INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

WHAT ARE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)?

International Financial Reporting Standards (IFRS) set normal principles with the goal that budget summaries can be steady, straight forward and practically identical around the globe. International Financial Reporting Standards IFRS is given by the International Accounting Standards Board (IASB). They indicate how organizations must keep up and report their records, characterizing kinds of exchanges and different opportunities with money related effects. International Financial Reporting Standards IFRS was set up to make a typical accounting language with the goal that organizations and their statement reports can be steady and solid from organization to organization and nation to nation.

📷 IFRS is proposed to carry consistency to bookkeeping language, practices and couplings, and to support organizations and stockholders settle on guided budgetary analyses and decisions. The IFRS Foundation sets the principles to "bring straightforwardness, responsibility, and proficiency to monetary markets far and wide… encouraging trust, development and long haul budgetary soundness in the worldwide economy." Companies profit by the IFRS on the grounds that financial experts are connected to place cash into an organization if the organization's strategic approaches are straightforward.

---

Important Note

IFRS are used in at least 160 countries, as of December 2019, including those in the European Union (EU) and many in Asia and South America, but the U.S. uses Generally Accepted Accounting Principles (GAAP).

---

STANDARD IFRS REQUIREMENTS

1. Statement of Financial Position: This is also known as a balance sheet. IFRS inspirations the ways in which the components of a balance sheet are reported.

2. Statement of Comprehensive Income: This can take the form of one statement, or it can be separated into a profit and loss statement and a statement of other income, including property and equipment and other.

3. Statement of Changes in Equity: Also known as a statement of retained earnings, this documents the company's change in earnings or profit for the given financial period.

4. Statement of Cash Flow: This report summarizes the company's financial transactions in the given period, separating cash flow into Operations, Investing, and Financing, marketing, other.

IFRS 1 First-time Adoption of International Financial Reporting Standards

IFRS 2 Share-based Payment

IFRS 3 Business Combinations

IFRS 4 Insurance Contracts

IFRS 5 Non-current Assets Held for Sale and Discontinue Operations

IFRS 6 Exploration and Evaluation of Mineral Resources

IFRS 7 Financial Instruments: Disclosures

IFRS 8 Operating Segments

IFRS 9 Financial Instruments

IFRS 10 Consolidated Financial Statements

IFRS 11 Joint Arrangements

IFRS 12 Disclosure of Interests in Other Entities

IFRS 13 Fair Value Measurement

IFRS 14 Regulatory Deferral Accounts

IFRS 15 Revenue from Contracts with Customers

IFRS 16 Leases

IFRS 17 Insurance Contracts

IAS 1 Presentation of Financial Statements

IAS 2 Inventories

IAS 7 Statement of Cash Flows

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

IAS 10 Events after the Reporting Period

IAS 11 Construction Contracts

IAS 12 Income Taxes

IAS 16 Property, Plant, and Equipment

IAS 17 Leases

IAS 18 Revenue

IAS 19 Employee Benefits

IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

IAS 21 the Effects of Changes in Foreign Exchange Rates

IAS 23 Borrowing Costs

IAS 24 Related Party Disclosures

IAS 26 Accounting and Reporting by Retirement Benefit Plans

IAS 27 Separate Financial Statements

IAS 28 Investments in Associates and Joint Ventures

IAS 29 Financial Reporting in Hyperinflationary Economies

IAS 32 Financial Instruments: Presentation

IAS 33 Earnings per Share

IAS 34 Interim Financial Reporting

IAS 36 Impairment of Assets

IAS 37 Provisions, Contingent Liabilities, and Contingent Assets

IAS 38 Intangible Assets

IAS 39 Financial Instruments: Recognition and Measurement

IAS 40 Investment Property

IAS 41 Agriculture

INTERNATIONAL ACCOUNTING STANDARDS (IAS)

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)?