Presentation by Andreas Schleicher Tackling the School Absenteeism Crisis 30 ...
IFRS
1. What is IFRS?What is IFRS?
IFRS is abbreviation for International
Financial Reporting Standards
IFRS is a set of accounting standards
developed by International Accounting
Standards Board (IASB).
IFRS provides a global framework for how
public companies should prepare and
disclose their financial statements.
2. Reporting need ofReporting need of
emerging economiesemerging economies
under IFRSunder IFRS
Made by: Nishtha Jain
3. Why adopt IFRS Standards?Why adopt IFRS Standards?
Today, the world’s financial markets are
borderless.
Companies seek capital at the best price.
To assess the risks and returns of their
various investment opportunities, investors
and lenders need financial information that
is relevant, reliable and comparable across
borders.
4. Having an international standard is especially
important for large companies that have
subsidiaries in different countries.
Adopting a single set of world-wide
standards will simplify accounting
procedures by allowing a company to use
one reporting language throughout.
A single standard will also provide investors
and auditors with a cohesive view of
finances.
6. TRANSPARENCY
IFRS Standards bring transparency by enhancing
the international comparability and quality of
financial information, enabling investors and other
market participants to make informed economic
decisions.
7. ACCOUNTABILITY
IFRS Standards strengthen accountability by
reducing the information gap between the providers
of capital and the people to whom they have
entrusted their money.
8. EFFICIENCY
IFRS Standards contribute to economic efficiency by
helping investors to identify opportunities and risks
across the world, thus improving capital allocation.
9. LOWERING THE COST
For businesses, the use of a single, trusted accounting
language lowers the cost of capital and reduces
international reporting costs.
10. “If we really believe in open international
markets and the benefits of global finance,
then it can’t make sense to have different
accounting rules and practices for companies
and investors operating across national
borders. That is why we need global
standards.”
-Paul A Volcker
Chairman of the IFRS Foundation Trustees (2000–2005)
11. IFRS in numbers...IFRS in numbers...
IFRS Standards have been in 143
countries.
These countries represent over 98 per
cent of the world’s Gross Domestic
Product (GDP).
IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money.
IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation.
For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.
