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Accounting Standards
By : Muhammad Owais Khan
 It is an independent, private-sector body that
develops and approves International Financial
Reporting Systems (IFRSs).
IASB
International Accounting
Standard Board
IASB Structure
IFRS
 A set of international accounting standards stating
how particular types of transactions and other
events should be reported in financial statements.
IFRS are issued by the International Accounting
Standards Board.
IAS were replaced by IFRS. (IAS were issued from
1973 to 2000.)
 The IASB has the authority to set IFRSs and to
approve interpretations of those standards.
International Financial
Reporting System
Vision
…One single set of high
quality global standards…….
...Used on the global
Capital market…….
Structure Of IFRS Foundation
Staff
Why IFRS is Important
 Enhanced world wide comparability for investors
 Enhanced quality of reporting
 No need to develop and maintain national
standards
 Reduced Reporting costs
Difference Between IFRS & GAAP
 Inventory Costs (FIFO, LIFO )
 Intangibles (R&D)
 Write Downs (Cost Reverse)
 Balance Sheet (Specification)
 Revaluation of Assets
 Component Depreciation (Machine)
Accouting standards by owais

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Accouting standards by owais

  • 1. Accounting Standards By : Muhammad Owais Khan
  • 2.  It is an independent, private-sector body that develops and approves International Financial Reporting Systems (IFRSs). IASB International Accounting Standard Board
  • 4. IFRS  A set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board. IAS were replaced by IFRS. (IAS were issued from 1973 to 2000.)  The IASB has the authority to set IFRSs and to approve interpretations of those standards. International Financial Reporting System
  • 5. Vision …One single set of high quality global standards……. ...Used on the global Capital market…….
  • 6. Structure Of IFRS Foundation Staff
  • 7. Why IFRS is Important  Enhanced world wide comparability for investors  Enhanced quality of reporting  No need to develop and maintain national standards  Reduced Reporting costs
  • 8. Difference Between IFRS & GAAP  Inventory Costs (FIFO, LIFO )  Intangibles (R&D)  Write Downs (Cost Reverse)  Balance Sheet (Specification)  Revaluation of Assets  Component Depreciation (Machine)