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Thursday, 26 April 2012

International Financial Reporting Standards (IFRS)

Standards Interpretations Committee (SIC) Interpretations


Note
The table list below the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued. Where a pronouncement has been reissued with the same or a different name, the date indicated in the table is the date the revised pronouncement was reissued (these are indicated with an asterisk (*) in the tables). The table relates specifically to standards termed 'IFRS'



#NameIssued
SIC 1 Consistency – Different Cost Formulas for Inventories
Superseded
1997
SIC 2 Consistency – Capitalisation of Borrowing Costs
Superseded
1997
SIC 3 Elimination of Unrealised Profits and Losses on Transactions with Associates
Superseded
1997
SIC 5 Classification of Financial Instruments - Contingent Settlement Provisions
Superseded
1998
SIC 6 Costs of Modifying Existing Software
Superseded
1998
SIC 7 Introduction of the Euro 1998
SIC 8 First-Time Application of IASs as the Primary Basis of Accounting
Superseded
1998
SIC 9 Business Combinations – Classification either as Acquisitions or Unitings of Interests
Superseded
1998
SIC 10 Government Assistance – No Specific Relation to Operating Activities 1998
SIC 11 Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations
Superseded
1998
SIC 12 Consolidation – Special Purpose Entities 1998
SIC 13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers 1998
SIC 14 Property, Plant and Equipment – Compensation for the Impairment or Loss of Items
Superseded
1998
SIC 15 Operating Leases – Incentives 1999
SIC 16 Share Capital – Reacquired Own Equity Instruments (Treasury Shares)Superseded 1999
SIC 17 Equity – Costs of an Equity Transaction
Superseded
2000
SIC 18 Consistency – Alternative Methods
Superseded
2000
SIC 19 Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29
Superseded
2000
SIC 20 Equity Accounting Method – Recognition of Losses
Superseded
2000
SIC 21 Income Taxes – Recovery of Revalued Non-Depreciable Assets 2000
SIC 22 Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported
Superseded
2000
SIC 23 Property, Plant and Equipment – Major Inspection or Overhaul Costs
Superseded
2000
SIC 24 Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares
Superseded
2000
SIC 25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders 2000
SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease 2000
SIC 28 Business Combinations – 'Date of Exchange' and Fair Value of Equity Instruments
Superseded
2001
SIC 29 Disclosure – Service Concession Arrangements 2001
SIC 30 Reporting Currency – Translation from Measurement Currency to Presentation Currency
Superseded
2001
SIC 31 Revenue – Barter Transactions Involving Advertising Services 2001
SIC 32 Intangible Assets – Web Site Costs 2001
SIC 33 Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests
Superseded
2001

International Financial Reporting Standards (IFRS)



IFRIC Interpretations


Note
The table list below the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued. Where a pronouncement has been reissued with the same or a different name, the date indicated in the table is the date the revised pronouncement was reissued (these are indicated with an asterisk (*) in the tables). The table relates specifically to standards termed 'IFRIC Interpretations'



#NameIssued
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 2004
IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments 2004
IFRIC 3 Emission Rights
Withdrawn June 2005
2004
IFRIC 4 Determining Whether an Arrangement Contains a Lease 2004
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 2004
IFRIC 6 Liabilities Arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment 2005
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies 2005
IFRIC 8 Scope of IFRS 2
Withdrawn effective 1 January 2010
2006
IFRIC 9 Reassessment of Embedded Derivatives 2006
IFRIC 10 Interim Financial Reporting and Impairment 2006
IFRIC 11 IFRS 2: Group and Treasury Share Transactions
Withdrawn effective 1 January 2010
2006
IFRIC 12 Service Concession Arrangements 2006
IFRIC 13 Customer Loyalty Programmes 2007
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007
IFRIC 15 Agreements for the Construction of Real Estate 2008
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008
IFRIC 17 Distributions of Non-cash Assets to Owners 2008
IFRIC 18 Transfers of Assets from Customers 2009
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 2009
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2011

International Financial Reporting Standards (IFRS)

International Accounting Standards (IAS)

Note
The table list below the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued. Where a pronouncement has been reissued with the same or a different name, the date indicated in the table is the date the revised pronouncement was reissued (these are indicated with an asterisk (*) in the tables). The table relates specifically to standards termed 'IAS'

Extracted from http://www.iasplus.com/en/standards
 
#NameIssued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3 Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976
IAS 4 Depreciation Accounting
Withdrawn in 1999

