IFRS accounting standards

About IFRS accounting standards

What are the International Accounting Standards (IAS)?
The international accounting standards are a set of practices established by the International Accounting Standards Board (IASB). These practices are designed to make it simpler for businesses around the world to compare financial reporting and data. This also helps create transparency and trust in the accounting process, particularly with investment and global trade.

Having an international accounting standard also alleviates compliance pressures and can significantly reduce costs surrounding reporting. In particular, companies that have international operations and subsidiaries in different countries can streamline reporting and practices.

It is important to know though, that IAS has been replaced by the newer International Financial Reporting Standards (IFRS).

What are International Financial Reporting Standards (IFRS)?
The IFRS replaced the original international accounting standards to establish even more consistency with a focus on financial record keeping. The IFRS standards outline effective methods for the following:

● Maintaining transactional data
● Defining types of transactions
● Financial reporting
● Proper record-keeping
● Assessing financial impacts

Requirements for specific accounting functions include those for:

● Statement of Comprehensive Income
● International Accounting Standards
● Changes in Equity Statement
● Statement of Cash Flow
● And more

Some questions that the International Accounting Standards application should have :

▪ What is difference between GAAP and IFRS?
▪ How many accounting standards are there in international?
▪ What are the 41 international accounting standards?
▪ What is difference between IAS and IFRS?

Below are some of the criteria mentioned in the application :
IFRS standards
International Financial Reporting Standards (IFRSs) are international accounting standards issued by the IASB.

▶ IFRS 1 First-time Adoption of IFRS
▶ 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 Exploration 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
▶ IFRS for SMEs