IFRS Briefing Published

The International Financial Reporting Standards Board has published their ‘layman’ version of the new 2013 Standards that they have been working on for several years. The full title of the report is the ‘International Financial Reporting Standards (IFRSs) – A Briefing for Chief Executives, Audit Committees with Boards of Directors – 2013’. Since much of the language of the report is for the purpose of communicating to the non-accountant world, the IFRS releases a simple to understand briefing that contains the summaries of the new standards. This briefing is geared to corporate CEO’s, investors, members of audit committees that are not auditors, directors and those who want to learn of the implications for businesses when they are implementing the new standards.

Many of those individuals do not speak “accountant” and reading through the massive volume of new standards in full form could turn out to be frustrating and confusing to those without the finance background. (The summary report is close to 100 pages, so that should give you an idea of the size of the full version.) This new report includes amendments that were added to the Standards in late 2012 concerning an investment entity and the exceptions to the consolidation requirements that are in International Financial Reporting Standard number 10.

You can view this report in the subscriber area of the IASB website if you have subscribed to the eIFRS website. If you have not subscribed, don’t worry, it’s available for purchase as well. Click on the link to find the report. http://eifrs.ifrs.org/eifrs/Menu. A subscription to the IASB includes access to all publications from both the IFRS and the IASB (International Accounting Standards Board) and includes a printed copy of the publications, a CD Rom of the publications and a downloadable version as well. The subscription costs £475.00 for a twelve month period. If you do not have access to the internet and would still like to subscribe to the IFRS website, you can call their customer service at 44 0 20 7332 2730. To purchase the report, visit the International Financial Reporting Standard’s web store. http://shop.ifrs.org/ProductCatalog/Product.aspx?ID=1747 One copy of this report is priced at £21.00.