Download - The IFRS Foundation and IASB

8/6/2019 The IFRS Foundation and IASB

1/171

Universitatea Vasile Alecsandri Bacu

Specializare: Contabilitate i Informatic de Gestiune

Grupa: 632

Student: Croitoru Larisa

THE IFRS FOUNDATION AND THE IASB

-FUNDAIA STANDARDELOR INTERNAIONALE DERAPORTARE FINANCIAR (IFRS FOUNDATION) I

CONSILIUL PENTRU STANDARDE INTERNAIONALE DECONTABILITATE (IASB)-


2/172

Cuprins

1.Fundaia IFRS..................................................................32.Obiectivele principale ale IFRS.......................................33.Structura Fundaiei IFRS.................................................34.Standardizare....................................................................5

4.1IASB.........................................................................54.2Comitetul pentru Interpretare...................................6

5.Sprijinirea obiectivelor IFRS...........................................66.Bibliografie......................................................................87.Anexe...............................................................................9


3/17

1.Fundaia IFRS

Fundaia IFRS este o organizaie non-profit, independent din sectorul privat care activeaz n

interesul public. Aceasta este entitatea juridic sub care acioneaz IASB i este condus de

ctre un consiliu format din 22 de administratori.Standardele Internaionale de Raportare Financiar (IFRS) sunt standarde bazate pe principii,

interpretri i context, adoptate de ctre Consiliul pentru Standarde Internaionale de

Contabilitate (IASB).

Multe dintre standardele componente ale IFRS-urilor sunt cunoscute sub denumirea mai veche:

Standarde Internaionale de Contabilitate (IAS-standarde emise ntre anii 1973-2001 de ctre

Consiliul Director al Comitetului pentru Standarde Internaionale de Contabilitate IASC-).

Trecerea de la denumirea fundaiei IASC la IFRS a fost aprobat n Ianuarie 2010.

2.Obiectivele principale ale Fundaiei IFRS sunt:

S elaboreze un singur set de nalt calitate, inteligibil, executabil i acceptat la

nivelul global al Standardelor Internaionale de Raportare Financiar(IFRS-uri) prin

intermediul oragnului su de stabilire a standardelor(IASB).

Aceste standarde trebuie s solicite informaii de nalt calitate, transparente i comparabile n

situaiile financiare i alte situaii de raportare financiar pentru a fi utilr investitorilor, altor

participani strini de pe pieele de capital i altor utilizatori a informaiilor financiare pentru

a lua decizii economice.

S promoveze utilizarea i aplicarea riguroas a acestor standarde.


4/174

De a ine seama de nevoile de raportare financiar ale economiilor emergente i a

ntreprinderilor mici i mijlocii.

De a aduce soluii de calitative cu privire la convergena standardelor de

contabilitate naionale i a IFRS-urilor.

S promoveze i s faciliteze adoptarea Standardelor Internaionale de Raportare

Financiar (IFRS), fiind standardele i interpretrile emise de IASB, prin

convergena Standardelor de contabilitate naionale i IFRS.

Conducerea i supravegherea activitilor desfurate de ctre Fundaia IFRS i Corpul de

stabilire a standardelor revine administratorilor si, care sunt, de asemenea, responsabili pentru

garantarea independenei IASB-ului i asigurarea finanrii organizaiei

3. Structura Fundaiei IFRS:

Consiliul de Monitorizare a

autoritilor publice pe piaa de capital

Numete,

supravegheaz

comunic

Administratorii Fundaiei IFRS

(Guvernare)

NumeteInformeaz

Supravegheaz, revizuiete

eficacitatea, numete i finaneaz

informeaz

Consiliul consultativ

a IFRS-ului

Standardizare

Consiliul pentru Standarde Internaionale de

Contabilitate (IASB)

IFRS-uri/ IFRS pentru IMM-uri

Comitetul pentru Interpretri a IFRS-ului (IFRIC)

Grupul de interpretare a IMM-urilor

Ofer consultan

strategic

Operaiuni

Educaie iniiativ, taxonomia IFRS, servicii pentru coninut


5/175

Consiliul de Monitorizare a autoritilor publice pe piaa de capital:

Supravegheaz administratorii fundaiei IFRS

Particip la procesul de numire a mandatarului

Aprob ntlnirile administratorilor

Administratorii Fundaiei IFRS:

Supravegheaz activitatea IASB-ului, stuctura i strategia

Are responsabilitatea de strngere de fonduri

Consiliul consultativ a IFRS-ului:

Sftuiete/recomand/informeaz IASB i Fundaia IFRS

4.Standardizare

4.1 Consiliul pentru Standarde Internaionale de Contabilitate (IASB)

IASB este organismul independent de stabilire a stabilire a standardelor Fundaiei IFRS, cufinanare privat avnd sediul n Londra, Anglia. Acest organism este organizat n subordineaunei fundaii independente numit Fundaia IFRS.

