Adding Excel StrikeLines to Financial Reporting(S. Mandgi)
Just consider a hypothetical company whose Income statements are shown for three years and i have used excel strikelines for comparing the yearly performance from 2010 -2012. This took me less then 5 minutes and one look at the strikelines tells me that even though the sales have dipped, the profits after tax have increased irrespective of paying more corporate taxes since there has been a substantial drop in the expenditure. This is amazing. I can now use Excel Strikelines similarly for balance sheet comparisons and horizontal and vertical sizing. Keep the good work Microsoft.
Financial Reporting Standards (IFRS)
- International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.
- What is the IASB?
The IASB is an independent accounting standard-setting body, based in London. It consists of 15 members from nine countries, including the United States. The IASB began operations in 2001 when it succeeded the International Accounting Standards Committee. It is funded by contributions from major accounting firms, private financial institutions and industrial companies, central and development banks, national funding regimes, and other international and professional organizations throughout the world. While the AICPA was a founding member of the International Accounting Standards Committee, the IASB's predecessor organization, it is not affiliated with the IASB. The IASB neither sponsors nor endorses the AICPA's IFRS resources website (www.IFRS.com).
- How widespread is the adoption of IFRS around the world?
Approximately 120 nations and reporting jurisdictions permit or require IFRS for domestic listed companies, although approximately 90 countries have fully conformed with IFRS as promulgated by the IASB and include a statement acknowledging such conformity in audit reports.1 Other countries, including Canada and Korea, are expected to transition to IFRS by 2011. Mexico will require IFRS for all listed companies starting in 2012. Japan has introduced a roadmap for adoption that it will decide on in 2012 (with a proposed adoption date of 2015 or 2016) and is permitting certain qualifying domestic companies to apply IFRS from fiscal years ending on or after March 31, 2010. Still other countries have plans to converge their national standards with IFRSSource of information : http://www.IFRS.comThe Overview in this website highlights the changes that occur in the Revenue Recognition process and Leases for assets and liabilities and how they are now proposed to be represented in the balance sheetOther important links1> FAQ on IFRS :http://www.ifrs.com/ifrs_faqs.html#q12>Wiki on IFRS with US GAAP comparison : http://wiki.ifrs.com/
- XBRL basics: Definition and scope
- Benefits of XBRL reporting
- Current XBRL standard
- Generating XBRL reports
- List of XBRL conversion tools
- Further reading
Another excellent article on the importance of life cycle pricing explaining how how products need to be priced across their life cycle. Great stuff from McKinsey