INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS)

    INTERNATIONAL FINANCIAL REPORTING STANDARDS(IFRS)

Globalisation integrates the national economies into the international economies through trade, foreign direct investments, capital flow etc. in this age of globalization and technology, enterprises are carrying on businesses worldwide. We also understand that accounting is the language of business. Thus business enterprises around the world should not speak different languages while sharing financial informations. Therefore there is need for single set of accounting standards that can unify the accounting practices worldwide. It is difficult to understand and compare worldwide financial informations without a common set of accounting and financial reporting standards. The use of single set of high quality accounting standards would facilitate investment and other economic decisions across borders, increase market efficiency and reduce cost of capital. Thus international accounting standards (IAS) were developed, which are being withdrawn and superseded by International Financial Reporting Standards(IFRS).IFRS are a set of accounting standards developed by the international Accounting standards board(IASB).

ASSUMPTIONS IN IFRS:-
1. Accrual Assumption-
The transactions are recorded in the books of accounts on accrual basis, i.e. as and when they occur and not when the settlement of transactions takes place.
2. Going concern assumption
-  It is assumed that life of business is infinite, i.e. the entity will continue its operations for an indefinite period.
3. Measuring unit assumption-
Measuring unit for valuation of capital is the current purchasing power. It means asset should be reflected at current(fair) price.
4. Constant purchasing power assumption-
It means value of capital be adjusted to inflation in the economy at the end of financial year.

Join COC Education, We provided best video classes for CA/CMA/CS/Class 11th & 12th/ B.com/M.com

Contact us on- 9999631597, 8448322142, 7303445575

Visit YouTube Channel  http://www.youtube.com/channel/UCzqqr31HSE-B4HcM1Cw4RiQ?sub_confirmation=1

Click Now for Demo Video https://www.coceducation.com/free-lectures

Join WhatsApp group for your domain course http://whatsapp.conceptonlineclasses.com/

 

ENROLLED WITH US TODAY AND ENLIGHTEN YOUR CAREER!!!

 

Latest Blogs

Salary of a Qualified CMA

Salary of a Qualified CMA


Why to choose career in "CMA" ?

The Reasons to Choose a Career in "CMA"


What Is Balance ScoreCard

What Is Balance ScoreCard A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations. #BalanceScoreCard




Top Reviews

Introduction to Statistics for CA Foundation

Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics


Chapter X of Companies Act 2013

Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013


Relevant sections under the Companies Act, 2013 dealing with fraud and false statements

Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448


What is Corporate Image

What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage


What is Energy Audit

What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit