The similarities and differences between these accounting and auditing standards: 1. #ISAs (International Standards on Auditing): - Similarities: ISAs are a set of international standards for auditing that provide guidance on how audits of financial statements should be conducted. They emphasize independence, objectivity, and due professional care in auditing. - Differences: ISAs primarily focus on the auditing process itself and are applicable for auditors worldwide. 2. #IFRS (International Financial Reporting Standards): - Similarities: IFRS and ISAs are both international accounting and auditing standards. They are developed by the same organization, the International Federation of Accountants (IFAC), and aim to ensure consistency and comparability in financial reporting and auditing globally. - Differences: IFRS primarily deals with accounting standards, providing guidance on how financial statements should be prepared, while ISAs focus on auditing standards. 3. #GAAS (Generally Accepted Auditing Standards): - Similarities: GAAS and ISAs are both sets of standards for auditing. They share the common goal of promoting high-quality audits, including the principles of independence, professional skepticism, and due care. - Differences: GAAS is the set of auditing standards used in the United States, while ISAs are internationally recognized. The key difference is the jurisdictional applicability. 4. #US GAAP (Generally Accepted Accounting Principles): - Similarities: Both US GAAP and IFRS aim to provide consistent and reliable financial reporting. Auditors using ISAs or GAAS must ensure that financial statements comply with the relevant accounting principles. - Differences: US GAAP is specific to the United States, while IFRS is used in many other countries. US GAAP is concerned with how financial statements are prepared, whereas ISAs and GAAS are concerned with how financial statements are audited. 5. #NV-COS (Nadere voorschriften controle- en overige standaarden): - Similarities: NV-COS, like ISAs, is a set of auditing standards. They both provide guidance to auditors in their work. - Differences: NV-COS is specific to the Netherlands and is issued by the Dutch professional accounting body (NBA), making it relevant for financial professionals in the Netherlands. ISAs are internationally recognized and apply globally. 6. #Dutch GAAP: - Similarities: Dutch GAAP and IFRS both provide accounting standards for financial reporting in the Netherlands. Auditors, whether following ISAs or NV-COS, would ensure that financial statements comply with Dutch GAAP or IFRS, depending on the context. - Differences: Dutch GAAP is specific to the Netherlands and is used for preparing financial statements in accordance with Dutch accounting standards, while IFRS is a more globally recognized set of accounting standards.
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IASC & IASB formation and background IASC (International Accounting Standards Committee) and IASB (International Accounting Standards Board) are both entities involved in the development and promulgation of international accounting standards. However, they represent different phases in the evolution of international accounting standard-setting. 1. IASC (International Accounting Standards Committee): - Formation: IASC was formed in 1973 and operated until 2001. - Nature: It was a private sector body that brought together accounting professionals, standard-setters, and practitioners from around the world. - Mission: The IASC's primary goal was to develop a single set of high-quality global accounting standards that could be used by companies for cross-border listings and other financial reporting purposes. 2. IASB (International Accounting Standards Board): - Formation: The IASB was established in 2001, replacing the IASC. Nature: It is an independent, privately-funded international standard-setting body. - Mission: Like its predecessor, the IASB's mission is to develop and approve International Financial Reporting Standards (IFRS). IFRS are a set of accounting standards that provide a common language for business affairs so that company accounts are understandable and comparable across international boundaries. In summary, IASC was the original body responsible for international accounting standard-setting, while IASB succeeded it in 2001 and continues to play a crucial role in developing and maintaining international accounting standards (IFRS). The transition from IASC to IASB marked a shift toward a more structured and independent approach to global accounting standard-setting.
