Papers by Александра Козлова
IFRS FOUNDATION Historically financial reporting throughout the world has differed widely. The In... more IFRS FOUNDATION Historically financial reporting throughout the world has differed widely. The International Financial Reporting Standards Foundation (IFRS Foundation) is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. The various pronouncements of the IFRS Foundation are sometimes collectively referred to as International Financial Reporting Standards (IFRS) GAAP. Required: (a) Explain why a regulatory framework is necessary. (b) Describe the functions of the various internal bodies of the IFRS Foundation, and how the IFRS Foundation interrelates with other national standard setters. (c) Describe the IFRS Foundation's standard setting process including how standards are produced, enforced and occasionally supplemented. (d) Comment on whether you feel the move to date towards global accounting standards has been successful. Task 2 Your assistant has been reading the IASB's Framework for the preparation and presentation of financial statements (Framework) and as part of the qualitative characteristics of financial statements under the heading of 'relevance' he notes that the predictive value of information is considered important. He is aware that financial statements are prepared historically (i.e. after transactions have occurred) and offers the view that the predictive value of financial statements would be enhanced if forward-looking information (e.g. forecasts) were published rather than backward-looking historical statements. Required: By the use of specific examples, provide an explanation to your assistant of how IFRS presentation and disclosure requirements can assist the predictive role of historically prepared financial statements. Task 3 An important requirement of the IASB's Conceptual Framework for Financial Reporting is that an entity's financial statements should represent faithfully the transactions and events that it has undertaken.
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Papers by Александра Козлова