IFRS is short for International Financial Reporting Standards. IFRS is the international accounting framework within which to properly organize and report financial information.

2. *

3. *
*International Financial Reporting Standards(IFRS) are
designed as a common global language for business affairs so
that company accounts are understandable and comparable
across international borders.
*The rules to be followed by accountants to maintain books of
accounts which is comparable, understandable, relevant and
reliable as per the users internal or external.

4. *
*IAS were issued between 1973 and 2001 by the Board of the
International Accounting Standards Committee(IASC).
*On 1 April 2001, the new International Accounting Standards
Board took over from the IASC the responsibility for setting
IAS.
*The IASB has continued to develop standards calling the new
standards IFRS.

5. Financial Reporting for the World Economy
Setting Accounting Standards for the World Economy
Provide a common global language for business affairs

6. 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 Resources
IFRS 7 Financial Instruments: Disclosures
IFRS 8 Operating Segments
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements IFRS 11 Join
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

7. 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 Gants 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

8. 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

9. *
*It should reflect true and fair view of the business affairs of
the organization.
*Useful for various constituents of the society /regulators to
check the financial position of the business for a specific
period.

10. *
*By adopting IFRS, a business can present its financial
statements on the same basis as its foreign competitors,
making comparisons easier. Furthermore, companies with
subsidiaries in countries that require or permit IFRS may
be able to use one accounting language company-wide.
Companies also may need to convert to IFRS if they are a
subsidiary of a foreign company that must use IFRS, or if
they have a foreign investor that must use IFRS.
Companies may also benefit by using IFRS if they wish to
raise capital abroad.

11. *
*TRANSPARENCY
*ACCOUNTABILITY
*EFFICIENCY

12. *
* They are not being adopted in the US.
*A number of criticisms from France.
*IAS 29 Financial Reporting in Hyperinflationary
Economies had no positive effect at all during 6 years in
Zimbabwe's hyperinflationary economy.
*Actions on 1st & 2nd criticisms has been shown except the 3rd.

13. *We follow a thorough, transparent and participatory due
process when we issue an IFRS Standard or an IFRIC
Interpretation that helps companies better implement our
Standards. Our standard-setting entails:
*public Board meetings broadcast live from our London office;
*agenda papers that inform the Board's deliberations;
*discussion and decision summaries that are made available
after meetings; and
*comment letters received on our consultation documents.

14. *
*Comparability
*Verifiability
*Timeliness
*understandability

15. *
*Asset
*Liability
*Equity(also known as owner’s equity).

16. *
The elements of an income statement or the elements that
measure the financial performance are as follows:
• Revenues-increases in economic benefit during an accounting
period in the form of inflows or enhancements of assets, or
decrease of liabilities that result in increases in equity.
• Expenses-decreases in economic benefits during an accounting
period in the form of outflows or depletions of assets that result
in decrease in equity.

17. *
*Historical cost.
*Current cost.
*Realizable(settlement)value.

18. *
*A statement of financial position.
*A statement of comprehensive income separate statements
comprising an Income Statement and separately a statement of
comprehensive income, which reconciles profit or loss on the
Income Statement to total comprehensive income.
*A statement of changes in equity.
*A Cash Flow Statement or Statement of Cash Flows.

19. *
*IFRS are used in many parts of the world, including the
European Union, India, Hong Kong, Australia, Malaysia, Pakistan,
Russia, Chile, South Africa, Singapore and Turkey.
*As more than 113 countries around the world, including all of
Europe, currently require or permit IFRS reporting and 85
require IFRS reporting for all domestic, listed companies,
according to the U.S. Securities and Exchange Commission.

20. *
http://www.ifrs.org