IFRSNews: Quarter 2 – 2012
10 July 2012 | Category: IFRSNews, Publications
Our second quarter edition of IFRS News 2012 starts by looking at the IASB’s revised work plan and the projected targets for the documents it expects to issue later this year. We go on to consider some issues arising from current economic conditions that may affect companies using IFRS.
We have also included a more general round-up of activities affecting the IASB, and the implementation dates of newer Standards that are not yet mandatory.
Some of the highlights in this edition include:
- The IASB’s revised work plan
- IASB and FASB seek to reduce differences in financial instrument accounting
- IFRS issues related to current economic conditions
- IASB amends IFRS 1 for government loans
- SME Implementation Group publishes two final Q&As
- Comment letter on revenue recognition
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. The challenges have increased as a result of applying new Standards and Amendments published by the International Accounting Standards Board (IASB) that significantly impact both the presentation of the primary statements and the accompanying disclosures.
Example interim consolidated financial statements 2012 and Example consolidated financial statements 2011 reflects the collective experience of Grant Thornton International’s IFRS team and member firm IFRS experts, and is intended to provide a realistic example of their presentation.
- The example consolidated financial statements 2011 reflect changes in IFRS that are effective for the year ended 31 December 2011
- The interim consolidated financial statements 2012 reflect changes in IFRS that are effective for the year ended 31 December 2012
Downloads:
- IFRS News Q2 2012
- Example interim consolidated financial statements 2012
- Example consolidated financial statements 2011
Related posts:
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Notes to editors
You may quote freely from this publication, provided you acknowledge the source. This publication is an outline for information purposes and should not be relied upon for detailed planning. Readers are advised to consult professional advisors for guidance relating to new or existing legislation which might affect their business and personal decisions.
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About the author
Christel Pretorius
Partner: Professional standards
Grant Thornton Johannesburg
T +27113224500
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