Glossary
Agenda decision (AD)
An agenda decision is a formal decision by the Board to add (or not to add) the item in question to its agenda.
Analyst Representative Group (ARG)
A group of selected professional financial analysts who meet three times a year with selected members of the International Accounting Standards Board (IASB) to provide the views of professional investors on financial reporting issues.
Discussion Paper (DP)
The Board publishes a DP to obtain feedback from members of the public before developing the final standard.
electronic International Financial Reporting Standards (eIFRS)
eIFRS is a subscription service to keep you completely up-to-date with International Financial Reporting Standards (IFRSs), Interpretations (IFRICs/SICs) and any revisions just as soon as they are available.
Exposure Draft (ED)
A draft of a proposed standard interpretation or other document.
The Board publishes an ED to obtain feedback from members of the public before developing the final standard, interpretation or other document.
Extensible Business Reporting Language (XBRL)
XBRL is one of a family of XML mark-up languages and is becoming a standard means of communicating information between businesses and on the Internet.
Financial Accounting Standards Board (FASB)
The FASB is a private sector organisation in the United States that establishes financial accounting and reporting standards for business enterprises reporting under US Generally Accepted Accounting Principles (US GAAP).
Generally Accepted Accounting Principles (GAAP)
Accounting requirements for business enterprises in the United States, established by the Financial Accounting Standards Board (FASB), predecessor organisations and others.
International Accounting Standard (IAS)
A standard adopted by the International Accounting Standards Board’s (IASB) predecessor, the International Accounting Standards Committee (IASC). When the IASB replaced the IASC in 2001, it adopted all IASs then in force.
International Accounting Standards Board (IASB)
The IASB is an independent, privately-funded accounting standard-setter.
International Accounting Standards Committee Foundation (IASCF)
The parent entity of the International Accounting Standards Board (IASB).
International Financial Reporting Interpretations Committee (IFRIC)
The International Accounting Standard Board’s (IASB) interpretative body.
Its mandate is to review on a timely basis within the context of current International Financial Reporting Standards (IFRSs) and the IASB Framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus on the appropriate accounting treatment (IFRIC Interpretations).
International Financial Reporting Standard (IFRS)
A standard and interpretation adopted by the International Accounting Standards Board (IASB).
Memorandum of Understanding (MoU)
The MoU is an agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards fully compatible as soon as is practicable and to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained.
Round-table discussion (RT)
A public discussion between selected outside participants and some or all members of the International Accounting Standards Board (IASB).
Small and Medium-Sized Entities (SME)
Entities that would be within the scope of the project to develop an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
The SME project is designed for entities that:
- do not have public accountability and
- publish general purpose financial statements for external users.
Standards Advisory Council
A forum for the International Accounting Standards Board (IASB) to consult interested organisations. The SAC meets three times a year, and SAC members provide the IASB with input on its agenda, its work programme and particular projects.