Updated at 05/07/2022 - 03:40 pm
In the 4.0 era, you can open search engines like Google to type search keywords like: download IFRS or IFRS Financial statements. However, this method has the limitation that you will be invited to visit a "maze" of IFRS standard loading pages as well as IFRS Financial Statements. So, where to choose and find the IFRS standards to get the most accurate results?
What is IFRS? #
IFRS (International Financial Reporting Standards) known as International Financial Reporting Standards including accounting standards issued by International Accounting Standards Council (International Accounting Standards Board - IASB) with the goal of setting general rules for possible financial reporting unified, transparent , and comparable all around the world. Creating a global accounting language makes financial statements no longer distinguishable between countries and territories, becoming transparent, unified, reliable for analysis and reference.
IFRS defines how companies maintain and report their accounts, identifying other types of transactions and events that have a financial impact. The International Financial Reporting Standards (IFRS) were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company. another, country to country.
Where to find IFRS standards #
Currently, you can easily find documents about IFRS at many links to study materials online. However, to find the most accurate information on IFRS International Financial Reporting Standards, you should visit the main website of IFRS. organization IFRS Foundation to download.
In addition, for easy access to IFRS standards, The Ministry of Finance has translated it into Vietnamese and published the translation on June 22, 6 on its website. Therefore, you can access the website of the Ministry of Finance to download the Vietnamese and English versions, which will facilitate the understanding of IFRS.
List of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) #
|First-time Adoption of International Financial Reporting Standards
First application of international financial reporting standards IFRS
|Request a complete set of financial statements for the first and previous IFRS reporting period.
Payment on a stock basis
|Requires the recognition of stock payments in the financial statements.
|Establish principles and requirements for how the acquirer should conduct business combinations.
|Non-current Assets Held for Sale and Discontinued Operations
Long-term assets held for sale and deprecated components
|Clarify the determination and disclosure requirements in the financial statements of long-term assets held for sale.
|Exploration for and Evaluation of Mineral Assets
Mineral survey and assessment
|Regulations on some aspects of financial statements for expenses incurred for the survey, exploration and assessment of mineral resources.
|Financial Instruments: Disclosures
Financial Instruments: Presentation
|Requiring disclosures in financial statements to assess the importance, nature, and degree of risk of financial instruments and how the enterprise manages them.
|Operating Segments Sales Department
|Request businesses with debt or equity securities to provide information on products and services, key customers, geographical areas, etc.
|Financial InstrumentsFinancial Instruments
|Refers to the classification of financial assets and liabilities, initial recognition, initial and subsequent assessment.
|Consolidated Financial StatementsConsolidated Financial Statements
|Establish the principles for presenting and preparing the consolidated financial statements when one entity controls one or more other entities.
|Establish financial reporting principles of entities with interests in joint ventures.
|Disclosure of Interests in Other Entities
Present the interests of the stakeholders
|Request information to assess the nature, risks and benefits of related parties and the impact of these benefits.
|Fair Value Measurement
Measure fair value
|Determine fair value, provide a framework for measuring fair value, and require disclosure of fair value measurements.
|Regulatory Deferral Accounts
|Provide special accounting for the effects of exchange rate regulation.
|Revenue from Contracts with Customers
Revenue from contracts with customers
|Provide a comprehensive revenue recognition model for all customer contracts.
Rent a property
|Establish principles for the recognition, measurement, preparation and presentation of lease transactions
An insurance contract
|Regulations on how to account for insurance contracts.
|Presentation of Financial Statements
Presenting Financial Statements
|Provides overall requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content.
|Provide accounting for most types of inventory.
|Statement of Cash Flows
Statements of cash flows
|Rules for the presentation of the statement of cash flows.
|Accounting Policies, Changes in Accounting Estimates and Errors
Accounting policies, changes in accounting estimates and errors
|Specifies the criteria for selecting and changing accounting policies, along with accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates, and correction of errors.
|Events After the Reporting Period
Events occurring after the balance sheet date
|Provide criteria for recognizing events occurring after the balance sheet date.
Corporate income tax
|Regulations on the accounting treatment of income tax. Income tax includes all domestic and foreign taxes based on taxable profits.
|Property, plant and equipment
Tangible fixed assets
|Establish principles for recognizing property, plant, and equipment as assets, measuring their carrying value, and measuring the depreciation and impairment charges recognized in connection with them.
|Employee BenefitsEmployee Benefits
|Regulates the accounting of all employee benefits except stock pay, applying IFRS 2.
|Accounting for Government Grants and Disclosure of Government Assistance
Accounting for Government grants and presentation of Government grants
|Regulations on how grants from the Government are presented.
|The Effects of Changes in Foreign Exchange Rates
Effects of changing exchange rates
|Specifies how to present foreign currency trading accounts, convert the financial statements of an overseas operation into the domestic currency, and translate the financial statements into the presentation currency.
|Borrowing Costs Borrowing costs
|Provide guidance on how to measure borrowing costs, especially when acquisition, construction, or production costs are financed by joint loans.
|Related Party Disclosures
Information about related parties
|Requires presentation of transactions and outstanding balances to related parties.
|Accounting and Reporting by Retirement Benefit Plans
Accounting and reporting on retirement plans
|Specify the minimum content of the financial statements of retirement plans.
|Consolidated and Separate Financial Statements
Separate financial statements and consolidated financial statements
|Specify the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates.
|Investments in Associates
Invest in affiliates
|Require the investor to account for his or her investment in the associate using the equity method.
|Financial Reporting in Hyperinflationary Economies
Financial statements in the context of hyperinflation
|Applies to any unit whose functional currency is the currency of a hyperinflationary economy.
|Financial Instruments: Presentation
Financial Instruments: Presentation and Disclosure
|Regulations on the presentation of financial instruments.
|earnings per share
Earnings per share
|Refers to the calculation and presentation of earnings per share (EPS).
|Interim Financial Reporting
Mid-year financial statements
|Specify the minimum content of an interim financial report.
|Impression of Assets
|Ensure that the assets of the business are not recognized at a value higher than the recoverable amount.
|Provisions, Contingent Liabilities and Contingent Assets
Provisions, contingent assets and liabilities
|Identify and indicate the accounting and disclosure of provisions, contingent liabilities, and contingent assets.
|Describe the accounting methods for intangible assets.
Investment real estate
|Regulations on accounting for investment properties.
|Regulates the accounting treatment, presentation of financial statements and disclosures relating to agricultural activities.
With the above information, EXPERTIS hopes to help readers understand how to find IFRS standards and access reliable sources. Any other information that needs support, please contact us for answers.