The International Financial Reporting Standards

 国际财务报告准则是什么呢？作者总结认为其目的是帮助一个实体企业可以参考的一个标准的和财务报表相结合的高质量标准信息。国际财务报告准则是建立在一系列的原则原理的基础上,它只是提供了广泛的实体应该遵循的规则而不是约束到具体的业务过程。
The International Financial Reporting Standards aim to help an entity to put forward a standard financial statement that is combined by high quality information. International Financial Reporting Standards is a series of principles on the basis of the principle; it just provides broad rules for entities to be in accordance with rather than constraints to a specific business process. Furthermore, it provides some information about the changes and operating performance of a specific entity to shareholders and the general public. An entity needs to obey the standard, and it should be contained in the first IFRS financial statements and every interim financial report. If a financial statement is concerned to be identified with IFRS, it should be only used for internal use and the first financial statement that made by the entity. Besides, most of the entities’ financial statement is not consistent with IFRS. Moreover, for all the periods shown in the first IFRS financial statement, the entity should insist in using the same accounting standards. That is to say, there can’t be different version of IFRSs in one report even they were available version earlier. Except for some special condition, the transitional provisions, which are set for those who already choose IFRSs, do not suit for a new adopter. There are some characteristics of IFRS. First of all, recognize all the assets and liabilities of IFRS except those forbid to be so. Secondly, the classification of asset should be reconsidered. Thirdly, the standard should be obeyed during the measurement of assets and liabilities. There is no doubt that when the standard of the entity used changed from GAAP to IFRS, some basic objective information should still keep reconciliation. For example, date of the transition. As a matter of fact, there can also be some adjustment of accounting policies if one entity changes its standard from GAAP to IFRS. Accordingly, the adjustments related to retained earnings should be transferred. Besides, some estimates in GAAP should also be accepted after the transition if there isn’t any error recognized. And if there is, specific explain should be put forward to distinguish the correction of them so that the reconciliation will be protected. What needs to be highlight is that some important estimates such as exchange rate, interest rate and market price at the date of transition should be taken down so that the transition can be reasonable and accurate. If an entity that is a first-time adopter and never ever present a financial statement, it needs to state that on the report. To be short, any facts that shown in the model of GAAP and will result in changes in IFRS should be maintained in the transition of IFRS, which makes the transition more reliable. And the entity should regularly disclose the fair value of every specific classification in detail in the financial statements. And the fair value will be the deemed cost for the following opening IFRS statement. Furthermore, the process of changing the standard from GAAP to IFRS should be explained. This is used to make sure that the way of how the financial condition change and will make the operating of the entity more stable and fair. If an entity needs an interim financial report to make the report more detail, it should be concerned about the requirement that need to obey. Last but not least, the entity should consider about the effective date set by IFRS. 1 July 2009 is a boundary for most of the requirement of IFRS. The requirements can be different on some specific aspects.

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