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The Advanced Program in Accounting and Auditing Regulation




IAS 8.5
accounting polices

The specific principles, bases,

conventions, rules and practices
applied by an entity in preparing
and presenting financial statements

IAS 12.5
accrual basis of

The effects of transactions and other

events are recognized when they
occur (and not as cash or its
equivalent is received or paid) and
they are recorded in the accounting
records and reported in the financial
statements of the periods to which
they relate

adverse opinion

An adverse opinion is expressed

when the effect of a disagreement is
so material and pervasive to the
financial statement that the auditor
concludes that qualification of the
report is not adequate to disclose the
misleading or incomplete nature of
the financial statements.


annual report

A document issued by an entity,

ordinarily on an annual basis, which
includes its financial statements
together with the auditors report
there on.


A resource:

IAS 38.8,


(a) controlled by an entity as a

result of past events; and
(b) from which future economic
benefits are expected to flow to the
IAS 28.2

An entity, including an
unincorporated entity such as a

partnership, over which the investor

has significant influence and that is
neither a subsidiary nor an interest
in a joint venture

audit evidence

All of the information used by the

auditor in arriving at the
conclusions on which the audit
opinion is based. Audit evidence
includes the information contained
in the accounting records
underlying the financial statements
and other information



audit firm

A sole practitioner, partnership or

corporation or other entity of
professional accountants.


audit of financial

The objective of an audit of

financial statements is to enable the
auditor to express an opinion
whether the financial statements are
prepared, in all materials respects,
in accordance with an applicable
financial reporting framework. An
audit of financial statements is an
assurance engagement (see
Assurance engagement)


audit opinion

The auditors report contains a clear

written expression of opinion on the
financial statements. An unqualified
opinion is expressed when the
auditor concludes that the financial
statements give a true and fair view
or are presented fairly, in all
material respects, in accordance
with the applicable financial
reporting framework.



The engagement partner. The term

auditor is used to describe either
the engagement partner or the audit
firm. Where it applies to the
engagement partner, it describes the
obligations or responsibilities of the
engagement partner. Such
obligations or responsibilities may


be fulfilled by either the

engagement partner or a member of
the audit team. Where it is
expressly intended that the
obligation or responsibility be
fulfilled by the engagement partner,
the term engagement partner
rather than auditor is used. (The
term auditor may be used when
describing related services and
assurance engagements other than
audits. Such reference is not
intended to imply that a person
performing a related service or
assurance engagement other than an
audit need necessarily be the auditor
of the entitys financial statements.)
business combination


The bringing together of separate

entities or businesses into one
reporting entity.

Under a financial concept of capital,

such as invested money or invested
purchasing power, the net assets or
equity of the entity. The financial
concept of capital is adopted by
most entities.



Under a physical concept of capital,

such as operating capability, the
productive capacity of the entity
based on, for example, units of
output per day.
carrying amount

The amount at which an asset is

recognized after deducting any
accumulated depreciation
(amortization) and accumulated
impairment losses thereon.

cash flows

Inflows and outflows of cash and

cash equivalents.

IAS 36.6,
IAS 16.6,
IAS 38.8

IAS 7.6


Comparatives in financial
statements, may present amounts
(such as financial position, results



of operations, cash flows) and

appropriate disclosures for an entity
for more than one period,
depending on the framework. The
framework and methods of
presentation are as follows:

Corresponding figures
where amounts and other
disclosures for the
preceding are included as
part of the current period
financial statements, and
are intended as part of the
current period financial
statements, and are
intended to be read in
relation to the amounts of
other disclosures relating
to the current period
(referred to as current
period figures). These
corresponding figures are
not presented as complete
financial statements
capable of standing alone,
but are an integral part of
the current period financial
statements intended to be
read only in relationship to
the current period figures.

(b) Comparative financial

statements where amounts
and other disclosures for
the preceding period are
included for comparison
with the financial
statements of the current
period, but do not form
part of the current period
financial statements.
consolidated financial

The financial statements of a group

presented as those of a single
economic entity.

IAS 27.4,
IAS 28.2

corporate governance

Describes the role of persons

entrusted with the supervision,
control and direction of an entity.


Those charged with governance

ordinarily are accountable for
ensuring that the entity achieves its
objectives, financial reporting, and
reporting to interested parties.
Those charged with governance
include management only when it
performs such functions.

