The IFRS Advisory Council is the formal advisory body to the IASB and the Trustees of the IFRS Foundation. It consists of a wide range of representatives from groups that are affected by and interested in the IASB’s work. These include investors, financial analysts and other users of financial statement, as well as preparers, academics, auditors, regulators, professional accounting bodies … Read the rest
Under IASB conceptual framework for financial reporting, certain qualitative characteristics of useful financial information are identified. These are subdivided into characteristics considered fundamental and those considered to be enhancing. The two fundamental characteristics identified by framework are relevance and faithful representation. In order for financial transaction to be represented faithfully in the financial statements the principle of substance over form … Read the rest
(a) Identify the main users of the financial statements and describe the adequacy of the general purpose financial statements to cater for the reasonable needs of its major users.
The International Accounting Standard Board (IASB) which was set up in April 2001 is independent standard-setting body of IFRS foundation. It replaces the International Accounting Standard Committee (IASC) which had been setting International Accounting Standard (IAS) since 1973. At the time of its initiation, the IASB adopted in full all existing IASs and decided that all new … Read the rest