Consolidation and IFRS: an introduction

Academic season 2010/2011

Patrice Schumesch Sebastian Harushimana

Stand of items (1/4)

 Introduction

-- Why IFRS? - Basic principles

 Measurement of assets and liabilities

-- Formation bills - Intangible assets - Property, plant & equipment - Rents - Impairment of assets

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Consolidation and IFRS: an introduction

Table of contents (2/4)

 Measurement of resources and debts (cont'd)

-- Government grants or loans - Arrays and legal agreements in progress -- Revenue acknowledgement - Conditions and eventualities - Situations after the confirming period -- Employee benefits and share-based payments -- Deferred fees - Money transactions -- Financial devices

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Consolidation and IFRS: an introduction

Table of contents (3/4)

 Debt consolidation

- Consolidation - Organization combinations - Translation of financial statements of foreign procedures

 Demonstration of financial statements

- Framework and contents of financial statements - Assertion of financial location - Statement of thorough income -- Statement of changes in collateral - Affirmation of cash goes - Framework of disclosures

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Consolidation and IFRS: an introduction

Table of contents (4/4)

 Presentation of financial statements (cont'd)

- Discontinued functions - Functioning segments - Earnings per share -- Related get together transactions - Interim economic reporting

 Changes in accounting policies and first-time application rules -- Changes in accounting policies, changes in accounting estimations and problems - First-time adoption of IFRS

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Debt consolidation and IFRS: an introduction




 IFRS Worldwide

 Globalisation of business and capital market segments require that there be one single accounting language  There is also an ever-increasing need for top quality and clear financial information (cfr Enron, Worldcom, L& H, Parmalat, etc . )  IASC (International Accounting Standards Committee) was set up in 1973. IASC Foundation (now known as IFRS foundation) cosmetic reviewed in March 2010:  to formulate, in the open public interest, just one set of superior quality, understandable, enforceable and throughout the world accepted financial reporting specifications based upon plainly articulated principles.  to market the use and rigorous using those criteria.  to consider account of, as appropriate, the needs of a variety of sizes and types of entities in diverse economic settings.  to promote and facilitate re-homing of International Financial Revealing Standards (IFRSs), through the convergence of countrywide accounting standards and IFRSs. Slide several Consolidation and IFRS: an intro


 General opinion that the foreign accounting/financial credit reporting harmonisation procedure be accomplished at the standard of the IASB (International Accounting Standards Board)  Concurrence between IFRS and ALL OF US GAAP  IOSCO (International Organisation of Securities Commission) recommends to its users to accept IFRS for listing purposes prove respective marketplaces

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Consolidation and IFRS: an intro


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Consolidation and IFRS: an intro


 The IFRS base (formerly referred to as IASC Foundation), an independent organisation with 22 trustees who have appoints the IASB members, exercise oversight, and enhance the funds required.  The IASB (Board) which has 18 full-time and 3 part-time independent table members with sole responsibility for environment accounting requirements.  The Standards Advisory Authorities includes users, regulators, academics, preparers & others addressing the " real world”.  The IFRIC, required with interpreting IAS and IFRS standards and offering timely advice.

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Consolidation and IFRS: an intro


IASB Because of Process you AGENDA a couple of Discussion Nota 3 Community Hearing some

Topics intended for standard placing are recognized

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The IASB issues primary...


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