International Financial Reporting Standards (IFRS) are the accounting standards issued by the London based International Accounting Standards Board (IASB), an independent standard-setting board. The purpose of the IASB is to develop a single set of high quality accounting standards that are accepted globally, so that financial statements may be produced, read and understood by both local and international market players.
The IASB has also adopted the International Accounting Standards (IAS) issued by its predecessor, the Board of the International Accounting Standards Committee (IASC). These continue to be designated International Accounting Standards (IAS) but are being superseded by International Financial Reporting Standards as the standards are reviewed and updated over time.
Of special interest to banks and insurance companies are the following international standards, which deal with the treatment of financial instruments:
- IAS 32
(Financial Instruments: Presentation) - IAS 39 (and its replacement IFRS9)
(Financial Instruments: Recognition and Measurement) - IFRS 7
(Financial Instruments: Disclosures)
The FRSGlobal solution provides functionality for IFRS that includes:
- Valuation: Fair Value and Amortised Cost
- Impairment
- Hedge Relationship Builder
- Prospective and Retrospective Hedge Effectiveness Testing
Download the Data Sheet which describes the FRSGlobal solution for IFRS/IAS 32,39 » (189.16 kB)
International Financial Reporting Standards have been widely adopted by countries across the world and in some cases this has been achieved by transposing International Financial Reporting Standards into local regulations. For example, in Europe IFRS was made compulsory for listed companies in 2005.
Further countries have announced plans to adopt IFRS in the near future including:
- India: Convergence with IFRS by April 2011
- Malaysia: Convergence with IFRS 2012
Each country has its own interpretation of regulations
Select from the regions and countries below for further details of specific ones
Details
Download the Datasheet
Full details of the FRSGlobal solution for IFRS / IAS