PART TWO

IFRS Disclosures, Other Reporting Standards and Assurance

TIPS FOR READERS

It is remarkable how much duplication there is in data collection and, particularly, in describing objects and items from various viewpoints. For instance, the International Organization for Standardization (ISO), through the widespread use of its standards, generates a great deal of quantitative information. This is important for object definition, although that has not, as yet, seeped into business reporting to any great extent.

Also, consider that tax departments, especially in relation to VAT/sales tax, collect a tremendous amount of product information, and also define the boundaries of business entities. For instance, every taxable entity has a specific tax number. Again, in business reporting, boundary definitions for reporting entities is fuzzy in some areas, and that affects the generally expected assurance of integrity in business reports.

An important observation is that the push for good governance has led to increased focus on non-financial reporting. Two issues arise. One is the lack of consistency between related standards. The other is that non-financial reporting is not comparable, not only because of inconsistent standards, but also due to the differing focuses of reporting entities, whereby one might emphasise the low to no usage of child labour whereas another presents its low usage of electricity.

Summary

The first section discusses IFRS disclosures and provides a review of related checklists. The second section focuses on reporting standards other than IFRS detailed earlier, with particular attention paid to International Public Sector Accounting Standards (IPSAS) and the related overseeing body, the International Public Sector Accounting Standards Board (IPSASB). Standard-based organisations are also reviewed, including the System of National Accounts (SNA), the International Valuation Standards Council (IVSC), the Valuation Resource Group (VRG), the Institute of Electrical and Electronics Engineers (IEEE), the ISO and other standards that are private and voluntary in nature.

Target audience

The overall concept map shown in the foremost introduction indicates the necessary breadth and depth of elements contained in this book, as playing fundamental parts in supporting current and expected thoughts of a new reporting paradigm. Accordingly, we can see that the various sections of this book are likely to be of particular significance to some people more than to others.

Readers who are expected to have an affinity with, and interest in, Part II of this book, include:

• accounting practitioners
• developers of business reporting
• deliverers of business reporting
• standard setters
• auditors
• senior executives
• senior bureaucrats
• finance professionals
• academics
• students
• government officers.