International Financial Reporting Standards refers to the standards issued by International Accounting Standards Board (IASB) with an aim of providing a common accounting base to increase transparency in the presentation of financial information.
For an IFRS to be issued a process which involves the public is followed. This process helps companies to better implement the standards the moment they are issued. Furthermore after a standard is issued, IASB has a program that follows up on the implementation. This program addresses whether there is a need for an ammendment or a new interpretation to the standard.
Currently there are 17 Issued IFRS Standards which Include:
- IFRS 1: First Time Adoption of International Financial Reporting Standards
- IFRS 2: Share Based Payments
- IFRS 3: Business Combinations.
- IFRS 4: Insurance Contracts.
- IFRS 5: Non Current Assets Held for Sale and Discontinued Operations.
- IFRS 6: Exploration For and Evaluation of Mineral Resources.
- IFRS 7: Financial Instrument Disclosures.
- IFRS 8: Operating Segments.
- IFRS 9: Financial Instruments.
- IFRS 10: Consolidated Financial Statements
- IFRS 11: Joint Arrangements.
- IFRS 12: Disclosure of Interests In other Entities.
- IFRS 13: Fair Value Measurements.
- IFRS 14: Regulatory Deferral Accounts.
- IFRS 15: Revenue from Contracts with Customers.
- IFRS 16: Leases.
- IFRS 17: Insurance Contacts.
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