IAS 5 Information to Be Disclosed in Financial Statements
Superseded by IAS 1 effective 1 July 1998
1976
IAS 6 Accounting Responses to Changing Prices
Superseded by IAS 15, which was withdrawn December 2003

IAS 7 Statement of Cash Flows 1992
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003
IAS 9 Accounting for Research and Development Activities
Superseded by IAS 39 effective 1 July 1999

IAS 10 Events After the Reporting Period 2003
IAS 11 Construction Contracts 1993
IAS 12 Income Taxes 1996*
IAS 13 Presentation of Current Assets and Current Liabilities
Superseded by IAS 39 effective 1 July 1998

IAS 14 Segment Reporting
Superseded by IFRS 8 effective 1 January 2009
1997
IAS 15 Information Reflecting the Effects of Changing Prices
Withdrawn December 2003
2003
IAS 16 Property, Plant and Equipment 2003*
IAS 17 Leases 2003*
IAS 18 Revenue 1993*
IAS 19 Employee Benefits
Superseded by IAS 19 (2011) effective 1 January 2013
1998
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
IAS 22 Business Combinations
Superseded by IFRS 3 effective 31 March 2004
1998*
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
IAS 25 Accounting for Investments
Superseded by IAS 39 and IAS 40 effective 2001

IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
IAS 27 Consolidated and Separate Financial Statements
Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013
2003
IAS 28 Investments in Associates and Joint Ventures (2011) 2011
IAS 28 Investments in Associates
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013
2003
IAS 29 Financial Reporting in Hyper-inflationary Economies 1989
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 1 January 2007
1990
IAS 31 Interests In Joint Ventures
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013
2003*
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
IAS 35 Discontinuing Operations
Superseded by IFRS 5 effective 1 January 2005
1998
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
IAS 39 Financial Instruments: Recognition and Measurement
Superseded by IFRS 9 effective 1 January 2015
2003*
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

International Financial Reporting Standards (IFRS)




IFRS

Note
The table list below the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued. Where a pronouncement has been reissued with the same or a different name, the date indicated in the table is the date the revised pronouncement was reissued (these are indicated with an asterisk (*) in the tables). The table relates specifically to standards termed 'IFRS'

 

#NameIssued
IFRS 1 First-time Adoption of International Financial Standards 2008*
IFRS 2 Share-based Payment 2004
IFRS 3 Business Combinations 2008*
IFRS 4 Insurance Contracts 2004
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 2004
IFRS 6 Exploration for and Evaluation of Mineral Assets 2004
IFRS 7 Financial Instruments: Disclosures 2005
IFRS 8 Operating Segments 2006
IFRS 9 Financial Instruments 2010*
IFRS 10 Consolidated Financial Statements 2011
IFRS 11 Joint Arrangements 2011
IFRS 12 Disclosure of Interests in Other Entities 2011
IFRS 13 Fair Value Measurement 2011

Two Business Rules to Run Your Organization by the BOOK!

Business Rule #2: Become an "And Then Some" Person.
And whoever compels you to go one mile, go with him two. Matthew 5:41
Your place in the business world is determined by what you do after you do what you're required to do. An "and then some" person does what is required and then some. They hit their goals and then some; keep promises to employees and customers and then some. An alternative is to be a "just enough" person. These pretenders with titles do just enough to get by; just enough to pay their bills; just enough not to get fired.
Becoming an "and then some" person starts with the right attitude. It is a learned discipline. In fact, human nature is not to go the second mile; it's to fall back and rest awhile. This explains why so few people sojourn farther than they have to and why Zig Ziglar said that you'll never find a traffic jam on the second mile because most folks find it troublesome to trek through the first one.
Application:
1. Understand that it's not that tough to stand out from the average crowd in the business world. It's not crowded at the top; there's plenty of room. It's crowded at the bottom.
2. Find out how far most people are going and go farther; determine where they're not going and go there; discover what they're not doing and do those things.
3. Commit to working "can't see" hours as you build a great business. "Can't see" hours means you start work when it's so dark you can't see and stop work because it's dark again and you can't see.
4. Realize that if you're not doing more than is required of you on the job that you're simply run of the mill; an average Joe like millions of others who will end up life with a big zero on their tombstone .
This Business Rule says that there are two ways you can live your life: by trying to go farther than you think you can or by not going far enough. The most successful people choose the former because they know that it's only in trying to go too far that they ever get to find out how far they can go. You never get to find out how far you can go by playing it safe. And if you're not going to go all the way why go at all?


Extracts from Dave Anderson at www.learntolead.com

Two Business Rules to Run Your Organization by the BOOK!

