List of IFRS Standard :-

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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