Ifrs gyan

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KAPP Edge Solutions

company

312 Points Joined February 2012

Meaning and objective of IFRS

IFRSs are single set of high quality, understandable and enforceable global accounting standards.

IFRSs are meant to bring a common platform for preparers of financial statements. This would ensure uniformity and comparability of financial statements across the globe. However, there are apprehensions about the use of IFRSs that the objective of comparison may not be fully met. Discuss the limitations that IFRSs may have.

IFRSs are meant to bring a common platform to ensure uniformity and comparability of financial statements across the globe.

many more to come.............

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allabout

All About Education

23 Points Joined February 2012

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KAPP Edge Solutions

company

312 Points Joined February 2012

Part2

History and Present of IFRSs

•Came into existence in early 70’s

•Adopted by IASB on April 2001.

•Helped preparers of financial statements for those countries who did not have their own accounting standards

•Were developed from time to time to consider the changes in businesses and reporting requirements

•Standards issued until 2001 are referred to as IAS. Standards issued after 2001 are called as IFRSs

•There are 27 IASs and 13 IFRSs as on date alongwith a IFRS for Small and Medium Enterprises (SMEs)

•7 IASs / IFRSs are not tested in the 2012 examinations

more to come....

KAPP Edge Solutions

company

312 Points Joined February 2012

IFRS Updates-2012

IFRS 3 Business Combinations—business combinations involving newly formed entities: factors affecting the identification of the acquirer and business combinations under common control

The IASB reviewed issues that had been discussed by the IFRS Interpretations Committee relating to requests for guidance on the circumstances or factors that are relevant when identifying an acquirer in a business combination under IFRS 3 and on accounting for business combinations between entities under common control. The IASB agreed with the Interpretations Committee that these issues would be best considered within the context of a broader project on accounting for common control transactions, if the IASB addresses this project at a later stage. All IASB members were in favour of this decision.