WHAT IS IFRS?
CA Abhash Mishra
(Chartered Accountants)
(598 Points)
Replied 25 February 2011
It is standards of doing accounting. So that all the professional can generate similar view and less difference of opinion arise.
Originally posted by : abhashmishra | ||
It is standards of doing accounting. So that all the professional can generate similar view and less difference of opinion arise. |
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 25 February 2011
IFRS is a global acceptance Accounting Standerd i.e. International Financial Reporting Standards.
VIPIN KUMAR
(Practicing)
(309 Points)
Replied 25 February 2011
IFRS (International Financial Reporting Standards) is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB). The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements.
IFRS provides general guidance for the preparation of financial statements rather than setting rules for industry-specific reporting. Currently, over 100 countries permit or require IFRS for public companies, with more countries expected to transition to IFRS by 2015. Having an international standard is especially important for large companies that have subsidiaries in different countries. Adopting a single set of world-wide standards will simplify accounting procedures by allowing a company to use one reporting language throughout. A single standard will also provide investors and auditors with a cohesive view of finances.
Proponents of IFRS as an international standard maintain that the cost of implementing IFRS could be offset by the potential for compliance to improve credit ratings.
IFRS is sometimes confused with IAS (International Accounting Standards), which are older standards that IFRS has replaced.
SIDHARTH DHIR
(senior articled assistant)
(623 Points)
Replied 19 March 2011
abbey tu ab tak zinda kaise thha.....?
Itni der se saari duniya cheekh rahi hai abt IFRS
dear it is UNPROFESSIONAL, NOT KNOWING WHAT YOU ARE DOING!!!!