Business Rule #1: Look in the Mirror
A good tree cannot bear bad fruit, nor can a bad tree bear good fruit. Every tree that does not bear good fruit is cut down and thrown into the fire. Therefore, by their fruits you will know them. Matthew 7:18-20
Your people are your scorecard. If they aren't what they should be it is not so much an indictment of them as followers as it is of you as their leader. After all, you hired them, are responsible for training them and learning to motivate them and for creating an environment in which they can succeed. Thus, if they're not of a desired caliber, stop looking out the window and look in the mirror. In fact, one of a manager's greatest errors is consuming himself with trying to “fix” everyone around him: "If we could just get these people to step up, to work a little harder, to dig a little deeper, everything would be fine." This attitude hacks at the leaves rather than strikes at the root. The fact is that nothing in an organization gets better measurably or sustainably until you improve as a leader. To believe otherwise is dangerous and delusional. Quite frankly, if the people surrounding you aren't any good, it's a clear sign you aren't good enough because the speed of the leader is the speed of the pack.

Application:

1. Give up your black belt in blame and get better at what you do. As your management and leadership skill improves you'll be able to attract better people, develop those around you and retain the good people you have already on your team.
2. Assume responsibility for your own development. If your company invests in your continual education consider it a plus-but you should not leave your personal growth to the whims of others. Work as hard on yourself as you do on your job. And regardless of your past success, lose the arrogant belief that somehow you've arrived because the moment you do you begin to decline.
3. Before you attack the failures or complacency of those around you, honestly answer: "Have I been clear as to what I expect?” “Did I provide the tools necessary for others to get the job done?” “Have I stretched myself to higher levels or is my own bar so low I keep tripping over it? Have I made the decisions necessary to move the organization forward? Have I taken mature risks or am I calcifying in a mold? Have I been in a comfort zone so long it's time to order new furniture?"
This Business Rule says that when it comes to people, you will attract what you are and not what you want. How can you export what you don't have or take people on a journey that you've never been on? How can you teach them to be team players if you're inclined to lead by personal convenience rather than by personal example?

Extracts Dave Anderson at www.learntolead.com

BENEFITS OF IFRS ADOPTION IN NIGERIA

The following constitute the benefits to be derived from the adoption of International Financial Reporting Standards (IFRS) in Nigeria:
(a) Promotion of the compilation of meaningful data
on the performance of various reporting entities
at both public and private levels in Nigeria
thereby encouraging comparability and reliability
of financial reporting in Nigeria.
(b) Assurance of useful and meaningful decisions on
investment portfolio in Nigeria.
(c) Attraction of Foreign Direct Investment (FDI);
(d) Assurance of easier access to external capital for
local and domestic companies.
(e) Reduction of the cost of doing business across
borders by eliminating the need for
supplementary information from Nigerian
companies.
(f) Facilitation of easy consolidation of financial
information of the same company with offices in
different countries.
(g) Easier regulation of financial information of
entities in Nigeria.
(h) Enhanced knowledge of global financial reporting
standards by tertiary institutions in Nigeria.

Source: 
Address by the honourable minister, Federal Ministry of Commerce and Industry, Senator Jubril Martins-Kuye,  OFR st the Stakeholders Conference on the Roadmap to The adoption of international financial reporting Standards (IFRS) in Nigeria Held at Transcorp Hilton, Abuja on Thursday, September 02, 2010

Hard Rock Christians


In good times or in bad,
whether they feel like it or not,
whether angry or happy,
whether fun or boring,
in strength or weakness,
whether they understand or not,
whether they agree or not,
with tradition or against it,
with the crowd or against it,
with friends or alone,
whether they’re popular or not,
no matter what people might say,
whether anyone is looking or nobody notices,
whether leading or following,
whether being blessed or rebuked,
whether they stand to gain or lose,
whether they will be rewarded or not,
whether their prayers are answered or rejected,
in fast times and in slow,
any day of the Week,
and in it for the long haul,
no matter what testing or challenges comes their way,
they stand firm in their love and faith of Jesus Christ.

We're called to be Hard Rock Christians.


Extracts from Word of God n Pictures at www.spiritlessons.com/ArchivedPictures

Works Based Christians



These type of people serve the Lord diligently.  They get involved in many different ministries, and help many people in their faith.  And this is great, but they must be careful where they put their faith. Their faith can sometimes be rooted in their works and their ministries, but not in Jesus.  And sometimes they can be so caught up in ministries, they they are not spending quiet time with the Lord.  They must also be careful not to do God's work, without His guiding, for this is the tree of the knowledge of good and evil.

