The International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). They comprise a broad set of principles that govern how different types of transactions and other events are reported in financial statements.

The goal of the IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. This allows investors to make comparisons between companies in different countries, increasing the transparency of financial markets worldwide.

These standards are often compared to the Generally Accepted Accounting Principles (GAAP) in the United States, although there are important differences between them. The IFRS has a greater focus on reporting assets at fair value, while GAAP emphasizes cost-based accounting.

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Well explained… Book for accountants or accounting students. The writer really tries his best to simplify the IFRS matter (in a way that sticks with you for life ??).
Thank you
The easy way to get a grip on International Reporting Standards
IFRS For Dummies is your complete introduction to IFRS and international accounting and balancing standards. Combining all the facts needed to understand this complex subject with useful examples, this easy-to-read guide will have you on top of IFRS in no time.
In plain English, it helps you make sense of IFRS and your understanding of: what they are and where they apply; how to adopt IFRS for the first time; how IFRS affects the key components of your financial statements; how to disclose information in financial statements; and much more.
• Covers what to do if you’re applying IFRS for the first time
• Explains complicated material in plain English
• Helps you make sense of this principles-based set of standards that establish broad rules for financial reporting
If you’re an accountant, student, or trainee in need of accessible information on IFRS, this hands-on, friendly guide has you covered.

About the author

Steve Collings is Audit and Technical Director for Leavitt Walmsley Associates Ltd. Steve has written extensively for AccountingWEB.co.uk and is the author of Interpretation and Application of International Standards on Auditing, also published by Wiley. In 2011, Steve was named Accounting Technician of the Year at the British Accountancy Awards

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