprehensive income, a statement of changes in equity, a statement of cash flows, and
accounting policies and explanatory notes.
Current use of IFRSs in the countries of the G20*

Country Status for listed companies
Argentina Required for financial 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 and listed
companies from 31 December 2010 and for individual company
accounts progressively since January 2008
Canada Required from 1 January 2011 for most listed entities and
permitted for private entities including not-for-profit organisations
China Substantially converged standards, active convergence initiatives;
Hong Kong SAR adopted IFRSs for listed companies in 2005
European Union All member states of the EU are required to use IFRSs as adopted
by the EU for consolidated financial statements of listed
companies since 2005
France Required via EU adoption and implementation process since 2005
Germany Required via EU adoption and implementation process since 2005
India Converging with IFRSs; implementation date of new converged
standards to be confirmed
Indonesia Convergence process ongoing; a decision about a target date for
full compliance with IFRSs is expected to be made in 2012
Italy Required via EU adoption and implementation process since 2005
Contd....
Japan Permitted from 2010 for a number of international companies;
decision about mandatory adoption expected around 2012
Mexico Required from 2012
LOVELY PROFESSIONAL UNIVERSITY
Republic of Korea Required from 2011 31
Russia Required for consolidated financial statements of banks since 2004,
for insurance and listed companies from 2012
Saudi Arabia Not permitted for listed companies
South Africa Required for listed entities since 2005
Turkey Required for listed entities since 2005
United Kingdom Required via EU adoption and implementation process since 2005
United States Allowed for foreign issuers in the US since 2007, not publicly
traded US companies are permitted to use IFRSs; target date for
substantial convergence between IFRSs and US GAAP is 2011;
decision about possible adoption for US publicly traded
companies expected in 2011