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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,…

IFRS or International Financial Reporting Standards as would be the associated expansion of this acronym is a globally accepted accounting standard. It is a precise set of preparing reports and financial statements that help read the company data in a fashion observed worldwide. The advantages of this approach in the global business world are elaborated below. 1. Easy Comparison – Globalization to start with! The main advantage of IFRS is it allows the comparison of different companies, as data is presented…