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Author's profile photo Former Member

Which IFRS are needed for your SEM-BCS?

I was planning on writing about goodwill, but actually came up with a different idea. One particular item, goodwill, continues to be one of the most complicated areas of business consolidations, but before tackling it, maybe we should have a look at which IFRS and IAS statements are most relevant to BCS. I am benefiting from EU page where all unofficial IAS and IFRS documents are stored and available for download, but I’m not endorsing this particular source, but simply note that it’s there. To get authoritative announcement you will probably have to work with your company auditor.

My primary source for the percentage weights is the SAP IFRS book referenced here. Next is the list of IFRS and IAS that are relevant for SAP-BCS followed with the actual IFRS and IAS table as they are currently published.

IFRS 1, 3, 5, 8

IAS  1, 2, 10, 12, 16, 18, 19, 21, 27, 28, 31, 32, 34, 36, 38, 39, 40

http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias1_en.pdf  IFRS 1

 First-time Adoption of International Financial Reporting Standards

     3%

  IFRS 2

 Share-based Payment

 

  IFRS 3

 Business Combinations

   15%

  IFRS 4

 Insurance Contracts

 

  IFRS 5

 Non-current Assets Held for Sale and Discontinued Operations

     3%

  IFRS 6

 Exploration for and evaluation of Mineral Resources

 

  IFRS 7

 Financial Instruments: Disclosures

 

  IFRS 8

 Operating Segments

     3%

  IAS 1

 Presentation of Financial Statements

     3%

  IAS 2

 Inventories

     2%

  IAS 7

 Cash Flow Statements

 

  IAS 8

 Accounting Policies, Changes in Accounting Estimates and  Errors

 

  IAS 10

 Events After the Balance Sheet Date

     3%

  IAS 11

 Construction Contracts

 

  IAS 12

 Income Taxes

   10%

  IAS 16

 Property, Plant and Equipment

     3%

  IAS 17

 Leases

 

  IAS 18

 Revenue

     3%

  IAS 19

 Employee Benefits

     1%

  IAS 20

 Accounting for Government Grants and Disclosure of Government  Assistance

 

  IAS 21

 The Effects of Changes in Foreign Exchange Rates

     5%

  IAS 23

 Borrowing Costs

 

  IAS 24

 Related Party Disclosures

 

  IAS 25

 Accounting and Reporting by Retirement Benefit Plans

 

  IAS 27

 Consolidated and Separate Financial Statements

     3%

  IAS 28

 Investments in Associates

     5%

  IAS 29

 Financial Reporting in Hyperinflationary Economies

 

  IAS 31

 Interests in Joint Ventures

     3%

  IAS 32

 Financial Instruments: Presentation

     1%

  IAS 33

 Earnings per Share

 

  IAS 34

 Interim Financial Reporting

     3%

  IAS 36

 Impairment of Assets

   20%

  IAS 37

 Provisions, Contingent Liabilities and Contingent Assets

     2%

  IAS 38

 Intangible Assets

     3%

  IAS 39

 Financial Instruments: Recognition and Measurement

     4%

  IAS 40

 Investment Property

     2%

  IAS 41

 Agriculture

 

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      2 Comments
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      Author's profile photo Marilyn Pratt
      Marilyn Pratt
      Hi Greg,
      Am presently at a conference in Zurich and wondering what other websites or knowledge assets you think are important to the banking industry around IFRS topics. Suggestions?
      Author's profile photo Former Member
      Former Member

      Marilyn,

      since you have mentioned Switzerland, i have always wondered why this little website (a bit dated now) has helped
      me in the past. i have also found this sap publication from
      Michael Scott, not necessarily geared toward banking, but who knows. i guess this is nothing
      new when going over IAS 12 and SFAS 109.

      but please don't mention CIT today.