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IAS 8 is an IFRS that prescribes the criteria for selecting and changing accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. It requires compliance with IFRSs, relevance and reliability of financial information, and consistency and prudence of accounting policies.
IFRS are accounting standards issued by the IFRS Foundation and the IASB to describe the financial performance and position of companies across international boundaries. Learn about the origin, development, application and principles of IFRS and how they differ from US GAAP.
This is a list of the IFRSs and official interpretations, as set out by the IFRS Foundation. It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.
The IASC was founded in 1973 and dissolved in 2001, developing a set of International Accounting Standards (IAS) that were later adopted as International Financial Reporting Standards (IFRS). The IASC was an initiative of national accountancy bodies from various countries, and its membership expanded over time to include some non-auditor organizations.
The IASB is the independent accounting standard-setting body of the IFRS Foundation, responsible for developing and promoting International Financial Reporting Standards (IFRS). Learn about its history, members, due process, funding and related terms.
An income statement shows the revenues and expenses of a company or organization during a period of time. It indicates how the revenues are transformed into the net income or net profit, and it is useful for assessing the financial performance and capability of generating future cash flows.
Historical cost is the value of the costs incurred in acquiring or creating an asset, not updated for changes in its value. Learn about the principles, exceptions and methods of historical cost accounting, and how it differs from fair value accounting.
IPSAS are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. They are based on IFRS and aim to improve the quality of general purpose financial reporting by public sector entities.