Nepal Financial Reporting Standard
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The Nepal Financial Reporting Standards (NFRS) are accounting standards developed by Nepal's Accounting Standards Board to provide a single set of principles for financial reporting within Nepal. The NFRS are based on International Financial Reporting Standards and are intended to make company accounts more understandable, comparable, reliable and relevant for both internal and external users. The Accounting Standards Board is responsible for developing and issuing NFRS, which include standards, accounting standards and IFRIC interpretations. The objectives of NFRS are to foster investor confidence, assess the international financial market, achieve uniformity in reporting, and formulate standards in line with IFRS.
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This document provides an overview of accounting, including its definition, branches, importance, and users. It discusses key accounting concepts like the separate entity assumption and matching principle. It also outlines accounting conventions regarding conservatism and consistency. Finally, it briefly explains accounting standards and the need for global standards in India, specifically around International Financial Reporting Standards.
IFRS Conceptual Framework - Free IFRS Course - Module 1
IFRS Conceptual Framework is used as a basis by IASB to prepare accounting standards. Since IFRS are principles based, there will be occasions when users will need to invoke core principles within this framework for maintaining consistency.
As newer businesses disrupt markets, accounting standards and core principles need to adapt to such changes. In this era of globalization, it is imperative for accounting professional to remain current.
This is the first of three modules to cover key concepts in IFRS, developed at IFRSmentor.com for the benefit of the global accounting community.
Feel free to share this content, if you have found it useful.
For more key insights and updates, visit: ifrsmentor.com
Similar to Nepal Financial Reporting Standard (20)
International financial reporting standards and India's Response
International financial reporting standards and India's Response
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS)
Lecture 1-4 Regulatory and Financial Reporting Framework.pptx
Lecture 1-4 Regulatory and Financial Reporting Framework.pptx
IFRS Conceptual Framework - Free IFRS Course - Module 1
IFRS Conceptual Framework - Free IFRS Course - Module 1
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Nepal Financial Reporting Standard
- 1. NEPAL FINANCIAL REPORTING SYSTEM (NFRS) Presented By: Boys Group, LBC, MBA-BF
- 2. INTRODUCTION •Nepal Financial Reporting Standards (NFRS) are a set of accounting standards developed by the Accounting Standard Board (ASB) with the belief that a single set of NFRS is in the best interests of the global economy. •NFRS provides a set of principles to be followed while accounting for transaction and events in financial statements
- 3. INTRODUCTION (CONTD.) NFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable within Nepal. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
- 4. ORIGIN OF NFRS In Nepal, Accounting Standards are developed by the Accounting Standards Board (ASB). The ASB came into existence on 10 March 2003 as per the provisions of Nepal Chartered Accountants Act, 1997. ASB had earlier issued Nepal Accounting Standard (NAS) in line with IAS and with the gradual replacement of IAS by updated IFRS, the board has now issued NFRS on basis of recent international financial reporting standards (IFRS)
- 5. OBJECTIVES OF NFRS Fostering Investor Confidence, Assessing the international financial market, Making uniformity in accounting reporting system, Formulate accounting assumption standards in line with IFRS.
- 6. IMPORTANCE OF NFRS To make single format for financial statements. Helpful to Stakeholders to analysis organization position, Assists managers for financial decision. Uniformity in Accounting Assumption.
- 7. EXAMPLES OF NFRSS NFRSs Comprises Nepal Financial Reporting Standards Nepal Accounting Standards IFRIC Interpretations issued by the international Accounting Standard’s Board (IASB)
- 8. EXAMPLES OF IFRS Statement of Profit and Loss Statement of Financial Position Statement of Cash Flow Other Explanatory Notes Note 3.19
- 10. THANK YOU