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Do you know IFRS aka International Financial Reporting Standards is a set of accounting standards, similar to that you have US GAPP.
IFRS is already adopted in more than 110 countries as of now and countries like Canada, Brazil, India, Korea and Japan is planning for IFRS compliance by 2011. Check it out old post for details.
So what in inside
IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB).
IFRS are considered "principles based" set of standards in that they establish broad rules as well as dictating specific treatments.
International Financial Reporting Standards(IFRS) comprise:
- International Financial Reporting Standards (IFRS) - standards issued after 2001
- International Accounting Standards (IAS) - standards issued before 2001
- Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC) - issued after 2001
- Standing Interpretations Committee (SIC) - issued before 2001
- There is also a Framework for the Preparation and Presentation of Financial Statements which describes some of the principles underlying IFRS.
IFRS re-define in term of Accounting Principles
In simple equation
IFRS = Financial Reporting standards = Balance Definitions
that mean "disclosure Requirements" and "Balance Definitions ".
US GAAP vs. IFRS - A difference
check out this post for some the key differences between these two.
Here is comparative study for IFRS on compliance issue.
Here is IFRS Standards and the underline Oracle mapped products
Oracle White paper
- EBusiness Suite Release 12 oriented white paper
IFRS will be one of the most significant enterprise-wide change initiatives facing finance over the next few years.IFRS adoption not onky limited to accounting and financial reporting functions but it will also require changes across people, process and technology.
- Oracle Hyperion oriented white paper
These Oracle's white papers will help you in getting answer of these:
- Options for implementing multi-GAAP accounting and eventually switching over to IFRS inyour financial (ERP) systems?
- Exploring ledgers and business systems which contain the necessary reporting data, and, if not, what and which processes required to capture and report new data?
- Linking IFRS principles been incorporated into fore-casting and management reporting processes.
Two major Process in term of IFRS
- Revalution : Check it out for definition here. This is still not comply with IAS30 and IFRS standard.Enhancement request #4098044,is already registered with Oracle.
- Translation : Check it out for definition here.GL translation is compliant with both US GAAP and IFRS standards.
Top Post in OracleApps Epicenter on IFRS