Архив за месяц: Апрель 2011

Kreston International joins Forum of Firms – Kreston Russia is the Institute for Enterprise Issues

Kreston International joins Forum of Firms
By Arvind Hickman
13 апреля 2011
Kreston International has become a full member of IFAC’s Forum of Firms (FoF) after the network satisfied global quality control and ethics requirements.

This means that Kreston International is officially regarded as an accounting network by the accounting profession’s peak global body.

Previously an association of independent firms, Kreston International first outlined plans to become a network in November 2009. The decision to shift from an association to a network was driven by profit and the belief that being a network would help Kreston member firms win more work.

“Now we are recognised as having a global quality system, which is what multinational companies are expecting from their auditors. So we can expect to gain significantly now with international tenders,” Kreston International executive director Jon Lisby said.

“Not only has it helped our member firms (win work), but the firms that we seek to recruit are only looking to join networks, they are not looking to join loose alliances of accounting firms. They want networks that are coherent, consistent and can competently handle international clients.»

Greater influence

Lisby said joining the FoF will allow Kreston International to influence the development of the accounting profession.

“Sue Almond is ideally placed to do that, she’s the deputy chair of the ISA committee in the UK and the forum are pleased to have her on board,” he added.

To become a network, Kreston International had to meet certain quality control and ethics criteria outlined by IFAC. Kreston hired Almond, an experienced director of quality control and professional standards, to roll out an inspection and review programme. Almond said she has noticed the network operates in a much more cohesive manner than it did in 2009.

“A lot of this has been about bringing together as a global group what was already embedded in practice,” Almond said. “We are putting in place a lot more tools that allow us to have more consistent policy. We’ve signed up to commitments on things like the use of ISAs and all our member firms have been committed to that.”

Kreston International has audit methodologies that sit on top of member firm’s existing methodologies, which help provide a more consistent approach to cross-border engagements. The network has also formed specialist working groups in areas such as tax and audit, which allows firms to share best practice and innovation.

Fee increase

The move from association to network has led to a 50 percent rise in Kreston International membership fees over the past two years. This extra cost has allowed Kreston to put in place regular quality control inspections and other network infrastructure.

The next step for Kreston International is common branding and Lisby predicts a lot of firms will adopt Kreston branding within the next few years.

Although not every global accounting network is a FoF member, this step is recognition that Kreston is firmly placed among the leading 15 global networks.

Related links

Kreston International

IFAC Forum of Firms
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Закон «О рынке ценных бумаг» теперь требует сводную бухгалтерскую (РСБУ) и консолидированную финансовую (МСФО) отчетность

Закон «О рынке ценных бумаг» теперь требует сводную бухгалтерскую (РСБУ) и консолидированную финансовую (МСФО) отчетность Читать далее

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List of accounting and financial management terms that correspond to International Financial Reporting Standards, and their meaning

List of accounting and financial management terms that correspond to International Financial Reporting Standards, and their meaning
By Sergey Moderov, ACCA, smoderov@mail.ru

accounting policies The specific principles, bases, conventions, rules and
practices applied by an entity in preparing and
presenting financial statements.
IAS 8.5
accounting profit Profit or loss for a period before deducting tax
expense.
IAS 12.5
accrual basis of
accounting
The effects of transactions and other events are
recognised when they occur (and not as cash or its
equivalent is received or paid) and they are recorded
in the accounting records and reported in the
financial statements of the periods to which they
relate.
F.22
accumulating
compensated
absences
Compensated absences that are carried forward and
can be used in future periods if the current period’s
entitlement is not used in full.
IAS 19.13
acquiree The business or businesses that the acquirer obtains
control of in a business combination.
IFRS 3.A
acquirer The entity that obtains control of the acquiree. IFRS 3.A
acquisition date The date on which the acquirer obtains control of
the acquiree.
IFRS 3.A
active market A market in which all the following conditions exist:
(a) the items traded within the market are
homogeneous;
(b) willing buyers and sellers can normally be found
at any time; and
(c) prices are available to the public.
IAS 36.6,
(IAS 38.8),
IAS 41.8
active market A financial instrument is regarded as quoted in an
active market if quoted prices are readily and
regularly available from an exchange, dealer,
broker, industry group, pricing service or regulatory
agency, and those prices represent actual and
regularly occurring market transactions on an arm’s
length basis.

actuarial
assumptions
An entity’s unbiased and mutually compatible best
estimates of the demographic and financial
variables that will determine the ultimate cost of
providing post-employment benefits.
IAS 19.72–73
actuarial gains
and losses
(a) Experience adjustments (the effects of differences
between the previous actuarial assumptions and
what has actually occurred); and
(b) the effects of changes in actuarial assumptions.
IAS 19.7
actuarial present
value of promised
retirement benefits
The present value of the expected payments by a
retirement benefit plan to existing and past
employees, attributable to the service already
rendered.
IAS 26.8
adjusting events
after the reporting
period
See ‘events after the reporting period’
agricultural activity The management by an entity of the biological
transformation and harvest of biological assets for
sale or for conversion into agricultural produce or
into additional biological assets.
IAS 41.5
agricultural
produce
The harvested product of the entity’s biological
assets.
IAS 41.5
amortisation
(depreciation)*
The systematic allocation of the depreciable amount
of an asset over its useful life.
IAS 36.6,
IAS 38.8
amortised cost of a
financial asset or
financial liability
The amount at which the financial asset or financial
liability is measured at initial recognition minus
principal repayments, plus or minus the cumulative
amortisation using the effective interest method of
any difference between that initial amount and the
maturity amount, and minus any reduction (directly
or through the use of an allowance account) for
impairment or uncollectibility.
IAS 39.9
antidilution An increase in earnings per share or a reduction in
loss per share resulting from the assumption that
convertible instruments are converted, that options
or warrants are exercised, or that ordinary shares are
issued upon the satisfaction of specified conditions.
IAS 33.5
asset A resource:
(a) controlled by an entity as a result of past events;
and
(b) from which future economic benefits are
expected to flow to the entity.
IAS 38.8,
(F.49(a))

assets held by a
long-term employee
benefit fund
Assets (other than non-transferable financial
instruments issued by the reporting entity) that:
(a) are held by an entity (a fund) that is legally
separate from the reporting entity and exists
solely to pay or fund employee benefits; and
(b) are available to be used only to pay or fund
employee benefits, are not available to the
reporting entity’s own creditors (even in
bankruptcy), and cannot be returned to the
reporting entity, unless either:
(i) the remaining assets of the fund are
sufficient to meet all the related employee
benefit obligations of the plan or the
reporting entity; or
(ii) the assets are returned to the reporting
entity to reimburse it for employee benefits
already paid.
IAS 19.7
associate An entity, including an unincorporated entity such
as a partnership, over which the investor has
significant influence and that is neither a subsidiary
nor an interest in a joint venture.
IAS 28.2
basic earnings
per share
Profit or loss attributable to ordinary equity holders
of the parent entity (the numerator) divided by the
weighted average number of ordinary shares
outstanding during the period (the denominator).
IAS 33.10
biological asset A living animal or plant. IAS 41.5
biological
transformation
The processes of growth, degeneration, production,
and procreation that cause qualitative or
quantitative changes in a biological asset.
IAS 41.5
borrowing costs Interest and other costs that an entity incurs in
connection with the borrowing of funds.
IAS 23.5
business An integrated set of activities and assets that is
capable of being conducted and managed for the
purpose of providing a return in the form of
dividends, lower costs or other economic benefits
directly to investors or other owners, members or
participants.
IFRS 3.A
business
combination
A transaction or other event in which an acquirer
obtains control of one or more businesses.
Transactions sometimes referred to as ‘true mergers’
or ‘mergers of equals’ are also business
combinations as that term is used in IFRS 3.
IFRS 3.A

capital Under a financial concept of capital, such as invested
money or invested purchasing power, the net assets
or equity of the entity. The financial concept of
capital is adopted by most entities.
Under a physical concept of capital, such as
operating capability, the productive capacity of the
entity based on, for example, units of output per day.
F.102
capitalisation Recognising a cost as part of the cost of an asset. IAS 23.9
carrying amount The amount at which an asset is recognised after
deducting any accumulated depreciation
(amortisation) and accumulated impairment losses
thereon.
IAS 16.6,
IAS 36.6,
IAS 38.8
carrying amount The amount at which an asset is recognised in the
statement of financial position.
IAS 40.5,
IAS 41.8
cash Cash on hand and demand deposits. IAS 7.6
cash equivalents Short-term, highly liquid investments that are
readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes
in value.
IAS 7.6
cash flows Inflows and outflows of cash and cash equivalents. IAS 7.6
cash-generating
unit
The smallest identifiable group of assets that
generates cash inflows that are largely independent
of the cash inflows from other assets or groups of
assets.
IAS 36.6,
IFRS 5.A
cash-settled
share-based
payment
transaction
A share-based payment transaction in which the
entity acquires goods or services by incurring a
liability to transfer cash or other assets to the
supplier of those goods or services for amounts that
are based on the price (or value) of equity
instruments (including shares or share options) of
the entity or another group entity.
IFRS 2.A
cedant The policyholder under a reinsurance contract. IFRS 4.A
change in
accounting
estimate
An adjustment of the carrying amount of an asset or
a liability, or the amount of the periodic
consumption of an asset, that results from the
assessment of the present status of, and expected
future benefits and obligations associated with,
assets and liabilities. Changes in accounting
estimates result from new information or new
developments and, accordingly, are not corrections
of errors.
IAS 8.5
class of assets A grouping of assets of a similar nature and use in an
entity’s operations.
IAS 16.37,
IAS 36.127,
IAS 38.119

class of financial
instruments
Grouping of financial instruments that is
appropriate to the nature of the information
disclosed and that takes into account the
characteristics of those financial instruments.
IFRS 7.6
close members
of the family of
a person
Those family members who may be expected to
influence, or be influenced by, that person in their
dealings with the entity and include:
(a) that person’s children and spouse or domestic
partner;
(b) children of that person’s spouse or domestic
partner
(c) dependants of that person or that person’s
spouse or domestic partner.
IAS 24.9
closing rate The spot exchange rate at the end of the reporting
period.
IAS 21.8
commencement of
the lease term
The date from which the lessee is entitled to exercise
its right to use the leased asset. It is the date of
initial recognition of the lease (ie the recognition of
the assets, liabilities, income or expenses resulting
from the lease, as appropriate).
IAS 17.4

compensation Includes all employee benefits (as defined in IAS 19)
including employee benefits to which IFRS 2 applies.
Employee benefits are all forms of consideration
paid, payable or provided by the entity, or on behalf
of the entity, in exchange for services rendered to
the entity. It also includes such consideration paid
on behalf of a parent of the entity in respect of the
entity. Compensation includes:
(a) short-term employee benefits, such as wages,
salaries and social security contributions, paid
annual leave and paid sick leave, profit-sharing
and bonuses (if payable within twelve months of
the end of the period) and non-monetary
benefits (such as medical care, housing, cars and
free or subsidised goods or services) for current
employees;
(b) post-employment benefits such as pensions,
other retirement benefits, post-employment life
insurance and post-employment medical care;
(c) other long-term employee benefits, including
long-service leave or sabbatical leave, jubilee or
other long-service benefits, long-term disability
benefits and, if they are not payable wholly
within twelve months after the end of the
period, profit-sharing, bonuses and deferred
compensation;
(d) termination benefits; and
(e) share-based payment.
IAS 24.9
component of
an entity
Operations and cash flows that can be clearly
distinguished, operationally and for financial
reporting purposes, from the rest of the entity.
IFRS 5.A
compound financial
instrument
A financial instrument that, from the issuer’s
perspective, contains both a liability and an equity
element.
IAS 32.28–29
consolidated
financial statements
The financial statements of a group presented as
those of a single economic entity.
IAS 27.4,
IAS 28.2
construction
contract
A contract specifically negotiated for the
construction of an asset or a combination of assets
that are closely interrelated or interdependent in
terms of their design, technology and function or
their ultimate purpose or use.
IAS 11.3

constructive
obligation
An obligation that derives from an entity’s actions
where:
(a) by an established pattern of past practice,
published policies or a sufficiently specific
current statement, the entity has indicated to
other parties that it will accept certain
responsibilities; and
(b) as a result, the entity has created a valid
expectation on the part of those other parties
that it will discharge those responsibilities.
IAS 37.10
contingent asset A possible asset that arises from past events and
whose existence will be confirmed only by the
occurrence or non-occurrence of one or more
uncertain future events not wholly within the
control of the entity.
IAS 37.10
contingent
consideration
Usually, an obligation of the acquirer to transfer
additional assets or equity interests to the former
owners of an acquiree as part of the exchange for
control of the acquiree if specified future events
occur or conditions are met. However, contingent
consideration also may give the acquirer the right to
the return of previously transferred consideration if
specified conditions are met.
IFRS 3.A
contingent liability (a) A possible obligation that arises from past
events and whose existence will be confirmed
only by the occurrence or non-occurrence of one
or more uncertain future events not wholly
within the control of the entity; or
(b) a present obligation that arises from past events
but is not recognised because:
(i) it is not probable that an outflow of
resources embodying economic benefits will
be required to settle the obligation; or
(ii) the amount of the obligation cannot be
measured with sufficient reliability.
IAS 37.10
contingent rent That portion of the lease payments that is not fixed
in amount but is based on the future amount of a
factor that changes other than with the passage of
time (eg percentage of future sales, amount of future
use, future price indices, future market rates of
interest).
IAS 17.4
contingent share
agreement
An agreement to issue shares that is dependent on
the satisfaction of specified conditions.
IAS 33.5

contingently
issuable
ordinary shares
Ordinary shares issuable for little or no cash or other
consideration upon the satisfaction of specified
conditions in a contingent share agreement.
IAS 33.5
contract An agreement between two or more parties that has
clear economic consequences that the parties have
little, if any, discretion to avoid, usually because the
agreement is enforceable at law. Contracts may take
a variety of forms and need not be in writing.
IAS 32.13
control (of an entity) The power to govern the financial and operating
policies of an entity so as to obtain benefits from its
activities.
IAS 24.9,
IAS 27.4,
IAS 28.2,
(IAS 31.3),
IFRS 3.A
corporate assets Assets other than goodwill that contribute to the
future cash flows of both the cash-generating unit
under review and other cash-generating units.
IAS 36.6
‘corridor’ A range around an entity’s best estimate of
post-employment benefit obligations.
IAS 19.95
cost The amount of cash or cash equivalents paid or the
fair value of the other consideration given to acquire
an asset at the time of its acquisition or
construction, or, when applicable, the amount
attributed to that asset when initially recognised in
accordance with the specific requirements of other
IFRSs, eg IFRS 2.
IAS 16.6,
IAS 38.8,
IAS 40.5
cost of inventories All costs of purchase, costs of conversion and other
costs incurred in bringing the inventories to their
present location and condition.
IAS 2.10
cost of purchase All of the purchase price, import duties and other
taxes (other than those subsequently recoverable by
the entity from the taxing authorities), and
transport, handling and other costs directly
attributable to the acquisition of the item. Trade
discounts, rebates and other similar items are
deducted in determining the costs of purchase.
IAS 2.11
cost plus contract A construction contract in which the contractor is
reimbursed for allowable or otherwise defined costs,
plus a percentage of these costs or a fixed fee.
IAS 11.3
costs of conversion Costs directly related to the units of production,
such as direct labour together with a systematic
allocation of fixed and variable production
overheads that are incurred in converting materials
into finished goods.
IAS 2.12

costs of disposal Incremental costs directly attributable to the disposal
of an asset, excluding finance costs and income tax
expense.
IAS 36.6
costs to sell The incremental costs directly attributable to the
disposal of an asset (or disposal group), excluding
finance costs and income tax expense.
IFRS 5.A
(IAS 41.5)
credit risk The risk that one party to a financial instrument will
cause a financial loss for the other party by failing to
discharge an obligation.
IFRS 7.A
currency risk The risk that the fair value or future cash flows of a
financial instrument will fluctuate because of
changes in foreign exchange rates.
IFRS 7.A
current asset An entity shall classify an asset as current when:
(a) it expects to realise the asset or intends to sell or
consume it in its normal operating cycle;
(b) it holds the asset primarily for the purpose of
trading;
(c) it expects to realise the asset within twelve
months after the reporting period
(d) the asset is cash or a cash equivalent (as defined
in IAS 7) unless the asset is restricted from being
exchanged or used to settle a liability for at least
twelve months after the reporting period.
An entity shall classify all other assets as non-current.
IAS 1.66,
(IFRS 5.A)
current cost The amount of cash or cash equivalents that would
have to be paid if the same or an equivalent asset was
acquired currently.
The undiscounted amount of cash or cash equivalents
that would be required to settle an obligation
currently.
F.100(b)
current liability An entity shall classify a liability as current when:
(a) it expects to settle the liability in its normal
operating cycle;
(b) it holds the liability primarily for the purpose of
trading;
(c) the liability is due to be settled within twelve
months after the reporting period; or
(d) the entity does not have an unconditional right
to defer settlement of the liability for at least
twelve months after the reporting period.
An entity shall classify all other liabilities as
non-current.
IAS 1.69

current service cost The increase in the present value of the defined
benefit obligation resulting from employee service in
the current period.
IAS 19.7
current tax The amount of income taxes payable (recoverable) in
respect of the taxable profit (tax loss) for a period.
IAS 12.5
curtailment
(of a defined benefit
plan)
A curtailment occurs when an entity either:
(a) is demonstrably committed to make a significant
reduction in the number of employees covered by
a plan; or
(b) amends the terms of a defined benefit plan so
that a significant element of future service by
current employees will no longer qualify for
benefits, or will qualify only for reduced benefits.
IAS 19.111
date of transition
to IFRSs
The beginning of the earliest period for which an
entity presents full comparative information under
IFRSs in its first IFRS financial statements.
IFRS 1.A
deductible
temporary
differences
Temporary differences between the carrying
amount of an asset or liability in the balance sheet
and its tax base that will result in amounts that are
deductible in determining taxable profit (tax loss) of
future periods when the carrying amount of the
asset or liability is recovered or settled.
IAS 12.5
deemed cost An amount used as a surrogate for cost or depreciated
cost at a given date. Subsequent depreciation or
amortisation assumes that the entity had initially
recognised the asset or liability at the given date and
that its cost was equal to the deemed cost.
IFRS 1.A
deferred tax assets The amounts of income taxes recoverable in future
periods in respect of:
(a) deductible temporary differences;
(b) the carryforward of unused tax losses; and
(c) the carryforward of unused tax credits.
IAS 12.5
deferred tax
liabilities
The amounts of income taxes payable in future
periods in respect of taxable temporary differences.
IAS 12.5

defined benefit
liability
The net total of the following amounts:
(a) the present value of the defined benefit
obligation at the end of the reporting period;
(b) plus any actuarial gains (less any actuarial
losses) not recognised;
(c) minus any past service cost not yet recognised;
(d) minus the fair value at the end of the reporting
period of plan assets (if any) out of which the
obligations are to be settled directly.
IAS 19.54
defined benefit
obligation
(present value of)
The present value, without deducting any plan
assets, of expected future payments required to
settle the obligation resulting from employee service
in the current and prior periods.
IAS 19.7
defined benefit
plans
Post-employment benefit plans other than defined
contribution plans.
IAS 19.7
defined benefit
plans
Retirement benefit plans under which amounts to
be paid as retirement benefits are determined by
reference to a formula usually based on employees’
earnings and/or years of service.
IAS 26.8
defined
contribution
plans
Post-employment benefit plans under which an
entity pays fixed contributions into a separate entity
(a fund) and will have no legal or constructive
obligation to pay further contributions if the fund
does not hold sufficient assets to pay all employee
benefits relating to employee service in the current
and prior periods.
IAS 19.7
defined
contribution
plans
Retirement benefit plans under which amounts to
be paid as retirement benefits are determined by
contributions to a fund together with investment
earnings thereon.
IAS 26.8
demonstrably
committed
An entity is demonstrably committed to pay
termination benefits when, and only when, an entity
has a detailed formal plan for the termination and
is without realistic possibility of withdrawal.
The detailed plan shall include, as a minimum:
(a) the location, function, and approximate number
of employees whose services are to be terminated;
(b) the termination benefits for each job
classification or function; and
(c) the time at which the plan will be implemented.
Implementation shall begin as soon as possible
and the period of time to complete
implementation shall be such that material
changes to the plan are not likely.
IAS 19.134

deposit component A contractual component that is not accounted for as
a derivative under IAS 39 and would be within the
scope of IAS 39 if it were a separate instrument.
IFRS 4.A
depreciable amount The cost of an asset, or other amount substituted for
cost (in the financial statements), less its residual
value.
IAS 16.6,
(IAS 36.6,
IAS 38.8)
depreciation
(amortisation)*
The systematic allocation of the depreciable amount
of an asset over its useful life.
IAS 16.6,
IAS 36.6
derecognition (of a
financial instrument)
The removal of a previously recognised financial asset
or financial liability from an entity’s statement of
financial position.
IAS 39.9
derivative A financial instrument or other contract within the
scope of IAS 39 (see paragraphs 2–7) with all three of
the following characteristics:
(a) its value changes in response to the change in a
specified interest rate, financial instrument
price, commodity price, foreign exchange rate,
index of prices or rates, credit rating or credit
index, or other variable, provided in the case of a
non-financial variable that the variable is not
specific to a party to the contract (sometimes
called the ‘underlying’);
(b) it requires no initial net investment or an initial
net investment that is smaller than would be
required for other types of contracts that would
be expected to have a similar response to changes
in market factors; and
(c) it is settled at a future date.
IAS 39.9

derivative financial
instruments
Financial instruments such as financial options,
futures and forwards, interest rate swaps and
currency swaps, which create rights and obligations
that have the effect of transferring between the
parties to the instrument one or more of the financial
risks inherent in an underlying primary financial
instrument. On inception, derivative financial
instruments give one party a contractual right to
exchange financial assets or financial liabilities with
another party under conditions that are potentially
favourable, or a contractual obligation to exchange
financial assets or financial liabilities with another
party under conditions that are potentially
unfavourable. However, they generally do not result
in a transfer of the underlying primary financial
instrument on inception of the contract, nor does
such a transfer necessarily take place on maturity of
the contract. Some instruments embody both a right
and an obligation to make an exchange. Because the
terms of the exchange are determined on inception of
the derivative instrument, as prices in financial
markets change those terms may become either
favourable or unfavourable.
IAS 32.
AG15–AG16
development The application of research findings or other
knowledge to a plan or design for the production of
new or substantially improved materials, devices,
products, processes, systems or services before the
start of commercial production or use.
IAS 38.8
diluted earnings
per share
Profit or loss attributable to ordinary equity holders
of the parent entity (the numerator), divided by the
weighted average number of ordinary shares
outstanding during the period (the denominator),
both adjusted for the effects of all dilutive potential
ordinary shares.
IAS 33.31
dilution A reduction in earnings per share or an increase in
loss per share resulting from the assumption that
convertible instruments are converted, that options
or warrants are exercised, or that ordinary shares are
issued upon the satisfaction of specified conditions.
IAS 33.5
dilutive potential
ordinary shares
Potential ordinary shares whose conversion to
ordinary shares would decrease earnings per share
or increase loss per share from continuing
operations.
IAS 33.41
direct insurance
contract
An insurance contract that is not a reinsurance
contract.
IFRS 4.A

direct method
of reporting
cash flows from
operating activities
A method whereby major classes of gross cash
receipts and gross cash payments are disclosed.
IAS 7.18(a)
discontinued
operation
A component of an entity that either has been
disposed of or is classified as held for sale and:
(a) represents a separate major line of business or
geographical area of operations,
(b) is part of a single co-ordinated plan to dispose of
a separate major line of business or geographical
area of operations or
(c) is a subsidiary acquired exclusively with a view
to resale.
IFRS 5.A
discretionary
participation
feature
A contractual right to receive, as a supplement to
guaranteed benefits, additional benefits:
(a) that are likely to be a significant portion of the
total contractual benefits;
(b) whose amount or timing is contractually at the
discretion of the issuer; and
(c) that are contractually based on:
(i) the performance of a specified pool of
contracts or a specified type of contract;
(ii) realised and/or unrealised investment
returns on a specified pool of assets held by
the issuer; or
(iii) the profit or loss of the company, fund or
other entity that issues the contract.
IFRS 4.A
disposal group A group of assets to be disposed of, by sale or
otherwise, together as a group in a single
transaction, and liabilities directly associated with
those assets that will be transferred in the
transaction. The group includes goodwill acquired
in a business combination if the group is a
cash-generating unit to which goodwill has been
allocated in accordance with the requirements of
paragraphs 80–87 of IAS 36 or if it is an operation
within such a cash-generating unit.
IFRS 5.A
dividends Distributions of profits to holders of equity
investments in proportion to their holdings of a
particular class of capital.
IAS 18.5

economic life Either:
(a) the period over which an asset is expected to be
economically usable by one or more users; or
(b) the number of production or similar units
expected to be obtained from the asset by one or
more users.
IAS 17.4
effective interest
method
A method of calculating the amortised cost of a
financial asset or a financial liability (or group of
financial assets or financial liabilities) and of
allocating the interest income or interest expense
over the relevant period.
IAS 39.9
effective interest
rate
The rate that exactly discounts estimated future cash
payments or receipts through the expected life of the
financial instrument or, when appropriate, a shorter
period to the net carrying amount of the financial
asset or financial liability. When calculating the
effective interest rate, an entity shall estimate cash
flows considering all contractual terms of the
financial instrument (for example, prepayment, call
and similar options) but shall not consider future
credit losses. The calculation includes all fees and
points paid or received between parties to the
contract that are an integral part of the effective
interest rate (see IAS 18), transaction costs, and all
other premiums or discounts. There is a presumption
that the cash flows and the expected life of a group of
similar financial instruments can be estimated
reliably. However, in those rare cases when it is not
possible to estimate reliably the cash flows or the
expected life of a financial instrument (or group of
financial instruments), the entity shall use the
contractual cash flows over the full contractual term
of the financial instrument (or group of financial
instruments).
IAS 39.9

embedded
derivative
A component of a hybrid (combined) contract that
also includes a non-derivative host contract—with the
effect that some of the cash flows of the combined
contract vary in a way similar to a stand-alone
derivative. An embedded derivative causes some or
all of the cash flows that otherwise would be required
by the contract to be modified according to a specified
interest rate, financial instrument price, commodity
price, foreign exchange rate, index of prices or rates,
credit rating or credit index, or other variable,
provided in the case of a non-financial variable that
the variable is not specific to a party to the contract.
A derivative that is attached to a financial instrument
but is contractually transferable independently of
that instrument, or has a different counterparty from
that instrument, is not an embedded derivative, but a
separate financial instrument.
IAS 39.10
employee benefits All forms of consideration given by an entity in
exchange for service rendered by employees.
IAS 19.7
employees and
others
providing
similar services
Individuals who render personal services to the
entity and either (a) the individuals are regarded as
employees for legal or tax purposes, (b) the
individuals work for the entity under its direction in
the same way as individuals who are regarded as
employees for legal or tax purposes, or (c) the
services rendered are similar to those rendered by
employees. For example, the term encompasses all
management personnel, ie those persons having
authority and responsibility for planning, directing
and controlling the activities of the entity, including
non-executive directors.
IFRS 2.A
entity-specific value The present value of the cash flows an entity expects
to arise from the continuing use of an asset and from
its disposal at the end of its useful life or expects to
incur when settling a liability.
IAS 16.6,
IAS 38.8
equity The residual interest in the assets of the entity after
deducting all its liabilities.
F.49(c)
equity instrument A contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities.
IAS 32.11,
IFRS 2.A
equity instrument
granted
The right (conditional or unconditional) to an equity
instrument of the entity conferred by the entity on
another party, under a share-based payment
arrangement.
IFRS 2.A
equity interests In IFRS 3 is used broadly to mean ownership interests
of investor-owned entities and owner, member or
participant interests of mutual entities.
IFRS 3.A

equity method A method of accounting whereby the investment is
initially recognised at cost and adjusted thereafter
for the post-acquisition change in the investor’s
share of net assets of the investee. The profit or loss
of the investor includes the investor’s share of the
profit or loss of the investee.
IAS 28.2
equity-settled
share-based
payment
transaction
A share-based payment transaction in which the
entity
(a) receives goods or services as consideration for
its own equity instruments (including shares
or share options), or
(b) receives goods or services but has no obligation
to settle the transaction with the supplier.
IFRS 2.A
events after the
reporting period
Those events, favourable and unfavourable, that
occur between the end of the reporting period and
the date when the financial statements are
authorised for issue. Two types of events can be
identified:
(a) those that provide evidence of conditions that
existed at the end of the reporting period
(adjusting events after the reporting period);
and
(b) those that are indicative of conditions that arose
after the reporting period (non-adjusting events
after the reporting period).
IAS 10.3
exchange difference The difference resulting from translating a given
number of units of one currency into another
currency at different exchange rates.
IAS 21.8
exchange rate The ratio of exchange for two currencies. IAS 21.8
expenses Decreases in economic benefits during the
accounting period in the form of outflows or
depletions of assets or incurrences of liabilities that
result in decreases in equity, other than those
relating to distributions to equity participants.
F.70(b)
experience
adjustments
The effects of differences between previous actuarial
assumptions and what has actually occurred.
IAS 19.7
exploration and
evaluation assets
Exploration and evaluation expenditures recognised
as assets in accordance with the entity’s accounting
policy.
IFRS 6.A
exploration and
evaluation
expenditures
Expenditures incurred by an entity in connection
with the exploration for and evaluation of mineral
resources before the technical feasibility and
commercial viability of extracting a mineral
resource are demonstrable.
IFRS 6.A

exploration for
and evaluation of
mineral resources
The search for mineral resources, including
minerals, oil, natural gas and similar
non-regenerative resources after the entity has
obtained legal rights to explore in a specific area, as
well as the determination of the technical feasibility
and commercial viability of extracting the mineral
resource.
IFRS 6.A
fair value The amount for which an asset could be exchanged,
or a liability settled, between knowledgeable, willing
parties in an arm’s length transaction.
IAS 2.6,
(IAS 16.6),
IAS 17.4,
IAS 18.7,
(IAS 19.7),
(IAS 20.3),
IAS 21.8,
IAS 32.11,
(IAS 38.8),
IAS 39.9,
(IAS 40.5),
IAS 41.8,
IFRS 1.A,
IFRS 3.A,
IFRS 4.A,
IFRS 5.A
fair value The amount for which an asset could be exchanged,
a liability settled, or an equity instrument granted
could be exchanged, between knowledgeable,
willing parties in an arm’s length transaction.
IFRS 2.A
fair value less
costs to sell
The amount obtainable from the sale of an asset or
cash-generating unit in an arm’s length transaction
between knowledgeable, willing parties, less the
costs of disposal.
IAS 36.6
FIFO (first-in,
first-out)
The assumption that the items of inventory that
were purchased or produced first are sold first, and
consequently the items remaining in inventory at
the end of the period are those most recently
purchased or produced.
IAS 2.27
finance lease A lease that transfers substantially all the risks and
rewards incidental to ownership of an asset.
Title may or may not eventually be transferred.
IAS 17.4

financial asset Any asset that is:
(a) cash;
(b) an equity instrument of another entity;
(c) a contractual right:
(i) to receive cash or another financial asset
from another entity; or
(ii) to exchange financial assets or financial
liabilities with another entity under
conditions that are potentially favourable to
the entity; or
(d) a contract that will or may be settled in the
entity’s own equity instruments and is:
(i) a non-derivative for which the entity is or
may be obliged to receive a variable number
of the entity’s own equity instruments; or
(ii) a derivative that will or may be settled other
than by the exchange of a fixed amount of
cash or another financial asset for a fixed
number of the entity’s own equity
instruments. For this purpose the entity’s
own equity instruments do not include
puttable financial instruments classified as
equity instruments in accordance with
paragraphs 16A and 16B of IAS 32,
instruments that impose on the entity an
obligation to deliver to another party a pro
rata share of the net assets of the entity only
on liquidation and are classified as equity
instruments in accordance with paragraphs
16C and 16D of IAS 32, or instruments that
are themselves contracts for the future
receipt or delivery of the entity’s own equity
instruments.
IAS 32.11

financial asset or
financial liability
held for trading
A financial asset or financial liability that:
(a) is acquired or incurred principally for the
purpose of selling or repurchasing it in the
near term;
(b) on initial recognition is part of a portfolio of
identified financial instruments that are
managed together and for which there is
evidence of a recent actual pattern of
short-term profit-taking; or
(c) is a derivative (except for a derivative that is a
financial guarantee contract or a designated
and effective hedging instrument).
IAS 39.9
financial guarantee
contract
A contract that requires the issuer to make specified
payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment
when due in accordance with the original or
modified terms of a debt instrument.
IAS 39.9,
IFRS 4.A
financial instrument Any contract that gives rise to a financial asset of one
entity and a financial liability or equity instrument
of another entity.
IAS 32.11

financial liability Any liability that is:
(a) a contractual obligation:
(i) to deliver cash or another financial asset to
another entity; or
(ii) to exchange financial assets or financial
liabilities with another entity under
conditions that are potentially unfavourable
to the entity; or
(b) a contract that will or may be settled in the
entity’s own equity instruments and is:
(i) a non-derivative for which the entity is or
may be obliged to deliver a variable number
of the entity’s own equity instruments; or
(ii) a derivative that will or may be settled other
than by the exchange of a fixed amount of
cash or another financial asset for a fixed
number of the entity’s own equity
instruments. For this purpose, rights,
options or warrants to acquire a fixed
number of the entity’s own equity
instruments for a fixed amount of any
currency are equity instruments if the entity
offers the rights, options or warrants pro
rata to all of its existing owners of the same
class of its own non-derivative equity
instruments. Also, for these purposes the
entity’s own equity instruments do not
include puttable financial instruments that
are classified as equity instruments in
accordance with paragraphs 16A and 16B of
IAS 32, instruments that impose on the
entity an obligation to deliver to another
party a pro rata share of the net assets of the
entity only on liquidation and are classified
as equity instruments in accordance with
paragraphs 16C and 16D of IAS 32, or
instruments that are contracts for the future
receipt or delivery of the entity’s own equity
instruments.
As an exception, an instrument that meets the
definition of a financial liability is classified as an
equity instrument if it has all the features and meets
the conditions in paragraphs 16A and 16B or
paragraphs 16C and 16D of IAS 32.
IAS 32.11

financial liability
at fair value through
profit or loss
A financial liability that meets either of the
following conditions.
(a) It meets the definition of held for trading.
(b) Upon initial recognition it is designated by the
entity as at fair value through profit or loss. An
entity may use this designation only when
permitted by IAS 39 paragraph 11A (embedded
derivatives) or when doing so results in more
relevant information, because either
(i) it eliminates or significantly reduces a
measurement or recognition inconsistency
(sometimes referred to as ‘an accounting
mismatch’) that would otherwise arise from
measuring assets or liabilities or recognising
the gains and losses on them on different
bases; or
(ii) a group of financial liabilities or financial
assets and financial liabilities is managed and
its performance is evaluated on a fair value
basis, in accordance with a documented risk
management or investment strategy, and
information about the group is provided
internally on that basis to the entity’s key
management personnel (as defined in IAS 24).
IAS 39.9
financial position The relationship of the assets, liabilities and equity
of an entity, as reported in the balance sheet
[statement of financial position].
F.47,
IAS 1.54
financial risk The risk of a possible future change in one or more
of a specified interest rate, financial instrument
price, commodity price, foreign exchange rate,
index of prices or rates, credit rating or credit index
or other variable, provided in the case of a
non-financial variable that the variable is not
specific to a party to the contract.
IFRS 4.A

financial statements A complete set of financial statements comprises:
(a) a statement of financial position as at the end of
the period;
(b) a statement of comprehensive income for the
period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising a summary of significant
accounting policies and other explanatory
information; and
(f) a statement of financial position as at the
beginning of the earliest comparative period
when an entity applies an accounting policy
retrospectively or makes a retrospective
restatement of items in its financial statements,
or when it reclassifies items in its financial
statements.
IAS 1.10,
(F.7)
financing activities Activities that result in changes in the size and
composition of the contributed equity and
borrowings of the entity.
IAS 7.6
firm commitment A binding agreement for the exchange of a specified
quantity of resources at a specified price on a
specified future date or dates.
IAS 39.9
firm purchase
commitment
An agreement with an unrelated party, binding on
both parties and usually legally enforceable, that
(a) specifies all significant terms, including the price
and timing of the transactions, and (b) includes a
disincentive for non-performance that is sufficiently
large to make performance highly probable.
IFRS 5.A
first IFRS financial
statements
The first annual financial statements in which an
entity adopts International Financial Reporting
Standards (IFRSs), by an explicit and unreserved
statement of compliance with IFRSs.
IFRS 1.A
first IFRS
reporting period
The latest reporting period covered by an entity’s
first IFRS financial statements.
IFRS 1.A
first-time adopter An entity that presents its first IFRS financial
statements.
IFRS 1.A
fixed price contract A construction contract in which the contractor
agrees to a fixed contract price, or a fixed rate per
unit of output, which in some cases is subject to cost
escalation clauses.
IAS 11.3

fixed production
overheads
Those indirect costs of production that remain
relatively constant regardless of the volume of
production, such as depreciation and maintenance
of factory buildings and equipment, and the cost of
factory management and administration.
IAS 2.12
forecast transaction An uncommitted but anticipated future transaction. IAS 39.9
foreign currency A currency other than the functional currency of the
entity.
IAS 21.8
foreign currency
transaction
A transaction that is denominated in or requires
settlement in a foreign currency.
IAS 21.20
foreign operation An entity that is a subsidiary, associate, joint venture
or branch of the reporting entity, the activities of
which are based or conducted in a country or
currency other than those of the reporting entity.
IAS 21.8
forgivable loans Loans which the lender undertakes to waive
repayment of under certain prescribed conditions.
IAS 20.3
functional currency The currency of the primary economic environment
in which the entity operates.
IAS 21.8
funding
(of post-employment
benefits)
Contributions by an entity, and sometimes its
employees, into an entity, or fund, that is legally
separate from the reporting entity and from which
the employee benefits are paid.
IAS 19.49
funding
(of retirement
benefits)
The transfer of assets to an entity (the fund) separate
from the employer’s entity to meet future
obligations for the payment of retirement benefits.
IAS 26.8
future economic
benefit
The potential to contribute, directly or indirectly, to
the flow of cash and cash equivalents to the entity.
The potential may be a productive one that is part of
the operating activities of the entity. It may also take
the form of convertibility into cash or cash
equivalents or a capability to reduce cash outflows,
such as when an alternative manufacturing process
lowers the costs of production.
F.53
gains Increases in economic benefits and as such no
different in nature from revenue.
F.75
general purpose
financial statements
Financial statements that are intended to meet the
needs of users who are not in a position to require an
entity to prepare reports tailored to their particular
information needs.
IAS 1.7,
F.6
going concern The financial statements are prepared on a going
concern basis unless management either intends to
liquidate the entity or to cease trading, or has no
realistic alternative but to do so.
IAS 1.25,
(F.23)

goodwill An asset representing the future economic benefits
arising from other assets acquired in a business
combination that are not individually identified and
separately recognised.
IFRS 3.A
government Government, government agencies and similar
bodies whether local, national or international.
IAS 20.3
IAS 24.9
government
assistance
Action by government designed to provide an
economic benefit specific to an entity or range of
entities qualifying under certain criteria.
IAS 20.3
government grants Assistance by government in the form of transfers of
resources to an entity in return for past or future
compliance with certain conditions relating to the
operating activities of the entity. They exclude those
forms of government assistance which cannot
reasonably have a value placed upon them and
transactions with government which cannot be
distinguished from the normal trading transactions
of the entity.
IAS 20.3
government-related
entity
An entity that is controlled, jointly controlled or
significantly influenced by a government.
IAS 24.9
grant date The date at which the entity and another party
(including an employee) agree to a share-based
payment arrangement, being when the entity and
the counterparty have a shared understanding of the
terms and conditions of the arrangement. At grant
date the entity confers on the counterparty the right
to cash, other assets, or equity instruments of the
entity, provided the specified vesting conditions, if
any, are met. If that agreement is subject to an
approval process (for example, by shareholders),
grant date is the date when that approval is
obtained.
IFRS 2.A
grants related to
assets
Government grants whose primary condition is that
an entity qualifying for them should purchase,
construct or otherwise acquire long-term assets.
Subsidiary conditions may also be attached
restricting the type or location of the assets or the
periods during which they are to be acquired or held.
IAS 20.3
grants related to
income
Government grants other than those related to
assets.
IAS 20.3
gross investment
in the lease
The aggregate of:
(a) the minimum lease payments receivable by the
lessor under a finance lease, and
(b) any unguaranteed residual value accruing to the
lessor.
IAS 17.4

group A parent and all its subsidiaries. IAS 21.8,
IAS 27.4
group
administration
(employee benefit)
plans
An aggregation of single employer plans combined
to allow participating employers to pool their assets
for investment purposes and reduce investment
management and administration costs, but the
claims of different employers are segregated for the
sole benefit of their own employees.
IAS 19.33
group of biological
assets
An aggregation of similar living animals or plants. IAS 41.5
guaranteed benefits Payments or other benefits to which a particular
policyholder or investor has an unconditional right
that is not subject to the contractual discretion of
the issuer.
IFRS 4.A
guaranteed element An obligation to pay guaranteed benefits, included
in a contract that contains a discretionary
participation feature.
IFRS 4.A
guaranteed
residual value
(a) For a lessee, that part of the residual value that
is guaranteed by the lessee or by a party related
to the lessee (the amount of the guarantee being
the maximum amount that could, in any event,
become payable); and
(b) for a lessor, that part of the residual value that is
guaranteed by the lessee or by a third party
unrelated to the lessor that is financially
capable of discharging the obligations under the
guarantee.
IAS 17.4
harvest The detachment of produce from a biological asset
or the cessation of a biological asset’s life processes.
IAS 41.5
hedge effectiveness The degree to which changes in the fair value or cash
flows of the hedged item that are attributable to a
hedged risk are offset by changes in the fair value or
cash flows of the hedging instrument (see IAS 39
paragraphs AG105–AG113).
IAS 39.9
hedged item An asset, liability, firm commitment, highly
probable forecast transaction or net investment in
a foreign operation that (a) exposes the entity to
risk of changes in fair value or future cash flows
and (b) is designated as being hedged (IAS 39
paragraphs 78–84 and AG98–AG101 elaborate on
the definition of hedged items).
IAS 39.9

hedging instrument A designated derivative or (for a hedge of the risk of
changes in foreign currency exchange rates only) a
designated non-derivative financial asset or
non-derivative financial liability whose fair value or
cash flows are expected to offset changes in the fair
value or cash flows of a designated hedged item
(IAS 39 paragraphs 72–77 and AG94–AG97 elaborate
on the definition of a hedging instrument).
IAS 39.9
held for trading See ‘financial asset or financial liability held for
trading.
IAS 39.9
highly probable Significantly more likely than probable. IFRS 5.A
hire purchase
contract
The definition of a lease includes contracts for the
hire of an asset that contain a provision giving the
hirer an option to acquire title to the asset upon the
fulfilment of agreed conditions. These contracts are
sometimes known as hire purchase contracts.
IAS 17.6
historical cost A measurement basis according to which assets are
recorded at the amount of cash or cash equivalents
paid or the fair value of the consideration given to
acquire them at the time of their acquisition.
Liabilities are recorded at the amount of proceeds
received in exchange for the obligation, or in some
circumstances (for example, income taxes), at the
amounts of cash or cash equivalents expected to be
paid to satisfy the liability in the normal course of
business.
F.100(a)

hyperinflation Loss of purchasing power of money at such a rate
that comparison of amounts from transactions and
other events that have occurred at different times,
even within the same accounting period, is
misleading.
Hyperinflation is indicated by characteristics of the
economic environment of a country which include,
but are not limited to, the following:
(a) the general population prefers to keep its wealth
in non-monetary assets or in a relatively stable
foreign currency. Amounts of local currency
held are immediately invested to maintain
purchasing power.
(b) the general population regards monetary
amounts not in terms of the local currency but
in terms of a relatively stable foreign currency.
Prices may be quoted in that currency.
(c) sales and purchases on credit take place at prices
that compensate for the expected loss of
purchasing power during the credit period, even
if the period is short.
(d) interest rates, wages and prices are linked to a
price index.
(e) the cumulative inflation rate over three years is
approaching, or exceeds, 100%.
IAS 29.2–3
identifiable An asset is identifiable if it either:
(a) is separable, ie capable of being separated or
divided from the entity and sold, transferred,
licensed, rented or exchanged, either
individually or together with a related
contract, identifiable asset or liability,
regardless of whether the entity intends to do
so; or
(a) arises from contractual or other legal rights,
regardless of whether those rights are
transferable or separable from the entity or
from other rights and obligations.
IFRS 3.A
impairment loss The amount by which the carrying amount of an
asset exceeds its recoverable amount.
IAS 16.6,
(IAS 36.6),
IAS 38.8
impracticable Applying a requirement is impracticable when the
entity cannot apply it after making every reasonable
effort to do so.
IAS 1.7,
(IAS 8.5)

imputed rate
of interest
The more clearly determinable of either:
(a) the prevailing rate for a similar instrument of
an issuer with a similar credit rating; or
(b) a rate of interest that discounts the nominal
amount of the instrument to the current cash
sales price of the goods or services.
IAS 18.11
inception of a lease The earlier of the date of the lease agreement and
the date of commitment by the parties to the
principal provisions of the lease.
IAS 17.4
income Increases in economic benefits during the
accounting period in the form of inflows or
enhancements of assets or decreases of liabilities
that result in increases in equity, other than those
relating to contributions from equity participants.
F.70(a)
incremental
borrowing rate of
interest (lessee’s)
The rate of interest the lessee would have to pay on a
similar lease or, if that is not determinable, the rate
that, at the inception of the lease, the lessee would
incur to borrow over a similar term, and with a
similar security, the funds necessary to purchase the
asset.
IAS 17.4
indirect method
of reporting
cash flows from
operating activities
A method whereby profit or loss is adjusted for the
effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash
receipts or payments, and items of income or
expense associated with investing or financing cash
flows.
IAS 7.18(b)
initial direct costs Incremental costs that are directly attributable to
negotiating and arranging a lease, except for such
costs incurred by manufacturer or dealer lessors.
IAS 17.4
insurance asset An insurer’s net contractual rights under an
insurance contract.
IFRS 4.A
insurance contract A contract under which one party (the insurer)
accepts significant insurance risk from another
party (the policyholder) by agreeing to compensate
the policyholder if a specified uncertain future event
(the insured event) adversely affects the
policyholder. (See IFRS 4 Appendix B for guidance
on this definition.)
IFRS 4.A
insurance liability An insurer’s net contractual obligations under an
insurance contract.
IFRS 4.A
insurance risk Risk, other than financial risk, transferred from the
holder of a contract to the issuer.
IFRS 4.A

insured event An uncertain future event that is covered by an
insurance contract and creates insurance risk.
IFRS 4.A
insurer The party that has an obligation under an insurance
contract to compensate a policyholder if an insured
event occurs.
IFRS 4.A
intangible asset An identifiable non-monetary asset without physical
substance.
IAS 38.8,
IFRS 3.A
interest cost
(for an employee
benefit plan)
The increase during a period in the present value of
a defined benefit obligation which arises because the
benefits are one period closer to settlement.
IAS 19.7
interest rate
implicit in the lease
The discount rate that, at the inception of the lease,
causes the aggregate present value of (a) the
minimum lease payments and (b) the unguaranteed
residual value to be equal to the sum of (i) the fair
value of the leased asset and (ii) any initial direct
costs of the lessor.
IAS 17.4
interest rate risk The risk that the fair value or future cash flows of a
financial instrument will fluctuate because of
changes in market interest rates.
IFRS 7.A
interim
financial report
A financial report containing either a complete set
of financial statements (as described in IAS 1) or a set
of condensed financial statements (as described in
IAS 34) for an interim period.
IAS 34.4
interim period A financial reporting period shorter than a full
financial year.
IAS 34.4
International
Financial Reporting
Standards (IFRSs)
Standards and Interpretations adopted by the
International Accounting Standards Board (IASB).
They comprise:
(a) International Financial Reporting Standards;
(b) International Accounting Standards; and
(c) Interpretations developed by the International
Financial Reporting Interpretations Committee
(IFRIC) or the former Standing Interpretations
Committee (SIC).
IAS 1.7,
IAS 8.5,
IFRS 1.A
intrinsic value The difference between the fair value of the shares to
which the counterparty has the (conditional or
unconditional) right to subscribe or which it has the
right to receive, and the price (if any) the
counterparty is (or will be) required to pay for those
shares. For example, a share option with an exercise
price of CU15,* on a share with a fair value of CU20,
has an intrinsic value of CU5.
IFRS 2.A

inventories Assets:
(a) held for sale in the ordinary course of business;
(b) in the process of production for such sale; or
(c) in the form of materials or supplies to be
consumed in the production process or in the
rendering of services.
Inventories encompass goods purchased and held for
resale including, for example, merchandise
purchased by a retailer and held for resale, or land
and other property held for resale. Inventories also
encompass finished goods produced, or work in
progress being produced, by the entity and include
materials and supplies awaiting use in the production
process. In the case of a service provider, inventories
include the costs of the service, as described in IAS 2
paragraph 19, for which the entity has not yet
recognised the related revenue (see IAS 18).
IAS 2.6,
IAS 2.8
investing activities The acquisition and disposal of long-term assets and
other investments not included in cash equivalents.
IAS 7.6
investment property Property (land or a building—or part of a building—or
both) held (by the owner or by the lessee under a
finance lease) to earn rentals or for capital
appreciation or both, rather than for:
(a) use in the production or supply of goods or
services or for administrative purposes; or
(b) sale in the ordinary course of business.
IAS 40.5
investor in a
joint venture
A party to a joint venture that does not have joint
control over that joint venture.
IAS 31.3
joint control The contractually agreed sharing of control over an
economic activity.
IAS 24.9
joint control The contractually agreed sharing of control over an
economic activity; it exists only when the strategic
financial and operating decisions relating to the
activity require the unanimous consent of the
parties sharing control (the venturers).
IAS 28.2,
IAS 31.3
joint venture A contractual arrangement whereby two or more
parties undertake an economic activity that is
subject to joint control.
IAS 31.3,
IFRS 3.A

jointly controlled
entity
A joint venture that involves the establishment of a
corporation, partnership or other entity in which
each venturer has an interest. The entity operates in
the same way as other entities, except that a
contractual arrangement between the venturers
establishes joint control over the economic activity
of the entity.
IAS 31.24
key management
personnel
Those persons having authority and responsibility
for planning, directing and controlling the activities
of the entity, directly or indirectly, including any
director (whether executive or otherwise) of that
entity.
IAS 24.9
lease An agreement whereby the lessor conveys to the
lessee in return for a payment or series of payments
the right to use an asset for an agreed period of time.
IAS 17.4
lease term The non-cancellable period for which the lessee has
contracted to lease the asset together with any
further terms for which the lessee has the option to
continue to lease the asset, with or without further
payment, when at the inception of the lease it is
reasonably certain that the lessee will exercise the
option.
IAS 17.4
legal obligation An obligation that derives from:
(a) a contract (through its explicit or implicit
terms);
(b) legislation; or
(c) other operation of law.
IAS 37.10
lessee’s incremental
borrowing rate of
interest
The rate of interest the lessee would have to pay on a
similar lease or, if that is not determinable, the rate
that, at the inception of the lease, the lessee would
incur to borrow over a similar term, and with a
similar security, the funds necessary to purchase the
asset.
IAS 17.4
liability A present obligation of the entity arising from past
events, the settlement of which is expected to result
in an outflow from the entity of resources
embodying economic benefits.
IAS 37.10,
F.49(b)
liability adequacy
test
An assessment of whether the carrying amount of an
insurance liability needs to be increased (or the
carrying amount of related deferred acquisition
costs or related intangible assets decreased), based
on a review of future cash flows.
IFRS 4.A
liquidity The availability of cash in the near future after
taking account of financial commitments over this
period.
F.16

liquidity risk The risk that an entity will encounter difficulty in
meeting obligations associated with financial
liabilities that are settled by delivering cash or
another financial asset.
IFRS 7.A
loans payable Financial liabilities other than short-term trade
payables on normal credit terms.
IFRS 7.A
losses Decreases in economic benefits and as such no
different in nature from other expenses.
F.79
market condition A condition upon which the exercise price, vesting
or exercisability of an equity instrument depends
that is related to the market price of the entity’s
equity instruments, such as attaining a specified
share price or a specified amount of intrinsic value
of a share option, or achieving a specified target that
is based on the market price of the entity’s equity
instruments relative to an index of market prices of
equity instruments of other entities.
IFRS 2.A
market risk The risk that the fair value or future cash flows of a
financial instrument will fluctuate because of
changes in market prices. Market risk comprises
three types of risk: currency risk, interest rate risk
and other price risk.
IFRS 7.A
master netting
arrangement
An arrangement providing for an entity that
undertakes a number of financial instrument
transactions with a single counterparty to make a
single net settlement of all financial instruments
covered by the agreement in the event of default on,
or termination of, any one contract.
IAS 32.50
matching of costs
with revenues
A process in which expenses are recognised in the
income statement [statement of comprehensive
income] on the basis of a direct association between
the costs incurred and the earning of specific items
of income. This process involves the simultaneous or
combined recognition of revenues and expenses that
result directly and jointly from the same
transactions or other events. However, the
application of the matching concept does not allow
the recognition of items in the balance sheet
[statement of financial position] which do not meet
the definition of assets or liabilities.
F.95

material Omissions or misstatements of items are material if
they could, individually or collectively, influence the
economic decisions that users make on the basis of
the financial statements. Materiality depends on
the size and nature of t Читать далее

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ПОСТАНОВЛЕНИЕ ПРАВИТЕЛЬСТВА РФ ОБ УТВЕРЖДЕНИИ ПОЛОЖЕНИЯ О ПРИЗНАНИИ МЕЖДУНАРОДНЫХ СТАНДАРТОВ ФИНАНСОВОЙ ОТЧЕТНОСТИ И РАЗЪЯСНЕНИЙ МЕЖДУНАРОДНЫХ СТАНДАРТОВ ФИНАНСОВОЙ ОТЧЕТНОСТИ ДЛЯ ПРИМЕНЕНИЯ НА ТЕРРИТОРИИ РОССИЙСКОЙ ФЕДЕРАЦИИ

ПОСТАНОВЛЕНИЕ ПРАВИТЕЛЬСТВА РФ ОБ УТВЕРЖДЕНИИ ПОЛОЖЕНИЯ О ПРИЗНАНИИ МЕЖДУНАРОДНЫХ СТАНДАРТОВ ФИНАНСОВОЙ ОТЧЕТНОСТИ И РАЗЪЯСНЕНИЙ МЕЖДУНАРОДНЫХ СТАНДАРТОВ ФИНАНСОВОЙ ОТЧЕТНОСТИ ДЛЯ ПРИМЕНЕНИЯ НА ТЕРРИТОРИИ РОССИЙСКОЙ ФЕДЕРАЦИИ Читать далее

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The Institute for Enterprise Issues is part of Kreston International which is a member of the Forum of Firms

The Institute for Enterprise Issues is part of Kreston International which is a member of the Forum of Firms
Kreston International has now been admitted as a member of The Forum of Firms.
Established in 2002, the Forum of Firms (FOF) is an association of international networks of accounting firms that perform audits of financial statements that are or may be used across national borders.
The association is an internationally recognised “Quality badge” that can be used as a competitive differentiator, both internationally and for local assignments.
Kreston International

“People do business with people they know, like and trust»

The Institute for Enterprise Issues is part of Kreston International which is a member of the Forum of Firms
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Рубрика: Новое в международном аудите в России, Новости МСА и МСФО | Комментарии отключены

Институт проблем предпринимательства – часть Крестон Интернешнл, являющейся членом «Форума Фирм»

Институт проблем предпринимательства – часть Крестон Интернешнл, являющейся членом «Форума Фирм»

Крестон Интернешнл – международная сеть аудиторских фирм, членом которой является Институт проблем предпринимательства, была принята в престижную международную организацию аудиторов «Форум Фирм» (The Forum of Firms).

