Ifrs
This query is : Resolved
Kasang James
(Querist)
06 December 2014
What is stated in IFRS
06 December 2014
What is your exact question?
IFRS refers to International Financial Reporting Standards which are applied while preparing the Balance Sheet and other Profitability Statements of a Company and are developed by the International Accounting Standards Board (IASB). These have already been applied in more than a 100 Countries. This is to make the financial statements uniform and comparable across the globe.
Different countries employ different standards (as required by their regulatory body) while preparing their financials. Like United States have their US GAAP, Canada has its Canadian GAAP, United Kingdom has its UK GAAP and India has its own Accounting Standards. So this poses a problem in consolidating financials of a company having its subsidiary in multiple countries as well as while comparing companies across geographies. So to bring the accounting standards at par, more and more countries are now allowing IFRS.
IFRS refers to International Financial Reporting Standards which are applied while preparing the Balance Sheet and other Profitability Statements of a Company and are developed by the International Accounting Standards Board (IASB). These have already been applied in more than a 100 Countries. This is to make the financial statements uniform and comparable across the globe.
Different countries employ different standards (as required by their regulatory body) while preparing their financials. Like United States have their US GAAP, Canada has its Canadian GAAP, United Kingdom has its UK GAAP and India has its own Accounting Standards. So this poses a problem in consolidating financials of a company having its subsidiary in multiple countries as well as while comparing companies across geographies. So to bring the accounting standards at par, more and more countries are now allowing IFRS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Accounting treatment of AMC alongwith the purchase of Laptop
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
