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| − | {{insert page}} is a | + | {{this}} ({{insert page}}) is a set of accounting and financial reporting standards for companies ('entities') adopted by many countries globally. {{insert page}} constitutes a standardized way of describing a company's financial performance, position, equity, and cash flow. |
| − | + | The standards recognize the following major elements: | |
| + | * [[Link::t:Income|Income]] - Increases in economic benefit during an accounting period - inflows or enhancements of assets, or decrease of liabilities, that result in increases in equity. Except contributions made by the equity participants (for example owners, partners or shareholders) | ||
| + | * [[Link::t:Expense|Expenses]] - Decreases in assets, or increases in liabilities, that result in decreases in equity. Except for distributions made to the equity participants. | ||
| + | * [[Link::t:Asset|Assets]] - Economic resources controlled by the entity as a result of past events which are expected to generate future economic benefits | ||
| + | * [[Link::t:Liability|Liabilities]] - Obligations of the entity to transfer an economic resource as a result of past events | ||
| + | * [[Link::t:Equity|Equity]] - The residual interest in the assets of the entity after deducting all its liabilities | ||
===Notes=== | ===Notes=== | ||
| − | Level 2 {{OR}} [[Link::CO | + | In the area of supply chain performance, {{insert page}} provides better insights in the supply chain cost structures than for example [[t:GAAP|GAAP]], the US approved standard. |
| + | Level 2 {{OR}} [[Link::m:CO]] metrics are aligned with {{insert page}} cost reporting. | ||
[[Category:Term]][[Category:Finance]] | [[Category:Term]][[Category:Finance]] | ||
| + | |||
| + | Compare to: [[t:GAAP|GAAP]] | ||
<ins> | <ins> | ||
| − | [[Link::AE]] | + | [[Link::m:AE]] |
| + | [[Link::m:AE2]] | ||
| + | [[Link::m:CO1]] | ||
| + | [[Link::m:CO11]] | ||
| + | [[Link::m:CO12]] | ||
| + | [[Link::m:CO13]] | ||
| + | [[Link::t:R2R]] | ||
| + | [[Link::t:CSCI]] | ||
| + | [[Link::t:CSFP]] | ||
| + | [[Link::t:CSCF]] | ||
| + | [[Link::t:CSCE]] | ||
</ins> | </ins> | ||
{{Object | {{Object | ||
|name=International Financial Reporting Standards | |name=International Financial Reporting Standards | ||
|level=0 | |level=0 | ||
| − | |sort= | + | |sort=00000 |
| + | |keywords=Finance, Reporting, Accounting, Standard, IFRS, GAAP, Global | ||
| + | |description=IFRS is a collection of standards for accounting and financial reporting adopted by many countries globally | ||
}} | }} | ||
International Financial Reporting Standards (IFRS) is a set of accounting and financial reporting standards for companies ('entities') adopted by many countries globally. IFRS constitutes a standardized way of describing a company's financial performance, position, equity, and cash flow.
The standards recognize the following major elements:
In the area of supply chain performance, IFRS provides better insights in the supply chain cost structures than for example GAAP, the US approved standard. Level 2 OpenReference Cost metrics are aligned with IFRS cost reporting.
Compare to: GAAP Asset Efficiency Fixed Asset Turns Supply Chain Costs Cost of Goods Sold Distribution Costs Other Operational Expenses Record-to-Report Statement of Comprehensive Income Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity
| ID | Name | Level | x |
|---|---|---|---|
| IFRS | International Financial Reporting Standards | 0 | IFRS |
| IFRS01 | IFRS 1 First-time Adoption | 1 | IFRS01 |
| IFRS02 | IFRS 2 Share-based Payment | 1 | IFRS02 |
| IFRS03 | IFRS 3 Business Combinations | 1 | IFRS03 |
| IFRS04 | IFRS 4 Insurance Contracts | 1 | IFRS04 |
| IFRS05 | IFRS 5 Non-current Assets Held for Sale | 1 | IFRS05 |
| IFRS06 | IFRS 6 Mineral Resources Exploration & Evaluation | 1 | IFRS06 |
| IFRS07 | IFRS 7 Disclosures | 1 | IFRS07 |
| IFRS08 | IFRS 8 Operating Segments | 1 | IFRS08 |
| IFRS09 | IFRS 9 Financial Instruments | 1 | IFRS09 |
| IFRS10 | IFRS 10 Consolidated Financial Statements | 1 | IFRS10 |
| IFRS11 | IFRS 11 Joint Arrangements | 1 | IFRS11 |
| IFRS12 | IFRS 12 Interests in Other Entities | 1 | IFRS12 |
| IFRS13 | IFRS 13 Fair Value Measurement | 1 | IFRS13 |
| IFRS14 | IFRS 14 Regulatory Deferral Accounts | 1 | IFRS14 |
| IFRS15 | IFRS 15 Revenue | 1 | IFRS15 |
| IFRS16 | IFRS 16 Leases | 1 | IFRS16 |
| IFRS17 | IFRS 17 Insurance Contracts | 1 | IFRS17 |
| IAS01 | IAS 1 Presentation of Financial Statements | 1 | IAS01 |
| IAS02 | IAS 2 Inventories | 1 | IAS02 |
| IAS07 | IAS 7 Statement of Cash Flows | 1 | IAS07 |
| IAS08 | IAS 8 Accounting Policies, Changes in Estimates & Errors | 1 | IAS08 |
| IAS10 | IAS 10 Events aft the Reporting Period | 1 | IAS10 |
| IAS11 | IAS 11 Construction Contracts* | 1 | IAS11 |
| IAS12 | IAS 12 Income Taxes | 1 | IAS12 |
| IAS16 | IAS 16 Property, Plant & Equipment | 1 | IAS16 |
| IAS17 | IAS 17 Leases* | 1 | IAS17 |
| IAS18 | IAS 18 Revenue* | 1 | IAS18 |
| IAS19 | IAS 19 Employee Benefits | 1 | IAS19 |
| IAS20 | IAS 20 Accounting for Government Grants & Assistance | 1 | IAS20 |
| IAS21 | IAS 21 Effects of Foreign Exchange Rates | 1 | IAS21 |
| IAS23 | IAS 23 Borrowing Costs | 1 | IAS23 |
| IAS24 | IAS 24 Related Party Disclosures | 1 | IAS24 |
| IAS26 | IAS 26 Retirement Benefit Plans | 1 | IAS26 |
| IAS27 | IAS 27 Separate Financial Statements | 1 | IAS27 |
| IAS28 | IAS 28 Investments in Associates & Joint Ventures | 1 | IAS28 |
| IAS29 | IAS 29 Hyper-inflationary Economies | 1 | IAS29 |
| IAS32 | IAS 32 Presentation | 1 | IAS32 |
| IAS33 | IAS 33 Earnings per Share | 1 | IAS33 |
| IAS34 | IAS 34 Interim Financial Reporting | 1 | IAS34 |
| IAS36 | IAS 36 Impairment of Assets | 1 | IAS36 |
| IAS37 | IAS 37 Provisions, Contingent Liabilities & Contingent Assets | 1 | IAS37 |
| IAS38 | IAS 38 Intangible Assets | 1 | IAS38 |
| IAS39 | IAS 39 Recognition & Measurement* | 1 | IAS39 |
| IAS40 | IAS 40 Investment Property | 1 | IAS40 |
| IAS41 | IAS 41 Agriculture | 1 | IAS41 |