Difference between revisions of "IFRS"

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IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards)  
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IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards) are global standards for accounting.  See [http://en.wikipedia.org/wiki/Ifrs Wikipedia entry about IFRS]
  
−
Adempiere seeks to be fully compliant with IFRS/IAS standards.
+
Adempiere seeks to be fully compliant with IFRS/IAS standards.
  
−
Currently aa review is being conducted of Adempiere and level of compliance is being documented.  Where areas of non-compliance are identified, recommendations will be made in order to ensure that future versions meet full IFRS compliance.
+
Currently a review is being conducted of Adempiere and level of compliance is being documented.  Where areas of non-compliance are identified, recommendations will be made in order to ensure that future versions meet full IFRS compliance.
 +
 
 +
The schedule for the review is based on available time and priorities set by the community.  If you have a specific project or requirement then please contact [[User:Juddm|Michael Judd]].
 +
 
 +
This project is part of the road map to [[Accounting_Kernel_Certification | Accounting Kernel Certification.]]
 +
 
 +
It should be noted that the IFRS's apply differently to each company depending on what industries your business operates in, your accounting policies and 'materiality' of certain aspects of your operations.  An example might be, in IFRS7 which requires disclosure of financial instruments (which includes accounts receivable and accounts payable), that the extent of disclosure required depends on the businesses use of financial instruments and it's exposure to risk.
 +
 
 +
There are also numbers non-financial disclosures (i.e. the balances do no manifest themselves in an account in the general ledger) and whilst addressing these is critical in maintaining compliance within IFRS, the information would not necessarily be held in your ERP system.  This holds true for other regulatory frameworks such as Sarbanes Oxley Act and Basel II (although you can keep Basel risk data as statistical postings in general ledger).
 +
 
 +
There are also a some recommendations for Client configuration in the [[IFRS_Compliance_Recommendations | IFRS Compliance Recommendations]] page.
  
 
The status of the review is as follows:
 
The status of the review is as follows:
  
−
==IFRSs:==
+
=IFRSs:=
 
{| border=0
 
{| border=0
 
|+ IFRSs:
 
|+ IFRSs:
 
|- bgcolor=#5797bb
 
|- bgcolor=#5797bb
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! Standard !! Description !! Status
+
! Standard !! Description !! Status !! Reference
 
|-
 
|-
−
| IFRS 1 || First-time Adoption of International Financial Reporting Standards || Scheduled
+
| IFRS 1 || First-time Adoption of International Financial Reporting Standards || Complete || [[IFRS_First_Time_Adoption | IFRS First Time Adoption]]
 
|-
 
|-
−
| IFRS 2 || Share-based Payment || Scheduled
+
| IFRS 2 || Share-based Payment || Complete || [[Share_Based_Payments | Share Based Payments]]
 
|-
 
|-
−
| IFRS 3 || Business Combinations || Scheduled
+
| IFRS 3 || Business Combinations || Complete || [[Business_Combinations | Business Combinations]]
 
|-
 
|-
−
| IFRS 4 || Insurance Contracts || Scheduled
+
| IFRS 4 || Insurance Contracts || Pending
 
|-
 
|-
−
| IFRS 5 || Non-current Assets Held for Sale and Discontinued Operations || Scheduled
+
| IFRS 5 || Non-current Assets Held for Sale and Discontinued Operations || Complete || [[Non_Current_Assets_Held_For_Sale_and_Discontinued_Operations | NCA held for Sale & Discontinued Operations]]
 
|-
 
|-
−
| IFRS 6 || Exploration for and evaluation of Mineral Resources || Scheduled
 
 
|-
 
|-
−
| IFRS 7 || Financial Instruments: Disclosures || Scheduled
+
| IFRS 6 || Exploration for and evaluation of Mineral Resources || Pending
 
|-
 
|-
−
| IFRS 8 || Operating Segments || Scheduled
+
| IFRS 7 || Financial Instruments: Disclosures || Pending
 +
|-
 +
| IFRS 8 || Operating Segments || Pending
 
|}
 
|}
  
−
==IASs:==
+
=IASs:=
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* IAS 1 Presentation of Financial Statements
+
 
