IFRS
International Financial Reporting Standards
To maintain uniformity and use of same or single accounting, International Financial
Reporting Standards
are developed by International Accounting Standards Boards.
Objectives
To develop the single set of high quality global accounting standards so users of
information can make good.
decisions and the information can be comparable globally.
To promote the use of these high quality standards.
To fulfill the special needs of small and medium size entity by following above
objectives.
Meaning
* IFRS is a principal based accounting standards. IFRS are a single set of high quality
accounting standards developed
by IASB, recommended to be used by the enterprises globally to produce financial
statements.
Benefits
Global comparison of financial statements of any company is possible.
Financial Statements prepared by using IFRS should be better understood by
Financial statements prepared by the
Country’s specific accounting standards. So, the investors can make their better
decisions about their investments.
Industry can raise or invest their funds by better understandings if financial
statements are there with IFRS.
Accountants and auditors are in position to render their services in countries
adopting IFRS.
By implementation of IFRS, accountants and auditors can save the time and
money.
Firm using IFRS can have better planning and execution. It will help the
management to execute their plans globally.
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