Question

Construct a table with 5 column to compare IFRS with TFRS，SFRS，VAS and PSAK

20 marks for this question, no words limitation

Answer 1

IFRS	TFRS	SFRS	VAS	PSAK
INTERNATIONAL FINANCIAL REPORTING STANDARDS	THAI FINANCIAL REPORTING STANDARDS	SINGAPORE FINANCIAL REPORTING STANDARDS	VIETNAMESE ACCOUNTING STANDARDS	STATEMENT OF FINANCIAL ACCOUNTING STANDARD
It is used for financial statement to be transparent and consistent and can be compared through out the world.	It is used to bring the lessees to bring lease agreement on balance sheet	This is based on IFRS	All the companies in Vietnam are bound to follow the above standard	This is issued for Zakat, Infaq and Sadaqah
It is issued by International Accounting Standard board	It is issued by The Federation of Accounting Professions	It is issued by Accounting Standard Council	It is used to prepare balance sheet, profit and loss account	Issued by Indonesian Accountant Association
They provide set of rules to companies to report their transactions and financial events.	This is not promoted by Internation Accounting Standard Board	The transaction should be recorded when they occur and not when the amount is paid or received	The governemt of Vietnam has issued VAS based on IFRS	The research includes to analyse consistency on PSAK applications in Zakat organisations
It is an accounting language so that it is common within all the industry	It is used within Kingdom of thailand	This has total 41 standards	It has 26 VAS accounting standard	The financial statement is prepared in the form of income statement and distribution funds
It is used in 120 countries.	There are 3 major amendments in the financial standard which are TAS 7 statement of cash flow, TAS 12 income tax and TFRS 12 disclosure of interest for other entities.	All companies should follow this accounting post 1 january 2003.	VAS includes guidelines, principles to run the business	This excludes change in financial position, funds and assets in its financial statement
It is used to prepare balance sheet, profit and loss, cash flow etc	The financial statement should be prepared in going concern basis	Accural based accounting is the major principle of SFRS	The key difference between VAS and IFRS is presentation, terminology and applied methods.	This standard has certain similarities with IFRS