Institutional Christians


These type of Christians will only pursue the Lord when someone else is directing and encouraging them.  i.e. Someone takes them to Church.  But, when left alone they don’t study, pray or worship. And without constant guidance they will grow cold and fall away.


Extracts from The Word of God in Pictures at www.spiritlessons.com/ArchivedPictures

Tailgate Christians

These type of Christians have the opinion that since Jesus won the Victory, there is nothing else to do but sit back.  They do not consider things like; bringing glory to the Lord, advancing the gospel,  maturing in their faith, helping others, being a lighthouse or preaching the Gospel.  Just getting saved is enough for them. They often believe that if the Lord wants something done, it will get done with or without them, never realizing they they are the body of Christ.  When the devil comes against Tailgate Christians, they are an easy pushover.  When they face the Lord's judgment seat, they will be ashamed that they wasted their lives away.

www.spiritlessons.com/ArchivedPictures

Tradition Based Christians

These are people that grew up in Christian homes. They often attended Sunday school, and worship services with their family. They usually follow the religious customs of their society.

The problem with Tradition based Christians is that many follow Christ because it is the norm, the traditional thing to do.  Some have never made an individual decision to follow Christ.  Many times their faith is tied to politics, therefore they would  switch Religions before they switched political parties.

We must all make the decision to follow Christ, whether our family and society agree or not.  And we must all be willing to do things for the Lord, even if it is different from the way we were raised.

Ritual Based Christians

These people often attend services that are heavily structured, meticulously rich in custom and tradition, and often repeated. But they only know God through practicing rituals, reciting prewritten prayers, and listening to others.     They go through the motions of Christianity but are not close to our Savior. 
This structure is good for giving a person the fundamentals of the faith.  But they must not replace a deep personal walk with Christ, with just following rituals, reciting prayers, and listening to Sermons.

Desperate Christians

 
Like many of us, some people won’t look up until they land flat on their backs. And this is how many of us came to the Lord. In times of desperation, we call out to God and find Him.

The problem with Desperate Christians is that they only call out to God when they are in great need. But when everything is going their way, they forget about the Lord and don’t seek Him until the next tragedy.

On the other side, some people will only seek the Lord when everything is stable and under control. And the moment things get out of hand, they go back to their own devices to fix it.

As Christians we must call on the name of the Lord, during tragedy and prosperity.


www.spiritlessons.com/ArchivedPictures

Roller Coaster Christians


These people serve the Lord with fire and vigor.  Eager to please God, they attend many religious services and functions.
This is a great time for them, and it can solidify their Christian foundation, but often this is just a phase in their life.  And after time, they start cooling off.  Their pursuit of the Lord is very emotional. And when their emotions fight them, they have a hard time staying strong.  As Christians we are in it for the long haul.  Remember Jesus said in Matt 10:22, "He who stands firm to the end will be saved."

Knowledge Based Christians

These type of Christians have a very rich understanding of scripture, theory and doctrine.  They have devoted many years to studying Christianity and the pursuit of knowledge. 
The problem with these type of Christians, is that they often pursue a knowledge of God, over a relationship with God; knowing of God, but not knowing His Spirit.  And they will fight vigorously when anything doesn't align with their absolute doctrinal purity. This makes it difficult when God tries to reveal to them anything that they don't already know.  And they must be careful, because knowledge often puffs us up, and in our pride we don't listen to anyone we disagree with. They will often spend too much time of the minor issues, and miss what is most important.


www.spiritlessons.com/ArchivedPictures

Organization Based Christians

Similar to personality based Christians, organization based Christians are usually connected to a strong church structure.  Their church is often very vibrant and successful, and it captures their hearts.
The problem is that some people will root their faith in the organization, and not necessarily in Christ.  These people would never attend a different church, because that would be a form a cheating, or sleeping with the enemy.  They will often spend more time promoting their church than promoting the Kingdom of God. And they often become isolated from other parts of the Body. 

Status Based Christians

These Christians are well versed in scripture and have earned a place of respect in the Church. They assist others in their spiritual growth and lead church ministries.

The problem with status based Christians is humility. Their faith is in themselves, in who they are and what they are doing. They do not like to follow others, or sit at someone else's sermon. They are motivated by the recognition, status and leadership roles they take. They will seldom give up the pulpit to let others teach. And believe that if God is going to speak, it can only come through them.  When stripped of their authority, they faith grows cold.


www.spiritlessons.com/ArchivedPictures