IFRS

 IFRS

International Financial Reporting Standards

https://www.ifrs.org/groups/international-accounting-standards-board/

https://youtube.videoken.com/embed/7-l-4NW8dpo?VKDEBUG=1

https://www.linkedin.com/pulse/evolution-ifrs-standards-international-accounting-board-giri-/?trk=public_profile_article_view

https://youtube.videoken.com/embed/W2qYPOgxd20?VKDEBUG=1

https://www.smartcapitalmind.com/what-are-the-different-types-of-ifrs-regulations.htm

https://youtube.videoken.com/embed/Gl43ihm1GfM?VKDEBUG=1

https://youtube.videoken.com/embed/ZhZw04Rxdb0?VKDEBUG=1

https://www.iasplus.com/en/standards/ifrs/ifrs1

https://www.iasplus.com/en/standards/ifrs/ifrs2

https://www.iasplus.com/en/standards/ifrs/ifrs3

https://www.iasplus.com/en/standards/ifrs/ifrs4

https://www.iasplus.com/en/standards/ifrs/ifrs5

https://www.iasplus.com/en/standards/ifrs/ifrs6

https://www.iasplus.com/en/standards/ifrs/ifrs7

https://www.iasplus.com/en/standards/ifrs/ifrs8

https://www.iasplus.com/en/standards/ifrs/ifrs9

https://www.iasplus.com/en/standards/ifrs/ifrs10

https://www.iasplus.com/en/standards/ifrs/ifrs11

https://www.iasplus.com/en/standards/ifrs/ifrs12

https://www.iasplus.com/en/standards/ifrs/ifrs13

https://www.iasplus.com/en/standards/ifrs/ifrs14

https://www.iasplus.com/en/standards/ifrs/ifrs15

https://www.iasplus.com/en/standards/ifrs/ifrs-16

https://www.iasplus.com/en/standards/ifrs/ifrs-17

https://designrr.s3.amazonaws.com/kounal_at_henryharvin.com_130282/list-of-international-financial-reporting-standards-in-2022-updated_62f2074a.pdf

https://www.linkedin.com/pulse/best-summary-ifrs-ias-standards-yasser-mohd-abdul-rahman/?trk=articles_directory

https://www.investopedia.com/terms/i/ias.asp

https://www.iasplus.com/en/standards/ias

https://kgrnaudit.com/ias-and-ifrs/

https://taxguru.in/chartered-accountant/indian-accounting-standard-ind-as-brief-study.html

https://byjus.com/commerce/difference-between-ifrs-and-ind-as/

https://unacademy.com/content/difference-between/ifrs-and-ind-as/

https://youtube.videoken.com/embed/23_tFJzgN9Q?VKDEBUG=1

https://www.ai-accountant.com/blog/the-basics-of-gaap/

https://byjus.com/commerce/gaap-generally-accepted-accounting-principles/

https://www.diffen.com/difference/GAAP_vs_IFRS

https://byjus.com/commerce/difference-between-gaap-and-ifrs/

https://connectusfund.org/6-advantages-and-disadvantages-of-adopting-ifrs

https://www.henryharvin.com/blog/advantages-you-will-see-of-ifrs/

https://youtube.videoken.com/embed/q1M-TuiSHLA?VKDEBUG=1

https://www.eduyush.com/blogs/ifrs/what-are-the-disadvantages-of-ifrs

https://connectusfund.org/6-advantages-and-disadvantages-of-adopting-ifrs

https://youtube.videoken.com/embed/aghMI8O9vSw?VKDEBUG=1

IFRS Summary:

International Financial Reporting Standards (IFRS) are a set of accounting standards that determine how specific transactions and events should be reported in financial statements.

These standards were developed by and are currently managed by the International Accounting Standards Board (IASB).

The purpose behind IFRS is that business entities across have a common accounting guidelines and rules that allow financial statements to be consistent and definitive.

There are four fundamental assumptions in IFRS: accrual basis, going concern, stable measuring unit assumption and units of cost purchasing power.

There are 17 IFRS standards.

The latest standard introduced under IFRS deals with insurance contracts.

The implementation of IFRS involves the following fours steps:

Impact assessment

Planning and designing

Realization

Data conversion

There are other financial reporting standards similar to IFRS, which are local.

There is Ind AS, which is Indian version of IFRS, and there is GAAP, which is an American version of IFRS.

IFRS has various benefits such as easy comparison of company ratings, greater transparency of information, globally harmonized financial reporting system, etc.

IFRS also comes with some disadvantages such as significant adoption costs, lack of detail, being less stringent than some standards such as GAAP, etc.

References:

https://www.investopedia.com/terms/i/ifrs.asp

https://www.pwc.in/assets/pdfs/publications/2017/ifrs-us-gaap-ind-as-and-indian-gaap-similarities-and-differences.pdf

https://fundamentalsofaccounting.org/pros-and-cons-of-adopting-ifrs/

https://youtube.videoken.com/embed/V5QjyV_BiLk?VKDEBUG=1