February 26, 2019

IFRS, How Much You Know About It?(I)

IFRS, how much you know about it? Actually this is the International Financial Reporting Standards as the most of accountants and employees for accounting job would know it. So it is considered as very important for accounting. check here Following is related information about IFRS, let is know it.

Summary about IFRS

International Financial Reporting Standards (IFRS) is a standard accounting system promulgated by the International Accounting Standards Board (IASB), which is easy for countries to implement in transnational economic transactions.

IFRS is a global unified financial rule and a financial management standard operating in accordance with international standards and norms. It is used to regulate the accounting operation of enterprises or other economic organizations all over the world, check here so that the economic interests of countries can be protected in one standard, so as not to cause unnecessary economic losses due to different calculation methods caused by different standards. IASB also commissions professional accounting bodies such as the International Association of Accountants (AIA) to train professional senior accountants.

Contents of Financial Accounting Report

For Section A The context of Financial Reporting, IFRS is a globally unified financial rule.

The predecessor of IFRS is IAS because of the continuous progress of society and the increasing diversity and complexity of economic business. The old version of IAS is not suitable for the present day. As a result, IFRS came into being and gradually replaced IAS content (for example, the new IFRS 15 Revenue from contract with customers will replace the existing IAS 18 Revenue and IAS 11 Construction Contract as early as 2017. IFRS content is divided into two parts. Six parts.

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