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IFRS Standards and Financial Reporting

The document outlines the need for IFRS standards in financial reporting, emphasizing the qualitative characteristics and elements of financial statements. It discusses the regulatory bodies involved, the process of setting IFRS, and the specific requirements for first-time adoption. Additionally, it covers the structure and presentation of financial statements, including disclosures and classifications.

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Ahmed Hossam
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46 views1 page

IFRS Standards and Financial Reporting

The document outlines the need for IFRS standards in financial reporting, emphasizing the qualitative characteristics and elements of financial statements. It discusses the regulatory bodies involved, the process of setting IFRS, and the specific requirements for first-time adoption. Additionally, it covers the structure and presentation of financial statements, including disclosures and classifications.

Uploaded by

Ahmed Hossam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Need for IFRS Standards

Objective of Financial Reporting

Qualitative Characteristics Advantages & Disadvantages of


IFRS
Elements of Financial Statements Conceptual Framework
Measurement Bases
IFRS Foundation
Recognition and Derecognition
IASB
Regulatory Bodies & Roles
Date of Transition IFRS Advisory Council

Changes in Accounting Policy Regulatory & IFRS Interpretation Committee

Recognition of Gains/Losses IFRS 1: First-time Adoption Conceptual


Step 1: Advisory Committee
Disclosures Required Framework
Step 2: Discussion Papers
Exemptions Available
Setting IFRS - Due Process
Step 3: Exposure Draft

Statement of Financial Position Step 4: Final Standard Issuance

Statement of Profit or Loss and OCI


Consolidated Financial Statements Structure of Financial Statements
Components of Equity and Liabilities
Statement of Financial Position
EPS and NCI Treatment
Statement of Profit or Loss & OCI

Statement of Changes in Equity


IAS 1: Presentation of Financial
Statements Statement of Cash Flows

Current vs Non-current Classification

OCI Item Classification

EPS Calculation & Reporting

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