Abstract

International Financial Reporting Standards is the combination of accounting standard. It states that how different types of the transaction and other accounting events should be reported in the financial statement. It is declared by the International Accounting Standards Board. International Financial Reporting Standards (IFRS) aspires to bring the entire nations in the world under a similar set of global accounting standards that presents consistency, transparency, and compatibility in financial reporting system. According to a fact financial regulators in several countries have generated high demand for IFRS compliant financial statement. In this paper we try to focus on the International Financial Reporting Standard. The paper covers the many aspects of International Financial Reporting Standards. The main purpose of this research paper is to identify the Implementations of International Financial Standard Reporting System. Finally paper concludes with the overall discussion which is regarding to the International Financial Standard Reporting Standards.

International Financial Reporting Standards

Introduction

The international financial reporting standards, best known in the accounting profession and financial under their English name of International Financial Reporting Standards or IFRS are standards accounting, developed by the Office of International Accounting Standards (International Accounting Standards Board or IASB in English) for companies listed or calling on investors to harmonize the presentation and clarity of their financial statements.

Thesis Statement

Implementing IFRS has a persuasive impact on the projects under accounting systems.

Discussion

The logic of these accounting standards based on a few points (sometimes diverging from the French accounting law) in particular the option of upgrading to the fair value of assets and liabilities, the primacy of substance over form, primarily balance sheet approach, taking into account priority of the vision of the investor, the principle of prudence subordinate to that of neutrality and relevance, the absence of specific texts in a business, any recognition of accounting for, place increasing importance of the interpretation in the application of standards.

The financial statements and accounting information are not defined in the same way in the international benchmark. These now include the balance sheet, the income statement, the cash flow statement (optional in France), the Annex and "any other relevant document to the understanding of the accounts" as the earnings per share for listed companies. As for accounting information, it must be "intelligible": the reader should be able to form an opinion on the company's business on a plain reading of accounting information " relevant " information is to enable the reader to appropriate economic decisions on the future of the company, " a relative" means an accounting information must be disclosed if and only if it provides useful material for decision making. 

The significance level (usual language of Financial Auditors) depends on the professional judgments. For example, a decline in economic activity of the enterprise may be large in volume but not significant compared to the revenue generated by the group. Information must finally be "reliable" used safely. The reliability is based on four fundamental principles: neutrality, the appearance of law, the primacy of the economic reality of the legal appearance and respect for the fair.

Impact of International Financial Reporting Standards (IFRS) on different Projects

IFRS may have an impact on the non-financial companies. IFRS will have an impact on how companies track their leasing information. The audit committees and ...