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IAS (International Accounting Standards) and IFRS (International Financial Reporting Standards) are both sets of accounting standards developed and issued by the International Accounting Standards Board (IASB). However, there are some key differences between the two: Development Timeline: IAS: The International Accounting Standards (IAS) were issued by the International Accounting Standards Committee (IASC) between 1973 and 2001. IFRS: International Financial Reporting Standards (IFRS) replaced IAS and are issued by the International Accounting Standards Board (IASB) since 2001. Scope: IAS: Initially, IAS covered a narrower range of topics and were less comprehensive compared to IFRS. IFRS: IFRS is broader in scope and covers more accounting areas. It incorporates and supersedes the older IAS standards. Hierarchy: IAS: IAS are considered the older generation of accounting standards and are now part of the IFRS framework. IFRS: IFRS includes both the newer standards issued by the IASB and the older IAS standards. IFRS is the current global standard for financial reporting. Numbering: IAS: IAS standards are numbered from 1 to 41. IFRS: IFRS standards are numbered from IFRS 1 to IFRS 17 (as of my last update). Recognition and Measurement: IAS: IAS standards generally follow a "principles-based" approach to recognition and measurement, providing broad guidelines rather than specific rules. IFRS: IFRS standards also follow a principles-based approach, but they are more detailed and prescriptive compared to IAS. However, IFRS allows for some flexibility in application, particularly when specific guidance is lacking. Update Process: IAS: IAS was not subject to the same level of regular updates and revisions as IFRS. IFRS: IFRS is subject to continuous updates and improvements by the IASB through its due process, including public consultation and exposure drafts. Overall, while IAS laid the foundation for international accounting standards, IFRS represents a more comprehensive and globally accepted framework for financial reporting.
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Senior Manager at EY - Professional Practice Group (IFRS desk) and Flying Squad
Looking for a global perspective on IFRS? Then our International GAAP® 2024 - The updated EY global perspective on IFRS is just what you need! To obtain free access to International GAAP® 2024 on EY Atlas Client Edition, please visit ey.com/eyatlas to get started. This publication is a detailed guide to interpreting and implementing International Financial Reporting Standards (IFRS). By setting IFRS in a relevant business context, International GAAP® 2024 provides insights on how complex practical issues should be resolved in the real world of global corporate reporting. It is an important tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS accounting and sustainability disclosure standards. Available online and offline - free of charge to all users Written by EY corporate reporting professionals from around the world, this detailed guide to reporting under IFRS accounting and sustainability disclosure standards provides a global perspective on the application of IFRS accounting and sustainability disclosure standards. It explains complex technical accounting and sustainability reporting issues clearly by setting IFRS accounting and sustainability disclosure standards in a practical context with numerous worked examples, illustrations and extracts from the published general purpose financial reports of major listed companies from around the world. Upholding the EY commitment to carbon neutrality, International GAAP® 2024 has been published digitally on the free version of EY Atlas Client Edition. This online publication presents International GAAP® 2024 in a user-friendly, easy to browse and search, digital format. In addition to International GAAP® 2024, the free version of EY Atlas Client Edition also provides access to other IFRS accounting and sustainability reporting thought leadership from EY teams (e.g., Applying IFRS and IFRS Developments) in one central, easy-to-navigate platform. Optimized for mobile devices, EY Atlas Client Edition is accessible anytime and anywhere. Combining leading class browse and search functionality, it focuses your efforts in understanding the content rather than looking for it. Free offline access in PDF format To ensure the offline copy of our detailed guide is accessible to readers across the globe, EY will produce a downloadable PDF version of International GAAP® 2024 for offline use. The PDF contains the entire publication, made up of 50 chapters along with a supplement on IBOR Reform and a supplement on the IFRS sustainability disclosure standards, in a single file with embedded bookmarks to aid navigation. The downloadable PDF version of International GAAP® 2024 for offline use will be available by 29 February 2024.
