What does Ifric stand for accounting?

What does Ifric stand for accounting?

International Financial Reporting Interpretations Committee
IFRIC Interpretations are developed by the IFRS Interpretations Committee (previously the International Financial Reporting Interpretations Committee, IFRIC) and are issued after approval by the International Accounting Standards Board (IASB).

Is Ifric 18 still applicable?

In January 2009 the International Accounting Standards Board issued IFRIC 18 Transfers of Assets from Customers. It was developed by the Interpretations Committee. IFRIC 18 was superseded by IFRS 15 Revenue from Contracts with Customers.

Is Ifric part of IFRS?

IFRIC refers its interpretations to the IASB for discussion and approval, and once they are approved by the IASB, the IFRIC interpretations (IFRICs) become part of IFRS. To be in compliance with IFRS, an entity must comply with all aspects of IFRS, including IFRICs.

Which body formed the NASB?

The Nigerian Accounting Standards Board Act of 2003 provided the legal framework under which NASB set accounting standards. Membership includes representatives of government and other interest groups.

Is IAS 18 still effective?

IAS 18 was reissued in December 1993 and is operative for periods beginning on or after 1 January 1995.

Has IAS 18 been replaced?

From January 2018, IAS 18 will be replaced by IFRS 15.

Is IFRIC 11 still applicable?

IFRIC 11 is effective for annual periods beginning on or after 1 March 2007. Earlier application is permitted.

What is financial accounting concerned with?

Financial Accounting is concerned with providing useful information to those parties OUTSIDE of the business. Financial accountants are concerned with the preparation of Financial Statements, which are distributed to outside parties in an annual report.

What are the reason for establishing the NASB?

The primary functions as defined in the act of 10 July 2003 were to develop, publish and update Statements of Accounting Standards to be followed by companies when they prepare their financial statement, and to promote and enforce compliance with the standards.

What is an IFRIC report?

IFRIC In­ter­pre­ta­tions are developed by the IFRS In­ter­pre­ta­tions Committee (pre­vi­ously the International Financial Reporting In­ter­pre­ta­tions Committee, IFRIC) and are issued after approval by the International Accounting Standards Board (IASB).

What’s the difference between a 392 and a standard Rubicon?

The most notable differences between this vehicle and a “standard” Wrangler Rubicon lies in the gearing. Because the 392 has so much power, Jeep offers it with a 2.72:1 low range gear instead of the typical 4.0:1, and with 3.73:1 axle gears instead of 4.10:1. The Xtreme Recon package, however, swaps the axle gears for much deeper 4.56:1 cogs.

What is the legal definition of a consumer in SEC 392?

Sec. 392.001. DEFINITIONS. In this chapter: (1) “Consumer” means an individual who has a consumer debt. (2) “Consumer debt” means an obligation, or an alleged obligation, primarily for personal, family, or household purposes and arising from a transaction or alleged transaction.

What is the difference between the 392 and Xtreme recon?

Because the 392 has so much power, Jeep offers it with a 2.72:1 low range gear instead of the typical 4.0:1, and with 3.73:1 axle gears instead of 4.10:1. The Xtreme Recon package, however, swaps the axle gears for much deeper 4.56:1 cogs.