The legal framework for the preparation of financial statements sets out the basic principles of IFRS, although the legal framework for IFRS as such does not exist. The master plan defines the objectives of the financial statements and provides information on the net assets, financial position and results of operations of the company, which is useful to a wide range of users in making decisions. States do not directly apply IFRS, but adapt their regulations on the basis of these principles. As a result, the internal rules of individual countries have been modified in their fundamental aspects in accordance with the guidelines established by IFRS. Remember that IFRS is about the quality and transparency of financial reporting, it is not about legal requirements or foreign impositions. Assessing the nature of transactions that take the legal form of a lease SIC-29 IFRS is a matter of professionalism on the part of the company`s finance department, accountants as professionals are required to master IFRS (not just study them). IFRS/IFRS for SMEs published by the national government in Decree 3022 of 2013 and other published decrees. Accounting standards published between 1973 and 2001 are called “International Accounting Standards” (IAS) and published by the International Accounting Standards Committee (IASC), a precedent of the current International Accounting Standards Board (IASB). Since April 2001, when the IASB was established, the IASB has adopted all IAS and continued its development by calling the new standards International Financial Reporting Standards (IFRS). IFRS – IFRS in financial statements ignore the social and environmental impact of organizations. For micro-enterprises, a simplified accounting system based on IFRS/IFRS, which is included in Decree 2706 of 2012. Well, in this regard, it is necessary to clarify some things, among which we have the following: Real estate investments and equipment can be revalued at their fair value if all assets in their class are treated in this way (for example, the revaluation of all our assets) (IAS 16.31 and 36).
The result of revaluations is offset directly by equity, not by the income statement; Impairment losses are recognised as losses in the income statement (IAS 16.39 and 40). IFRS 5 Non-current assets held for sale and I would like to ask a question to the author of the article “What are IFRS” by Leonardo Varón, published on 25.11.2020. My concern is whether IFRS are accounting standards, as they are mentioned in point 2 and say: “Accounting will be replaced by financial reporting”; which in my opinion is very risky and can give way to misunderstandings. I would also like to ask you whether, on the same argument, we can say that “the books and records are kept in accordance with IFRS”, because that is like saying that IFRS sets the accounting technique and, in my opinion, IFRS are standards for REPORTING. Thank you for your attention and I remain attentive to your comments. Comprehensive IFRS/IFRS standards issued by the national government that apply to public interest entities and sub-groups classified by Decree 2784 of 2012 and other published Decrees. IFRS 13 Measurement of Fair Value Dec – 13 Jul – 14 IFRS has been formally adopted by the European Union as accounting standards, but only after EFRAG has been revised to verify which are applicable in which you must verify your official status. [2] The IFRS theme has been quite “trendy” this year, but many are currently wondering, “What is this IFRS thing?” The items that previous statements should contain should be divided into five main assets: assets, liabilities, net worth, expenses and revenues. Income tax — Evolution of the tax situation of the company or its shareholders SIC-27 Micro-enterprises and natural or legal persons of the simplified regime.
There are 16 IFRS in force that have come into effect to improve and standardize financial reporting, although they have been preceded by accounting standards known as International Accounting Standards (IAS) over the years and number of standards. The main difference between IAS and IFRS is that the former present the information between the financial statements and their presentation. In general, IFRS and IAS are distinct from the organization that issued them. IFRS were issued by the IASB and IAS by the former International Accounting Standards Committee. IFRS 10 Consolidated Financial Statements Sep – 14 Jan – 16 [4] This is fundamental in IFRS, one thing is tax information and another financial information, there must be absolute independence between these two terms. IFRIC 2 Contributions from members of cooperatives and similar instruments International Financial Reporting Standards (IFRS) are a set of accounting policies and technical standards established by the International Accounting Standards Board (IASB) with the aim of harmonizing accounting standards internationally. IFRS 6 Mineral Resource Exploration and Assessment June – 05 Jun – 06 Jointly Controlled Entities – Non-Monetary Contributions of Participants To SIC-15 The content is tailored to needs, it is quite understandable. IFRS is applied in many parts of the world, including the European Union, Hong Kong, Australia, Chile, Colombia, Malaysia, Pakistan, India, Panama, Guatemala, Peru, Russia, South Africa, Singapore, Turkey, Ecuador, Costa Rica, Nicaragua and El Salvador.