CHAPTER NINE

Glossary for IFRS

THE IFRS FOUNDATION publishes a variety of paper-based and electronic products in quite a number of languages. An overview is available at shop.ifrs.org/ProductCatalog/Default.aspx.

Some of the terms in the Standards, such as assets, and financial instruments appear several thousand times in the Standards and related literature. A 49-page glossary of terms, which is published in the various volumes of the Standards, is a helpful guide to quickly gain an understanding of definitions used in the Standards. A reference is provided to a specific IAS or IFRS where the term is used, for example IAS 8.5 (accounting policies) or IFRS 3.A (acquisition date). The glossary also includes extracts from the Conceptual Framework for Financial Reporting. References to the Conceptual Framework are preceded by CF. References to defined terms in the IFRS Practice Statement Management Commentary are preceded by PS.

The glossary is provided in Appendix B as a further guide in relation to standards, thereby highlighting the depth and breadth of the standards summarised here. Associated Standards are provided where relevant.

Several footnotes indicate variations in meaning. For instance:

1. In the case of an intangible asset, the term ‘amortisation' is generally used instead of ‘depreciation'. The two terms have the same meaning.
2. In the case of an intangible asset, the term ‘amortisation' is generally used instead of ‘depreciation'. The two terms have the same meaning.
3. Monetary items are denominated in ‘currency units (CU)'.
4. A ‘group' is defined in paragraph 4 of IAS 27 Consolidated and Separate Financial Statements as ‘a parent and its subsidiaries' from the perspective of the reporting entity's ultimate parent.
..................Content has been hidden....................

You can't read the all page of ebook, please click here login for view all page.
Reset