Diferenças entre edições de "International Financial Reporting Standards"

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* when the item has a cost or value that can be measured with reliability.
 
* when the item has a cost or value that can be measured with reliability.
  
==Further reading==
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==Leitura adicional==
* International Accounting Standards Board (2007): ''International Financial Reporting Standards 2007 (including International Accounting Standards (IASs™) and Interpretations as at [[1 January]] [[2007]])'', LexisNexis, ISBN 1422418138
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* International Accounting Standards Board (2007): ''International Financial Reporting Standards 2007 (incluí International Accounting Standards (IASs™) e interpretações)'', LexisNexis, ISBN 1422418138
  
* Original texts of IASs/IFRSs, SICs and IFRICs adopted by the Commission of the European Communities and published in Official Journal of the European Union http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission
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* Textos originais dos IASs/IFRSs, SICs e IFRICs adoptados pela Comissão Europeia e publicados no jornal oficial da UE http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission
  
 
==Referências==
 
==Referências==

Revisão das 05h29min de 21 de outubro de 2007

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International Financial Reporting Standards (IFRS) são os standars e interpretações adoptados pela International Accounting Standards Board (IASB).

Muitos dos standards que são parte do IFRS são conhecidos pelo seu nome antigo de International Accounting Standards (IAS). Os IAS foram emitidos entre 1973 e 2001 pelo board do International Accounting Standards Committee (IASC). EM Abril de 2001 a IASB adoptou todas os IAS e continuou o seu desenvolvimento, chamando aos novos standards IFRS.

Adopção dos IFRS

Os IFRS são usados em muitas partes do mundo, incluindo a Unisão Europeia, Hong Kong, Australia, Rússia, África do Sul, Singapura e Paquistão. Quase 100 países presentemente requerem ou permitem o uso, ou têm uma política de convergência com, os IFRSs.<ref>IASB:"IFRS around the world", http://www.iasb.org/About+Us/About+IASB/IFRS+Around+the+World.htm, Consultado em 2007-02-06</ref>

Para um resumo, ver IAS PLUS's lista de todos os países que adoptaram os IFRS.

Caso da União Europeia

Todas as companhias cotadas na UE têm como obrigatório preparar as suas contas consolidadas usando os IFRS desde 2005. Antes de 2005 existiam cerca de 350 cotadas que usavam o IFRS - desde 2005 esse número ascendeu a cerca de 7000.

Por forma a serem aprovados para uso na UE, os standards têm que ser adoptados pelo Accounting Regulatory Committee (ARC), que inclui representantes dos governos dos estados membros e é aconselhado por um grupo de especialistas em contabilidade conhecido como o European Financial Reporting Advisory Group. Devido a isto, os IFRS tal como aplicados na UE podem diferir dos usados noutros locais.

Partes do standard IAS 39: Instrumentos Financeiros: Reconhecimento e Medida não foram originalmente aprovados pelo ARC. O IAS 39 foi subsequentemente alterado, removendo a opção de registar passivos financeiros ao fair value, e o ARC aprovou a versão alterada. O International Accounting Standards Board (IASB) está a trabalhar com a UE para encontrar uma forma aceitável de remover uma anomalia restante com respeito à contabilização de hedges.

Como os standards são parte da lei Europeia, os standards aprovados e subsequentes alterações têm que ser publicados no jornal oficial da União Europeia. Em 13 de Outubro de 2003 a primeira publicação dos standards foi incluída no PB L 261. Alterações a standards IAS ou IFRS antes publicados podem ser monitorizadas usando a página web do Directorado do Mercado Interno da União Europeia.

Desde 2007 as companhias cotadas no Alternative Investment Market no Reino Unido serão obrigadas a preparar as suas contas usando os IFRS.

Convergência com os US GAAP

Em 2002 numa reunião em Norwalk, Connecticut, o IASB e o US FASB concordaram em harmonizar a sua agenda e trabalha de forma a reduzir as diferenças entre os IFRS e os US Generally Accepted Accounting Principles (GAAP) (Princípios Contabilísticos Geralmente Aceites) ("o acordo Norwalk"). Em Fevereiro de 2006 o FASB e a IASB emitiram um Memorandum incluindo um programa de tópicos no qual as duas organizações procurarão convergir até 2008.

