International Financial Reporting Standards
- IFRS
- IAS
IFRS
International Financial Reporting Standards (IFRS) are comprehensive accounting standards developed by the International Accounting Standards Board to create a unified global language for financial reporting. These standards establish consistent principles for preparing and presenting financial statements, enabling stakeholders to compare performance across companies and borders with confidence.
IFRS covers crucial areas including revenue recognition, asset valuation, and liability measurement, enhancing transparency and accountability in global markets. With over 140 countries requiring or permitting IFRS for publicly traded companies, understanding these standards is essential for thriving in today’s interconnected business environment—helping organisations grow with the clarity and consistency that international commerce demands.
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IFRS 1 First-time Adoption of International Financial Reporting Standards
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IFRS 2 Share-based Payment
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IFRS 3 Business Combinations
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IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
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IFRS 6 Exploration and Evaluation of Mineral Resources
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IFRS 7 Financial Instruments: Disclosures
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IFRS 8 Operating SegmentsÂ
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IFRS 9 Financial Instruments
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IFRS 10 Consolidated Financial Statements
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IFRS 11 Joint Arrangements
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IFRS 12 Disclosure of interests in other entities
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IFRS 13 Fair Value Measurement
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IFRS 15 Revenue from Contracts with Customers
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IFRS 16 Leases
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IFRS 17 Insurance Contracts
IAS
International Accounting Standards (IAS) are the foundational accounting principles that preceded and now form part of the broader IFRS framework. Developed by the International Accounting Standards Committee between 1973 and 2001, these standards established core accounting treatments for fundamental business transactions and financial reporting requirements.
Many original IAS standards remain active today, covering essential areas such as inventory valuation, cash flow statements, and property accounting. Whilst newer standards are issued under the IFRS designation, existing IAS standards continue to provide crucial guidance for financial reporting. Understanding both IAS and IFRS enables businesses to navigate the complete spectrum of international accounting requirements, ensuring compliance and transparency in today’s global marketplace.
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IAS 1 Presentation of Financial Statements
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IAS 7 Statement of cash flows
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IAS 8 Accounting Policies, Changes in Accounting Estimates, and Errors
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IAS 10 Events after the Reporting Period
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IAS 12 Income Taxes
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IAS 16 Property, Plant and Equipment
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IAS 19 Employee Benefits
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IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
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IAS 21 The effects of changes in foreign exchange rates
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IAS 23 Borrowing Costs
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IAS 24 Related Party Disclosures
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IAS 27 Separate Financial Statements
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IAS 28 Investments in Associates and Joint Ventures
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IAS 29 Financial Reporting in Hyperinflationary Economies
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IAS 32 Financial Instruments: Presentation
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IAS 33 Earnings Per Share
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IAS 34 Interim Financial Reporting
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IAS 36 Impairment of AssetsÂ
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IAS 37 Provisions, Contingent Liabilities and Contingent Assets
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IAS 38 Intangible Assets
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IAS 40 Investment Property
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IAS 41 Agriculture
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