IFRS stands for International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board to provide a common global language for business affairs. The goal of IFRS is to have a single set of high-quality accounting standards used worldwide. Adopting IFRS is important because it allows companies to operate globally and provides more aligned standards as countries work to converge their own standards with IFRS. However, there are also challenges to IFRS implementation, such as difficulties applying some standards that require fair value measures and concerns about costs for small and medium enterprises.
IFRS IND-AS (2014-2019) Application in IndiaGajveer Mahur
IFRS, Ind-AS 2014-2019 Application in Indian company, financial organisation
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
International Financial Reporting Standards (IFRS)AbhirajSingh67
Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
IFRS IND-AS (2014-2019) Application in IndiaGajveer Mahur
IFRS, Ind-AS 2014-2019 Application in Indian company, financial organisation
International Financial Reporting Standards (IFRS) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB).
International Financial Reporting Standards (IFRS)AbhirajSingh67
Accounting for Managers
International Financial Reporting Standards(IFRS) – Meaning or Definitions
Frameworks for IFRS
Importance
Advantages & Disadvantages
Requirements of the IFRS
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 boundaries.
IFRS were issued by the Board of the International Accounting Standards Committee (IASC), known as International Accounting Standard Board(IASB).
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
IFRS - An Introduction (Including Ind-AS)Shubham Verma
An introduction about International Financial Reporting Standards (IFRS), its structure, its working, its way of implementation in any country. How it was introduced in India and the list of Ind-AS.
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 boundaries.
IFRS were issued by the Board of the International Accounting Standards Committee (IASC), known as International Accounting Standard Board(IASB).
IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally, as a common language allowed greater communication worldwide.
IFRS - An Introduction (Including Ind-AS)Shubham Verma
An introduction about International Financial Reporting Standards (IFRS), its structure, its working, its way of implementation in any country. How it was introduced in India and the list of Ind-AS.
Generally Accepted Accounting Principles are those guidelines which gives clarity to the financial statements and protect the interest of the share holders and other stake holders of the firm.
International Financial Reporting Standards- IFRSDipu Thomas joy
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 boundaries
IFRS 17 – What does (Financial Reporting Standards) IFRS 17 cover?Zabeel Institute
The objective of IFRS 17 is to standardize insurance audits around the world to enhance comparability as well as rise openness, and also to provide individuals of accounts with the info they need to meaningfully comprehend the insurance provider’s economic position, performance, and threat exposure.
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Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
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• Four (4) workplace discipline methods you should consider
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
2. What is IFRS?What is IFRS?
• IFRS stands for International Financial Reporting
Standards.
• As indicated within the title, these standards are aimed at
a global practice.
• Ultimately, the goal is to achieve a single set of high-
quality, common accounting standards used around the
world.
• These standards are the result of a convergence of
international viewpoints.
• These standards are for publicly accountable entities.
– Small and medium-sized entities (SMEs) that do not
have public accountability may use a simplified version
of IFRS known as IFRS for SMEs.
– IFRS for SMEs has recently been accepted for non-SEC
registrants by the AICPA as an acceptable alternative
reporting standard to US GAAP; however, it is not yet
common practice.
3. Why is it important to learn aboutWhy is it important to learn about
IFRS today?IFRS today?
– Under IFRS 1, First-time Adoption of International
Financial Reporting Standards, there is a variety of
exemptions and options that the preparer may elect to
utilize in the adoption process that need to be
assessed to best position the company.
– The IFRS adoption and convergence efforts impact
much more than just the accounting function.
Additional functions that are impacted include the
following:
• Information systems
• Tax
• Treasury
• Investor relations
• Sales
• Human resources
• Mergers and acquisitions
4. Contd.Contd.
• Knowledge of IFRS provides an ability to
practice accounting in the global marketplace.
• Through convergence efforts, US GAAP
continues to become more aligned with IFRS.
• US practice of IFRS currently exists in the
following ways:
– Foreign multinationals that report using IFRS have US
operations. While some of these entities file IFRS
financials with regulators of foreign exchanges, some
file with the SEC as foreign private investors (FPIs)
under IFRS as well.
– US multinational companies have foreign operations
that are required to report using IFRS.
– Many US companies are making assessments of the
potential impact of adopting IFRS and IFRS
convergence efforts on their current operations.
5. Contd.Contd.
Given the level of IFRS
knowledge expected by US
practitioners today, the AICPA
is including IFRS in the content
specifications for the Certified
Public Accountant exam
beginning January 1, 2011.
6. Who are the internationalWho are the international
standard setters?standard setters?
International Accounting Standards
Board (IASB):
• The IASB develops IFRS.
• The IASB is an independent group of
15 full-time members.
• The board intends to expand to 16
members by 2012.
• These members are appointed by
the trustees.
7. Challenges of IFRSsChallenges of IFRSs
• Economic Environment
• Some IFRSs require fair value approach to be followed,
examples include:
– IAS 39, Financial Instruments: Recognition and Measurement
– IAS 41, Agriculture
• The markets of many economies such as India normally
do not have adequate depth and breadth for reliable
determination of fair values.
• With a view to provide further guidance on the use of fair
value approach, the IASB is developing a document.
• Till date, no viable solution of objective fair value
measures is available.
8. Contd.Contd.
• SME concerns
SMEs face problems in implementing IFRSs
because of:
– Scarcity of resources and expertise with the SMEs to
achieve compliance
– Cost of compliance not commensurate with the
expected benefits
Keeping in view the difficulties faced by the
SMEs, the IASB is developing an IFRS for
SMEs.
9. Training to Preparers
– Some IFRSs are complex.
– There is lack of adequate skills amongst the preparers
and users of Financial Statements to apply IFRSs.
– Proper implementation of such IFRSs requires extensive
education of preparers
Interpretation
– A large number of application issues arise while applying
IFRSs.
– There is a need to have a forum which may address the
application issues in specific cases.
10. Convergence with IFRSs:Convergence with IFRSs:
Indian PerspectiveIndian Perspective
• Indian Accounting Standards (ASs) are
formulated on the basis of the IFRSs.
• While formulating ASs, the endeavor of the
ICAI remains to converge with the IFRSs.
• The ICAI has till date issued 29 ASs
corresponding to IFRSs.
• Some recent ASs, issued by the ICAI, are
totally at par with the corresponding IFRSs,
e.g., the Standards on ‘Impairment of Assets’
and ‘Construction Contracts’.
11. IFRSs: Indian perspective (contd. …)IFRSs: Indian perspective (contd. …)
• While formulating Indian Accounting
Standards, changes from the corresponding
IAS/ IFRS are made only in those cases
where these are unavoidable considering:
– Legal and/ or regulatory framework prevailing in the
country.
– To reduce or eliminate the alternatives so as to
ensure comparability.
– State of economic environment in the country
– Level of preparedness of various interest groups
involved in implementing the accounting standards.