IFRS

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  • IFRS
  • IAS 1 Presentation of Financial Statements
  • IAS 2 Inventories
  • IAS 7 Statement of Cash Flows
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 10 Events after the Reporting Period
  • IAS 11 Construction Contracts
  • IAS 12 Income Taxes
  • IAS 16 Property, Plant and Equipment
  • IAS 17 Leases
  • IAS 18 Revenue
  • IAS 19 Employee Benefits
  • IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
  • IAS 21 The Effects of Changes in Foreign Exchange Rates
  • IAS 23 Borrowing Costs
  • IAS 24 Related Party Disclosures
  • IAS 26 Accounting and Reporting by Retirement Benefit Plans
  • IAS 27 Separate Financial Statements
  • IAS 28 Investments in Associates and Joint Ventures
  • IAS 29 Financial Reporting in Hyperinflationary Economies
  • IAS 32 Financial Instruments: Presentation
  • IAS 33 Earnings per Share
  • IAS 34 Interim Financial Reporting
  • IAS 36 Impairment of Assets
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38 Intangible Assets
  • IAS 39 Financial Instruments: Recognition and Measurement
  • IAS 40 Investment Property
  • IAS 41 Agriculture

List of IFRS Standard :-

  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IFRS 2 Share-based Payment
  • IFRS 3 Business Combinations
  • IFRS 4 Insurance Contracts
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IFRS 6 Explorations for and Evaluation of Mineral Resources
  • IFRS 7 Financial Instruments: Disclosures
  • IFRS 8 Operating Segments
  • IFRS 9 Financial Instruments
  • IFRS 10 Consolidated Financial Statements
  • IFRS 11 Joint Arrangements
  • IFRS 12 Disclosure of Interests in Other Entities
  • IFRS 13 Fair Value Measurement
  • IFRS 14 Regulatory Deferral Accounts
  • IFRS 15 Revenue from Contracts with Customers
  • IFRS 16 Leases
  • IFRS 17 Insurance Contracts

Some of the Countries in which IFRS is applicable :

  1. UAE
  2. Canada (Public listed companies – Compulsory, Private Companies- Voluntary adoption) 
  3. Australia (Uses Australian Accounting Standards which are equivalent of IFRS but with lesser disclosure requirements) 
  4. India (Public Listed companies- Ind AS which is a tweaked version of IFRS, Private Companies – Voluntary adoption) 
  5. UAE – (Public listed companies – Compulsory)
  6. Singapore – (Foreign companies are permitted to use IFRS) 

IFRS covers a wide range of accounting activities. There are certain aspects of business practice for which IFRS set mandatory rules.

    • Statement of Financial Position: This is also known as a balance sheet. IFRS influences the ways in which the components of a balance sheet are reported.
    • Statement of Comprehensive Income: This can take the form of one statement, or it can be separated into a profit and loss statement and a statement of other income, including property and equipment.
    • Statement of Changes in Equity: Also known as a statement of retained earnings, this documents the company’s change in earnings or profit for the given financial period.
    • Statement of Cash Flow: This report summarizes the company’s financial transactions in the given period, separating cash flow into Operations, Investing, and Financing.

In addition to these basic reports, a company must also give a summary of its accounting policies. The full report is often seen side by side with the previous report, to show the changes in profit and loss. A parent company must create separate account reports for each of its subsidiary companies.

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