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1

IASB - What are the 6 stages of the due process?

1. Setting the agenda
2. Planning the project
3. Developing and publishing the discussion paper
4. Developing and publishing the exposure draft
5. Developing and publishing the standard
6. After the standard is issued

2

How are the "International Financial Reporting Standards" (IRFS) developed?

Through an consultation process called the "due process"

3

What is IFRS 1 stated objectives?

to ensure that an entity's first IFRS financial statements, and its interim financial report for part of the period covered by those FS, contain high-quality information that is transparent for users and comparable or all periods presented, provides a suitable starting point for accounting in accordance with IFRS and can be generated at a cost that does not exceed the benefits

4

The entity's first FS must contain what?

an explicit and unreserved statement that the FS are in compliance with IFRS

5

How must the first IFRS balance sheet be presented?

it must recognize all assets and liabilities as required by the IFRS and not recognize assets or liabilities not permitted by the IFRS. Disclosure must be made to explain how the transition from GAAP to the IFRS affects the FS.

6

How must differences in the application of GAAP and IFRS be recognized?

as an adjustment directly to retained earnings or another appropriate category of equity at the date of the transition to IFRS