Anxiety over IFRS called 'overdone'.The online United Kingdom-based publication Company Reporting (www.companyreporting.com) has published "Coping with IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System ," explaining what users of financial statements can expect and offering suggestions for dealing with the challenge of the 2000-plus pages of International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). (IFRS). Written by Company Reporting Editor Mark Sproul and Chris Higson, a professor at the London Business School Around 800 degree students, from 70 countries, graduate from the school each year. Over 80 percent of students, and over 70 percent of faculty, come from outside the UK. A further 6,000 executives attend the school executive education programmes each year. , the report discusses how IFRS is likely to affect the appearance of the balance sheet and income statement. It goes on to examine the impact of IFRS in terms of balance sheet completeness, presentation and valuation, then discusses its impact on the income statement and segment disclosure. Areas of significant change identified by the report include: share-based payments, goodwill amortization, deferred taxation, financial instruments and recognition of pension liabilities Pension liabilities Future liabilities resulting from pension commitments made by a corporation. Accounting for pension liabilities varies widely by country. . Finally, the authors argue, "IFRS anxiety has been overdone o·ver·done v. Past participle of overdo. Adj. 1. overdone - represented as greater than is true or reasonable; "an exaggerated opinion of oneself" exaggerated, overstated ." They say the transition to IFRS means additional work for analysts but, "with preparation, the potential for unpleasant surprises should be limited." The full report is available at www.companyreporting.com. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion