IFRS Foundation’s Post

📜 History of IFRS (International Financial Reporting Standards) Definition: IFRS are global accounting standards developed by the International Accounting Standards Board (IASB) to ensure transparency and consistency in financial reporting worldwide. 🌍 🕰️ Timeline: 1) 1973: International Accounting Standards (IAS) introduced by the International Accounting Standards Committee (IASC) 2) 2001: IASC restructured into IASB, beginning to issue IFRS to replace IAS 3) 2005: IFRS became mandatory for listed companies in the European Union and many other countries 🌍📈 🎯 Objectives of IFRS: 1) Comparability: 🌍 Investors can compare financial statements across countries 2) Transparency: 📊 Clear and consistent financial reporting 3) Accountability: ✅ Standardized practices for accountability 4) Efficiency: 🚀 Supporting global trade and investment 🔑 Key Features of IFRS: Global consistency in financial reporting Enhanced transparency and accountability Easier cross-border investments and trade #IFRS | #FinancialReporting | #GlobalStandards | #TransparencyInFinance | #AccountingStandards | #FinancialMarkets | #InternationalAccounting

More than the reduced disclosures, IFRS 19 would avoid the need for subsidiaries to maintain two sets of accounts--one based on a local GAAP for local reporting, and one based on IFRS for group consolidation purposes. Eliminating this dual reporting would bring a number of efficiencies; it'll simplify subsidiaries' financial reporting process and has the potential to improve the quality of how group consolidation accounts and numbers are prepared, gearing towards one global accounting language--IFRS.

Last month, the #IASB published IFRS 19 Subsidiaries without Public Accountability: Disclosures. #IFRS19 will simplify reporting systems and processes for companies, reducing the costs of preparing eligible subsidiaries’ financial statements while maintaining the usefulness of those financial statements for their users.    Early this year, we shared a short webcast where IASB Technical Staff member, Jan Carlo Pereras, CPA, provided an overview of the then-upcoming IFRS 19.      📺 Revisit this video to understand the new requirements introduced by IFRS 19 and why we developed this new Accounting Standard: https://lnkd.in/enjBmAdY   #IFRSAccounting #subsidiaries #AccountingStandard 

🌟 ESMA ESEF IFRS Accounting Taxonomy 2024: What’s New? 🌟 The ESMA ESEF has unveiled the IFRS Accounting Taxonomy 2024, introducing updates that enhance clarity and usability for preparers and stakeholders alike. 📊 🚀 Key Updates Include: ✔️ New and revised elements reflecting the latest IFRS Standards. ✔️ Improved documentation for better interpretation and application. ✔️ Enhanced alignment with industry-specific reporting requirements. ✔️ Updates to labels and references for consistency and accuracy. 🔍 Dive into the details of the changes between the 2022 and 2024 IFRS taxonomies These changes aim to make financial reporting more transparent and accessible, supporting companies in meeting evolving regulatory and stakeholder expectations. 💡 How are you preparing for these updates? Share your thoughts or questions in the comments below! #IFRS #AccountingTaxonomy #FinancialReporting #ESMA #ESEF

Can you help exploring how best to combine the benefits of IFRS 18 and digital reporting? The International Accounting Standards Board (IASB) is seeking fieldwork participants related to the proposed amendments to the IFRS Accounting Taxonomy for IFRS 18. More information is included below. #IFRSTaxonomy hashtag #XBRL hashtag #IFRSAccounting hashtag #investors hashtag #IFRS18 hashtag #preparers hashtag #digitaldata

Can you please help us by participating in fieldwork? We need an effective taxonomy for IFRS 18. Your input is crucial for success. #ifrs #taxonomy #iasb

Our new standard IFRS 18 is bringing many changes to the presentation of statement of comprehensive income. To ensure that these changes can be adequately reflected in the digital reporting of companies, we are conducting some fieldwork exercises. we are looking for interested parties to work with our technical staff to test drive our proposals. #IASB #IFRSTaxonomy #digitaldata

For a minute, think about IFRS Accounting Standards as a language of financial reporting. Wouldn't it be easier and more efficient if subsidiaries within the same group speak the same language? It avoids miscommunication and risk of errors in translation. IFRS 19 would address to this concern. For subsidiaries that have dual reporting (different reporting framework for own local reporting and IFRS for group consolidation purposes), the Standard would avoid the need to reconcile or adjust the two reports. In addition to this simplification, the Standard will also permit eligible subsidiaries to provide reduced disclosures.

The new IFRS 18 standard enhances the information content and comparability of Primary Financial Statements, and has been designed with digital reporting in mind. Please do consider participating in this call from the IFRS Foundation's Juliane-Rebecca Upmeier amd Kenny Ng, to capture the new requirements surrounding mandatory sub-totals, and the way that MPMs are tagged. Jump in and participate in this testing in order to help shape reporting worldwide.

IFRS 19 responds to stakeholder feedback from the 2015 #IASB Agenda Consultation.  Stakeholders said that subsidiaries often keep two sets of accounting records. One set for group reporting purposes and a second set for preparing their own financial statements.  #IFRS19 addresses this issue by enabling subsidiaries to prepare their own financial statements using IFRS Accounting Standards with reduced disclosures. This removes the need for a second set of accounting records.  Find out more here: https://lnkd.in/ex7PsAsf #IFRSAccounting #IASB #subsidiaries #AccountingStandard