A financial instrument or other

contract within the scope of this
Standard (see paragraphs 2-7) with
all three of the following

IAS 39.9

(a) its value changes in response

to the change in a specified interest
rate, financial instrument price,
commodity price, foreign exchange
rate, index of prices or rates, credit
rating or credit index, or other
variable, provided in the case of a
non-financial variable that the
variable is not specific to a party to
the contract (sometimes called the
(b) it requires no initial net
investment or an initial net
investment that is smaller than
would be required for other types of
contracts that would be expected to
have a similar response to changes
in market factors; and

it is settled at a future date.

disclaimer of opinion

A disclaimer of opinion is expressed

when the possible effect of a
limitation on scope is so material
and pervasive that the auditor has
not been able to obtain sufficient
appropriate audit evidence and
accordingly is unable to express an
opinion on the financial statements.

economic life

the period over which an
asset is expected to be economically

IAS 17.4

usable by one or more users; or

the number of production or
similar units expected to be
obtained from the asset by one or
more users.
effective interest

IAS 39.9
The effective interest method is a
method of calculating the amortized
cost of a financial asset or a
financial liability (or group of
financial assets or financial
liabilities) and of allocating the
interest income or interest expense
over the relevant period. The
effective interest rate is the rate that
exactly discounts estimated future
cash payments or receipts through
the expected life of the financial
instrument or, when appropriate, a
shorter period to the net carrying
amount of the financial asset or
financial liability. When calculating
the effective interest rate, an entity
shall estimate cash flows
considering all contractual terms of
the financial instrument (for
example, prepayment, call and
similar options) but shall not
consider future credit losses. The
calculation includes all fees and
points paid or received between
parties to the contract that are an
integral part of the effective interest
rate (see IAS 18), transaction costs,
and all other premiums or
discounts. There is a presumption
that the cash flows and the expected
life of a group of similar financial
instruments can be estimated
reliably. However, in those rare
cases when it is not possible to
estimate reliably the cash flows or
the expected life of a financial
instrument (or group of financial
instruments), the entity shall use the
contractual cash flows over the full
contractual term of the financial
instrument (or group of financial

emphasis of matter

An auditors report may be

modified by adding an emphasis of
matter paragraph(s) to highlight a
matter affecting the financial
statements which is included in a
note to the financial statements that
more extensively discuss the matter.
The addition of such an emphasis of
matter paragraph(s) does not affect
the auditors opinion. The auditor
may also modify the auditors
report by using an emphasis of
matter paragraph(s) to report
matters other than those affecting
the financial statements



The residual interest in the assets of
the entity after deducting all its

equity method

IAS 28.2

A method of accounting whereby

the investment is initially
recognized at cost and adjusted
thereafter for the post-acquisition
change in the investor's share of net
assets of the investee. The profit or
loss of the investor includes the
investor's share of the profit or loss
of the investee.


external audit

An audit performed by an external



external auditor

Where appropriate the term

external auditor is used to
distinguish the external auditor from
an internal auditor


fair value
The amount for which an asset
could be exchanged, or a liability
settled, between knowledgeable,
willing parties in an arms length

IAS 2.6, (IAS

16.6), IAS
17.4, IAS

18.7, (IAS
19.7), (IAS
20.3), IAS
21.8, IAS
32.11, (IAS
38.8), IAS
39.9, IFRS

2.A), IFRS

FIFO (first-in, firstout)

IAS 2.27
The assumption that the items of
inventory that were purchased or
produced first are sold first, and
consequently the items remaining in
inventory at the end of the period
are those most recently purchased
or produced.

finance lease

IAS 17.4
A lease that transfers substantially
all the risks and rewards incident to
ownership of an asset. Title may or
may not eventually be transferred.

financial instrument


IAS 32.11

Any contract that gives rise to both

a financial asset of one entity and a
financial liability or equity
instrument of another entity.
financial statements

A complete set of financial

statements comprises:

balance sheet;


income statement;


a statement showing either:


all changes in equity; or

IAS 1.8, (F.7)

(ii) changes in equity other than

those arising from transactions with
equity holders acting in their
capacity as equity holders;

a cash flow statement; and

(e) notes, comprising a summary

of significant accounting policies
and other explanatory notes.
first-time adopter

An entity that presents its first IFRS

financial statements.


foreign currency

IAS 21.8
A currency other than the functional
currency of the entity.

functional currency

IAS 21.8

The currency of the primary

economic environment in which the
entity operates.
general purpose
financial statements

Financial statements prepared in

accordance with a financial
reporting framework that is
designed to meet the common
information needs of a wide range
of users

going concern
The entity is normally viewed as a
going concern, that is, as continuing
in operation for the foreseeable
future. It is assumed that the entity
has neither the intention nor the
necessity of liquidation or of
curtailing materially the scale of its


IAS 1.23-24,

Future economic benefits arising
from assets that are not capable of
being individually identified and
separately recognized.