A fost nfiinat la 1 Aprilie 2001 ca succesor a Comitetului pentru Standarde Internaionale deContabilitate (IASC).

Membrii Consiliului pentru Standarde Internaionale de Contabilitate sunt n numr de 15,fiecare avnd drept de vot i sunt selectai ca un grup de experi cu diferite calificri nstandardizare, pregtirea i utilizarea conturilor i munc academic.Acetia sunt responsabilipentru elaborarea i publicarea IFRS-urilor, inclusiv IFRS-urile pentru IMM-uri, pentruaprobarea Interpretrilor IFRS-urilor aa cum fost dezvoltate de ctre Comitetul de InterpretriIFR(numit IFRIC) i pentru promovarea utilizrii i aplicrii acestor standarde.

Pentru publicarea Standardelor, a proiectelor de expunere sau a Interpretrilor nu este necesar unvot unanim ci este necesar aprobarea de ctre 9 membrii din cei 15.

n ndeplinirea atribuiilor sale de stabilire a standardelor, IASB urmeaz un proces detaliat,deschis i transparent. Consiliul se ntrunete lunar(cu excepia lunii august) pentruaproximativ o sptmn, iar aceste edine sunt deschise publicului i sunt transmise online.


6/176

4.2 Comitetul pentru Interpretarea IFRS-urilor

Comitetul pentru Interpretarea IFRS-urilor (denumit anterior IFRIC) este organismulinterpretativ a IASB-ului.

Aceste este format din 14 membrii cu drept de vot pe o perioad de trei ani, numii de ctreAdministratori i sunt selectai din diferite ri i profesionoi contabili. Comitetul pentruInterpretare este prezidat de ctre un preedinte fr drept de vot.

Obligaia acestui comitet este de a analiza n timp util probeleme de contabilitate vaste, apruten contextul actual de IFRS-uri i de a oferi ndrumri n legtur cu aceste probleme.

ntlnirile Comitetului pentru Interpretare sunt deschise publicului i sunt transmise online. ndezvoltarea interpretrilor, comitetul lucreaz ndeaproape cu comisiile naionale similare iurmeaz un proces transparent, profund i deschis. Pentru aprobarea conceptului sau ainterpretrii finale a standardelor este necesar acordul a 10 mebmrii din cei 14.

Responsabiliti:

S interpreteze aplicarea Standardelor Internaionale de Raportare Financiar(IFRS) is furnizeze n timp util orientri cu privire la aspectele de raportare financiar care nu

sunt abordate n IFRS-uri sau IAS-uri, n contextul cadrului IASB i i asum alte sarcini lacererea Consiliului de Administraie.

Publicarea conceptului de Interpretare pentru comentarii publice i ia n considerarecomentariile fcute ntr-un termen rezonabil nainte de a finaliza o Interpretare.

Raporteaz Consiliului de Administraie i obine aprobarea pentru Interpretrilefinale.

5. Sprijinirea obiectivelor Fundaiei IFRS

Toate celelalte activiti ntreprinse de ctre Fundaia IFRS n sprijinul ndeplinirii obiectivelor

organizaiei sunt gestionate de ctre personalul fundaiei IFRS.

Aceste activiti includ:

Crearea unei taxonomii XBRL pentru IFRS-uri i IFRS pentru IMM-uri pentru a facilitautilizarea electronic, schimbul i comparabilitatea datelor financiare ntocmite n conformitatecu IFRS. Acest lucru de face de ctre echipa de IFRS XBRL.


7/177

Realizarea de materiale de nalt calitate, inteligibile i actuale, inclusiv materiale de instruiregratuite pentru IFRS pentru IMM-uri, organizarea de conferine i ateliere de lucru cu privirela IFRS.

Protecia brandului IFRS i sprijinirea de convergen la nivel mondial prin abordarea

problemelor de traducere i drepturilor de autor i care contribuie la finanarea organizaieiprin furnizarea de servicii de publicare. Aceste activiti sunt grupate sub managementul deconinut.

Operaiuni, inclusiv managementul de zi cu zi i de sprijin pentru organizaie. De asemenea,sunt incluse legturi de comunicaii, mbuntirea i extinderea relaiilor externe, ipromovarea unei mai bune nelegeri a activitii organizaiei.


