Ifrs - An Overview: International Financial Reporting Standards
Ifrs - An Overview: International Financial Reporting Standards
Ifrs - An Overview: International Financial Reporting Standards
*Companies to prepare opening B/S as on the respective date. When the accounting
year ends on a date other than 31st March, conversion opening B/S will be made in
relation to the first B/S which is made on a date after 31 st March.
IFRS in not mandatory for the following Companies.
Non-Listed Companies which have a networth of
Relevance
Reliability
Comparability
Contents :
1. A statement of financial position as at the end of the period
(Balance Sheet)
2. A statement of comprehensive income for the period (Income
Statement)
3. A statement of changes in equity for the period
4. A statement of cash flows for the period
5. Notes comprising of significant accounting policies & other
explanatory information
6. A statement of financial position as at the beginning of the earliest
comparative period when an entity applies an accounting policy
retrospectively or makes a retrospective restatement of items in its
financial statements, or when it classifies items in its financial
statements.
Differences between Indian GAAP & IFRS in general