IFRS & IAS

[wazeeri]

Can we have a detailed introduction of the IFRS on here.
It would be really interesting to hear people's views on why the rules are needed and how they can be improved....etc

Similar on IAS.

[s.khan]

Hello There!

That a very good topic to pick. I would be keen to have further detailed discussions on this.

IFRS (International Financial Reporting Standards)is introduced by IASB(International Accounting Standards Board. IFRS were previously known as IAS (International Accounting Standards).

The main objective for the introduction of IFRS is to gain consistency and comparibility of the financial statements.

IASs were issued between 1973 and 2001 by Board of the International Accounting Standards Committee (IASC). In April 2001 the IASB adopted all IASs and continued the development, calling new standards IFRSs.

The adoption of IFRS have a retrospective affect. This means that the set of financial statements for an entity have to be changed retrospectively but not from the year when the country adopted IFRS.

For example Australia adopted IFRS in January 2005. In order to adopt IFRS the entities in Australia had to prepare pre IFRS standards and prepare a reconciliation to IFRS standards for the year ended 30 June 2005.

I would like you to shed some more light on the matter of IFRS aswell.

Cheers.
S.Khan

[wazeeri]

Guys i know very little on the subject so it would be good if any of the more knowledgeable posters would give a tashree on each individual IFRS in turn.

Cheers