−
* IAS 2 Inventories
+
 
−
* IAS 7 Cash Flow Statements
+
{| border=0
−
* IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
+
|+ IASs:
−
* IAS 10 Events After the Balance Sheet Date
+
|- bgcolor=#5797bb
−
* IAS 11 Construction Contracts
+
! Standard !! Description !! Status !! Reference
−
* IAS 12 Income Taxes
+
|-
−
* IAS 16 Property, Plant and Equipment
+
| IAS 1 || Presentation of Financial Statements || Pending ||
−
* IAS 17 Leases
+
|-
−
* IAS 18 Revenue
+
| IAS 2 || Inventories || In Progress || [[Inventory_Valuation | Discussion ]]
−
* IAS 19 Employee Benefits
+
|-
−
* IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
+
| IAS 7 || Cash Flow Statements || Pending ||
−
* IAS 21 The Effects of Changes in Foreign Exchange Rates
+
|-
−
* IAS 23 Borrowing Costs
+
| IAS 8 || Accounting Policies, Changes in Accounting Estimates and Errors || Pending ||
−
* IAS 24 Related Party Disclosures
+
|-
−
* IAS 26 Accounting and Reporting by Retirement Benefit Plans
+
| IAS 10 || Events After the Balance Sheet Date || Pending ||
−
* IAS 27 Consolidated and Separate Financial Statements
+
|-
−
* IAS 28 Investments in Associates
+
| IAS 11 || Construction Contracts || Complete (Not Currently Compliant) || [[Construction_Contracts | Discussion ]]
−
* IAS 29 Financial Reporting in Hyperinflationary Economies
+
|-
−
* IAS 31 Interests in Joint Ventures
+
| IAS 12 || Income Taxes || Pending ||
−
* IAS 32 Financial Instruments: Presentation
+
|-
−
* IAS 33 Earnings per Share
+
| IAS 16 || Property, Plant and Equipment || Pending ||
−
* IAS 34 Interim Financial Reporting
+
|-
−
* IAS 36 Impairment of Assets
+
| IAS 17 || Leases || Pending ||
−
* IAS 37 Provisions, Contingent Liabilities and Contingent Assets
+
|-
−
* IAS 38 Intangible Assets
+
| IAS 18 || Revenue || Pending ||
−
* IAS 39 Financial Instruments: Recognition and Measurement
+
|-
−
* IAS 40 Investment Property
+
| IAS 19 || Employee Benefits || Pending ||
−
* IAS 41 Agriculture
+
|-
 +
| IAS 20 || Accounting for Government Grants and Disclosure of Government Assistance || Pending ||
 +
|-
 +
| IAS 21 || The Effects of Changes in Foreign Exchange Rates || In Progress ||
 +
|-
 +
| IAS 23 || Borrowing Costs || Pending ||
 +
|-
 +
| IAS 24 || Related Party Disclosures || Pending ||
 +
|-
 +
| IAS 26 || Accounting and Reporting by Retirement Benefit Plans || Pending ||
 +
|-
 +
| IAS 27 || Consolidated and Separate Financial Statements || Pending ||
 +
|-
 +
| IAS 28 || Investments in Associates || Pending ||
 +
|-
 +
| IAS 29 || Financial Reporting in Hyperinflationary Economies || Pending ||
 +
|-
 +
| IAS 31 || Interests in Joint Ventures || Pending ||
 +
|-
 +
| IAS 32 || Financial Instruments: Presentation || Pending ||
 +
|-
 +
| IAS 33 || Earnings per Share || Pending ||
 +
|-
 +
| IAS 34 || Interim Financial Reporting || Pending ||
 +
|-
 +
| IAS 36 || Impairment of Assets || Pending ||
 +
|-
 +
| IAS 37 || Provisions, Contingent Liabilities and Contingent Assets || Pending ||
 +
|-
 +
| IAS 38 || Intangible Assets || Pending ||
 +
|-
 +
| IAS 39 || Financial Instruments: Recognition and Measurement || Pending ||
 +
|-
 +
| IAS 40 || Investment Property || Pending ||
 +
|-
 +
| IAS 41 || Agriculture || Pending ||
 +
|}
 +
 
 +
= Adoption of IFRS =
 +
The following countries now have adopted IFRS:
 +
 
 +
* Europe and Central Asia
 +
Armenia, Austria, Bangladesh, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Ireland, Italy, Kyrgystan, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tajikistan, Ukraine, United Kingdom
 +
 
 +
* Americas
 +
Bahamas, Barbados, Costa Rica, Dominican Republic, Ecuador, Guyana, Haiti, Honduras, Jamaica, Panama, Papua New Guinea, Peru
 +
Trinidad & Tobago
 +
 
 +
* Asia Pacific
 +
Australia, Brunei, Nepal, Singapore, Taiwan
 +
 
 +
* Africa and Middle East
 +
Egypt, Jordan, Kenya, Kuwait, Malawi, Mauritius, Oman, Tunesia
 +
 
 +
* Whilst other countries are converging including:
 +
Moldova, Uzbekistan, Argentina, Brazil, Canada, Cayman Islands, Chile, Guatemala, Mexico, Uruguay, Venezuela, United States, New Zealand, China/Hong Kong, India, Indonesia, Iran, Israel, Pakistan, South Africa, Zimbabwe, Japan, South Korea, Malaysia, Philippines, Thailand
 +
 
 +
[[Category:Accounting]]

Latest revision as of 02:05, 8 July 2008

IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards) are global standards for accounting. See Wikipedia entry about IFRS

Adempiere seeks to be fully compliant with IFRS/IAS standards.