8/178

Bibliografie

1. http://www.ifrs.org/the+organisation/iascf+and+iasb.htm2. http://www.ifrs.org/The+organisation/How+we+are+structured.htm3. http://en.wikipedia.org/wiki/Ifrs#Structure_of_IFRS4. http://en.wikipedia.org/wiki/International_Accounting_Standards_Board#Fo

undation_of_the_IASB5. http://www.iasplus.com/restruct/iascf.htm6. http://www.iasplus.com/restruct/restruct.htm#new


9/179

Anexe

1. http://www.ifrs.org/the+organisation/iascf+and+iasb.htm

About the IFRS Foundation and the IASBThe IFRS Foundation is an independent, not-for-profit private sector organisation working in the public interest. Itsprincipal objectives are:

y to develop a single set of high quality, understandable, enforceable and globally accepted internationalfinancial reporting standards (IFRSs) through its standard-setting body, the IASB;

y to promote the use and rigorous application of those standards;y to take account of the financial reporting needs of emerging economies and small and medium-sized

entities (SMEs); and

y to bring about convergence of national accounting standards and IFRSs to high quality solutions.

The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests withits Trustees, who are also responsible for safeguarding the independence of the IASB and ensuring the financing of theorganisation. The Trustees are publicly accountable to a Monitoring Board of public authorities.

Standard-settingThe IASB (International Accounting Standards Board)

The IASB is the independent standard-setting body of the IFRS Foundation. Its members (currently 15 full-time members)are responsible for the development and publication of IFRSs, including the IFRS for SMEs and for approvingInterpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC). All meetingsof

the IASB are held in public and webcast. In fulfilling its standard-setting duties the IASB follows a thorough, open andtransparent due process of which the publication of consultative documents, such as discussion papers and exposure drafts,for public comment is an important component. The IASB engages closely with stakeholders around the world, includinginvestors, analysts, regulators, business leaders, accounting standard-setters and the accountancy profession.The IFRS Interpretations CommitteeThe IFRS Interpretations Committee (formerly called the IFRIC) is the interpretative body of the IASB. The InterpretationsCommittee comprises 14 voting members appointed by the Trustees and drawn from a variety of countries and professionalbackgrounds. The mandate of the Interpretations Committee is to review on a timely basis widespread accounting issuesthat have arisen within the context of current IFRSs and to provide authoritative guidance (IFRICs) on those issues.Interpretation Committee meetings are open to the public and webcast. In developing interpretations, the Interpretations

Committee works closely with similar national committees and follows a transparent, thorough and open due process.

Supporting the objectives of the IFRS FoundationAll other activities undertaken by the IFRS Foundation in support of the objectives of the organisation are managedby the IFRS Foundations staff.

Those activities include:

y the creation of an XBRL taxonomy for IFRSs and the IFRS for SMEs to facilitate the electronic use, exchange andcomparability of financial data prepared in accordance with IFRSs. This is done by the IFRS XBRL team.

y the production of high quality, understandable and up to date material including freely downloadable training

material for the IFRS for SMEs, and the organisation of conferences and workshops about IFRSs. Theseactivities are grouped within the IFRS Foundation Education Initiative.

y the protection of the IFRS brand and the support of global convergence through addressing translation andcopyright issues and contributing to the financing of the organisation through the provision of publication services.These activities are grouped under Content Management.

y operations, including the day-to-day management of and support for the organisation. Also included arecommunications, improving and expanding external relationships, and promoting a better understanding of the work

of the organisation.


10/1710

2. http://www.ifrs.org/The+organisation/How+we+are+structured.htmHow we are structuredSee the chart below for more information about the organisation and how it is structured:

3. http://en.wikipedia.org/wiki/Ifrs#Structure_of_IFRS

Structure of IFRS

IFRS are considered a "principles based" set of standards in that they establish broad rules as

well as dictating specific treatments.

International Financial Reporting Standards comprise:

y International Financial Reporting Standards (IFRS)standards issued after 2001y International Accounting Standards (IAS)standards issued before 2001y Interpretations originated from the International Financial Reporting Interpretations

Committee (IFRIC)issued after 2001


11/1711

y Standing Interpretations Committee (SIC)issued before 2001y Framework for the Preparation and Presentation of Financial Statements (1989)

IAS 8 Par. 11

"In making the judgement described in paragraph 10, management shall refer to, and considerthe applicability of, the following sources in descending order:

(a) the requirements and guidance in Standards and Interpretations dealing with similar and

related issues; and

(b) the definitions, recognition criteria and measurement concepts for assets, liabilities, incomeand expenses in the Framework."