A SEC presentemente requer a todas as companhias estrangeiras cotadas nos EUA que preparem os seus resultados de acordo com o US GAAP ou de acordo com os requisitos locais, com uma nota de rodapé a reconciliar esses GAAP locais com os US GAAP. Isto impõe despesas a companhias que sejam cotadas nos EUA e noutro país. A SEC propôs alterar essas regras de forma a remover o requisito da reconciliação para entidades estrangeiras que preparem as suas contas segundo os IFRS, com data proposta para entrada em vigor em 2009.<ref>SEC: "regras propostas pela SEC" http://www.sec.gov/spotlight/ifrsroadmap.htm, Consultado em 2007-07-14 </ref>. As companhias registadas nos EUA continuarão a ter como requisito o uso do US GAAP.

Projectos presentes da IASB

<ref>IASB: "IASB Work Plan" http://www.iasb.org/Current+Projects/IASB+Projects/IASB+Work+Plan.htm, Consultado em 2007-04-19 </ref>

Projectos de convervência com o FASB

  • Subsídios Governamentais
  • Joint ventures
  • Abatimentos
  • Imposto sobre rendimentos
  • Propriedades de investimento
  • Investigação e desenvolvimento
  • Eventos subsequentes

Projectos em investigação

  • Não reconhecimento (Activos e/ou passivos)
  • Instrumentos financeiros (substituição dos standars existentes -> Juntar os 3 standards)
  • Activos intangíveis
  • Passivos e Equity

Estrutura dos IFRS

Os IFRSs são considerados um grupo de standards "baseados em princípios", pela forma como estabelecem regras latas bem como ditam tratamentos específicos.

Os International Financial Reporting Standards incluem:

  • International Financial Reporting Standards (IFRS)—standards emitidos após 2001
  • International Accounting Standards (IAS)—standards emitidos antes de 2001
  • Interpretações originadas pelo International Financial Reporting Interpretations Committee (IFRIC)—emitidos após 2001
  • Standing Interpretations Committee (SIC)—emitidos antes de 2001

Existe também um Enquadramento para a preparação e apresentação de relatórios financeiros que descreve alguns dos princípios subjacentes aos IFRS

Lista de IFRS

As seguintes regras IFRS estão correntemente em vigor:

  • IFRS 1 Adopção inicial dos International Financial Reporting Standards
  • IFRS 2 Pagamentos em acções
  • IFRS 3 Aquisições e Fusões
  • IFRS 4 Contratos de seguros
  • IFRS 5 Activos imobilizados para venda e operações descontinuadas
  • IFRS 6 Exploração e avaliação de recursos minerais
  • IFRS 7 Instrumentos financeiros: Divulgações
  • IFRS 8 Segmentos operacionais (entra em vigor em 1 de Janeiro de 2008)
  • IAS 1: Apesentação de relatórios financeiros
  • IAS 2: Existências
  • IAS 7: Mapa de Cash flow
  • IAS 8: Resultado líquido ou prejuízo para o período, erros fundamentais e alterações nas práticas contabilísticas
  • IAS 10: Eventos após a data de fecho do Balanço
  • IAS 11: Contratos de construção
  • IAS 12: Impostos sobre o rendimento
  • IAS 14: Relatórios dos segmentos
  • IAS 15: Informação sobre os efeitos de alterações de preços
  • IAS 16: Propriedade, Instalações e equipamento
  • IAS 17: Leases
  • IAS 18: Receitas
  • IAS 19: Benefícios dos empregados
  • IAS 20: Contabilização de subsídios governamentais e divulgação de apoios do Estado
  • IAS 21: Os efeitos das alterações de taxas de câmbio
  • IAS 22: Fusões e aquisições
  • IAS 23: Custos de financiamento
  • IAS 24: Divulgação de negócios com partes relacionadas
  • IAS 26: Contabilização e reporting de fundos de pensões
  • IAS 27: Relatórios financeiros consolidados
  • IAS 28: Investimentos em associadas
  • IAS 29: Relatórios financeiros em economias hiperinflaccionárias
  • IAS 30: Divulgação nos relatórios financeiros de bancos e instituições financeiras similares
  • IAS 31: Reporting financeiro de participações em Joint Ventures
  • IAS 32: Instrumentos financeiros: divulgação e apresentação
  • IAS 33: Resultados por acção
  • IAS 34: Relatórios financeiros intermédios
  • IAS 35: Operações descontinuadas
  • IAS 36: Abatimento de activos
  • IAS 37: Provisões, passivos contingentes e activos contingentes
  • IAS 38: Activos intangíveis
  • IAS 39: Instrumentos financeiros: reconhecimento e medida
  • IAS 40: Propriedades de investimento
  • IAS 41: Agricultura

