International Financial Reporting Standards (IFRS)
- 4.1
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Brief Introduction
The most engaging tutorial on IFRSDescription
International Financial Reporting Standards (IFRS) set common rules to be followed by companies so that financial statements can be consistent, transparent and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB). They specify how companies must maintain their accounts and report them. IFRS was established to create a common accounting language.
IAS 16 on Property Plant and Equipment is the most important and a popular accounting standard that specifies when to recognise an item as a PPE, how to measure the cost of PPE and how to account for items recognized as a PPE. It also specifies various depreciation methods to be followed by companies around the world.
IAS 16 on Property Plant and Equipment is also tested quite often in examinations like ACCA, CPA and CA and should be mandatorily known by accountants working in companies if their entity follows IFRS.
IAS 36 on Impairment of Assets is one more popular and complex accounting standard which specifies some common indicators of impairment and guides us on how to test for impairment and to account for it.
IAS 36 is one more commonly tested topic in examinations and commonly encountered issues by entities.
Requirements
- Requirements
- The student must posses basic accounting knowledge
- Must know to make journal entries, ledger posting and prepare profit and loss account and balance sheet of an entity
CA Preethi V
4.1 Raiting
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