Созданная в 2002 году, организация «Форум Фирм» – это ассоциация международных сетей аудиторских фирм, которые проводят аудит финансовой отчетности, признаваемый также за пределами национальных границ страны, в которой аудит был проведен.

Членство в «Форуме Фирм» является негласным знаком качества для допуска аудиторских фирм к аудиту корпораций на международных фондовых площадках, в том числе на Лондонской Фондовой Бирже, Нью-Йоркской Фондовой Бирже.

Соответственно, членство Крестон Интернешнл, а, следовательно, и ИПП в ассоциации является конкурентным преимуществом, важным для национальных и международных аудиторских проектов.

Крестон Интернешнл – Бизнес делается с теми, кого знают, кто нравится и кому доверяют!

Институт проблем предпринимательства – часть Крестон Интернешнл, являющейся членом «Форума Фирм»
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Интервью Сергея Модерова по вопросам консолидации финансовой отчетности в России и ее проблем – Наталья Иринина

Интервью Сергея Модерова по вопросам консолидации финансовой отчетности в России и ее проблем – Наталья Иринина Читать далее

Рубрика: Новости МСА и МСФО | Комментарии отключены

МСФО в России: применение, влияние на национальный учет

МСФО в России: применение, влияние на национальный учет
С.В. Модеров,руководитель отдела финансового учета по международным стандартам аудиторско-консалтинговой фирмы Института проблем предпринимательства, член Ассоциации сертифицированных присяжных бухгалтеров Великобритании
Н.В. Генералова,к. э. н., доцент кафедры статистики, учета и аудита Санкт-Петербургского государственного университета

Применение Международных стандартов финансовой отчетности в России обсуждается профессиональным сообществом последние десятилетия. Дискуссии в этой области не утихают и по сей день. Специалисты едины в том, что эти стандарты уже проникли в бизнес-среду нашей страны и «встроены» в систему регулирования бухгалтерского учета и отчетности на государственном уровне.
Применение МСФО в России
Экономический кризис начала XXI в. показал, что финансовая отчетность должна обеспечивать пользователей полезной финансовой информацией для принятия управленческих решений. В противном случае финансовая отчетность является малоэффективной. Среди основных информационных проблем финансовой отчетности, обусловленных методологией бухгалтерского учета, можно выделить следующие: низкая транспарентность, вызванная недостаточно полными требо¬ваниями к представлению и раскрытию информации; несопоставимость отчетно¬стей, составленных по национальным стандартам разных стран; отражение не всех фактов хозяйственной жизни (например, операции с финансовыми инструмен¬тами, контрактные обязательства); излишний оптимизм, который вселяет отчет¬ность в пользователей (например, метод начисления требует признание дохода, в то время как деньги еще не получены), и др.
Регулирование бухгалтерского учета и отчетности в Российской Феде¬рации прежде всего было обусловлено переходом от плановой экономики к рыночной, который состоялся в 1990-х гг. Стержнем реформы на правитель¬ственном уровне были определены Международные стандарты финансовой отчетности. Толчком к началу реформы послужил семинар по проблемам учета на совместных предприятиях, проводившийся Центром ООН по ТНК и Торгово-промышленной палатой СССР в июне 1989 г. в Москве, на котором были выявлены основные несоответствия российской и международной прак¬тики учета, намечены пути адаптации и интеграции системы учета России в международную учетную практику. Однако официальным началом процесса реформирования учета следует считать принятие государственной Программы перехода РФ на принятую в международной практике систему учета и стати¬стики в соответствии сnтребованиями развития рыночной экономики, утверж¬денной Постановлением Верховного Совета РФ от 23 октября 1992 г. № 3708-1. Дальнейшая корректировка и уточнение курса реформы в России нашла свое отражение в Концепции развития бухгалтерского учета и отчетности в РФ на среднесрочную перспективу, одобренной Приказом Минфина № 180 от 1 июля 2004 г. Данный документ расставил приоритеты: индивидуальная отчетность компаний должна составляться по национальным стандартам, которые базиру¬ются на МСФО, а консолидированная отчетность – в соответствии с междуна-родными учетными стандартами. В 2010 г. опубликован документ, обсуждаемый с 2004 г., который ввел законодательное требование о составлении отчетности в соответствии с МСФО: Федеральный закон Российской Федерации от 27 июля 2010 г. № 208-ФЗ «О консолидированной финансовой отчетности»1.
Осуществляемая реформа учета и отчетности в РФ показала, что Россия пошла не по пути тотального применения МСФО взамен национального регулирования учета, а по пути разумного, взвешенного их применения. Суть такого подхода заклю¬чается:
– с одной стороны, в конвергенции МСФО в РСБУ: индивидуальная финан¬совая отчетность составляется по российским стандартам, которые, в свою очередь, разрабатываются на основе МСФО;
– с другой стороны, во введении обязательного требования составления консолидированной отчетности по МСФО, а также ее аудита и публикации: консолидированная финансовая отчетность публичных компаний составляется по МСФО (причем каждый документ МСФО вводится в правовое поле путем принятия решения правительством РФ, которому предшествует экспертиза его применимости на территории Российской Федерации, осуществленная негосу¬дарственным экспертным органом).
Такой подход позволяет: во-первых, на государственном уровне непосред¬ственно регулировать бухгалтерский учет и отчетность в стране (индивидуальная отчетность формируется по российским стандартам); во-вторых, осуществлять стратегию повышения привлекательности российского рынка для зарубежных инвесторов за счет использования такой технической меры, как введение требо¬вания представления консолидированной отчетности по МСФО для публичных компаний.
Следует отметить, что де-факто сегодня большинство публичных россий¬ских компаний уже составляют отчетность по МСФО (см. таблицу). Их действия объясняются либо наличием иностранного инвестора, либо необходимостью привлечения внешнего финансирования с помощью первоначального выпуска акций (IPO, Initial Public Offering), облигаций, либо желанием получить инстру¬мент консолидации финансовой отчетности холдинга, а также заинтересованно¬стью в повышении положительного имиджа (PR). В последние годы число хозяй¬ствующих субъектов, составляющих отчетность по МСФО, в России неуклонно возрастало. Помимо МСФО, российские компании используют в качестве между¬народно признанных стандартов американские стандарты GAAP US. Однако в последние несколько лет в связи с появлением возможности использования на биржах США финансовой отчетности по МСФО, а также с введением в ЕС требо¬вания о представлении консолидированной отчетности по МСФО российские компании стали переходить от GAAP US к МСФО.

Применение крупнейшими российскими компаниями МСФО

Год Компании, составляющие отчетность по МСФО, % от 400 компаний Компании, составляющие отчетность по МСФО, % от 100 крупнейших компаний Объем реализации продукции компаний, составляющих отчетность по МСФО, % от общего объема реализации 400 крупнейших компаний
2004 Нет данных 23 Нет данных
2005 13,3 25 27,97
2006 16,5 29 27,56
2007 19,5 28 29,92
2008 24,5 36 32,71
2009 22,8 38 31,31
2010* 27,5* 48* 35,99*