Interpretações

  • Prefácio às International Financial Reporting Interpretations (Actualizado em Janeiro de 2006)
  • IFRIC 1 Alterações a passivos de descomissionamento, restauro e similares (Actualizado em Janeiro de 2006)
  • IFRI Approach under IAS 29 Reporting financeiros em economias hiperinflaccionárias (emitido em Fevereiro de 2006)
  • IFRIC 8 Scope of IFRS 2 (Issued February 2006)
  • IFRIC 9 Reassessment of Embedded Derivatives (Issued April 2006)
  • IFRIC 10 Interim Financial Reporting and Impairment (Issued November 2006)
  • IFRIC 11 IFRS 2—Group and Treasury Share Transactions (Issued November 2006)
  • IFRIC 12 Service Concession Arrangements (Issued November 2006)
  • SIC 7 Introduction of the Euro (Updated to January 2006)
  • SIC 10 Government Assistance—No Specific Relation to Operating Activities (Updated to January 2006)
  • SIC 12 Consolidation—Special Purpose Entities (Updated to January 2006)
  • SIC 13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers (Updated to January 2006)
  • SIC 15 Operating Leases—Incentives (Updated to January 2006)
  • SIC 21 Income Taxes—Recovery of Revalued Non-Depreciable Assets (Updated to January 2006)
  • SIC 25 Income Taxes—Changes in the Tax Status of an Entity or its Shareholders (Updated to January 2006)
  • SIC 27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease (Updated to January 2006)
  • SIC 29 Disclosure—Service Concession Arrangements (Updated to January 2006)
  • SIC 31 Revenue—Barter Transactions Involving Advertising Services (Updated to January 2006)
  • SIC 32 Intangible Assets—Web Site Costs (Updated to January 2006)

Features of IFRS

References

References to IFRS standards given in the standard convention, for example (IAS1.14) refers to paragraph 14 of IAS1, Presentation of Financial Statements

Content of financial statements

IFRS financial statements consist of (IAS1.8)

  • a balance sheet
  • income statement
  • either a statement of changes in equity or a statement of recognised income or expense (“SORIE”)
  • a cash flow statement
  • notes, including a summary of the significant accounting policies

Comparative information is provided for the previous reporting period (IAS 1.36). An entity preparing IFRS accounts for the first time must apply IFRS in full for the current and comparative period although there are transitional exemptions (IFRS1.7).

Consolidated financial statements

The ultimate parent company of a group must produce consolidated financial statements including all of its subsidiaries (IAS27.9). A subsidiary is an entity which is controlled by another entity; control is the power to govern the financial and operating policies (IAS27.4). In preparing consolidated financial statements, balances, transactions, income and expenses with other group members are eliminated (IAS27.24).

Acquisition accounting and goodwill

All business combinations are accounted for by applying the purchase method, requiring that one entity is identified as acquirer (IFRS3.17).

The acquiring entity assesses the fair value of the separate assets, liabilities and contingent liabilities in the business it has acquired; this can include identification of intangible assets, for example customer relationships, which are not commonly recognised except on acquisitions (IFRS3.36)

The difference between the cost of the business combination and the fair value of the assets and liabilities acquired represents goodwill (IFRS3.51). Goodwill is not subject to amortisation, but is assessed for impairment at least annually (IFRS3.54 and IAS36.10). Impairment is charged to the income statement. (IAS36. 60). Impairment provisions on goodwill are not subsequently reversed (IAS36.124).

Property, plant & equipment

Property, plant and equipment is measured initially at cost (IAS16.15). Cost can include borrowing costs directly attributable to the acquisition, construction or production if the entity opts to adopt such a policy consistently (IAS23.11).

