International Financial Reporting Standards (IFRS), Welcome to the monetary universe, the place where readability is key! In this guide, we are going to demystify the International Financial Reporting Standards (IFRS), serving you a slice of monetary know-how that is as digestible as your morning coffee.
IAS / IFRS Basic understanding
Learning outcomes
(1) What is IAS?
(2) What are International Financial Reporting Standards (IFRS)?
(3) Understanding International Financial Reporting Standards (IFRS)
(4) From IAS to IFRS
(5) GAAP vs IFRS vs IAS
(6) Standard IFRS Requirements
(7) IFRS vs. American Standards
(8) Composition of IFRS
(9) History of IFRS
(10) Combination of Accounting Standards
(11) List of International Financial Reporting Standards (IFRS)
(12) List of International Accounting Standards (IAS)
(13) List of IFRIC Interpretations
(14) List of SIC Interpretations
(15) List of Other pronouncements
(16) Adaption of IAS/IFRS in Bangladesh
(17) Adaption of IAS/IFRS in Bangladesh in Future -FRC
(18) Overview of IAS-1: Presentation of Financial Statements
(19) Overview of IAS-2: Inventories
(20) Overview of IAS-7: Statement of Cashflow
(21) Overview of IAS-8: Accounting Policies, Changes in Accounting Estimates and Errors
(22) Overview of IAS-10: Events After the Reporting Period
(23) Overview of IAS-12: Income Taxes
(24) Overview of IAS-16: Property, Plant and Equipment
The International Financial Reporting Standards (IFRS) aims to make International Financial
Reporting Comparisons as easy as possible because each country has its set of accounting rules,
over the years the use of IFRS has emerged as widely used and accepted standards in the world
with more than 12000 companies and over 100 Countries accepting and mandating its
implementation. At presents India aim to be joining IFRS club from the financial year 2011 to
include, all listed companies, all banking companies, all financial institutions, all scheduled
commercial banks, all insurance companies and all NBFC.
IAS / IFRS Basic understanding
Learning outcomes
(1) What is IAS?
(2) What are International Financial Reporting Standards (IFRS)?
(3) Understanding International Financial Reporting Standards (IFRS)
(4) From IAS to IFRS
(5) GAAP vs IFRS vs IAS
(6) Standard IFRS Requirements
(7) IFRS vs. American Standards
(8) Composition of IFRS
(9) History of IFRS
(10) Combination of Accounting Standards
(11) List of International Financial Reporting Standards (IFRS)
(12) List of International Accounting Standards (IAS)
(13) List of IFRIC Interpretations
(14) List of SIC Interpretations
(15) List of Other pronouncements
(16) Adaption of IAS/IFRS in Bangladesh
(17) Adaption of IAS/IFRS in Bangladesh in Future -FRC
(18) Overview of IAS-1: Presentation of Financial Statements
(19) Overview of IAS-2: Inventories
(20) Overview of IAS-7: Statement of Cashflow
(21) Overview of IAS-8: Accounting Policies, Changes in Accounting Estimates and Errors
(22) Overview of IAS-10: Events After the Reporting Period
(23) Overview of IAS-12: Income Taxes
(24) Overview of IAS-16: Property, Plant and Equipment
The International Financial Reporting Standards (IFRS) aims to make International Financial
Reporting Comparisons as easy as possible because each country has its set of accounting rules,
over the years the use of IFRS has emerged as widely used and accepted standards in the world
with more than 12000 companies and over 100 Countries accepting and mandating its
implementation. At presents India aim to be joining IFRS club from the financial year 2011 to
include, all listed companies, all banking companies, all financial institutions, all scheduled
commercial banks, all insurance companies and all NBFC.
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
It explains the IASB’s Regulatory framework including the Companies act, Stock exchange listing rules and IFRS. It also explains the IASB relationship with other bodies and how they operate and how the IFRS are produced
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.
What are the Disadvantages of IFRS (International Financial Reporting.docxloisj1
What are the Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles)?
Solution
What are the Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles)?
Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles) are :
IFRS would raise uncertainity as it permits manager to excercise their own judgement when deciding what to be reported in financial Statement, this would increase the chances of error in financial statement which would effect stakeholder i.e investor,stockholder, creditor etc
There is not much enforcement of IFRS , As GAAP has been looking by several organisation such as Securities and Exchange Commission that watches over its accounting rules where IFR does not .
It is hard to compare each financial statement as many company has different countries where each different laws & regulation and each company maintain their own accounting standard than its very hard to compare the financial statement with other company.
.
Outsourced Accounting Services in India.pdfmanishco.com
Outsourced accounting offerings in India have emerged as a strategic answer for groups international searching to streamline their economic operations. In easy terms, outsourcing accounting entails delegating economic duties to exterior provider providers. This method permits groups to focal point on their core skills whilst benefiting from the information of specialized accounting professionals.
At its core, accounting income represents the financial obtain a enterprise experiences over a particular period. It’s calculated through deducting express costs, such as manufacturing and operational expenses, from complete revenue. Accounting income is a key metric that offers insights into a company’s economic performance.
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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
It explains the IASB’s Regulatory framework including the Companies act, Stock exchange listing rules and IFRS. It also explains the IASB relationship with other bodies and how they operate and how the IFRS are produced
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.
What are the Disadvantages of IFRS (International Financial Reporting.docxloisj1
What are the Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles)?
Solution
What are the Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles)?
Disadvantages of IFRS (International Financial Reporting Standards) to GAAP (Generally Accepted Accounting Principles) are :
IFRS would raise uncertainity as it permits manager to excercise their own judgement when deciding what to be reported in financial Statement, this would increase the chances of error in financial statement which would effect stakeholder i.e investor,stockholder, creditor etc
There is not much enforcement of IFRS , As GAAP has been looking by several organisation such as Securities and Exchange Commission that watches over its accounting rules where IFR does not .
It is hard to compare each financial statement as many company has different countries where each different laws & regulation and each company maintain their own accounting standard than its very hard to compare the financial statement with other company.
.
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At its core, accounting income represents the financial obtain a enterprise experiences over a particular period. It’s calculated through deducting express costs, such as manufacturing and operational expenses, from complete revenue. Accounting income is a key metric that offers insights into a company’s economic performance.
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