International GAAP® 2024 - The updated EY global perspective on IFRS To obtain free access to International GAAP® 2024 on EY Atlas Client Edition, please visit ey.com/eyatlas to get started. This publication is a detailed guide to interpreting and implementing International Financial Reporting Standards (IFRS). By setting IFRS in a relevant business context, International GAAP® 2024 provides insights on how complex practical issues should be resolved in the real world of global corporate reporting. It is an important tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS accounting and sustainability disclosure standards. Available online and offline - free of charge to all users Written by EY corporate reporting professionals from around the world, this detailed guide to reporting under IFRS accounting and sustainability disclosure standards provides a global perspective on the application of IFRS accounting and sustainability disclosure standards. It explains complex technical accounting and sustainability reporting issues clearly by setting IFRS accounting and sustainability disclosure standards in a practical context with numerous worked examples, illustrations and extracts from the published general purpose financial reports of major listed companies from around the world. Upholding the EY commitment to carbon neutrality, International GAAP® 2024 has been published digitally on the free version of EY Atlas Client Edition. This online publication presents International GAAP® 2024 in a user-friendly, easy to browse and search, digital format. In addition to International GAAP® 2024, the free version of EY Atlas Client Edition also provides access to other IFRS accounting and sustainability reporting thought leadership from EY teams (e.g., Applying IFRS and IFRS Developments) in one central, easy-to-navigate platform. Optimized for mobile devices, EY Atlas Client Edition is accessible anytime and anywhere. Combining leading class browse and search functionality, it focuses your efforts in understanding the content rather than looking for it. Free offline access in PDF format To ensure the offline copy of our detailed guide is accessible to readers across the globe, EY will produce a downloadable PDF version of International GAAP® 2024 for offline use. The PDF contains the entire publication, made up of 50 chapters along with a supplement on IBOR Reform and a supplement on the IFRS sustainability disclosure standards, in a single file with embedded bookmarks to aid navigation. The downloadable PDF version of International GAAP® 2024 for offline use will be available by 29 February 2024.
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Questions about IFRS topics or interpretation/application of IFRS standards? EY’s 2024 International GAAP is now available. This resource is available free and is accessible through the link in Michiel’s post below. Contact me, Michiel Van der Lof or any of our colleagues for assistance. #ey #eytax #eytaras
International GAAP® 2024 - The updated EY global perspective on IFRS To obtain free access to International GAAP® 2024 on EY Atlas Client Edition, please visit ey.com/eyatlas to get started. This publication is a detailed guide to interpreting and implementing International Financial Reporting Standards (IFRS). By setting IFRS in a relevant business context, International GAAP® 2024 provides insights on how complex practical issues should be resolved in the real world of global corporate reporting. It is an important tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS accounting and sustainability disclosure standards. Available online and offline - free of charge to all users Written by EY corporate reporting professionals from around the world, this detailed guide to reporting under IFRS accounting and sustainability disclosure standards provides a global perspective on the application of IFRS accounting and sustainability disclosure standards. It explains complex technical accounting and sustainability reporting issues clearly by setting IFRS accounting and sustainability disclosure standards in a practical context with numerous worked examples, illustrations and extracts from the published general purpose financial reports of major listed companies from around the world. Upholding the EY commitment to carbon neutrality, International GAAP® 2024 has been published digitally on the free version of EY Atlas Client Edition. This online publication presents International GAAP® 2024 in a user-friendly, easy to browse and search, digital format. In addition to International GAAP® 2024, the free version of EY Atlas Client Edition also provides access to other IFRS accounting and sustainability reporting thought leadership from EY teams (e.g., Applying IFRS and IFRS Developments) in one central, easy-to-navigate platform. Optimized for mobile devices, EY Atlas Client Edition is accessible anytime and anywhere. Combining leading class browse and search functionality, it focuses your efforts in understanding the content rather than looking for it. Free offline access in PDF format To ensure the offline copy of our detailed guide is accessible to readers across the globe, EY will produce a downloadable PDF version of International GAAP® 2024 for offline use. The PDF contains the entire publication, made up of 50 chapters along with a supplement on IBOR Reform and a supplement on the IFRS sustainability disclosure standards, in a single file with embedded bookmarks to aid navigation. The downloadable PDF version of International GAAP® 2024 for offline use will be available by 29 February 2024.
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