Categories: Accounting

Financial Reporting Standards

Financial reporting standards are periodically issued by International Financial Reporting Standard Board. These standards are meant to ensure uniformity in financial reporting to protect the interests of the investors worldwide. Earlier called International Accounting Standards (IASs) issued up to year 2001. After the changes in governing bodies, standards issued after 2001 are referred to as International Financial Reporting Standards (IFRS). These standards are gaining acceptance in all the countries but yet there are many countries which haven’t yet adopted the standards in full or in parts. Currently there are nine financial reporting standards and forty one international accounting standards. Both are enlisted below:[sky]

IFRS No	Description (Name of IFRS)
1	First time adoption of international financial reporting standards
2	Share based payments
3	Business combinations
4	Insurance contracts
5	Non current assets held for sale and discontinued operations
6	Exploration and evaluation of mineral resources
7	Financial instruments and disclosures
8	Operating segments
9	Financial instruments

IAS No	Description (Name of IAS)
1	Presentation of financial statements
2	Inventories
3	Consolidated financial statements (suspended)
4	Depreciation accounting (introverted)
5	Information to be disclosed in financial statement (suspended)
6	Accounting responses to changing prices
7	Cash flow statements
8	Accounting policies, changes in accounting estimates and errors
9	Accounting for research and development activities
10	Events after the balance sheet date
11	Construction contracts
12	Income taxes
13	Presentation of current assets and current liabilities
14	Segment reporting
15	Information reflecting the changes in prices (withdrawn)
16	Property plant and equipment
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