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Financial Accounting IFRS Presentation

The document discusses International Financial Reporting Standards (IFRS), which were formerly known as International Accounting Standards. IFRS are the standards set by the International Accounting Standards Board for preparing and presenting financial statements. The goals of IFRS are to provide a single set of high-quality accounting standards that are easy to understand and encourage widespread application. Adoption of IFRS aims to increase investor confidence and facilitate cross-border mergers and acquisitions by standardizing financial reporting.

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Vaishnavi khot
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369 views10 pages

Financial Accounting IFRS Presentation

The document discusses International Financial Reporting Standards (IFRS), which were formerly known as International Accounting Standards. IFRS are the standards set by the International Accounting Standards Board for preparing and presenting financial statements. The goals of IFRS are to provide a single set of high-quality accounting standards that are easy to understand and encourage widespread application. Adoption of IFRS aims to increase investor confidence and facilitate cross-border mergers and acquisitions by standardizing financial reporting.

Uploaded by

Vaishnavi khot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Snehal

Vaishanavi
Tejal
Jarina
Sneha
 International Financial According Standards (IFRS),
formerly known as International Accounting Standards
(IAS) are the standards, Interpretations and Framework
for the preparation & presentation of financial
statements adopted by the international Accounting
Standards Board (IASB).
 IAS was issued in 1973 & 2001 by the board of the
Internal Accounting Standards Committee ( IASC ). On
April 1, 2001 the new IASB took over the responsibility
of setting International Accounting Standards from
IASC. It has since then continued to develop standards
called as the new standards IFRS.
 Principle based approach
 Fair value
 Comprehensive
 Consolidation
 Transparency
 To make available, in the public interest, a single set of
accounting standards on the basis of principles which are of
high quality, easy to understand.
 To encourage the applications of the standards under IFRS
amongst various stakeholders to the maximum possible
extend.
 To take into account suitability the requirement of an array of
sizes & types of entities in different economic settings
prevailing in the world.
Level of
confidence

Investments Needs Risk


evaluation

Merger &
takeover
activity
 Level of confidence: Stable, transparent, and fair accounting
system
 Risk evaluation: If the financial data & other statements are
not prepared in terms of international standards the investors
generally assign some premium.
 Merger and Takeover activity: IFRS would eliminate there need
to redesign the financial statements, the way to cross-border
mergers and acquisitions would be facilitated.
 Investments: comfortable level of foreign investors would be
enhanced & they would find such destination more lucrative
International
Financial Reporting
Standard (IFRS)

International Financial
International
Reporting
COMPOSITITON Accounting Standard
Interpretations
(IAS)
Committee (IFRIC)

Standing
Interpretations
Committee (SIC)
 IFRS 1 applies to an entity's "first IFRS financial statements"
and to interim financial reports for parts of the period
covered by the first IFRS financial statements.
 The standard defines an entity's first financial statement as
"the first annual financial statements in which the entity
adopts IFRSs, by an explicit and unreserved statement in
those financial statements of compliance with IFRSs". Specific
cases include financial statements of firms whose most recent
financial statements were prepared in accordance with
national requirements not consistent with IFRS or that did not
present financial statements in previous periods.

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