International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board to establish consistent, transparent, and comparable financial reporting around the world. IFRS address record keeping, financial reporting, and other aspects of financial reporting. While not universal, with the US using GAAP, IFRS are used in the European Union, India, Hong Kong, Australia, and other countries. The objectives of IFRS include bringing uniformity to accounting practices, expanding global capital markets, enhancing transparency, and reducing reporting costs. Financial statements prepared under IFRS include a statement of financial position, statement of comprehensive income, statement of changes in equity, and cash flow statement.

1. International Financial
Reporting Standard (IFRS)
Presented by
Mr. S. B. Bansode

2. Introduction
• International Financial Reporting Standards (IFRS) set common
rules so that financial statements can be consistent,
transparent, and comparable around the world.
• IFRS are issued by the International Accounting Standards
Board (IASB) and address record keeping, account reporting,
and other aspects of financial reporting.
• The downside of IFRS are that they are not universal, with the
United States using GAAP accounting, and a number of other
countries using other methods.

3. Objectives of IFRS
• To bring uniformity in accounting practices followed.
• To Accelerate the globalization of finance
• To expand the capital Market globally.
• To boost the growth of service sector
• To enhance the brand value of the companies.
• To reduce related reporting cost by developing common reporting
system and ensure consistency in statutory reporting.
• To ensure more transparency in the financial statement.
• To facilitate the companies of financial data with international
competitors.

4. Structure

6. IFRS Based Financial Statement
• A Statement of Financial position.
• A statement of comprehensive income.
• A statement of change in equity.
• A Cash flow statement or statement cash flow.

7. Evolution of IFRS
• 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 International Accounting Standards.
• The IASB has continued to develop standards calling the new standards
International Financial Reporting Standards (IFRS).
• IFRS are used in many parts of the world, including the European Union, India,
Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, South
Africa, Singapore and Turkey.

8. Thank You…