Non-derivative financial assets with

fixed or determinable payments and
fixed maturity that an entity has the
positive intention and ability to hold
to maturity (see Appendix A
paragraphs AG16-AG25) other
(a) those that the entity upon
initial recognition designates as at
fair value through profit or loss;
(b) those that the entity
designates as available for sale; and
(c) those that meet the definition
of loans and receivables.
An entity shall not classify any

IAS 39.9

financial assets as held to maturity

if the entity has, during the current
financial year or during the two
preceding financial years, sold or
reclassified more than an
insignificant amount of held-tomaturity investments before
maturity (more than insignificant in
relation to the total amount of heldto-maturity investments) other than
sales or reclassifications that:
(i) are so close to maturity or the
financial asset's call date (for
example, less than three months
before maturity) that changes in the
market rate of interest would not
have a significant effect on the
financial asset's fair value;
(ii) occur after the entity has
collected substantially all of the
financial asset's original principal
through scheduled payments or
prepayments; or
(iii) are attributable to an isolated
event that is beyond the entity's
control, is non-recurring and could
not have been reasonably
anticipated by the entity.
historical cost

Assets are recorded at the amount
of cash or cash equivalents paid or
the fair value of the consideration
given to acquire them at the time of
their acquisition. Liabilities are
recorded at the amount of proceeds
received in exchange for the
obligation, or in some
circumstances (for example, income
taxes), at the amounts of cash or
cash equivalents expected to be paid
to satisfy the liability in the normal
course of business.

impairment loss
The amount by which the carrying
amount of an asset exceeds its
recoverable amount.

IAS 16.6,
IAS 36.6,
IAS 38.8


Increases in economic benefits
during the accounting period in the
form of inflows or enhancements of
assets or decreases of liabilities that
result in increases in equity, other
than those relating to contributions
from equity participants.

interim financial

IAS 34.4
A financial report containing either
a complete set of financial
statements (as described in IAS 1)
or a set of condensed financial
statements (as described in IAS 34)
for an interim period.



internal auditor

A person performing an internal



Financial Reporting
Standards (IFRS)

Standards and Interpretations

adopted by the International
Accounting Standards Board
(IASB). They comprise:

IAS 1.11,
IAS 8.5

International Financial
Reporting Standards;


International Accounting
Standards; and
Interpretations originated by
the International Financial
Reporting Interpretations
Committee (IFRIC) or the former
Standing Interpretations Committee

(a) held for sale in the ordinary
course of business;
(b) in the process of production
for such sale; or
(c) in the form of materials or
supplies to be consumed in the
production process or in the
rendering of services.
Inventories encompass goods

IAS 2.6, IAS


purchased and held for resale

including, for example,
merchandise purchased by a retailer
and held for resale, or land and
other property held for resale.
Inventories also encompass finished
goods produced, or work in
progress being produced, by the
entity and include materials and
supplies awaiting use in the
production process. In the case of a
service provider, inventories include
the costs of the service, as described
in paragraph 19, for which the
entity has not yet recognized the
related revenue (see IAS 18
joint venture

A contractual arrangement whereby

two or more parties undertake an
economic activity which is subject
to joint control.


IAS 31.3

IAS 17.4
An agreement whereby the lessor
conveys to the lessee in return for a
payment or series of payments the
right to use an asset for an agreed
period of time.

A present obligation of the entity
arising from past events, the
settlement of which is expected to
result in an outflow from the entity
of resources embodying economic

IAS 37.10,

listed entity

An entity whose shares, stock or

debt are quoted or listed on a
recognized stock exchange, or are
marketed under the regulations of a
recognized stock exchange or other
equivalent body


loans and receivables

Non-derivative financial assets with

fixed or determinable payments that
are not quoted in an active market,
other than:

IAS 39.9

(a) those that the entity intends to

sell immediately or in the near term,
which shall be classified as held for
trading, and those that the entity
upon initial recognition designates
as at fair value through profit or
(b) those that the entity upon
initial recognition designates as
available for sale; or
(c) those for which the holder
may not recover substantially all of
its initial investment, other than
because of credit deterioration,
which shall be classified as
available for sale.
An interest acquired in a pool of
assets that are not loans or
receivables (for example, an interest
in a mutual fund or a similar fund)
is not a loan or receivable.

Decreases in economic benefits and
as such they are no different in
nature from other expenses.

modify auditors

An auditors report is considered to

be modified if either an emphasis of
matter paragraph(s) is added to the
report or if the opinion than

minority interest
That portion of the profit or loss and
net assets of a subsidiary
attributable to equity interests that
are not owned, directly or indirectly
through subsidiaries, by the parent.
network firm

An entity under common control,

ownership or management with the
firm or any entity that a reasonable
and informed third party having
knowledge of all relevant
information would reasonably
conclude as being part of the firm
nationally or internationally.


