Zawya

  • Subject : ASCA 'Jordan' Issues IFRSs 2010
  • Date : 05-Dec-2010
  • Text :



     
    AMMAN: The Arab Society of Certified Accountants "Jordan" has issued the approved Arabic translation of IFRSs 2010. This publication contains the changes made since 2009 edition and which were included in this edition.

     
    In recognition of the growing size of the contents of this edition; the Bound Volume has been published in two parts. Part A presents the unaccompanied IFRSs and their introductions and explanatory rubrics. Part B contains the accompanying documents, such as bases for conclusions, implementation guidance and illustrative examples.

     
    In addition, it includes the following:
    • New IFRS 9 “Financial Instruments” issued in November 2009, which is the first phase of the replacement of IAS 39 “Financial Instruments: Recognition and Measurement” in its entirety by the end of 2010. IFRS 9 shall be effective as from January 1, 2013. Earlier application shall be permitted.
    • Revised IAS 24.
    • Two new interpretations, namely:
    - International Financial Reporting Interpretation Committee (IFRIC) 18 “Transfers of Assets from Customers”.
    - IFRIC 19 “Extinguishing Financial Liabilities with Equity”.
    IFRIC 18 to be applied for the annual periods beginning on or after 1 July 2009. IFRIC 19 to be applied for the annual periods beginning on or after 1 July 2010. In either case, earlier application shall be permitted.
    ASCA -Jordan continuously seeks to develop both accounting and management sciences as well as all related principles applicable to all or some professional services. ASCA –Jordan also exerts effort to upgrade the competence, practice and code of ethics according to the highest professional levels through the issuance of accounting publications and following-up on the recent developments in accounting and auditing.
    © Press Release 2010

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