International Finance Reporing Standards

group members :
Shimei Gao,Yunxi Jin,
Ruoxi Hao,Zhuoning Li,Zhaohua Fan
 Preface

Defi niti on: The Internati onal Financial Reporti ng Standards

(IFRS) are a set of globally recognized accounti ng standards
issued by the Internati onal Accounti ng Standards Board (IASB).
They serve as guiding principles for the accounti ng operati ons
of businesses or other economic organizati ons worldwide

Purpose: It ensures that the economic interests of various

countries are protected under a unifi ed standard, preventi ng
unnecessary economic losses that could arise from diff erent
calculati on methods due to inconsistent standards.
 IFRS's formulati on and regulati on

Contents
01

02 Advantages and Disadvantages of IFRS

03 Indian accounting standards

04 Additional Views
part 1
IFRS's formulation and regulation
Agenda Consultation

Research Program
Agenda Consultation
created by
IFRS IASB
governed by
Standard-Setting
Program

Maintenance Program

• IFRS is created and governed by the Internati onal Accounti ng Standards Board
(IASB). The IASB is an independent internati onal organizati on responsible for
developing and maintaining IFRS.
part 2
Advantages of IFRS

1. A globally harmonized system

• contributes to the harmonizati on and improvement of accounti ng practi ces

• promotes spati otemporal comparisons in terms of fi nancial informati on
• lower transacti on costs and improved internati onal investment

2. Greater transparency of informati on and bett er communicati on

• Completeness
• Comparability
• Neutrality
Disadvantages of IFRS

• the costs of re-education and training

1.Significant adoption costs • invest time and resources

2. Different national capital capital markets are not the same in different
markets and standards countries
part 3
Outline of IND AS

• Founded in 1977
• Developed by the ICAI
• Basic alignment with IFRS
 The main objective of Indian accounting standards

• Improve the transparency of the annual financial statements in

company accounts
• Ensure companies in India adopt these standards to implement
internationally recognized best practices.
• One systematic, single accounting system common for all the
companies. Cutti ng out confusions and frauds.
• The Indian accounting standards are so simplified that they can
be understood worldwide, globally.
• There are several global requirements and the Indian accounting
standards are designed to match the global requirements.
• To increase the reliability of the financial statements.
part 4 Additional Views
The difference between IFRS and IND AS(India AS)
IFRS stands for International Financial
Reporting Standards, It is prepared by the
IASB (International Accounting Standards
Board). It is used in around 144 countries
and is regarded as one of the most popular
accounting standards.

IND AS is also known as Indian Accounting

Standards or Indian version of IFRS. Indian
AS or IND AS is used in the context of Indian
companies.

Let us look at some of the points of

difference between the IFRS and IND AS.
BYJU’S(2022),Difference between IFRS and IND AS
Available at:https://byjus.com/commerce/difference-between-
ifrs-and-ind-as/
 Thank you!

Reporting date ： October 16,2023