Trust: An Intangible Asset

Honesty is more than just morality, it is good business practice. You do not want to start any relationship with a client, customer, or affiliate by dishonest correspondence. “Trust” is the most important factor in any business relationship.

Life: A Jigsaw Puzzle

Life is a jigsaw puzzle. Seeing the big picture helps you navigate through and make the most out of life without missing the fun.

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The table list below the most recent version (or versions if a pronouncement has not yet been superseded) of each pronouncement and the date that revisions was originally issued.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'

Extracted from http://www.iasplus.com/en/standards

#	Name	Issued
SIC 1	Consistency – Different Cost Formulas for Inventories Superseded	1997
SIC 2	Consistency – Capitalisation of Borrowing Costs Superseded	1997
SIC 3	Elimination of Unrealised Profits and Losses on Transactions with Associates Superseded	1997
SIC 5	Classification of Financial Instruments - Contingent Settlement Provisions Superseded	1998
SIC 6	Costs of Modifying Existing Software Superseded	1998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SIC 8	First-Time Application of IASs as the Primary Basis of Accounting Superseded	1998
SIC 9	Business Combinations – Classification either as Acquisitions or Unitings of Interests Superseded	1998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SIC 11	Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations Superseded	1998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SIC 14	Property, Plant and Equipment – Compensation for the Impairment or Loss of Items Superseded	1998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SIC 16	Share Capital – Reacquired Own Equity Instruments (Treasury Shares)Superseded	1999
SIC 17	Equity – Costs of an Equity Transaction Superseded	2000
SIC 18	Consistency – Alternative Methods Superseded	2000
SIC 19	Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 Superseded	2000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'

Extracted from http://www.iasplus.com/en/standards

#	Name	Issued
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

#	Name	Issued
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'

Extracted from http://www.iasplus.com/en/standards

 

#	Name	Issued
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