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Ifrs

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Ifrs

  1. 1. AS : 31FINANCIAL INSTRUMENTS : PRESENTATION
  2. 2. AS :32
  3. 3. INTRODUCTION• The International Accounting Standards Committee (IASC) -1973 The International Accounting Standards Board (IASB) -2000
  4. 4. WHY IFRS
  5. 5. IFRS 1-FIRST TIME ADOPTION OF IFRS Adoption of International Financial Reporting Standards
  6. 6. IFRS 2-SHARE-BASED PAYMENTS
  7. 7. IFRS : 3BUSINESS COMBINATIONS
  8. 8. IFRS : 7FINANCIAL INSTRUMENTS : DISCLOSURES
  9. 9. IFRS 6EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES
  10. 10. • Entity need to obtain legal rights to explore in a specific area• Exploration and evaluation expenditures are expenditures incurred• Expenditures recognized as assets in accordance with the entity’s accounting policy.
  11. 11. • Allows continuing to use recognition and measurement practices that are part of those accounting policies• Impairment test on those assets when – Carrying amount > Recoverable amount – Period expiration – No fruitful discovery made
  12. 12. • Disclosure – Amounts recognized in its financial statements arising from the exploration for and evaluation of mineral resources
  13. 13. IFRS 8OPERATING SEGMENTS
  14. 14. • To evaluate the nature and financial effects of the business activities in which it operates.• Deciding how to allocate resources and in assessing performance
  15. 15. • IFRS 8 shall apply to: – Separate or individual financial statements of an entity – Consolidated financial statements of a group with a parent • debt or equity instruments are traded in a public market • purpose of issuing any class of instruments in a public market
  16. 16. Disclosure:-– About its operating segments in interim financial reports.– About products and services, geographical areas and major customers.
  17. 17. CONCLUSION
  18. 18. • ICAI WEBSITE.• SYNOPSIS OF ACCOUNTING STANDARDS-DELOITTE.• POCKET IFRS- DELOITTE.

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