на формирование учетной информации российских компаний посредством влияния на национальные учетные стандарты, а также за счет того, что весомая часть крупнейших российских компании формирует отчетность непосредственно по МСФО, включая кредитные организации, для которых это предписано Банком России.
Принятие в 2010 г. Закона «О консолидированной отчетности» позволит придать отчетности по МСФО правовой статус, что, в свою очередь, по нашему мнению, должно сопровождаться повышением ее качества, в том числе за счет усиления ответственности в этой области.
Влияние применения МСФО на учет и отчетность в России
Учет в России за последние десятилетия претерпел значительные изме¬нения, во многом связанные с переходом на международные учетные стандарты. Учитывая, что международные стандарты формировались под влиянием англий¬ской и американской школ учета, можно говорить и о влиянии на российский учет идей этих учетных школ.
Ниже мы представили обзор ключевых изменений, которые принесли МСФО и идеи англо-американской школы бухгалтерского учета в учет в России.
1. Смена приоритетного пользователя финансовой отчетности. На наш взгляд, основное отличие Международных стандартов финансовой отчетности от российской бухгалтерии обусловлено целевой направленностью отчетности. МСФО главным образом обслуживают потребности инвесторов, как реальных так и потенциальных, и как следствие, эти стандарты базируются на экономиче¬ском подходе к отражению фактов хозяйственной жизни. Российские же правила бухгалтерского учета по сей день на практике, скорее, направлены на удовлет¬ворение интересов государства. Следует отметить, что ситуация в этом аспекте неуклонно меняется, и декларативные заявления о приоритете интересов инвесторов воплощаются в реальность крупными российскими компаниями. Таким образом, в России наблюдается смена приоритетного пользователя финансовой отчетности (от государства к инвестору), вызванная принятием идей междуна¬родных стандартов, которое, в свою очередь, явилось результатом реформы учета, суть которой состоит в переходе от системы бухгалтерского учета, обслуживающей интересы плановой экономики, к системе учета и отчетности, отвечающей требо¬ваниям рыночной экономики. Переориентация на иного приоритетного пользо¬вателя повлекла за собой введение в российский учет метода начисления, учета временной стоимости денег, определение элементов финансовой отчетности (активов, обязательств, капитала, доходов и расходов) через будущие экономиче¬ские выгоды, требование приоритета содержания над формой и пр.
2. Концепция «достоверного и добросовестного взгляда» (true and fair view). Данная концепция является достижением британской школы бухгалтерского учета, которое впоследствии было взято на вооружение разработчиками междуна¬родных стандартов, включено в директивы ЕС. Не осталась в стороне и Россий-ская Федерация (закон № 129-ФЗ «О бухгалтерском учете», п. 3 ст. 4). Концепция «достоверного и добросовестного взгляда» заключается в том, что если норма¬тивные документы не позволяют отразить суть происходящего, то бухгалтер должен отступить от них и, вынеся профессиональное суждение, отразить факты хозяйственной жизни так, как он считает нужным. Таким образом, и МСФО, а вслед за ними и РСБУ обязывают бухгалтера отступить от требований регулятивов, если последние не позволяют отразить реальное положение вещей. «Основным критическим моментом остается крайний субъективизм концепции. Она откры¬вает дверь бесконтрольному расхищению имущества, поскольку не все понимают, что означает “профессиональное суждение”, “разумное мнение”, “достоверность”, “добросовестность”. Каждый понимает разумность по своему разумению»2.
3. Приоритет содержания над формой. Данный принцип содержится в россий¬ских и международных регулятивах. Различие состоит в том, что в России он часто игнорируется не только бухгалтерами, но и в нормативных документах. Ярким примером последнего является учет финансовой аренды. В отличие от междуна¬родных стандартов по РСБУ порядок бухгалтерского учета финансовой аренды определяется договором, т.е. юридической формой: закон № 164-ФЗ «О финан¬совой аренде (лизинге)» и Приказ № 15 «Об отражении в бухгалтерском учете операций по договору лизинга» устанавливают, что объект аренды может учиты¬ваться на балансе либо арендатора, либо арендодателя, в зависимости от согла¬шения сторон. Ключевой проблемой реализации в России приоритета содержания над формой является невыполнение тех действий, выполнение которых предпо¬лагается: «Принцип приоритета содержания перед формой внес существенную сумя¬тицу в бухгалтерские умы. Все признают его значение, но не все идут так далеко, как это следует из его логических построений»3.
4. Профессиональное суждение. Профессиональное суждение заимствовано из англо-американской школы учета международными, а впоследствии и россий¬скими стандартами. Критика этого нововведения в отечественный учет главным образом связана тем, что профессиональное суждение субъективно по своей природе, а потому оно способно привести к еще большей несопоставимости отчетности, чем до введения МСФО. Вторым аспектом, за который критикуют профессиональное суждение, является то, что оно создает почву для манипулиро¬вания финансовой отчетностью в условиях недобросовестности бухгалтера.
5. Справедливая стоимость. Это один из самых критикуемых аспектов Между¬народных стандартов финансовой отчетности. В МСФО требования об оценке по справедливой стоимости установлены для многих учетных объектов: инвести¬ционной недвижимости (IAS 40), биологических активов (IAS 41), финансовых инструментов (IAS 39), основных средств (IAS 16) и нематериальных активов (IAS 38) в случае применения модели учета по переоцененной стоимости и пр. Постепенно аналогичные требования вводятся и в российские нормативные акты. Несмотря на явные преимущества оценки по справедливой стоимости (главным из которых является актуализация финансовой информации), имеются и суще¬ственные недостатки ее использования, связанные с надежностью представляемой информации. Так, определение справедливой стоимости во многом базируется на субъективных суждениях составителя отчетности и оценщиков, а в отдельных случаях данные о ней просто отсутствуют. Так, по оценкам иностранных экспертов, на территории СНГ долгое время справедливой стоимости не существовало вовсе, потому что о наличии такой стоимости говорит действующий активный рынок, т. е. тот рынок, где постоянно совершаются сделки по купле-продаже тех или иных объектов. Учет по справедливой стоимости неизбежно приведет к привлечению независимых оценщиков, которые при определении справедливой стоимости для целей МСФО должны руководствоваться Международными стандартами оценки (IVS, International Valuation Standards), которые в настоящее время активно пере¬сматриваются с тем, чтобы они «удовлетворяли нуждам МСФО».
6. Разделение налогового и бухгалтерского (финансового) учета. В теории учета выделяют две концепции сосуществования бухгалтерского и налогового учета: первая, возникшая в континентальной Европе «балансовая (бухгалтерская) концепция» гласит, что сумма балансовой (бухгалтерской) прибыли должна быть равна налогооблагаемой величине; вторая, возникшая в Великобритании «налоговая концепция» звучит так: сумма балансовой прибыли принципиально отлична от нало-гооблагаемой величины. В России долгое время превалировала первая концепция, различий между налоговой и бухгалтерской прибылью практически не существо¬вало. Но с переходом к рыночным отношениям встал вопрос о том, как рассчиты¬вать бухгалтерскую и налоговую прибыль.
В первые годы постсоветского периода налогооблагаемая прибыль опре¬делялась путем несложных корректировок бухгалтерской прибыли. Однако впоследствии налоговый учет выделился в самостоятельный вид учета. Одним из негативных последствий этого процесса, на наш взгляд, является «потеря» бухгалтерского финансового учета во многих средних и небольших компаниях. Такая ситуация вызвана тем, что бухгалтер, оценивая трудоемкость своей работы (как правило, он ведет и бухгалтерский и налоговый учет), делает выбор в пользу налогового учета, поскольку его неведение чревато соответствующими нало¬говыми последствиями. При этом бухгалтер сознательно отказывается от всех «свобод» финансового учета (установление сроков полезного использования основных средств, выбор метода амортизации и оценки основных средств и нематериальных активов, отражение обесценения запасов и дебиторской задолжен¬ности и пр.), максимально совмещая его с требованиями налогового законода¬тельства, а порой и просто игнорируя положения отечественных бухгалтерских стандартов.
Как следствие, финансовый учет, ориентированный на информационные потребности широкого круга пользователей и призванный обеспечивать их достоверной информацией, де-факто прекращает свое существование, поскольку подменяется учетом налоговым. Такая картина во многом явилась следствием того, что идеи международных стандартов были привнесены в российский учет преждевременно, поскольку собственник, в интересах которого создавалась нало¬говая концепция (ее еще называют собственнической), не осознал необходимость финансового учета, а потому готов в целях сокращения расходов на бухгалтерию отказаться от него.
7. Деление бухгалтерского учета на финансовый и управленческий учет. Идея такого разделения принадлежит американской школе учета. В МСФО она также нашла широкое отражение. Так, сегментная отчетность должна строиться на управленческой информации (IFRS 8), положения по учету затрат (IAS 2) и обесценению активов (IAS 36) также отсылают нас к управленческому учету.
В период становления рыночных отношений в нашей стране управленче¬ский учет был широко поддержан российским бизнесом в искаженном виде. Дело в том, что многие собственники в условиях «подмены» финансового учета «налоговым» восприняли управленческий учет как возможность вести «учет для себя», отражая все операции, включая те, которые они «не проводили» в нало¬говом учете. Таким образом, одно из бесспорнейших достижений американ¬ской бухгалтерии – управленческий учет на российской почве дало совершенно неожиданные ростки, а именно «двойную» бухгалтерию: один учет – для нало¬говой инспекции (он же де-юре финансовый), второй учет – «управленческий», для себя. В последнее время, по нашим наблюдениям, наметилась тенденция, что управленческий учет в российских компаниях стал выполнять свойственные ему функции в классическом их понимании.
На наш взгляд, МСФО и идеи англо-американской школы оказали значи¬тельное влияние на развитие российского бухгалтерского учета в последние деся¬тилетия, и последствия этого влияния еще предстоит оценить.
Перспективы МСФО в Российской Федерации
Завершить рассмотрение проблематики перехода России на МСФО мы хотели бы формулированием направлений, в которых, по нашему мнению, будет разви¬ваться учет России в ближайшей перспективе в свете дальнейшего принятия международных стандартов:
1. Дальнейшая интеграция МСФО и идей англо-американской школы учета в регулирование и практику российского учета.
2. Распространение консолидированной финансовой отчетности.
3. Повышение престижа и изменение наполнения бухгалтерской профессии.
4. Развитие оценочной деятельности как необходимого инструмента учета по справедливой стоимости.
5. Изменение системы образования в области учета и аудита.
6. «Легализация» управленческого учета.

Дополнительная литература:
2 Соколов Я.В., Бычкова С.М. Достоверность и добросовестность составления бухгалтерской отчет¬ности // Бухгалтерский учет. 1999. № 12.
3 Соколов Я.В., Бычкова С.М. О приоритете содержания перед формой: проблемы учета // Бухгалтер¬ский учет. 2000. № 1.

Источник: журнал Корпоративная финансовая отчетность – Международные стандарты, май 2011 года
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Медведев о МСФО

На совещании по созданию МФЦ президент России Дмитрий Медведев заявил о необходимости в оптимальные сроки внедрить систему отчетности МСФО.

Медведев выразил уверенность в том, что «международные стандарты финансовой отчетности как для эмитентов, так и для регулирующих и налоговых органов позволят России участвовать в формировании глобальной финансовой системы и приведет к большей открытости и предсказуемости экономики, а также позволит улучшить «наш далеко не блестящий инвестиционный климат». Читать далее

Рубрика: Новое в международном аудите в России, Новости МСА и МСФО | Комментарии отключены