International Accounting Standards 2021
International Accounting Standards (IAS) are a set of rules, established by the International Accounting Standards Committee, created to set a standard for the preparation and presentation of financial statements of companies. They were in effect, at least under that name, until 2001.
These standards were issued by the International Accounting Standards Committee (IASC). This institution preceded the current International Accounting Standards Board (IASB).
International Accounting Standards pdf 2020
The NIF (Financial Reporting Standards) are a set of concepts and guidelines that regulate the preparation and presentation of financial statement information. In addition, they are generally accepted in a given place and on a given date.
This acceptance arises from an examination process carried out by the CINIF (Mexican Financial Reporting Standards Board), open to the observation and active participation of all those interested in the subject.
The Financial Reporting Standards have been replacing the Generally Accepted Accounting Principles and are also homologated to the international normative change in which they replace the International Accounting Standards.
The importance of the NIF is due to the fact that they structure the accounting theory, thus establishing limits and operating conditions of the accounting information system; they also serve as a regulatory framework for the issuance of financial statements, making the process of preparation and presentation of financial information on economic entities more efficient, avoiding discrepancies in criteria that may result.
International Accounting Standards 2020
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These standards establish the information to be presented in the Financial Statements and how it should be recorded. IAS are not laws of physics or nature that awaited discovery, but rather standards that man has deemed necessary based on his business experiences.
They are high quality investor-oriented accounting standards whose objective is to reflect the economic substance of business operations and to present a true and fair view of the financial position of an enterprise.
The term “International Financial Reporting Standards – IFRS” refers to the Standards and Interpretations adopted by the International Accounting Standards Board (IASB), which comprise:
The objective of this Standard is to prescribe the accounting treatment of inventories. A fundamental issue in the accounting for inventories is the amount of cost that should be recognized as an asset and deferred until the related revenue is recognized. This Standard provides practical guidance for the determination of that cost, as well as for the subsequent recognition as an expense for the period, including any impairment that reduces the carrying amount to net realizable value. It also provides guidance on the cost formulas used to attribute costs to inventories.
The first final provision of Law 16/2007, of July 4, 2007, on the reform and adaptation of mercantile legislation in accounting matters for its international harmonization based on European Union regulations, authorizes the Government to approve, by means of a royal decree, the General Accounting Plan, as well as its amendments and complementary rules, in order to develop the aspects contained in the Law itself.
The first final provision of Law 16/2007 also provides for the approval of the complementary rules of the General Chart of Accounts. In particular, this authorization will lead in the short term to a revision of the Rules for the Preparation of the Consolidated Financial Statements approved by Royal Decree 1815/1991, of December 20, 1991.
In relation to the process followed in the preparation of the General Chart of Accounts, it is worth highlighting the creation of a group and several working subgroups through the Resolutions of July 12, 2005 and September 22, 2005, of the Instituto de Contabilidad y Auditoría de Cuentas, which were entrusted with the task of preparing a document that would serve as a basis for the reform of the General Chart of Accounts. The main objective pursued in the composition of this working group and subgroups was to achieve adequate representation of the different groups related to economic and financial information. In addition, it should be noted that, in order to assess its suitability and compliance with the Accounting Conceptual Framework contained in the Code of Commerce, the draft standard was submitted to the Accounting Board at its meeting held on July 10, 2007, after having heard the Accounting Advisory Committee at its meeting held on June 28, 2007.