Evaluate IFRS and XBRL taxonomy (US GAAP)

1. Evaluate IFRS and XBRL taxonomy (US GAAP)
Topic
Thanuja B S
2nd M.Com
Underthe guidance of
Sundar B. N.
Asst. Prof. & Course Co-ordinator
GFGCW, PG Studies in Commerce
Holenarasipura

2. Introduction to IFRS
IFRS is short of International financial reporting standards.IFRS
is the international accounting framework within which to
properly organise and report financial information it is derived
from the pronouncement of the London-based International
accounting standards board (IASE). it is currently the required
accounting Framework in more than 120 countries simply IFRS is
like a common Global Language for business affairs so that
company accounts or understandal and compareble across
International boundary.

3. History of IFRS
IFRS standards that were issued by IASC (The producers of
IASB) are still in use today and or used a international accounting
standard (IAS) wheel standards issued by IAS are called ifrs IAS were
issued between 1973 and 2001 by the board of the International
accounting standards committee (IASC) .
 2005 Hero peon Union adopted ifrs followed by Japan
Canada IsraeL and Australia.

4.  2007 Security exchange commity allows foreign registrations
in the US use iIFRS.
 2008 SEC issues a roadmap for public comment
 2011 decision as to go forward it's not a done deal.
Part -1
Part 1 :- Allows a small number of us public companies to
early adopt IFRS (110 companies-14% of US cpitalization) in
2009 must reconcile to US GAAP.
Part 2 :- Identifies four milestones to be evaluated into the
2011 at which time a further time table will be set.

5. 6.European Union
7.India
8. Australia
9. Pakistan
10.Russia
11. South Africa
11.Turkey
1.South Korea
2.Hong Kong
3.Malaysia
4.Philippines
5.Singapore
Countries using IFRS

6. Meaning of IFRS
• IFRS were established to bring consistency to accounting standards and
practices regardless of the company or the country
• They are issued by the accounting standards board (IAS) and address
record keeping account reporting and other aspects of financial reporting.
Definition
• Teh financial statement should be prepare but only eprovides
guidelines that harmonize the standards and make the
accounting process uniform across the world.

7. Evaluate of IFRS in US GAAP
 Treatment of inventory
 Intantagible
 Rules v/s principles
 Recognition of revenue
 Classification of liability
 Correction of fundamental error
 Business combination
 Cash flow statement
 Balance sheet

8. XBRL taxonomy
 Taxonomies are the reporting area specific hirarchical
dictionaries used by the XBRL community the define the specific
tags that are used for individual items of data.
 Specific taxonomy developer and recommended by 12 its self
has also been design to support collection of detailed drill-down
date focusing on internal reporting within organization. This is
the global ledger taxonomy.

9. This guide focuses on the xbrl US Gaap taxonomy. The main taxonomy that
will be used for financial statement filling In the united states.The current
release of the taxonomy was created through the organized effort of XBRL
US with resource and input form member of XBRL US public accounting firm
participants in the SEC vollentory financial reporting program securities
analysis and other.
XBRL US GAAP
Taxonomies

10. Conclusion
IFRS present opportunities for global us companies to
lower cost though standardization financial reporting
controlization of process improved controls and better
cash management improves liquidity valuation and cost of
capital.