Currently a review is being conducted of Adempiere and level of compliance is being documented. Where areas of non-compliance are identified, recommendations will be made in order to ensure that future versions meet full IFRS compliance.

The schedule for the review is based on available time and priorities set by the community. If you have a specific project or requirement then please contact Michael Judd.

This project is part of the road map to Accounting Kernel Certification.

It should be noted that the IFRS's apply differently to each company depending on what industries your business operates in, your accounting policies and 'materiality' of certain aspects of your operations. An example might be, in IFRS7 which requires disclosure of financial instruments (which includes accounts receivable and accounts payable), that the extent of disclosure required depends on the businesses use of financial instruments and it's exposure to risk.

There are also numbers non-financial disclosures (i.e. the balances do no manifest themselves in an account in the general ledger) and whilst addressing these is critical in maintaining compliance within IFRS, the information would not necessarily be held in your ERP system. This holds true for other regulatory frameworks such as Sarbanes Oxley Act and Basel II (although you can keep Basel risk data as statistical postings in general ledger).

There are also a some recommendations for Client configuration in the IFRS Compliance Recommendations page.

The status of the review is as follows:

IFRSs:

IFRSs:
Standard Description Status Reference
IFRS 1 First-time Adoption of International Financial Reporting Standards Complete IFRS First Time Adoption
IFRS 2 Share-based Payment Complete Share Based Payments
IFRS 3 Business Combinations Complete Business Combinations
IFRS 4 Insurance Contracts Pending
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Complete NCA held for Sale & Discontinued Operations
IFRS 6 Exploration for and evaluation of Mineral Resources Pending
IFRS 7 Financial Instruments: Disclosures Pending
IFRS 8 Operating Segments Pending

IASs:

IASs:
Standard Description Status Reference
IAS 1 Presentation of Financial Statements Pending
IAS 2 Inventories In Progress Discussion
IAS 7 Cash Flow Statements Pending
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Pending
IAS 10 Events After the Balance Sheet Date Pending
IAS 11 Construction Contracts Complete (Not Currently Compliant) Discussion
IAS 12 Income Taxes Pending
IAS 16 Property, Plant and Equipment Pending
IAS 17 Leases Pending
IAS 18 Revenue Pending
IAS 19 Employee Benefits Pending
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance Pending
IAS 21 The Effects of Changes in Foreign Exchange Rates In Progress
IAS 23 Borrowing Costs Pending
IAS 24 Related Party Disclosures Pending
IAS 26 Accounting and Reporting by Retirement Benefit Plans Pending
IAS 27 Consolidated and Separate Financial Statements Pending
IAS 28 Investments in Associates Pending
IAS 29 Financial Reporting in Hyperinflationary Economies Pending
IAS 31 Interests in Joint Ventures Pending
IAS 32 Financial Instruments: Presentation Pending
IAS 33 Earnings per Share Pending
IAS 34 Interim Financial Reporting Pending
IAS 36 Impairment of Assets Pending
IAS 37 Provisions, Contingent Liabilities and Contingent Assets Pending
IAS 38 Intangible Assets Pending
IAS 39 Financial Instruments: Recognition and Measurement Pending
IAS 40 Investment Property Pending
IAS 41 Agriculture Pending

Adoption of IFRS

The following countries now have adopted IFRS:

  • Europe and Central Asia

Armenia, Austria, Bangladesh, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Ireland, Italy, Kyrgystan, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Tajikistan, Ukraine, United Kingdom

  • Americas

Bahamas, Barbados, Costa Rica, Dominican Republic, Ecuador, Guyana, Haiti, Honduras, Jamaica, Panama, Papua New Guinea, Peru Trinidad & Tobago

  • Asia Pacific

Australia, Brunei, Nepal, Singapore, Taiwan

  • Africa and Middle East

Egypt, Jordan, Kenya, Kuwait, Malawi, Mauritius, Oman, Tunesia

  • Whilst other countries are converging including:

Moldova, Uzbekistan, Argentina, Brazil, Canada, Cayman Islands, Chile, Guatemala, Mexico, Uruguay, Venezuela, United States, New Zealand, China/Hong Kong, India, Indonesia, Iran, Israel, Pakistan, South Africa, Zimbabwe, Japan, South Korea, Malaysia, Philippines, Thailand

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