The document discusses International Financial Reporting Standards (IFRS). It provides definitions of IFRS as a set of accounting standards developed by an independent organization. A brief history of IFRS is given along with examples of some key IFRS. Funding sources for IFRS are provided in a chart. The mission and goals of IFRS to provide transparency and a global framework for financial reporting are stated.

2. PRESENTATION
IFRS
Presented To:
Professor Dr. Hafiz Zafar Ahmad
Presented By:
Ghulam Muhammad
Roll No. MC14-071
Section (B) Morning
M.com 3.5 (6th Semester)

3. DEFINITION
International Financial Reporting Standards is a set of Accounting
Standards. Developed by an independent, not for profit organization
called the International accounting standards.

4. HISTORY
• IFRS’s foundation and accounting standards board were established
in 2001, replacing the International Accounting Standard Committee
(IASC), which was set up in 1973. The monitoring board was
established in 2009.

5. INTERNATIONAL FINANCIAL STANDARDS
• 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 discontinued operations.
• IFRS 6. Exploration for and evaluation of Mineral Assets.
• IFRS 7. Financial Instruments: Disclosure.
• IFRS 8. Operating Segments.
• IFRS 9. Financial Instrument.

6. FUNDING'S
53%
26%
21%
Chart Title
Jurisdictional
Contributions
Accounting Firms
Self Generated
Income

7. MISSION
To develop IFRS Standards that bring transparency, Accountability and
efficiency to financial markets around the world. Their works serves the
Public interests by fostering trust, growth and long term financial
stability in the global economy.

8. BOARD MEMBERS
• Chairman: Vice Chairman Managing Director Assisst. Gen. Manger
Hans Hoogervorst Sue Lloyed Stephen Coper Takat sugu Ochi

9. GOALS
• The Goal of IFRS is to provide a global framework for how global companies prepare
and disclose their financial statements. IFRS provides general guidance for the
preparation of financial statements, rather than setting rules for industry-specific
reporting.

10. IMPORTANCE
• Currently more than 110 companies around the World are using IFRS as accounting
reporting, but there are some countries that are not using IFRS but their own
Accounting Rules and standards for preparation financial statements. USA and
CANADA are two countries from the list that are not using the IFRS but their own
standards called Generally Accepted Accounting Principles (GAAP).

11. COMPARISON
IFRS
• Intangible assets are only recognized if
the assets have future economic benefit
and measured reliability.
• If inventory ID written down can be
reversed in future time periods if
specific criteria met.
GAAP
• Acquired intangible assets under US
GAAP are considered at fair value.
• In this once inventory has been written
down, any reversal is prohibited