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+--- Thread: A question about IFRS (/showthread.php?tid=7985)
A question about IFRS - danics - 05-15-2010
Dear all i m a beginner in accounting and IFRS too, our project is create a XBRL output for our companies, we begin our research almost in two weeks and first we decide create IFRS for our companies then use this taxonomy in XBRL project. now we want to know for create IFRS, Should our country be member of iasplus.com or iasb.org (like membership of XBRL), or not? and if answer is yes what are we doing for this membership?
another question is we decide to divide our companies in 8 categories and then create a IFRS for every category (like Banks and ...), do you think this is a right way for standardize our accounting or we must use another method like create a IFRS for any company?
thanks a lot.
- bizmen - 05-24-2010
Hi Danics
What do you mean by creating IFRS? I don't think that IFRS are created for specific companies. They are normally developed on country level or (in some cases) for specific industries. However, for that too...Accounting Standards or GAAP already in practice are selected and modified for specific needs.
Anyhow, iasplus.com is not an standard setting body. They only provide summary of IFRSs and IASs developed by IASB.
Please elaborate your question, if you still need further info.