As we moved in to globalization in the 21st Century, it became a necessity to standardize most of the common financial and managerial accounting events between business giants or enterprises across the world. This is even made convenient during any intercontinental negotiations aiming to build long-term relationship. As everything became virtually possible to connect in any country and breaking national barriers, the adoption of International Financial Reporting Standards became widely used by some countries for the dynamism of business and trade.
The International Financial Reporting Standards (IFRS) are accounting standards that are issued by the International Accounting Standards Board (IASB) with the objective of providing a common accounting language to increase transparency in the presentation of financial information.
Components of Financial Statements under IFRS
List of International Financial Reporting Standards (IFRS)
First-time Adoption of International Financial Reporting Standards
Non-current Assets Held for Sale and Discontinue Operations
Exploration and Evaluation of Mineral Resources
Financial Instruments: Disclosures
Consolidated Financial Statements
Disclosure of Interests in Other Entities
Fair Value Measurement
Regulatory Deferral Accounts
Revenue from Contracts with Customers
Presentation of Financial Statements
Statement of Cash Flows
Accounting Policies, Changes in Accounting Estimates and Errors
Events after the Reporting Period
Property, Plant, and Equipment
Accounting for Government Grants and Disclosure of Government Assistance
The Effects of Changes in Foreign Exchange Rates
Related Party Disclosures
Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Investments in Associates and Joint Ventures
Financial Reporting in Hyperinflationary Economies
Financial Instruments: Presentation
Earnings per Share
Interim Financial Reporting
Impairment of Assets
Provisions, Contingent Liabilities, and Contingent Assets
Financial Instruments: Recognition and Measurement
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By Hennie van Greuning, Darrel Scott, Simonet Terblanche
Katrina Marie Echeverria is an accounting intern at Thaddeus Resource Center. She aspires to be a virtual bookkeeper and provide services to clients around the world.