IFRS accounting policy for 2020-2021
IFRS accounting policy is a set of assets and liabilities accounting and reporting options, which entities choose relying on International Financial Reporting Standards (IFRS) requirements. In this section, you can choose certain options step by step, building your own IFRS accounting policy. Ultimately, the software will generate accounting policy in English (see example). This service is free!
Accounting Policy FAQ
Who has made such accounting policy and how?
The IFRS accounting policy given here has been prepared by Avdeev & Co audit firm under it international reporting project. The provisions that permit various approaches were selected from the international standards and the options were provided for users to choose.
How comprehensive is this policy?
IFRS accounting policy must include a rather vast list of provisions. All matters that are not established in the standards unambiguously, but relate to entity’s activities and reporting that is reliable and easy to understand for third parties, must be encompassed by the accounting policy. We have chosen the IFRS provisions, which clearly contain the possible options. They amounted close to three dozens. The matters that are not encompassed by unambiguous provisions in the standards, which depend on specific activities of each entity, are to be added by the user to the accounting policy based on circumstances.
I didn't find some provisions in your accounting policy
If you notice that the accounting policy on the web-site lacks some important matters, please let us know by all means, as you find convenient. IFRS contain more than 1,000 text pages, it’s we missed something.
It’s good to have accounting policy; however what forms do I use to make reporting?
IFRS doesn’t establish strict reporting forms, each organization develops them individually. However you don't need to spend a lot of time inventing your own forms, you can use those that are already available and integrated in IFRT software, which are verified against IASC taxonomy, rather than home-made.