International Financial Reporting Standards (ifrs)

Evolution of IFRS

• International Accounting Standards Committee (IASC)

• International Accounting Standards (IASs)

• International Accounting Standards Board (IASB)

• International Financial Reporting Standards (IFRSs)

International Financial Reporting Standards (IFRS)..aims

Transparency

Accountability

Efficiency

• Comparability

IFRS standards

Conceptual Framework to Financial Reporting	-Sets out fundamental concepts for financial reporting -Helps in ensuring standards are conceptually consistent and that similar transactions are treated the same way to provide useful information to users
IFRSs (1-17)	-Prescribe accounting treatments relating to issues of concerned from 2001-
IASs (1-41)	-Prescribe accounting treatments relating to issues of concerned from 1973-2000
Practice Statement (1-2)	-Provide guidance on matters pertaining to matters arising