Property, plant and equipment may be revalued to fair value if the entire class of assets to which it belongs is so treated (for example, the revaluation of all freehold properties) (IAS16.31 and 36). Surpluses on revaluation are recognised directly to equity, not in the income statement; deficits on revaluation are recognised as expenses in the income statement (IAS16.39 and 40).

Depreciation is charged to write off the cost or valuation of the asset over its estimated useful life to down to the recoverable amount (IAS16.50). The cost of depreciation is recognised as an expense in the income statement (IAS16.48). The depreciation method and recoverable amount is reviewed at least annually (IAS16.61). In most cases the method is “straight line”, with the same depreciation charge from the date when an asset is brought into use until it is expected to be sold or no further economic benefits obtained from it, but other patterns of depreciation are used if assets are used proportionately more in some periods than others (IAS16.56).

Joint ventures, associates and other investments

Joint ventures are investments other than subsidiaries where the investor has a contractual arrangement with one or more other parties to undertake an economic activity that is subject o joint control (IAS31.3).

Joint ventures may be accounted for using either

  • proportionate consolidation, accounting for the investor’s share of the assets, liabilities, income and expenses of the joint venture (IAS31.30).
  • equity method. The investment is stated initially at cost and adjusted thereafter for the investor’s share of post-acquisition changes in net assets. The income statement includes the investor’s share of profit or loss of the investment (IAS31.38).

Associates are investments, other than joint ventures and subsidiaries, in which the investor has a significant influence (the power to participate in financial and operating policy decisions) (IAS28.2). It is presumed that this will be the case if the investment is greater than 20% of the investee unless it can be clearly demonstrated not to be the case (IAS28. 6). Associates are accounted for using the equity method.

Investments other than subsidiaries, joint ventures and associates are accounted for at their fair values unless (IAS39.9 and 46):-

  • they have fixed or determinable maturity periods and are expected to be held to maturity, in which case they are stated at amortised cost (providing a constant rate of return until maturity;
  • there is no reliable market value, in which case they are measured at cost.

Inventory (stock)

Inventory is stated at the lower of cost and net realisable value (IAS2.9).

Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing items to their present location and condition (IAS2.100. Where individual items are not identifiable, the “first in first out” (FIFO) method is used, such that cost represents the most recent items acquired. “Last in first out” (LIFO) is not acceptable (IAS2.25).

Net realisable value is the estimated selling price less the costs to complete and costs to sell (IAS2.6).

Receivables (debtors) and payables (creditors)

Receivables and payables are recorded initially at fair value (IAS39.43). Subsequent measurement is stated at amortised cost (IAS39.46 and 47). In most cases, trade receivables and trade payables can be stated at the amount expected to be received or paid; however, it is necessary to discount a receivable or payable with a substantial credit period (see for example IAS18.11 for accounting for revenue).

If a receivable has been impaired its carrying amount is written down its recoverable amount (the higher of value in use and its fair value less costs to sell). Value in use is the present value of cash flows expected to be derived from the receivable (IAS36.9 and 59). ...

Borrowing

Borrowing is stated at amortised cost using the effective interest method. This requires that the costs of arranging the borrowing are deducted from the principal value of debt and are amortised over the period of the debt (IAS39.46).

Provisions

Provisions are liabilities of uncertain timing or amount (IAS37.10). Provisions are recognised when an entity has, at the balance sheet date, a present obligation as a result of a past event, when it is probable that there will be an outflow of resources (for example a future cash payment) and when a reliable estimate can be made of the obligation (IAS37.14). Restructuring provisions are recognised when an entity has a detailed plan for the restructuring and has raised an expectation amongst those affected that it will carry out the restructuring (IAS37.72).

Revenue

Revenue is measured at the fair value of consideration received or receivable (IAS18.9).

Revenue for the sale of goods cannot be recognised until the entity has transferred to the buyer the significant risks and rewards of ownership of the goods (IAS18.14).

Revenue for rendering of services is accounted for to the extent that the stage of completion of the transaction can be measured reliably (IAS18.20).

