IFRS (International Financial Reporting Standard )16 has significantly changed the accounting for leases across the globe. Most of the entities are busy managing these impacts for reporting their numbers of the previous financial year. One of the easiest ways to manage this transition, is to refer comprehensive analysis of differences with existing GAAP and make necessary changes in Local GAAP numbers to match IFRS requirements. I have summarized all the critical differences between ..
The International Accounting Standards Board (IASB) is an independent and privately funded body that develops and approves IFRS standards. Prior to 2003, standards were issued as International Accounting Standards (IASs). In 2003, IFRS 1 was issued and all new standards are now known as IFRS standards. The IFRS Foundation has currently 22 Trustees who monitor and fund the IASB, IFRS Advisory Council and IFRS Interpretations Committee. Advantages of IFRS Standards Ensure Global pres..