IASB AND FINANCIAL REPORTING

International Accounting Standards Board and Financial Reporting

International Accounting Standards Board and Financial Reporting

Financial Reporting Standards and IASB

The International Accounting Standards Board (IASB) is a privately-funded, independent standardization body that is responsible for developing and promoting the use of the "International Financial Reporting Standards", which are used worldwide in more than 100 countries. Since 2001, the IASB uses the Content Lifecycle System (CLS), to publish more than 1,000-page accounting standards worldwide. The sheer mass of structured data requires the use of a content management system that meets the tough requirements in terms of linking and versioning, to create as recurring, constantly updated publications of the highest quality.

The constantly updated accounting regulations are published as a bound book, a CD-ROM on a subscription basis and in combination with other services (e.g., with an official translation or teaching materials) and on its website and distributed. In addition, the IASB's major companies such as Deloitte Touche and PricewaterhouseCoopers customized content. In addition, the IASB accountants' online teaching materials are available for the accounting rules. The CLS solution allows a precise process control during the creation of highly structured content and allows the IASB in this way; publications of the highest quality produce (IFRS, 2012).

Discussion

The New Accounting Principles

The accounting does not create wealth. Its mission is to provide accurate financial information, reliable and transparent information to users. These fundamental principles are more relevant than ever as remind of some recent financial scandals. The transition to international standards is a major change to the extent or this is really new design financial information. Going from a legal and tax accounting a language for investors. The Britain accounting does not favour any particular drive but a multitude of users. It focuses on the aspect of taxation of financial statements in order to determine tax liability. Depending on the design of IAS financial statements are intended priority to investors and creditors of the company. The accounting standards are threefold:

the operations that are counted and it is recognized in the balance sheet and income statement,

the how we evaluate or measure the assets and liabilities,

the additional information is given for accounts.

The IAS, which any application in part is prohibited, introduces new concepts:

Information accounting must be "intelligible", it must enable people to form an informed opinion about the company, its activities and accounts. And financial statements must use terms or ratios known or recognized by all. Nothing should scramble the message book.

Information must be relevant to enable the user to correct or confirm its forecasts and to take any every economic decision which is binding. Omit to state a company is about to divest a removes any relevance to the financial statements.

The concept of materiality: information must be disclosed only if it provides some useful decision-making.

Information accounting must be reliable and allow it to be used safely (Scott, 2009, pp. 124-132).

In summary, the information is more economic oriented to measure performance and aims to improve the reliability forecasts.

Change in Accounting Tomorrow

Compared to French GAAP, IAS / IFRS There are four main differences in approach:

the rule of balance on the income statement,

the generalization of the concept of fair value (full fair value)

the extent of the impairment and impairment ...