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IFRS Ongoing Standard Setting Process
1) IASB publishes discussion paper (not req)
2) IASB prepares Exposure Draft
3) Nine members approve exposure draft
4) Public comment period
5) IASB votes again to create IFRS. 9 members
What is IASB
International accounting standards board
- develop a single set of high quality, global accounting standards
- 15 full time members
-2 part time members
SFAC 8: Objective of general purpose reporting
Provide information that is useful to primary users
- Primary users
- investors, lenders, other creditors
- Not regulators
Financial Information provided in General Purpose Frame works
- Resources
- Claims against the enity
Fundamental Qualitative Characteristics
1) Relevance
2) Faithful Representation
To be relevant, financial information must
1) Have predictive value
2) Have Confirming Value
3) Materiality
Faithful representation requires
1) Completeness
2) Neutrality
3) Freedom from Error
Enhancing Qualitative Characteristics
1) Comparability (Consistency)
2) Verifiable
3) Timeliness
4) Understandability
What is excluded from Comprehensive Income
1) Investment and Distributions to Owners
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