International Financial Reporting Standards (IFRS) Principles

Overview:
A financial statement should reflect true and fair view of the business affairs of the organization. As these statements are used by various constituents of the society / regulators, they need to reflect true view of the financial position of the organization. And it is very helpful to check the financial position of the business for a specific period. This course is designed to equip the participant with the needed knowledge and skill on financial reporting standards.

Objectives:
• Content of IFRS Financial Statements.
• Assets .

Activities:
• Annual improvements to IFRSs .
• Other standards released with mandatory adoption in 2013 including IFRS 10 Consolidated financial statements, IFRS 11 Joint arrangements, IFRS 12 Disclosure of interests in other entities, IFRS 13 Fair value measurement .
• Other current exposure drafts .
• Draft interpretations .
• Discussion papers .
• Update on the IASB-FASB convergence project

• Convergence plans with other national GAAP .
• IASB projects and agenda, IFRIC projects and agenda .