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are being withdrawn and superseded by International Financial Reporting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.
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