Ifrs

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Kasang James

Kasang James (Querist)
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06 December 2014 What is stated in IFRS

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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