4. http://en.wikipedia.org/wiki/International_Accounting_Standards_Board#Foundation_of_the_IASB

International Accounting Standards Board

From Wikipedia, the free encyclopedia

Jump to: navigation, search

The International Accounting Standards Board (IASB) is an independent, privately-fundedaccounting standard-setter based in London, England.

The IASB was founded on April 1, 2001 as the successor to the International AccountingStandards Committee (IASC). It is responsible for developing International Financial ReportingStandards (the new name forInternational Accounting Standards issued after 2001), andpromoting the use and application of these standards.

Foundation of the IASB

On January 25, 2001, the International Accounting Standards Foundation (IASF) wasincorporated as a tax-exempt organization in the US state ofDelaware.[1] On February 6, 2001,the International Financial Reporting Standards Foundation was also incorporated as a tax-exempt organization in Delaware.[2] The IFRS Foundation is the parent entity of the InternationalAccounting Standards Board (IASB), an independent accounting standard-setter based inLondon, England.[3]

On 1 March 2001, the IASB assumed accounting standard-setting responsibilities from itspredecessor body, the International Accounting Standards Committee (IASC). This was theculmination of a restructuring based on the recommendations of the reportRecommendations onShaping IASC for the Future.


12/1712

The IASB structure has the following main features: the IFRS Foundation is an independentorganization having two main bodies, the Trustees and the IASB, as well as a IFRS AdvisoryCouncil and the IFRS Interpretations Committee (formerly the IFRIC). The IASC FoundationTrustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASBhas responsibility for setting International Financial Reporting Standards (international

accounting standards).

IASB Members

The IASB has 16 Board members, each with one vote. They are selected as a group of expertswith a mix of experience of standard-setting, preparing and using accounts, and academicwork.[4] At their January 2009 meeting the Trustees of the Foundation concluded the first part ofthe second Constitution Review, announcing the creation of a Monitoring Board and theexpansion of the IASB to 16 members and giving more consideration to the geographicalcomposition of the IASB.

The IFRS Interpretations OF Committee has 14 members. Its brief is to provide timely guidanceon issues that arise in practice.[5]

A unanimous vote is not necessary in order for the publication of a Standard, exposure draft, orfinal "IFRIC" Interpretation. The Board's 2008 Due Process manual stated that approval by nineof the members is required.[6]

5. http://www.iasplus.com/restruct/iascf.htm

The IFRS Foundation is the legal entity under which the IASB operates. The Foundation is governed by a

board of 22 trustees.

IFRS Foundation is the new name, approved in January 2010, of the IASC Foundation. Thename change formally took effect on 1 July 2010. From that date, the Foundation's website(including IASB materials) also changed to www.ifrs.organd email addresses changed to end in

'@ifrs.org'.

Objectives of the Foundation

The objectives of the IFRS Foundation are:

1. 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. These

standards should require high quality, transparent and comparable information in financial

statements and other financial reporting to help investors, other participants in the world;s

capital markets and other users of financial information make economic decisions.

2. to promote the use and rigorous application of those standards.


13/1713

3. in fulfilling the objectives associated with (a) and (b), to take account of, as appropriate, the

needs of a range of sizes and types of entities in diverse economic settings.

4. to promote and facilitate adoption of International Financial Reporting Standards (IFRSs), being

the standards and interpretations issued by the IASB, through the convergence of national

accounting standards and IFRSs.

Responsibilities of the Trustees

The Trustees of the IFRS Foundation have responsibility to:

1. assume responsibility for establishing and maintaining appropriate financing arrangements;

2. establish or amend operating procedures for the Trustees;

3. determine the legal entity under which the IFRS Foundation shall operate, provided always that

such legal entity shall be a foundation or other body corporate conferring limited liability on its

members and that the legal documents establishing such legal entity shall incorporate

provisions to achieve the same requirements as the provisions contained in this Constitution;

4. review in due course the location of the IFRS Foundation, both as regards its legal base and its

operating location;

5. investigate the possibility of seeking charitable or similar status for the IFRS Foundation in those

countries where such status would assist fundraising;

6. open their meetings to the public but may, at their discretion, hold certain discussions (normally

only about selection, appointment and other personnel issues, and funding) in private; and

7. publish an annual report on the IFRS Foundations activities, including audited financial

statements and priorities for the coming year.

