As we moved in to globalization in the 21^st 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.

What is IFRS?

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

• A statement of financial position (Balance Sheet) as at the end of the period. The statement of financial position provides information about the financial position of the entity. It should distinguish between major categories.
• A statement of profit and loss and a statement of other comprehensive income. Both these statements may either be combined or shown separately. These statements show information about the performance of the entity.
• A statement of changes in equity. This statement reflects information about the increase or decrease in net assets or wealth.
• A statement of cash flows for the period. This is classified by operating, financing and investing activities.
• Notes to the financial statements. These consist of a summary of accounting policies and other explanatory notes.

List of International Financial Reporting Standards (IFRS)

Standard No.

Standard Title

IFRS 1

First-time Adoption of International Financial Reporting Standards

IFRS 2

Share-based Payment

IFRS 3

Business Combinations

IFRS 4

Insurance Contracts

IFRS 5

Non-current Assets Held for Sale and Discontinue Operations

IFRS 6

Exploration 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

IAS 1

Presentation of Financial Statements

IAS 2

Inventories

IAS 7

Statement of Cash Flows

IAS 8

Accounting Policies, Changes in Accounting Estimates and Errors

IAS 10

Events after the Reporting Period

IAS 11

Construction Contracts

IAS 12

Income Taxes

IAS 16

Property, Plant, and Equipment

IAS 17

Leases

IAS 18

Revenue

IAS 19

Employee Benefits

IAS 20

Accounting for Government Grants and Disclosure of Government Assistance

IAS 21

The Effects of Changes in Foreign Exchange Rates

IAS 23

Borrowing Costs

IAS 24

Related Party Disclosures

IAS 26

Accounting and Reporting by Retirement Benefit Plans

IAS 27

Separate Financial Statements

IAS 28

Investments in Associates and Joint Ventures

IAS 29

Financial Reporting in Hyperinflationary Economies

IAS 32

Financial Instruments: Presentation

IAS 33

Earnings per Share

IAS 34

Interim Financial Reporting

IAS 36

Impairment of Assets

IAS 37

Provisions, Contingent Liabilities, and Contingent Assets

IAS 38

Intangible Assets

IAS 39

Financial Instruments: Recognition and Measurement

IAS 40

Investment Property

IAS 41

Agriculture

HTH & Accounting Associates help organizations and business owners with accounting and/or financial consulting services.

For Help with accounting or Bookkeeping contact us at accounting@thaddeus.org or call us at 909-599-2111.

Resources:

https://cleartax.in/s/ifrs

International Financial Reporting Standards: A Practical Guide

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.

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