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IFRS

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International Financial Reporting Standards, called IFRS, are accounting standards which are a standard procedure and way of describing financial statements of a company. By implementing IFRS, a company can formulate its financial reports in a common language which will be understandable and recognized worldwide. IFRS Certification Course enable you to understand the implementation of IFRS. What are the benefits of the IFRS certification course? If you want to start a carrier as a Finance Manager,…

First of all, what is IFRS? IFRS or International Financial Reporting Standards is a fixed and standardized set of rules, issued by the International Accounting Standards Board (IASB). These rules ensure that financial statements of business entities around the world follow the same format and are consistent, transparent, and comparable. https://www.youtube.com/watch?v=SpqxQA2ObCU What is IFRS? The list of International Financial Reporting Standards (IFRS) specifies how companies are supposed to maintain as well as report their accounts. Types of transactions…

In the current era, there is an ardent need for IFRS professionals. What is better than an IFRS certification course? So, We have totally mentioned a list of 10 IFRS certification courses in Lucknow. What is IFRS? IFRS stands for International Financing Reporting Standards. It is a set of global accounting standards issued by the International Accounting Standard Board (IASB) and IFRS foundation. It’s globally recognized. In a globally developing country like India, a basic…

IFRS is issued by the International Accounting Standard Board with the main purpose of maintaining consistency and transparency in the financial statements across the world. It describes the common set of rules for financial statements and contributes to economic efficiency. Information in this is quite relevant for the objectives of IFRS and appropriate as it’s based on clearly stated principles. This is a common global language and adopted most of the business firms because accounts…

Generally accepted accounting principles (GAAP) are defined as the rules of action or conduct which are derived from experience and practice; which when prove useful become accepted as principles of accounting. They are used to maintain consistency and uniformity in accounting records throughout the country. These principles are often called by various names such as postulates, assumptions, concepts and conventions etc. The general acceptability of these principles depend of how well they satisfy the criteria…

1) IFRS 1- First-time Adoption of International Financial Reporting Standards It sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. This IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. There are many benefits of implementing IFRS in India in terms of economy, industry,…

Indian Accounting Standards (Ind AS) are issued by the Accounting Standard Board to converge Indian GAAP with International Financial Accounting Standards (IFRS). Their objective is to remove variations in the treatment of several accounting aspects and to bring about standardization in the presentation. On 2 January 2015, the Press Information Bureau, Government of India, Ministry of Corporate Affairs (MCA) issued a note outlining the various phases in which Indian Accounting Standards converged with IFRS (Ind…

credit: ifrs.org India, one of the fastest growing global economies is on the verge of converging with International Financial Reporting Standards (IFRS). As on date 123 countries across the globe have converged with IFRS, India is soon to join the bandwagon. The Ministry of Corporate Affairs in its press release dated 25.2.2011 notified 35 Indian Accounting Standards converged with International Financial Reporting Standards (henceforth called Draft IND AS). Further, On 2 January 2015, the Press…