By Professor Steven Firer - Technical Partner
Welcome to the first edition of Nkonki’S Quick Reference Guide to IFRS - 2010. This
reference guide provides summaries of all International Accounting Standards (IAS)
and the International Financial Reporting Standards. The summaries reflect the
latest revisions to the standards up to 31 December 2009.
This guide does not cover the detailed disclosure requirements, these can be
found in the Nkonki IFRS Disclosure checklist which can be downloaded from the
Nkonki website, www.nkonki.com. These summaries cannot be solely relied upon
for preparation of financial statements, without referring to the Nkonki full IFRS
Disclosure checklist, and professional advice where necessary.
It is important to note that financial statements may not be described as complying with IFRS unless they comply with all the requirements of each applicable standard and each applicable interpretation. While not a standard, the International Accounting Standards Board Framework for the Preparation and Presentation of Financial Statements serves as a guide to resolving accounting issues that are not addressed directly in a standard. Furthermore, in the absence of a standard or an interpretation that specifically applies to a transaction, IAS 8 requires that an entity must use its judgement in developing and applying an accounting policy that results in information that is Relevant and Reliable. In making that judgement, IAS 8 requires management to consider the Definitions, Recognition Criteria and Measurement concepts for Assets, Liabilities, Income and Expenses in the Framework.
Please note that the following summaries cover highlights and are not a substitute for reading the entire standards. I am available for consultation on any issues that you may have on the implementation and or interpretation of IFRS. I am contactible on stevenf@nkonki.com or technical@nkonki.com. Steven R. Firer Professor Steven R Firer Technical Partner Visiting Professor, Department of Accounting, Rhodes University. JSE Accredited IFRS Advisor.