About IFRS

IFRS stands for International Financial Reporting Standards and it is a set of principles and rules for reporting various transactions and items in the financial statements.

Just like United States have their US GAAP, Canada has its Canadian GAAP, United Kingdom has its UK GAAP etc, the WORLD will have its world GAAP that is under construction right now. But it’s not called “world GAAP”—it is called IFRS.

Now be careful. Before some time, IFRS was called IAS (International Accounting Standards). Indeed, the first standards carried the name starting with “IAS”, e.g. IAS 1—Presentation of Financial Statements. Exactly 41 standards started with IAS.

But then, IASs were renamed to IFRS. After renaming and rebranding the titles of new standards start with IFRS

IASB UPDATE

The long and winding road: the IASB's project on insurance contracts

On 20 June 2013, the IASB published a revised set of proposals dealing with the accounting for insurance contracts (the ‘revised Exposure Draft’). It will be important to all entities and investors to make sure that they understand the scope of the new proposals, because they may apply to entities that do not consider themselves insurance companies. In addition, investors will want to pay close attention to the way in which the proposed changes will affect reported patterns of profit or loss and the presentation of insurance contract revenue and expenses.