Employee costs

Employee costs are recognised when an employee has rendered service during an accounting policy (IAS19.10). This requires accruals for short-term compensated absences such as vacation (holiday) pay (IAS19.11). Profit sharing and bonus plans require accrual when an entity has an obligation to make such payments at the reporting date (IAS19.17).

Share-based payments

Where an entity receives goods or services in return for the issue of its own shares or equity instruments it accounts for the fair value of those goods or services as an expense or as an asset (IFRS2.7). Where it offers options and other share based incentives to its employees it is required to assess the market value of the instruments when they are first granted and then to charge the cost over the period in which the benefit vests (IFRS2.10).

Income taxes

Taxes payable in respect of current and prior periods are recognised as a liability to the extent they are unpaid at the balance sheet date (IAS12.12).

Deferred tax liabilities are recognised for taxable temporary differences at the balance sheet date which will result in tax payable in future periods (for example, where tax deductions have been claimed for capital expenditure before the cost of depreciation has been charged in the income statement) (IAS12.39). Deferred tax assets are recognised for deductible temporary differences at the balance sheet date (for example, tax losses which can be used in future periods) to the extent that it is probable that these will reverse in future and that there will be taxable profits against which they can be offset (IAS 12.44).

Cash flow statements

IFRS cash flow statements show movements in cash and cash equivalents. This includes cash on hand and demand deposits, short term liquid investments readily convertible to cash and overdrawn bank balances where these readily fluctuate from positive to negative (IAS7.6 to 9). IFRS cashflow statements do not need to show movements in borrowings or net debt.

Cash flow statements may be presented using either a direct method, in which major classes of cash receipts and cash payments are disclosed, or using the indirect method, whereby the profit or loss is adjusted for the effect of non-cash adjustments (IAS7.18).

Items on the cash flow statement are classified as operating activities, investing activities and financing activities (IAS7.10).

Leasing (accounting by lessees)

Leases are classified:-

  • finance leases, being a lease which transfers substantially all the risks and rewards incidental to ownerships to the lessee. Finance leases are recognised on the balance sheet as an asset (the asset being leased) and as a liability (liability to the lessor) (IAS17.4, 20 and 25)
  • operating leases, a being lease other than a finance lease. The cost of an operating leases is recognised in the income statement as the asset is used (IAS17.4 and 33)

Fair value

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction (IFRS1 App A).

Amortised cost

Amortised cost uses the effective interest method to provide a constant rate of return on an asset or liability until maturity (IAS39.9)

Framework for the Preparation and Presentation of Financial Statements

Introduction

The Framework for the Preparation and Presentation of Financial Statements states basic principles for IFRS.

The framework states that the objective of financial statements is to provide information about the financial position, performance and changes in the financial position of an entity that is useful to a wide range of users in making economic decisions.

The Framework can divide into the following sections:

  • Purpose and status
  • Scope
  • Objective
  • Underlying assumptions
  • Qualitative characteristics of financial statements
  • Elements of financial statements
  • Recognition of elements of financial statements
  • Measurement of the elements of financial statements

Underlying assumptions

The underlying assumptions used in IFRS are:

  • Accrual basis - the effect of transactions and other events are recognised when they occur, not as cash is received or paid
  • Going concern - the financial statements are prepared on the basis that an entity is a going concern and will continue in operation for the foreseeable future

IFRS follows a balance sheet approach:-

Equity at year-end = calculation base on IFRS.
Net profit = Equity at year-end minus Equity at the beginning of the year

Qualitative characteristics of financial statements

The Framework describes the qualitative characteristics of financial statements as being

  • Understandability
  • Relevance
  • Reliability and
  • Comparability.

Elements of financial statements

The Framework sets out the statement of financial position (balance sheet) as comprising:-

  • Assets - resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
  • Liabilities - a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
  • Equity - the residual interest in the assets of the entity after deducting all its liabilities
  • Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or reductions in liabilities.
  • Expenses are decreases in such economic benefits.

Recognition of elements of financial statements

An item is recognised in the financial statements when:-

  • it is probable that a future economic benefit will flow to or from an entity and
  • when the item has a cost or value that can be measured with reliability.

Leitura adicional

  • International Accounting Standards Board (2007): International Financial Reporting Standards 2007 (incluí International Accounting Standards (IASs™) e interpretações), LexisNexis, ISBN 1422418138

Referências

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