International Financial Reporting Standards (IFRS) is gaining momentum throughout the world as a single, consistent accounting framework and is positioned to become the predominent GAAP in the near future. More than 100 countries have moved to, or base their local standards on IFRS. In 2005, UK, the rest of Europe and Australia moved to IFRS. In 2007, China moved to IFRS. Brazil is expected to move in 2010, and Canada in 2011.
Recognizing the significance of having full convergence with IFRS, the ICAI has decided to adopt a ‘big bang’ approach and fully converge with IFRS issued by IASB, from accounting periods commencing on or after 1 April 2011 subject to regulatory approvals. The Ministry of Corporate Affairs has also announced its commitment to convergence to IFRS by 2011.
Basics
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ifrs4students.com (ifrs.csstudentsclub.com) is an unique website for students pursuing CS, CA & CWA courses to know, update & master International Financial Reporting Standards (IFRS).
The objective of this portal is to make informing the budding corporate professionals the latest information on IFRS. India will be adopting IFRS by April 1, 2011. Todays' students are tommorow's professionals, so students need to be equipped to understand & apply IFRS both in their exams & career. This is purely a free & education website, wherein the contents are collected from various web sources.
International Financial Reporting Standards (IFRS), together with International Accounting Standards (IAS), are a "principles-based" set of standards that establish broad rules rather than dictating specific accounting treatments. From 1973 to 2001, the International Accounting Standards Committee (IASC) issued IAS. In April 2001 the International Accounting Standards Board (IASB) adopted all IAS and began developing new standards called IFRS. It is noteworthy that an IAS remains in effect unless replaced by an IFRS.
Thus, International Financial Reporting Standards (IFRS) are a set of accounting standards. Currently they are issued by the International Accounting Standards Board (IASB). Many of the IFRS standards developed from the older International Accounting Standards (IAS) and while IAS are no longer produced, they are still in effect unless replaced by an IFRS.
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IFRS
Portal for Students to know, update & master International Financial Reporting Standards (IFRS)
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