The Trustees also have responsibility to:

1. appoint the members of the IASB and establish their contracts of service and performance

criteria;2. appoint the members of the IFRS Interpretations Committee (the Interpretations Committee)

and the IFRS Advisory Council (the Advisory Council);

3. review annually the strategy of the IFRS Foundation and the IASB and its effectiveness, including

consideration, but not determination, of the IASBs agenda;

4. approve annually the budget of the IFRS Foundation and determine the basis for funding;

5. review broad strategic issues affecting financial reporting standards, promote the IFRS

Foundation and its work and promote the objective of rigorous application of IFRSs, provided

that the Trustees shall be excluded from involvement in technical matters relating to financial

reporting standards;

6. establish and amend operating procedures, consultative arrangements and due process for the

IASB, the Interpretations Committee and the Advisory Council;7. review compliance with the operating procedures, consultative arrangements and due process

as described in (f);

8. approve amendments to this Constitution after following a due process, including consultation

with the Advisory Council and publication of an exposure draft for public comment and subject

to the voting requirements given in section 14;

9. exercise all powers of the IFRS Foundation except for those expressly reserved to the IASB, the

Interpretations Committee and the Advisory Council; and


14/1714

10.foster and review the development of educational programmes and materials that are

consistent with the IFRS Foundations objectives.

6. http://www.iasplus.com/restruct/restruct.htm#new

The New Structure: Background and Chronology

After nearly 25 years of achievement, IASC concluded in 1997 that to continue to

perform its role effectively, it must find a way to bring about convergence

between national accounting standards and practices and high-quality global

accounting standards. To do that, IASC saw a need to change its structure. In late

1997 IASC formed a Strategy Working Party to re-examine its structure and

strategy. (Jacques Manardo, Deloitte Touche Tohmatsu Global Managing

Partner-Strategic Clients, was a member of that group.)

The Strategy Working Party published its Report, in the form of aDiscussion Paper, in December 1998. After soliciting comments, theWorking Party published its Final Recommendations in November 1999.

The IASC Board approved the proposals unanimously in December 1999,

and the IASC member bodies did the same in May 2000. A new IASBConstitution took effect 1 July 2000. The standards-setting body wasrenamed the International Accounting Standards Board (IASB). It wouldoperate under a new International Accounting Standards CommitteeFoundation (IASCF).

On 1 April 2001, the new IASB took over from the IASC the responsibilityfor setting International Accounting Standards.

Overview of the Restructured IASB

The IASB is organised under an independent Foundation

named the IFRS Foundation. That Foundation is a not-for-


15/1715

profit corporation created under the laws of the State of

Delaware, United States of America, on 8 March 2001.

Components of the new structure:

y International Accounting Standards Board (IASB)

has sole responsibility for establishing International

Financial Reporting Standards (IFRSs).

y IFRS Foundation oversees the work of the IASB,

the structure, and strategy, and has fundraising

responsibility. [Until 31 March 2010 was named

International Accounting Standards Committee

Foundation, or IASCF.]

y Monitoring Board oversees the IFRS Foundation

Trustees, participates in the Trustee nomination

process, and approves appointments to theTrustees.

y IFRS Interpretations Committee develops

interpretations for approval by the IASB. [Until 31

March 2010 was named International Financial

Reporting Interpretations Committee.]

y IFRS Advisory Council advises the IASB and the

IASCF. [Until 31 March 2010 was named Standards

Advisory Council.]

y Working Groups expert task forces for individual

agenda projects.

Responsibilities of the Trustees.

Under the IFRS Foundation Constitution, the Trustees of the IFRS Foundation haveresponsibility to:

y establish and maintain appropriate financing arrangementsy establish or amend operating procedures for the Trusteesy determine the legal entity under which the IFRS Foundation shall operate, provided

always that such legal entity shall be a Foundation or other body corporate conferringlimited liability on its members and that the legal documents establishing such legalentity shall incorporate provisions to achieve the same requirements as the provisionscontained in this Constitution

y review in due course the location of the IASC Foundation, both as regards its legal baseand its operating location

y investigate the possibility of seeking charitable or similar status for the IFRS Foundationin those countries where such status would assist fundraising


16/1716

y open their meetings to the public but may, at their discretion, hold certain discussions(normally only about selection, appointment and other personnel issues, and funding) inprivate; and

y publish an annual report on the IFRS Foundation's activities, including audited financialstatements and priorities for the coming year


17/17

Download - The IFRS Foundation and IASB

Top Related