2. •Anything that can
universally acceptable
international
•Anything that is related to
finance
financial
•To make a report in a
single set or format
Reporting
•Set of rules and regulation
standards
3. IFRS are set of accounting
standards that govern how
particular type of
transactions and events
should be reported in
financial statements. That
are developed and
maintained by the
International Accounting
standard of board.
6. International financial reporting standards
are designed as a common global language
for business affairs so that company accounts
are understandable and comparable across
international boundaries.
IFRS were issued by the board of the
International Accounting Standards
Committee (IASC), known as International
Accounting Standard Board (IASB).
7. International Accounting Standard Board.
IASB is a London based autonomous body.
Came in to existence in 2001
The aim of IASB to develop IFRS
IASB replaced the IASC (International Accounting
Standard Committee).
Currently IASB have 14 members.
8. The ICAI (the institute of chartered
Accountants of India) has decided that
beginning with April 1,2015 these will be
complete harmonization between Indian
accounting standards and IFRS.
9. IFRS are principle based standards as compare to rule based
standards.
IFRS are drafted in simple and clean language and are easy to
understand and apply.
IFRSA emphases that various transactions should be treated on
the basis of their economic substance.
Fixed assets are recorded at current cost under IFRS.
q The assets, liability, revenue and expenses under IFRS are
reported in functional currently of the place where the entity
required.
q Under IFRS the useful life of the assets has to be computed again
and again until the assets is removed from the books of accounts.
10. Establishing a universal language for
companies to prepare accounting
statements.
Establishing accounting rules to
make it easier for stakeholders to
interpret financial statements.
Making
international comparison &analyses
an easy task
Make accounting standards credible
and transparent.
Assist companies inappropriate
categorizing and reporting financial
data.
11. It is used in more than 130 countries.
More visible
one language
Easy access to global capital market
True and fair valuation
Attract foreign investment
12. Helpful to enterprise operating
globally
Difficult to commit fraude
Helpful to investors in comparison
High quality, transparent,
understandable, globally enforceable
more cross-border transaction
13. v IFRS-1 first time adoption of
international financial
reporting standards
v IFRS-2 share balance payment
v IFRS-3 business combination
v IFRS-4 insurance contracts
v IFRS-5 Non-Current assets held for
sale & discounted operations
v IFRS-6 exploration for & evaluation
of mineral resources
v IFRS-7 financial instrument
: disclosure
v IFRS-8 operating segments
v IFRS-9 financial instruments
v IFRS-10 consolidated financial
statement
v IFRS-13 Fair value measurement
v IFRS-14 Regulatory deferral accounts
v IFRS-15 revenue from contracts with
customers
14. Accounting practice
in force before
adoption of IFRS
IFRS
Previous GAAP
Shift
“Summary of all other IFRS”
This standard tells us, “How company will transit to IFRS form
another standard.
15. Any transaction by an entity from other entity or
employee settled in fixed no of shares are called
share based payment transaction.
Entity
Asset
Service
Goods
Purchased
Fixed No. of E/S
17. • PPE held for sale.
• Intangible asset held for sale
• Investment property held for
sale
• Investment held for sale i.e.
specially investment in Joint
Venture and Subsidiary
Summary
of
Application
of IFRS 5
and Ind AS
105
18. An Entity shall classify non current asset as
held for sale if carrying amount will be
recovered for sale rather than use.
• Available for
immediate sale.
• Sale is highly probable.
Condition for
Classification
as held for
sale