IAS 27.4,



IAS 1.11
Notes contain information in
addition to that presented in the
balance sheet, income statement,
statement of changes in equity and
cash flow statement. Notes provide
narrative descriptions or
disaggregations of items disclosed
in those statements and information
about items that do not qualify for
recognition in those statements.

opening IFRS balance


An entitys balance sheet (published
or unpublished) at the date of
transition to IFRSs.

operating lease

IAS 17.4

A lease other than a finance lease.

ordinary share

originated loans and


qualified opinion

An equity instrument that is

subordinate to all other classes of
equity instruments.

IAS 33.5

See loans and receivables


A qualified opinion is expressed

when the auditor concludes that
unqualified opinion cannot be
expressed but that the effect of any
disagreement with management, or
limitation on scope is not so
material and pervasive as to require
an adverse opinion or disclaimer of


An entity that has one or more


Those persons, whether in public

practice (including a sole
practitioner, partnership or
corporate body), industry,
commerce, the public sector or

IAS 27.4,


education, who are members of a

member body of the International
Federation of Accountants (IFAC)
accountants in public
in practice

Each partner or person occupying a

position similar to that of a partner,
and each employee in practice
providing professional services to a
client irrespective of their functional
classification (e.g., audit, tax,
consulting) and professional
accountants in practice having
managerial responsibilities. This
term is also used to refer to a firm
of professional accountants in a
public practice



F.105, F.107
The residual amount that remains
after expenses (including capital
maintenance adjustments, where
appropriate) have been deducted
from income. Any amount over and
above that required to maintain the
capital at the beginning of the
period is profit.

property, plant and


Are tangible items that:

IAS 16.6

are held for use in the
production or supply of goods or
services, for rental to others, or for
administrative purposes; and
are expected to be used
during more than one period.

related party

IAS 31.3
A method of accounting and
reporting whereby a venturers
share of each of the assets,
liabilities, income and expenses of a
jointly controlled entity is combined
line by line with similar items in the
venturers financial statements or
reported as separate line items in the
venturers financial statements.
A party is related to an entity if:
directly, or indirectly through
one or more intermediaries, the

IAS 24.9


controls, is controlled by, or is
under common control with, the
entity (this includes parents,
subsidiaries and fellow
has an interest in the entity
that gives it significant influence
over the entity; or
has joint control over the
the party is an associate (as
defined in IAS 28 Investments in
Associates) of the entity;
the party is a joint venture in
which the entity is a venturer (see
IAS 31 Interests in Joint Ventures);
the party is a member of the
key management personnel of the
entity or its parent;
the party is a close member
of the family of any individual
referred to in (a) or (d);
the party is an entity that is
controlled, jointly controlled or
significantly influenced by, or for
which significant voting power in
such entity resides with, directly or
indirectly, any individual referred to
in (d) or (e); or
the party is a postemployment benefit plan for the
benefit of employees of the entity,
or of any entity that is a related
party of the entity.
related party

IAS 24.9
A transfer of resources, services or
obligations between related parties,
regardless of whether a price is


IAS 18.7
The gross inflow of economic
benefits during the period arising in
the course of the ordinary activities
of an entity when those inflows
result in increases in equity, other
than increases relating to
contributions from equity

review engagement

The objective of a review

engagement is to enable an auditor
to state whether, on the basis of
procedures which do not provide all
the evidence that would be required
in an audit, anything has come to
the auditors attention that causes
the auditor to believe that the
financial statements are not
prepared, in all material respects, in
accordance with an applicable
financial reporting framework.

An entity, including an
unincorporated entity such as a
partnership that is controlled by
another entity (known as the
taxable profit (tax loss)


IAS 27.4,
IAS 28.2

IAS 12.5
The profit (loss) for a period,
determined in accordance with the
rules established by the taxation
authorities, upon which income
taxes are payable (recoverable).

useful life

( )

IAS 17.4
The estimated remaining period,
from the commencement of the
lease term, without limitation by the
lease term, over which the
economic benefits embodied in the
asset are expected to be consumed
by the entity.

weighted average cost


IAS 2.27
Under this method, the cost of each
item is determined from the
weighted average of the cost of
similar items at the beginning of a
period and the cost of similar items
purchased or produced during the

period. The average may be

calculated on a periodic basis, or as
each additional shipment is
received, depending upon the
circumstances of the entity.
working papers

The material prepared by and for, or

obtained and retained by, the auditor
in connection with the performance
of the audit. Working papers may
be in the form of data stored on
paper, film, electronic media or
other media.



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