How does IAS 33 relate to other accounting standards and regulations, such as IFRS and local securities laws?
Here is a list of how IAS 33 relates to other accounting standards and regulations, such as International Financial Reporting Standards (IFRS) and local securities laws:
- International Financial Reporting Standards (IFRS): IAS 33 is part of the suite of IFRS standards developed by the International Accounting Standards Board (IASB). IFRS provides a common framework for financial reporting and is used by companies in many countries around the world. IAS 33 is designed to be consistent with other IFRS standards, and companies that follow IFRS are required to comply with the requirements of IAS 33.
- Local securities laws: Companies that are publicly traded are subject to local securities laws and regulations, which may impose additional requirements related to the calculation and disclosure of earnings per share. These requirements may vary by jurisdiction and can impact the way that companies calculate and disclose EPS.
- Accounting standards related to financial instruments: IAS 33 is closely related to other accounting standards related to financial instruments, such as IFRS 9 Financial Instruments and IAS 32 Financial Instruments: Presentation. These standards provide guidance on the recognition, measurement, and disclosure of financial instruments, which can impact the calculation of EPS.
- Accounting standards related to revenue recognition: IAS 33 is also related to accounting standards related to revenue recognition, such as IFRS 15 Revenue from Contracts with Customers. These standards provide guidance on the recognition and measurement of revenue, which can impact the calculation of EPS.
Overall, IAS 33 is part of the broader framework of IFRS and is designed to be consistent with other accounting standards related to financial instruments and revenue recognition. Companies that follow IFRS are required to comply with the requirements of IAS 33, and may also need to comply with local securities laws and regulations related to EPS. By providing transparent and accurate EPS information that is consistent with these standards and regulations, companies can help to support their long-term financial success and investor confidence.