IFRS

Summary of IFRS 3 – Business Combinations

Summary of IFRS 3 – Business Combinations

A business combination is the bringing together of separate entities or businesses into one reporting entity. The Result of nearly all business combinations is that one entity i.e. the acquirer, obtains control of one or more other businesses. Scope of IFRS 3 IFRS 3 defines a business combination as the bringing together of separate entities or businesses into one reporting ...

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Summary of IFRS 2 – Share Based Payments

Summary of IFRS 2 – Share Based Payments

The Objective of IFRS 2 is to specify the financial reporting by an entity when it undertakes a share based payment transaction. In particular, it requires the entity to reflect in its Profit & Loss position – the effects of share based payment transactions, including expenses associates with transactions in which share options are granted to employees. IFRS 2 requires ...

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America’s IFRS Implementation Plan may change FASB’s Role

America’s IFRS Implementation Plan may change FASB’s Role

Without weighing in on when — or if — the Securities and Exchange Commission will incorporate international financial reporting standards (IFRS) into the financial reporting system for U.S. issuers, the SEC has staff issued a paper that sheds some light on one possible plan for implementation. The plan would change the Financial Accounting Standards Board’s role in standard setting. The ...

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Role of Internal Auditors in Transition to IFRS

Role of Internal Auditors in Transition to IFRS

Among recent significant developments in the Corporate World are the Adoption/ Convergence to the International Financial Reporting Standards (IFRS). Although due to Recession, the senior management’s focus was temporarily diverted, but gradually with the revival of economy, this issue has again come to have top priority. Besides the attention and work of the senior management, it also requires thoughtful oversight ...

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Ind AS – The Indian Desi Version of IFRS

Ind AS – The Indian Desi Version of IFRS

With India deciding to converge with IFRS and not Adopt IFRS, Ind-AS is certainly the way forward for Indian Companies. In simple terms, Convergence with IFRS means that India would not be applying the IFRS as issued by the International Body but would try to get its own accounting standards in snyc with the International Financial Reporting Standards. And these ...

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First Time Adoption of IFRS

First Time Adoption of IFRS

IFRS 1 i.e. First Time Adoption of IFRS is the guidance that is applied during the preparation of a company’s first time IFRS based statements. IFRS 1 was created to help companies easily convert to International Standards and provides practical accommodations intended to make first time adoption cost-effective. What does IFRS 1 require? The key principle of IFRS 1 is ...

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Difference between IFRS Conversion and IFRS Adoption

Difference between IFRS Conversion and IFRS Adoption

The use of IFRS (International Financial Reporting Standards) is becoming so widespread that it has already been applied in over a 100 Countries which includes the likes of European Union, Hong Kong, Australia, South Africa, Russia and Singapore amongst others. As Companies have now aggressively started globalising their operations, IFRS is increasingly becoming the need of the hour. But Confusion ...

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What is IFRS?

What is IFRS?

IFRS refers to International Financial Reporting Standards which are applied while preparing the Balance Sheet and other Profitability Statements of a Company and are developed by the IASB. These have already been applied in more than a 100 Countries and would soon be used across the Globe Need for IFRS Different Countries employ different Accounting Standards while computing the Profits ...

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