International Financial Reporting Standards and Analysis
International Financial Reporting Standards (IFRS) are a set of accounting standards guiding the recording and reporting of transactions in financial statements. Learn about the benefits, challenges, and differences between GAAP and IFRS.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
International Financial International Financial Reporting Standards Reporting Standards (IFRS) (IFRS) Sub: Financial Reporting and Analysis Course : B.COM (H) Semester : VI Teacher: Beenu
Learning Outcomes Learning Outcomes Introduction to IFRS IND -AS/Converged IFRS Benefits of Adopting IFRS Challenges of Adopting IFRS Difference between GAAP & IFRS
Introduction To IFRS IFRS refers to International Financial Reporting Standards issued by International Accounting Standard Board(IASB). IFRS are a set of International Accounting Standards guiding how to record and report particular transactions and events in financial statements.
IND -AS/Converged IFRS In India ,IFRS has been adopted and made mandatory w.e.f. April 1,2016 IND -AS refers to Indian version of IFRS. India has decided to converge with IFRS instead of adopting it in its original form.
Benefits of Adopting IFRS Benefits of Adopting IFRS Financial Statements as per global standards. Multiple reporting can be avoided. Improve cross- border investment. High quality and easy comparison,of financial statements. Transparency in reporting of financial statements. Higher level of Consistency.
Benefits of Adopting IFRS Benefits of Adopting IFRS Benchmarking will become easy. High Standards of financial disclosure. Raise reputation and relationship of Indian corporate world with international financial community. Enhance performance of economy at large. Easy in raising capital from outside the country at low cost.
Challenges of Adopting IFRS Challenges of Adopting IFRS Increased cost of adoption. Lack of Skilled resources. Difficulty in completing the changed regulatory requirements. Multi-regulatory nature of country. Challenges for small and medium accounting firms.
Generally Accepted Accounting Generally Accepted Accounting Principles (GAAP) Principles (GAAP) GAAP provides the rules of action and conduct for Principles of accounting. Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
Difference between GAAP & IFRS Difference between GAAP & IFRS GAAP GAAP are in the nature of "Rules" to be followed in preparation of financial statements. IFRS IFRS are in the nature of "Principles" to be followed in preparation of financial statements. Basis: Nature FASB is the authority responsible for developing GAAP. International Accounting Standard Board deveops the IFRS Issuing Authority
Difference between GAAP & IFRS Difference between GAAP & IFRS Only FIFO and weighted Average method can be used. Three methods used ie.LIFO,FIFO and weighted Average. GAAP, the research is more focused on the literature Inventory Valuation IFRS, the review of the facts pattern is more thorough. Methodology
Financial Reporting and Analysis,Dr. Priyanka Ostwal,Dr Sakshi Sharma Financial Reporting and Analysis by Meenu Gupta,Hersheen Kaur,Rekha Gupta. The End...
