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    What Is IFRS

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    International Financial Reporting Standards (IFRS) are accounting standards published by the International Accounting Standards Board (IASB) to increase transparency in financial reporting. The IASB establishes IFRS and is based in London. A complete set of IFRS financial statements includes a statement of financial position, a statement of income and other comprehensive income, a statement of changes in equity, and notes to the financial statements.

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    What Is IFRS

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    Patien
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    International Financial Reporting Standards (IFRS) are accounting standards published by the International Accounting Standards Board (IASB) to increase transparency in financial reporting. The IASB establishes IFRS and is based in London. A complete set of IFRS financial statements includes a statement of financial position, a statement of income and other comprehensive income, a statement of changes in equity, and notes to the financial statements.

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    International Financial Reporting Standards (IFRS) are accounting standards published by the International Accounting Standards Board (IASB) to increase transparency in financial reporting. The IASB establishes IFRS and is based in London. A complete set of IFRS financial statements includes a statement of financial position, a statement of income and other comprehensive income, a statement of changes in equity, and notes to the financial statements.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views2 pages

    What Is IFRS

    Uploaded by

    Patien
    International Financial Reporting Standards (IFRS) are accounting standards published by the International Accounting Standards Board (IASB) to increase transparency in financial reporting. The IASB establishes IFRS and is based in London. A complete set of IFRS financial statements includes a statement of financial position, a statement of income and other comprehensive income, a statement of changes in equity, and notes to the financial statements.

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    What is IFRS?

    What is IFRS?

    International Financial Reporting Standards (IFRS) are accounting standards published by the
    International Accounting Standards Board (IASB) with the aim of providing a common accounting language
    to increase the transparency of the presentation of financial information.

    What is the IASB?

    The International Accounting Standards Board (IASB) is an independent body formed in 2001 with the sole
    responsibility of establishing international financial reporting standards (IFRS). It succeeded the
    International Accounting Standards Committee (IASC), which had previously been responsible for
    establishing international accounting standards. The IASB is based in London. He also provided the
    "Conceptual Framework for Financial Reporting" published in September 2010, which provides a
    conceptual understanding and the basis of accounting practices under IFRS.
    Components of IFRS financial statements

    A complete set of financial statements prepared in accordance with IFRS would ideally include the
    following:

    • A statement of financial position at the end of the period - more commonly known as a "balance
    sheet".
    • A statement of income for the year and the statement of other comprehensive income - Other
    comprehensive income would include items of income / expense that are not recognized in the
    income statement to comply with other relevant standards.

    These two declarations can be combined or displayed separately.

    • A statement of changes in equity - This would include a reconciliation between the amounts
    shown at the beginning and at the end of the year.
    • A statement of cash flows for the period
    • Notes to the financial statements - including a summary of the main accounting policies followed
    and other explanatory information

    The financial statements would sometimes also include a statement of financial position for a prior period
    in the following scenarios:

    • When an entity retrospectively applies an accounting method;


    • When an entity has retrospectively restated an item in its financial statements; or
    • When an entity reclassifies item in its financial statements.

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