Ifrs

Topics: International Financial Reporting Standards, Financial statements / Pages: 10 (2316 words) / Published: Feb 4th, 2013
ifrs
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements. The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting. Having an international standard is especially important for large companies that have subsidiaries in different countries. Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances. (source: http://searchsecurity.techtarget.co.uk/definition/IFRS-International-Financial-Reporting-Standards)
The Accounting and Auditing Standards Committee (AASC) sets the Fiji Accounting Standards (FAS) and established the first broad set of standards in 1971 and continued setting these standards until 1998 based on International Accounting Standards (IAS) and the Australian and New Zealand accounting standards. In January 1999, the Institute’s Council decided to base the new Fijian Accounting and Auditing Standards on IAS’s and ISA’s. The comparative review process of IAS and FAS was completed “between” 1999 to 2001. (Reid, 2002, P56) In 2001, the Fiji Institute of Accountants (FIA) Council approved the adoption of a new set of FAS’s. It had been intended that the new FASs would be effective for reporting periods beginning on or after 1 January 2001. However, in the face of events—including printing delays- implementation was deferred until 1 July 2001.
Furthermore, although some standards do not come into effect until 1 January 2005, FIA encourages their earlier adoption. The AASC intends to

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