International Financial Reporting Standards(IFRS)- Concept, Meaning and Assumptions
Hello Friends today we learn about International Financial Reporting Standards(IFRS) The international Accounting Standards Committee (IASC) found in 1973 which is replaced by International Accounting Standards Board (IASB) in the year 2001 which now issues International Financial Reporting Standards (IFRS) . The objective behind setting up the IASC and later IASB was to develop accounting standards that would be acceptable worldwide to produce and present financial information based on similar accounting standards and improve financial reporting internationally. Table Of Contents Meaning of International Financial Reporting Standards(IFRS) International Financial Reporting Standards(IFRS) are the set of Accounting Standards developed by International Accounting Standards Board (IASB) in the year 2001. IFRS are referred to as principles-based accounting standards because standards issued by IASB are based on sound and clearly stated principle...