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IFRS stands for “International Financial Reporting Standards” and includes International Accounting Standards (IAS’s) until they are replaced by any IFRS and interpretations originated by IFRIC or its predecessor, the former committee (SIC). IFRS are developed and approved by IASB. These are standards for reporting financial results and applicable to general purpose financial statements and other reporting of all profit oriented entities.
In India, Indian Government has decided to implement Ind AS, the equivalent of IFRS with minimal carve outs in a phased manner with respect to specified group of companies after many deliberations and the earliest effective date being 1st April, 2016.
Knowledge of Ind AS and IFRS is essential for those who want to make their careers in Accounting and/or Finance.
While attention would be given to each standard, the following segment of topics would be given specific attention.
International Sources of Authority: The organizational structure of the International Accounting Standards Board (IASB); Standards Setting Process; IASB Framework.
Elements of Financial Statements: Property, Plant and Equipment; Provisions and Contingencies; Intangible Assets, Employment and Post-employment benefits; Goodwill, Current and Deferred Tax; Current Assets; Construction Contracts, Share-based payment; Exploration and Evaluation Expenditures; Financial Instruments etc.,
Presentation and additional disclosures
Preparation of external financial reports for single entities
Preparation of external financial reports for combined entities and joint ventures