IFRS Introduction

Hello,

This Blog is for the people who are studying IFRS. I am Qualified Chartered Accountant. I would like to share the IFRS in very simple language. Specially for the countries in which it is the first time adoption of IFRS.

Intro: IFRS are standards and interpretations adopted by International Accounting Standard Boards (IASB). IFRSs are actually major international Generally Accepted Accounting Principles (GAAP). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS).
IFRSs apply to the published financial statements of all profit-oriented entities. They apply to all 'general purpose financial statements'. An IFRS applies from the date specified in the standard.