By Richard Wittsiepe
In means of changing to IFRS, a few sensible questions come up in regards to the constructions of the accounting sector division of medium-sized organizations in addition to the difficulty of successfully updating updating monetary statements as soon as switched over, that have so far no longer been addressed within the debate. Richard Wittsiepe analyses the appropriate IFRS statements on the way to very likely integrating them into latest work-flows in an annual audit. He weights the major problems with conversion via evaluating the with the 4th ecu Directive for accounting in the ecu. the purpose is to visualize the work-flows because the foundation for growing aid software program which may make a key contribution to inexpensive conversion. This technique allows the powerful integration of current assets of medium-sized companies in cooperation with their experts advisors.
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Additional resources for IFRS for Small and Medium-Sized Enterprises: Structuring the Transition Process
Example text
Besides the aspects of capital markets, similar financial reporting rules provide a common environment for business throughout Europe. ) Comparative Studies in Accounting Regulation in Europe, Leuven, p. 21f. 35 The wider range of possible assets and liabilities in IFRS financial statements leads to further problems regarding the treatment of revaluation amounts in the equity section and the influence on the profit and loss account, both being a question of subsequent measurement. A transition of local GAAP financial statements to IFRS financial statements will have to recognise additional assets and liabilities according to the IFRS definitions of elements of financial statements as the first step.
3. 1. Definition of Elements of Financial Statements The IFRS Framework defines the elements of balance sheets similarly to US GAAP. ” The following three characteristics must be present for an item to qualify as an asset: 1. The asset must provide probable future economic benefits that enable it to provide future net cash inflows. 2. The entity is able to receive the benefit and restrict other entities’ access to that benefit. 3. The event that provides the entity with the right to the benefit has occurred.
Another aspect of financial reporting of the final version was the reduced influence of tax effects on financial reporting, which has been a characteristic element of German and French accounting, whereas Anglo-Dutch financial reporting prefers separate tax statements. Additional reporting for tax effects was included in the notes section rather than in the balance sheet or profit and loss account. The 4th EU Directive was supposed to be enacted by July 1980 and to be in force by January 1982, but the implementation dates vary.